directors when elected. holder may depute in writing any other person to vote and act SEC. 4. Be it further enacted, That the said president and President and directors of said company shall be chosen annually by the stockholders of said company, and if any vacancy shall occur by death, resignation, or otherwise, of any president or directors before the year for which they were elected shall have expired, such vacancy shall be filled by the president and directors, or a majority of them, and that the president and directors shall hold their office until their successors are chosen and qualified, shall have power to call meetings of stockholders at any time, and a majority of stockholders, holding a majority of the stock, shall How removed. have power to remove the president or any directors, and to fill all vacancies, occasioned by removal, at pleasure. Powers of directors. SEC. 5. Be it further enacted, That the said president and dipresident and rectors, or a majority of them, may appoint all such officers, engineers, agents, or servants whatsoever as they may deem necessary to carry out the business of said company, dismiss them at pleasure, and a majority of them shall determine the compensation of all officers, engineers, and servants of said company, and shall have power to pass all by-laws which they may deem necessary and proper for exercising all powers vested in this company for carrying into effect the objects of this act; Provided only, That such by-laws shall not be contrary to the laws of this State or of the United States, and said president and directors, or a majority of them, are empowered to borrow money to carry into effect the objects of this act, to issue certificates or other evidences of such loan, and to pledge the property of said company for the payment of the same with interest. May purchase taken for use of road and how. SEC. 6. Be it further enacted, That the president and directors of said company are hereby authorized to contract for and land, timber receive conveyances of land, stone, lumber, and wood, which may and materials be necessary or required for the construction of said railroad, and when the owner and company cannot agree upon the price, or where the owner is an infant, non-resident, or non compos mentis, or in any wise incapable, or unable to manage or attend to his or her or their own affairs, then it shall be lawful for the When may be president and directors of said company to apply to the sheriff of the county in which said land or other property may be situated, who shall summon a jury of seven disinterested persons, a majority of whom shall be authorized to assess the damages, and return their award or judgment to the next term of the circuit court for the county in which said land or other property may be situated, which shall be entered by the clerk as the judgment of the court, and upon non-payment by said company of said judgment, execution may issue thereupon for the amount of said judgment and costs; Provided always, That if either party shall, upon the return thereof, be dissatisfied, they may, upon filing what is necesfor high bond with good and sufficient security, in such sum as the court may order, be allowed an appeal to the next term of the circuit court, where said case shall stand for trial de novo; Provided, Shall only take Said company are not allowed to require anything more than sary necessary as a right of highway for the said road; also, thirty way. days' notice shall have been given to the opposite party, issued by the clerk of the court, and served by the sheriff of the county. SEC. 7. Be it further enacted, That the persons summoned, as aforesaid, shall, before proceeding to the discharge of the duties herein required, take an oath or affirmation, which the sheriff is hereby authorized to administer, to the effect that they will well and truly inquire into, and to the best of their judgment assess, the damages to the owner or owners of such land as may be taken by said company, and the said lands or the property as condemned or estimated, as aforesaid, shall become the property of said company upon payment of the damages assessed by said jury. SEC. 8. Be it further enacted, That nothing in this act shall be so construed as to confer upon said company any right to exercise the powers of a banking company, or to issue any description of paper intended for current circulation. SEC. 9. Be it further enacted, That certificates of stock shall be issued to the stockholders on the payment of each instalment, which shall be transferable on the books of the company only, and by personal entry of the stockholder or his legal attorney or representative duly authorized for that purpose. Oath of ap praisers. No banking powers con Certificates of stock. When road SEC. 10. Be it further enacted, That the building of the said railroad shall be commenced within three months, and complet-. ed within two years, from and after the passage of this act, and shall be that not less than ten miles of said road shall be completed before the first day of January, A. D. 1869. menced. SEC. 11. Be it further enacted, That the improvements made and put upon said road by the said Pensacola and Louisville Liabilities. Railroad Company shall be subject only to the debts and liabilities of said company. SEC. 12. Be it further enacted, That nothing in this act shall be so construed as to interfere with the vested rights of any other corporation. AN ACT to incorporate the Withlocooche and Lake Pansoffka Canal and Steamboat Company. SECTION 1. The people of the State of Florida, represented in Senate and Assembly, do enact as follows: That Hubbard L. com Vested rights. Persons rest rate power opened. Hart, Calvin B. Dibble, Richard I. Adams, David A. Dunham, and Washington Rogers be, and they are hereby, incorporated into a corporate body under and by the name and style of the Withlocooche and Lake Pansoffka Steamboat and Canal Com pany. SEC. 2. That the said Hubbard L. Hart, Calvin B. Dibble, Richard I. Adams, David A. Dunham, and Washington Rogers Books to be be, and they are hereby, authorized to open the books for the capital stock of said company at Palatka, Patnam county, and Jacksonville, the shares of which shall be one hundred dollars that at the time of subscribing, every subscriber to the capital stock of said company shall pay to said commissioners, or any one of them, ten per cent. of the capital stock by them subscribed, which amount the said commissioners, or any one of them, is hereby authorized to receive. Cash payment. Election of directors. Secretary and treasurer s powers. Powers. Right of way. SEC. 3. The subscribers to the capital