books.

SEC. 35. Be it further enacted, That it shall be the du- 1852. ty of the joint Committee chosen at each session of the Legislature to examine the books of the Comptroller, to ex- Examination of amine such of the securities deposited in his office by Comptroller's banking associations and individual bankers, together with books and papers therein, relating to the business of banking, as the said Committee may deem necessary to enable them to report the true state and condition of that department to the Legislature.

SEC. 36. Be it further enacted, That any banking asso- Books of association and individual banker carrying on banking busi- ciation subject to investigation ness, or who shall hereafter carry on banking business un- by Comptroller der this act, shall be subject to the inspection and supervision of the Comptroller, whose duty it shall be to fully inspect and examine all books, papers, documents, minutes and everything pertaining to the acts of said association or individual banker, and report thereon to the next Legislature held after said examination; and he is hereby invested with full power to call for and demand of any and all officers of any such association or any individual banker, all books, papers, minutes or documents of any kind, which, in his opinion, he may deem necessary for fully carrying out the provisions of this act.

SEC. 37. Be it further enacted, That in case any of the In case of resaid associations or individual bankers shall refuse to sub- fusal to sub mit its [or their] books, papers and concerns to the inspec- mit books, &e tion of said Comptroller, or whose officers shall refuse to to Comptroller submit to be examined upon oath, touching the concerns of such association or individual banker, by said Comptroller, or which shall be found to have violated any law of this State, binding upon such association or individual banker, such association or individual banker shall be liable to be proceeded against by said Comptroller in the same manner and with the like effect as any incorporated bank may be proceeded against for a violation of its Charter.

siness.

SEC. 38. Be it further enacted, That when an individual Provision for banker, or officers of any banking association, desirous of cessation of bu relinquishing the banking business, shall have redeemed at least ninety per cent. of their circulating notes, and shall produce to the Comptroller a certificate of a deposit. to his credit in such bank as he shall approve, to an equal amount with the circulating notes of such bank unredeemed, it shall be lawful for him to receive the same, and to give up all the securities therefor deposited by such banker

1852.

Notice to be given.

Comptroller to prepare forms.

Bullion may be deposited.

Repeal.

or association for the redemption of circulating notes issued.

SEC. 39. Be it further enacted, That such association or individual banker, after having complied with the provisions of the preceding section, may give notice for two years in any paper published at the Capitol of this State, and also in at least one newspaper printed in the county where the said association or bank shall have been located, that all circulating notes issued by such association or bank must be presented at the Comptroller's office within two years from the date of such notice, or that the funds deposited for the redemption of the notes will be given up to the bank or association; and, upon receiving satisfactory proof of the giving such notice, for the time aforesaid, the Comptroller shall surrender to the order of the said association or bank, any securities which he may. hold for the payment of any unredeemed notes of the said association or bank.

SEC. 40. Be it further enacted, That the Comptroller be and is hereby required and instructed to cause all such necessary forms and instructions to be printed as may be necessary, under the provisions of this Act, to carry out the same.

SEC. 41. Be it further enacted, That the deposit with the Comptroller of gold or silver coin, shall entitle any person to bank in the same manner as provided by this Act for persons who deposit public stocks. Provided that the person so depositing cash instead of stocks may at any time exchange proper stocks for the same.

SEC. 42. Be it further enacted, That this Act shall at any time be subject to amendment, modification or repeal by any future Legislature of this State.

[Passed the Senate, December 27, 1852. Passed the House of Representatives, December 29, 1852. Approved by the Governor, January 8, 1853.]

CHAPTER 481.-[No. 2]

AN AN to amend An Act entitled An Act to incorporate the Florida, Atlantic and Gulf Central Rail Road Company.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Florida in General Assembly convened, That the Act to which this is an amendment, shall be as hereinafter provided, That is to say:

That a Company be, and is hereby incorporated by the name and style of the Florida, Atlantic, and Gulf Central Rail Road Company, and by that name all who shall become subscribers for stock, and members of said Company, their successors and assigns, shall be capable in law to purchase, receive, retain, and enjoy to them and their successors or assigns, lands and tenements, goods, chattels and effects, of whatsoever the same may be, and the same to grant, sell, mortgage and dispose of; to sue and be sued, to plead and be impleaded, to make a common seal, and at pleasure to break or alter the same, to ordain, and establish, and put in execution such by-laws and regulations as may be deemed necessary and expedient for the government of said corporation, not being contrary to the Constitution and laws of the United States, and the State of Florida.

SEC. 2. Be it further enacted, That the said Rail Road shall commence in East Florida, upon some tributary of the Atlantic Ocean within the limits of the State of Florida, having a sufficient outlet to the Ocean to admit of the passage of sea Steamers, and shall run through the State in the most eligible direction, to some point, bay, arm, or tributary of the Gulf of Mexico, west of the Apalachicola River, in West Florida, having a sufficient outlet for sea Steamers, to be determined by a competent State engineer, with the approval of a majority of the Directors of said Company.

