all vacancies which may occur in their own body, of any unexpired time; shall appoint a president pro tem., it necessary, in the absence of the president, and said directors shall have full power to remove from office the president, and elect another in his place, if they think proper to do so. Vacancies. Annual meet SEC. 4. Be it further enacted, That the directors shall be elected by the stockholders, and the president by the directors, from among their own number, and when elected, shall hold their office one year from date of such Term of office. election, and until their successors shall be elected; and it shall be the duty of the president and directors to call an annual meeting of the stockholders, to make such ing. election; and in all meetings of the stockolders, those holding a majority of the stock shall constitute a quo- Quorum. rum; each stockholder shall be allowed one vote for each share of stock he holds, and the stock may be represented in person or by proxy in writing, but no person shall act as proxy, who is not himself a stockholder. Proxy. Powers of SEC. 5. Be it further enacted, That said corporation shall have power to make insurance on ships and all corporation. other sea vessels, and steamboats and all other river craft; on all goods, wares and merchandise, bullion, money, and other property, against all marine or river risks, and upon houses, stores, or other buildings, goods, wares and merchandise of every description, against fire, and to fix a premium thereon; also to insure the lives of persons and property, and to fix the rate of insurance thereon; to receive from any free person, or corporation, deposits on trust, and to accept all such trusts or agencies, within the scope of its business, as may be confided to it; it shall have power to borrow money, and issue its bonds therefor, to invest its property or money in any way, thing, or manner, which would be lawful for a citizen to invest money or property in, and the said property and securities to sell and transfer at pleasure; it may loan money or property to any person or persons, or corporation, on any security it may think proper; the corporation shall have power to purchase, discount and sell bills of exchange and promissory notes, subject to laws against usury; to receive on deposit for collection promissory notes and bills of exchange, charging the usual rates therefor; the said corporation shall not make Not issue notes or issue any bills, bonds, or notes, to circulate in the bills or bonds, community as money; and all bills, bonds, notes and as money. other securities made payable at the office of said corpoSame-paid ration, shall be subject to the same rules of law, and to the same legal remedies, as if made payable at any of the banks of this State. at office; how subject. certificates of stock. Additional powers. SEC. 6. Be it further enacted, That the president and directors of said corporation shall have power to fix the Transfer of mode of the transfer of the certificates of stock, as well as the time, mode, and places of payments of interest and dividends; and a majority of the board of directors shall constitute quorum. The said corporation shall also have power to pass all such by-laws, rules and regulations as may be necessary to carry into effect the provisions of this charter, and to carry on the business of such corporation, which are not inconsistent with the provisions of this charter, and the laws and constitution of this State and the United States; and said corporation shall have power to make all such contracts, by the president and directors, or by such agents as they may appoint, as may seem to them most to the interest of said corporation and said president and directors may, by resolution or by-law, create all such officers and agents, not herein named, as they may determine to be necessary to carry on their business; they shall have power to presOath of office. cribe an oath, and to require each officer and agent to take and subscribe the same before he enters on the duty of his office, and they shall fix and prescribe the amount of each bond to be given by the officers. corporation and stockholders. SEC. 7. Be it further enacted, That said corporation Liability of, shall be liable to its creditors to the full amount of its property and assets, and the several stockholders shall be liable to creditors of the corporation, to the extent of their stock subscribed and not paid in. Mutual insurances. charter. SEC. 8. Be it further enacted, That by a vote of a majority of the stockholders, the said corporation may do business on the mutual insurance principle. SEC. 9. Be it further enacted, That this charter, and Duration of all the privileges herein contained, shall continue in full force for the period of thirty years from the date of its approval. Approved, December 7, 1866. To authorize the Commissioners' Court of Chambers and counties. