Sequential Number: 144
Law Number: (No. 144.)
Full Title: An Act to incorporate the Mossgill Manufacturing Company, of Baldwin county.
Section I. Be it enacted, etc., That B. B. DeGraffenreid, Wm. G. Lanterman, A. G. Lane, George G. Smith, Thurston R. Bloom, and E. L. Strohecker, and such others as they may associate with them, and their successors, be and they are hereby made and constituted a body corporate, in fact and in name, under the style and title of the Mossgill Manufacturing Company, of Baldwin county; and by that name shall be and are hereby made able and capable, in law, to have, hold, receive, purchase, possess and enjoy, to them and their successors, all real and personal estate, of whatever kind or amount said corporation may deem necessary to carry all the objects of said corporation into full force and effect; and may sell, grant or convey, or otherwise dispose of the same; and may sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts having competent jurisdiction; to make, use, and have a common seal, and the same to break, alter and renew at pleasure, and to do all other acts incident to a body corporate and politic. The principal place of business of said company shall be Milledgeville, or such other place in said county as the company shall designate.
Sec. II. That the objects of said corporation shall be for the manufacture of wool and cotton into thread and cloth, the manufacture of meal, flour, lumber, shingles, boards, paper, and machinery of any description, or such branches or parts thereof as they may see proper to engage in; and should said corporators locate their place of business on the Oconee river, in Baldwin county, they are hereby granted, for the objects of said corporation, the privilege of controlling by locks, dams, canals, or otherwise, the water of said stream, so far as the riparian rights of this State are concerned, and of connecting said dams, by abutments, to the banks of said stream or islands in the same, opposite the lands of said company: Provided, such locks, dams or canals shall in no way interfere with the navigation or obstruct the main channel of said river.
Sec. III. That the said body corporate shall have the power to prescribe
the number of shares into which the capital stock of said corporation shall
be divided, the mode in which it shall be taken, paid, transferred and
assigned; and also to provide the mode by which stockholders shall vote,
and the number of votes to which each shareholder shall be entitled; and
the rules adopted shall be uniform, equally securing the rights of each
stockholder; and also to provide for the election of such officers as may
be deemed necessary for the government and management of the affairs of
said corporation, and not inconsistent with the Constitution and laws of
the State of Georgia, or of the United States; and in general to do and
to execute all and singular the acts, matters and things which may be necessary
for manufacturing.
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Page: 96
Sec. IV. That said corporation shall have power to borrow money on mortgage or other security, and to loan out its surplus earnings on similar security or mortgage, and to ordain such rules and regulations with respect to stockholders who refuse to pay up any balance on their stock, as will compel them to pay, upon penalty of forfeiting such stock to said corporation: Provided, that no stockholder shall be liable beyond the amount of his, her or their stock, and they shall be so liable in their individual property for the debts of said corporation to the amount of their unpaid stock.
Sec. V. That the capital stock of said corporation shall be seventyfive thousand dollars, with privilege of increasing it to three hundred thousand dollars.
Sec. VI. That said corporation shall not commence business until the whole capital stock shall have been subscribed, and ten per cent. of the same paid in; and nothing herein contained shall be so construed as to prevent the State from taxing said capital stock as other property of this State.
Sec. VII. Repeals conflicting laws.
Approval Date: Approved 8th December, 1866.
source: Georgia Legislative Documents, Digital Library of Georgia
Eileen Babb McAdams copyright 2004