any funds they may have in their possession or custody with such banking corporation, but shall not be required to do so by virtue of this act.

SEC. 10. All executors, administrators, trustees, or guardians, may deposit the funds by them held with such banking corporation, or invest the same in the capital stock of such corporation, for the benefit of the estate of their testators, intestators, trust, or ward.

Trustees may invest in stock.

Deposits by

aud minors.

SEC. 11. Any femme covert, married woman, minor, apprentice, or person under any disability whatever, may deposit their funds in such banking corporation, or invest the same in married women the capital stock thereof, for their own separate use and benefit, and the same, while so deposited or invested, shall not be liable for the debts of the husband, parent, or master, but shall belong. exclusively to the person depositing or investing the same.

SEC. 12. Upon the application of any creditor or shareholder of any banking corporation, whose debts or shares shall amount to one thousand dollars, and stating facts verified by affidavit, the judge of the circuit court in which such corporation is located, may in his discretion order a strict examination to be made by a commissioner of the affairs of such corporation, for the purpose of ascertaining the safety of its investments, and the prudence of its management, and the result of every such examination, with the opinion of the commissioner and of the said judge thereon, shall be published in such manner as the said judge shall direct, who shall make such order in respect to the expenses of such examination and publication as he may dem proper. SEC. 13. The annual return required to be transmitted to the State Comptroller, in conformity with the provisions of section. thirty-one of the act to which this is supplementary, shall in the case of all banking corporations contain the following state

ments:

1st. The amount of the capital stock of the banking corporation or individual banker paid in or invested according to law, or in pursuance of its articles of incorporation, and the amount of such stock as possessed.

2d. The value of real estate of the corporation or individual banker, specifying what portion is occupied by the corporation or individual banker for the transaction of business.

3d. The shares of stock held by such corporation or individual banker, whether absolutely or as collateral security, specifying each kind and description of stock and the number and value of shares of each.

4th. The debts owing to the corporation or individual banker, specifying such as are due from moneyed or other corporations or associations, the names of such corporations or associations, and the amount due from each, and also specifying the amount secured by bond and mortgage or judgment, the amount which

When examinadered by judge of circuit court.

tion may be or

Annual returns.

What shall contain.

ought to be included in the computation of losses, and the total amount of such debts then collectable.

5th. The amount of debts owing by the corporation or individual banker, specifying such as are payable on demand, and such as are due to moneyed or other corporations, the name of such corporations, association, or individual bankers, and the amount due to each.

6th. The amount of claims against the corporation or individual banker, not acknowledged by it or him as debts.

7th. The amount for which the corporation or individual banker is bound as security, or for which it may become liable on the happening of contingent events, whether upon policies of insurance or otherwise.

8th. The amount of loans and discounts and of specie on hand.

9th. The amount of the losses of the corporation or individual banker (if any) charged, specifying whether charged on its or his capital or profits since the last preceding statement, and of the dividends declared and made during the same period.

10th. The amount of securities, together with the description of the same, deposited by such corporation or individual banker with the Comptroller, the market value of said securities as near as can be ascertained, and the date to which payment of interest has been made upon such securities, and whether said interest has been paid to such banking corporation or individual banker, or passed to their or his credit on the books of the Comptroller. SEC. 14. In addition to the penalty prescribed in section 31 of the act to which this is supplementary, every banking corpopenalty for fail- ration that shall neglect to make out and transmit the return as required in the last preceding section, for one month beyond the period when the same is required to be made, may be proceeded against and dissolved as an insolvent corporation, and every individual banker subject to this law who shall so neglect, shall be restrained from the further prosecution of his business.

Additional

ure to make returns.

SEC. 15. If any portion of the original capital of any such corporation shall be withdrawn for any purpose whatever, whilst any debts of the corporation remain unsatisfied, no dividend or profits on the shares of the capital stock of the corporation shall thereafter be made until the deficit of the capital shall have been made good, either by subscriptions of the shareholders or out of the subsequently accruing profits of the corporation; and if it shall appear that any such dividends have been made, it shall be the duty of the judge of the circuit court of the circuit in which said corporation is located, to make the necessary orders and decrees for closing the affairs of the association and distributing its property and effects among its creditors and share

holders.

SEC. 16. Any banking association and individual banker, car

rying on banking business, or who shall hereafter carry on banking business under 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 corporation or individual banker, and report thereon to the next legislature held after said examination, and he is hereby invested with full powers to call for and demand of any and all officers of any such corporation, or any individual banker, all books, papers, minutes, or documents of any kind, which he may deem necessary for fully carrying out the provisions of this act.

Comptroller may inspect books.

Penalty for

act.

SEC. 17. In case any banking corporation or individual banker shall refuse to submit its or his books, papers, and concerns to the inspection of said Comptroller, or whose officer shall refuse to submit to be examined upon oath, touching the concerns of such corporation or individual banker, by said Comptroller, or which shall be found to have violated any law of this State violation of probinding upon such corporation or individual banker, such corpo- visions of this ration or individual banker shall be liable to be proceeded against by said Comptroller, in the same manner and with the like effects as for involuntary or forced dissolution of the corporation. SEC. 18. A misnomer of corporation on any deed or other in- Misnomer. strument shall not vitiate the same if the corporation shall be therein sufficiently described to ascertain the intention of the parties, and this shall apply to all corporations of every character, and for any lawful purposes.