1852.

Name and

powers.

Termini,

SEC. 3. Be it further enacted, That the capital stock of said Company shall be three million dollars, divided into Capital stock. shares of one hundred dollars each, but which said capital stock may be increased from time to time, when found necessary, by a proper estimate to be made by the State Engineer, and approved by a majority of the Directors of said Company. Books of subscription for the said capital stock shall be opened within sixty days after the passage Books to be oand approval of this Act, at Jacksonville, Palatka, Ocala, pened. Newnansville, Alligator, Madison, Monticello, Tallahassee, Apalachicola, Quincy, Marianna, Milton and Pensacola, under the superintendence and direction of two responsible persons at each of the above named places, to be appointed by the Governor, commissioned for the purpose, who shall be fully authorized and empowered to receive subscriptions of stock in said Company. Each subscriber shall, at the time of his subscription, pay to the said Commissioners one dollar on each share subscribed for, and

1852.

elected.

the books of subscription at each of the before mentioned places, shall be kept open for the space of sixty days, at the expiration of which time they shall be closed. The said Commissioners shall immédiately thereafter transmit to the State Engineer the said books of subscription, together with the amount by them received on each share.

SEC. 4. Be it further enacted, That it shall be the duty of the State Engineer, immediately after said subscripDirectors, how tion, to give thirty days' notice in newspapers printed in East, Middle and West Florida, that a meeting of the stockholders will be held at Tallahassee at an appointed time, for the purpose of electing nine Directors, who shall be chosen from the Stockholders having at least ten shares of stock each, by the votes of said Company, every Stockholder being entitled to one vote for each share of stock which he or she may have subscribed for, and the said stockholders may vote by proxy, and a majority of votes shall be necessary to constitute a choice; and the Directors so elected shall continue in office for one year, and until new Directors shall be elected. The Directors so elected, shall, from their own body choose a President; and in each and every year, at such time and place, as the Directors may from time to time determine, there shall be an election of nine Directors as herein provided, and an election of President, of and for the government and direction of said Company. And the said Directors shall have power to fill all vacancies that may occur in their body between the periods of their annual election: Provided, That if from any cause whatever, there should at any time be no election of Directors, the Corporation shall not for that cause be dissolved, but the Directors and other officers then in office, shall continue with all the powers herein mentioned, until an election of new Directors can and does take place.

Shares, paid.

SEC. 5. Be it further enacted, That immediately after how the organization of said Company, in the manner directed in the preceding section, the State Engineer shall pay into the hands of the President the amount received by him from the Commissioners on the stock subscribed for, and the said Directors shall thereupon require, at such time as they may deem expedient and necessary, payment from each stockholder of the additional sum of nine dollars upon each and every share subscribed to the capital stock of said Company: Provided, That there shall not be more than ten per centum upon each share demanded at any subsequent instalment, of which there shall be previously given

1852.

at least thirty days' notice in some one or more newspapers published in the Eastern, Middle and Western Districts of the State.

SEC. 6. Be it further enacted, That if any Stockholder

shall fail to pay the instalments required by the provisions Failure to pay of the foregoing section for the space of twenty days after for shares. the day appointed for the payment of such instalment, the share or shares of each stockholder upon which said instalment shall fail to be paid, shall be forfeited to the President and Directors, to be disposed of for the use and benefit of the said Company, and any purchaser of such stock shall become subject to the same rules and regulations as the original Stockholder.

Termini.

SEC. 7. Be it further enacted, That the said Company shall have the right and privilege to construct and complete a Railroad, with one or more tracks or setts of rails for cars, for the transportation of passengers, produce, goods, and all other articles whatsoever, to commence in East Florida, upon some tributary of the Atlantic Ocean, within the limits of the State of Florida, having a sufficient outlet to the Ocean to admit of the passage of sea steamers, and thence to continue, in the most eligible direction, through the State, to some point, by, arm or tributary of the Gulf of Mexico, in West Florida, having a similar outlet, to be determined as provided for in the second section of this act; and so soon as practicable, after the organization of said Company, the State Engineer, under the direction of the President and Directors, shall proceed to locate the Eastern terminus and survey the route of said Road to the Western terminus, and shall make the proper estimates and the necessary charts and diagrams, which shall be filed in the office of said Company. The State Engineer and his State Engineer assistants, for the survey of said route and location of the termini, under the direction and with the approval of the tion of Directors, shall be paid for such service by the Company such sums of money as may be agreed upon by the parties, and all expenses of said survey shall be paid by the Company; and after the location of the termini and survey of the route, the Company shall appoint their own Engineer and assistants to superintend the construction of said road: Provided, That nothing herein contained shall be construed to prevent the Company from retaining and employing the State Engineer in such service.

SEC. 8. Be it further enacted, That as soon as practicable after the location of the termini and survey of the route, it shall be divided into sections of convenient length,

compensa