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Alabama in General Assembly convened, That the commissioners' court of the counties of Chambers and Montgomery be, and they are hereby authorized and empowered to issue certificates of in- Commiss'rs debtedness, or county treasury notes, in sums of one, treasury notes. two, three, five, ten and twenty dollars, for the purpose court to issue of paying the present indebtedness and defraying the other county purposes. SEC. 2. Be it further enacted, That said treasury notes may have such time to run, without interest, for a Notes describ'd. SEC. 3. Be it further enacted, That the amount of ceed twenty-five thousand dollars each; and nothing in Am't of notes, Receivable. Registration SEC. 5. Be it further enacted, That said county treasurers shall keep a book of registration, in which they book required. shall keep the number, description and amount of all notes issued under the provisions of the preceding sections, and shall issue said notes only on the order of the tommissioners' courts of said counties. Approved, December 7, 1866. Ephraim Jack son, estate of To authorize the Judge of Probate of the county of Morgan to order the private or public sale of certain lands therein named. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Alabama in General Assembly convened, That the probate judge of Morgan county be, and he is hereby authorized, required and empowered to order the sale of the lands of Ephraim Jackson, decourt may order ceased, or the undivided interest the said deceased had in and to the lands belonging to the estate of John Jackson, deceased, either at private sale or public sale, if in his court proof be made that said estate will not be injured thereby. sale of lands privately. Approved, December 7, 1866. Clay Co. Boundary lines. Commissioners. To form a new county, to be called the county of Clay, from portions of Talladega and Randolph counties. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Alabama in General Assembly convened, That a new county, to be called the county of Clay, be, and the same is hereby formed from parts of Talladega and Randolph counties, to-wit: Commencing at the north-east corner of township eighteen (18), range nine (9); thence south to the south-east corner of fractional township twenty-two (22), range nine (9); thence west to the south-west corner of fractional township twenty-two (22), range five (5); thence north to the top of Rebecca mountains; thence, in a north-easterly direction, to the south-west corner of township nineteen (19), range six (6); thence, in a north-easterly direction, at an angle of forty-five degrees, across township nineteen (19), range six (6), and township eighteen (18), range seven (7), to the north-east corner of said township eighteen (18), range seven (7); thence east, to the beginning point or corner. SEC. 2. Be it further enacted, That James L. Barnhill, A. A. West, W. D. Steed, H. A. Manning, W. J. Pearce county officers. be, and the same are hereby appointed commissioners, a majority of whom may act, whose duty it shall be to hold an election on the first Monday in March next, for Election of such county officers for said new county, as are now required by law to be elected by the people of each county of this State; and said commissioners, before entering upon the discharge of the duties herein required of them, Commission'rs' shall subscribe an oath before some justice of the peace, oath. to conduct said election and to perform all other duties required of them by this act, to the best of their ability, according to law. SEC. 3. Be it further enacted, That said commissioners shall appoint managers for said election in each election Managers. precinct within the bounds of said new county; and said election shall be held at the places now fixed by law for holding elections within said election precincts, that at said election all persons shall be entitled to vote who are qualified voters, and who reside within the bounds of said new county; that the managers shall be governed by the same rules that now govern managers of election in this State; said managers shall make a return of said election to said commissioners, who shall certify the same to the Secretary of State, and such persons as shall prove to be elected shall be commissioned; and said commissioners shall issue certificates of election to all such officers who have been elected, and those who have been elected to office for the proper discharge of which bonds are now required, shall, before entering upon the discharge of the duties of their respective offices, execute such bond as is now required by law, which shall be approved by the commisssioners, and by them returned to the proper office. Election pre SEC. 4. Be it further enacted, That the county commissioners hereby authorized to be elected for said new county shall have power to establish or alter election cincts. precincts, and perform such other acts as are or may be authorized by law for them to do. transferred. SEC. 5. Be it further enacted. That where suits are pending against defendants residing in said new county, Suits pend'g, in any of the circuit, county or chancery courts, in either of the counties from which said new county is formed. the same may be transferred for trial to the courts of said new county having jurisdiction thereof, upon application of said defendant, in the same manner as a change of venue from one county to another is now had, except |