SEC. 19. There shall be levied, and paid to the State Treasurer, annually, a State tax not exceeding twenty-five cents on each share of stock issued by any banking corporation.

Approved August 7th, 1868.

Tax on shares

of stock.

CHAPTER 1,641.-[No. 17.]

AN ACT to provide for the Incorporation of Benevolent and Charitable
Societies.

Notice of informa

The people of the State of Florida, represented in Senate and Assembly, do enact as follows: SECTION 1. Any five or more persons may form themselves into a corporation, under such corporate name as they may adopt, for benevolent and charitable purposes, and for that purpose shall cause notice to be given, signed by three or more of their members, by publication [in] a newspa- tended per printed in their county, or by three or more copies of such notice to be posted in conspicuous places in the immediate vicinity of the proposed place of meeting at least seven days previous to the time of the meeting proposed, which notice shall specify the

tion.

general objects of the proposed organization, and the particular time and place of meeting.

SEC. 2. At the time and place so appointed in such notice, such persons or a majority of them, together with such other persons as they may choose to associate with them, shall meet Perfection of and elect one of their number as chairman and another as secreorganization. tary of their meeting, and shall 'proceed at the same or an adjourned meeting to adopt such measures as may be necessary to perfect their organization and incorporation, and to that end they shall be authorized to,

Corporate

name.

sociation.

1st. Adopt a corporate name.

2d. Adopt such articles of association as may be necessary, Articles of as- declaring the object and purpose thereof, (which shall not be in conflict with the laws,) the duties and liabilities of its members and officers, fixing the names of the officers of the association, the times and places of its meetings, the names of the several persons elected to fill the several offices, the names of the persons composing the association at the time of its organization, the terms of office of its officers, and the time and manner of electing their successors, and such other matters as may be necessary to carry out its legitimate objects.

SEC. 3. After the completion of its organization the chairman Record of and secretary shall make and sign a certificate of the proceedproceedings to ings, including a copy of the original notice, and a complete copy of the articles of association, and annex thereto an affidavit that the same is correct and true, and file the same in the office of the clerk of the circuit court, to be recorded in the record of deeds.

clerk's office and recorded.

and its powers.

SEC. 4. From the time of rendering the said certificate, the When shall be said association shall be deemed a corporation, and known by a corporation the name adopted by them, and shall be capable of suing and being sued in all courts, and the property of said corporation shall be liable for its debts, and such corporation may have a common seal, make contracts, own real and personal property, and sell and convey the same--but the value of such property owned at any one time shall not exceed twenty thousand dollars, unless authorized by the Legislature-and make such bylaws as may be necessary for the government of its proceedings, and the duties of its officers and members, which by-laws, not repugnant to the articles of association or the laws of this State, may be enforced as between the corporation and any of its members, before any court having jurisdiction of the amount involved and of the cause of action.

Approved August 6th, 1868.

CHAPTER 1,642.-[No. 18.] ̧

AN ACT to Incorporate the Pensacola and Louisville Railroad Company.'

Persons vested with corpo

SECTION 1. The people of the Stute of Florida, represented in Senate and Assembly, do enact as follows: That William A. Richardson, R. W. Johnson, II. F. Swope, L. Richardson, R. W. Ruter, J. C. Whiting, J. Abercrombie, A. C. Blount, S. C. Cobb, late powers. and A. Fink, their successors and assigns, be and they are hereby incorporated under the name of the Pensacola and Louisville Railroad Company, and by and under said name shall have, hold, and enjoy the franchises, rights, and privileges hereinafter provided. The said railroad extending from the city of Pensacola or any other point on the waters of Pensacola Bay to the north line of the State of Florida, at any point west of the easterly line of Walton county, and connecting at any railroad or railroads within the State of Alabama.

SEC. 2. Be it further enacted, That the capital stock of said company shall be three hundred thousand dollars, with the priv- Capital stock. ilege of increasing it to seven hundred thousand dollars, should such an increase be found necessary for its construction and future management; and shall be divided into shares of one hundred dollars each.

Rights and

SEC. 3. Be it further enacted, That as soon as one hundred thousand dollars shall have been subscribed and paid into the capital stock of said company, the subscribers of said stock, their successors and assigns, shall be and they are hereby declared to, be incorporated into a company by the name of the Pensacola and Louisville Railroad Company, and by that name shall be capable in law of purchasing, holding, leasing, selling, and con- powers. veying real, personal, and mixed property, so far as shall be necessary for the purpose of this incorporation, and by said incorporated name may sue and be sued, plead and be impleaded, answer and be answered unto, in any court of law or equity in this State, or elsewhere, and to have and use a common seal, and the same to alter or amend at pleasure, to pass such by-laws, rules, and ordinances for the good government of said corporation as to them may seem proper, and generally to do all things necessary to carry into effect fully and completely the objects of this act, and a majority of the subscribers, or a majority of those holding a majority of shares in said company, shall elect elected. nine directors by ballot to manage the affairs of said company, and the directors thus chosen shall elect among themselves a president of said company, and allow him such compensation as they may think proper; and on all occasions, whenever a vote of stockholders shall be taken, each stockholder shall be allowed one vote for each share owned by him or her, and any stock

Directors how

1