An Act to Incorporate the Arkansas Manufacturing Company

          An Act to Incorporate the Arkansas Manufacturing Company.          
   Section 1. Arkansas Manufacturing Company incorporated - their            
              powers and privileges.                                         
   Section 2. Amount of capital stock, etc.                                  
   Section 3. Business of corporation to be transacted by an appointed       
              agent - meeting of stockholders, etc.                          
   Section 4. Stockholders to make by-laws, etc. - to appoint officers.      
   Section 5. Statement of accounts and of the business of the company       
              to be made periodically.                                       
   Section 6. Liability for debts of the company - this act to be a          
              public act, etc.                                               
Whereas, For the purpose of concentrating the efforts and giving force and   
stability to the laudable exertions of a portion of the citizens of this     
State, who are endeavoring to promote the general prosperity and             
independence of our State, by erecting cotton and wool factories,            
Section 1. Be it enacted by the General Assembly of the State of Arkansas,   
That John Matlock and Elizabeth P. Merrill, with all others who may be       
hereafter associated with them, be and they hereby are, with their           
successors and assigns, made and established a body politic and corporate,   
by the name of the Arkansas Manufacturing Company, for the purpose of        
manufacturing any kind of cotton or woollen goods, yarns or materials of     
which wool or cotton form constituent parts; and also, for grinding wheat    
and corn and other grains, sawing lumber; and also, to carry on the business 
of merchandizing in the most advantageous manner, and for doing all other    
things proper, necessary and legitimate, in order to the successful          
operation of the same, and by that name, they and their assigns and          
successors shall be, and hereby are authorized and empowered to purchase,    
take, hold, occupy and enjoy to them and their successors all good, chattels 
and effects of whatever kind, that may the better enable them to carry on    
such business to advantage; also to purchase, take, hold, occupy, possess    
and  enjoy any slaves, land, tenements or hereditaments, as shall be         
necessary for the views and purposes of said corporation, and the same to    
sell and dispose of at pleasure, or to take a lease or leases thereof for a  
term of years; also to sue and be sued, plead and be impleaded, defend       
(and) be defended, and be answered unto in any court of record or elsewhere, 
by the name and style aforesaid, and said corporation may have and use a     
common seal, and may alter the same at their pleasure.                       
Section 2. Be it further enacted, That the capital stock of said corporation 
shall not exceed two hundred thousand dollars, and shall be considered and   
deemed personal estate, and be transferable only on the books of said        
company, in such form as said company shall prescribe, and said company      
shall at all times have a lien upon all the stock or property of the members 
of said corporation invested therein, for all debts due from them to said    
company, and no transfer of interest or stock can be made, so long as he or  
she shall be indebted to said corporation, either on account of capital      
stock subscribed and not paid in or on any other account.                    
Section 3. Be it further enacted, That the stock property and affairs, and   
business of said corporation shall be managed and transacted by one agent,   
who shall be elected at such time and place and in such manner as the        
regulations and by laws of said company shall prescribe; a majority of the   
stockholders present at any legal meeting shall be capable of transacting    
the business of such meeting, each share entitling the owner thereof to one  
vote, and a majority of such votes present, either in person or by proxy,    
shall govern; no meeting shall be at any other place, except Camden,         
Arkansas, or at the factory works, in Pike County, Arkansas, nor shall said  
meeting be valid unless due notice in writing be given to each stockholder,  
at least ten days before said meeting, and that Henry Merrill be, and he is  
hereby constituted and appointed said agent, and empowered to open books for 
subscription to the capital stock of the said company; and that as soon as   
twenty thousand dollars' worth of stock shall be taken up and subscribed     
for, the said company may go into operation, and the said Henry Merrill      
shall shortly after call the first meeting, by giving thirty days' notice    
thereof in writing to each stock holder, stating the time and place of said  
meeting; and said Henry Merrill shall continue to hold his office until his  
successor is duly elected and qualified.                                     
Section 4. Be it further enacted, That the stockholders, at their said       
meeting, shall have power to make and establish such by-laws, rules and      
regulations as they shall think expedient and proper for the better          
management of the business of said corporation, and the same to alter and    
repeal; also to elect a secretary, treasurer and such other officers as they 
may think proper for the transaction of the business of said corporation.    
Section 5. Be it further enacted, That the books of said company containing  
their accounts shall, at all reasonable times, be open for the inspection of 
any of the stockholders of said company, and as often as once a year a       
statement of the accounts of said company shall be made by order of the      
agent, and it shall be the duty of the secretary to furnish an impartial     
statement and balance sheet at any time they may be called for by any        
stockholder, and the same shall be under oath, if required; it shall be the  
duty of the book keeper to furnish each stockholder with a tabular monthly   
statement of current business, whether called for or not.                    
Section 6. Be it further enacted, That in the event that any debt or debts   
shall be contracted by said company all the corporate property and all the   
private property, of each and every stockholder, shall be held and           
absolutely bound for the payment of said debts, and that this act shall      
continue and be in force during the term of fifty years; Provided, Said      
company shall become organized, and commence operations within the space to  
two years; and this act shall be deemed a public act, and shall at all times 
be recognized as such in all courts and places whatsoever; and this act      
shall take effect and be in force from and after its passage.                
                        Approved, 14th January, 1857.                        
Records of States: Arkansas Acts, Arkansas 1856, pp. 123-125, Arkansas       
History Commission, Little Rock, Arkansas.                                   
David Kelley 1997