stock of said company shall, as soon as there is twenty-five thousand dollars of the capital stock of said company subscribed, and the cash payment made as aforesaid, said subscribers to the capital stock of said company shall proceed to elect six directors, who shall elect one of their number a president, who shall hold his office for one year. They also may elect a secretary and treasurer, who may serve the same time, unless sooner removed for incapacity or dishonesty; to sue and be sued in and by their corporate name and capacity, in any of the courts of this State; to have and use a common seal, issue bonds and certificates of stock; to make all by-laws and regulations for the government of said company. SEC. 4. That said company are hereby authorized to clear out "the Withlocooche river from the line between ranges (19) nineteen and twenty (20) to Lake Pansoffka, and to make the same navigable for vessels, steamboats, barges, and canal boats; to make, dig, excavate, and make navigable a canal from Lake Pansoffka to Lake Harris or Griffin, on the most eligible and direct route; to navigate said river and canal with vessels, steamboats, barges, and canal boats, and lighters. range SEC. 5. That said company shall have the right of way through any and all lands belonging to the State of Florida, also the right of way through any and all other land on the line of said canal, which may be obtained in the following manner: The president of said company shall pay the value of such lands to the owner or owners thereof; should the owner or owners of the land through which said canal passes refuse to accept and take the amount offered and tendered to him, her, or them, by the president of said company, then, and in that case, the president shall report the fact of such refusal to the sheriff of the county in How value of which said land may be, who shall summon twelve good and lands ascertain- lawful jurors, householders nearest to the location of said land, and not of kin to either party, who, after being sworn by any ed. person authorized to administer oaths in the State of Florida, to well and truly ascertain and assess the damages done to the owner or owners of said land by reason of the said canal passing through the same, and render a verdict. The said president shall pay to the owner or owners of said land the amount thus ascertained, which shall give a perpetual right of way through said land to said company. Either party shall have the right of appeal to the circuit court as in other cases, which shall not prevent the said company from carrying on their work; Provided, Said president enters into a good and sufficient bond in double the amount of the said verdict for damages. SEC. 6. That said company may issue their bonds, and borrow money, sell, dispose, and cancel any of the stock of said company. May issue bonds. When work SEC. 7. That said company shall commence work within six months after the date of the approval of this act; that said com- shall com pany may increase the capital stock of said company to five hun- mence. dred thousand dollars. SEC. 8. That the president and directors of said company shall be authorized to agree upon such rates of tolls for the use of Toll. Approved August 5th, 1868. CHAPTER 1,644.-[No. 20.] AN ACT to Organize the Southern Inland Navigation and Improvement Com pany. WHEREAS, The interests of the State will be greatly promoted by encouraging a system of inland navigation and communication, so that the interior portions of the peninsula of Florida and the Indian river country may find a cheap and easy outlet for their surplus products, and thus induce immigration to that now neglected portion of the State; therefore, Preamble, Corporation. Powers. directors. SECTION 1. The people of the State of Florida, represented in Senate and Assembly, do enact as follows: That S. W. Nelson, Charles L. Mather, W. H. Hunt, Herbert Reed, Robert Erwin, M. H. Alburger, Thomas W. Osborn, William W. Ross, and W. II. Gleason, and such other persons as may become associated with them by becoming stockholders in said corporation, their successors and assigns, shall forever be a body corporate and politie, by the name of The Southern Inland Navigation and Improvement Company," and by such name shall be capable in law to buy, sell, purchase, hold, and convey, and have conveyed thereto, any personal, real, or mixed property or estate, to receive donations of lands or other property, to build and construct wharves, steamboats, or other vessels, and to nayigate the same, to contract and be contracted with, to issue bills of lading of such evidences of debt as they may find necessary for carrying into effect the full intentions of this act, to mortgage the whole or a part of their real estate and franchises, to sue and be sued, plead and be impleaded, defend and be defended, in all courts of law and equity in this State or in the United States, to have a common seal, and alter and renew the same at pleasure, to regulate the manner in which shares may be subscribed and transferred in said corporation, to make rules, regulations, and by-laws for the government thereof, and do all lawful acts incident to a corporation which may be necessary and proper for the convenient management of its affairs. SEC. 2. Be it further enacted, That the said company shall annually hold an election, at such times and places, and under such regulations and restrictions, as they in their by-laws may Election of prescribe, for as many directors as may be required for the management of their business, the number of directors to be previously determined on and declared in their by-laws, and the directors, when elected, shall elect a president and such subordinate officers and agents as may be deemed necessary, and at any time to dismiss them from office, and the said board of directors shall be capable of exercising such other powers and authorities for the well governing and ordering the affairs of the company as to them shall appear conducive to their interests. A majority of the board of directors shall constitute a quorum, and, until an election shall be held, the persons named in the first section of this act shall constitute the board of directors. SEC. 3. Be it further enacted, That the capital stock of said company shall be two hundred and fifty thousand dollars, to be divided into shares of one hundred dollars each, and the same may be increased from time to time as the board of directors may deem expedient. SEC. 4. Be it further enacted, That in all elections for directors the shareholders may vote in person or by proxy, and shall be entitled to a vote for each and every share, and in ease of a |