"EXTRACTS FROM THE REVISED STATUTES.

"CHAPTER XVIII.-THIRD TITLE.

Of the General Powers, Privileges, and Liabilities of Corporations. "SECTION 1. Every corporation, as such, has power

(1.) To have succession, by its corporate name, for the period limited in its charter; and, when no period is limited, perpetually.

(2.) To sue and be sued, complain and defend, in any court of law or equity.

(3.) To make and use a common seal, and alter the same at pleasure.

(4.) To hold, purchase, and convey, such real and personal estate as the purposes of the corporation shall require, not exceeding the amount limited in its charter.

(5.) To appoint such subordinate officers and agents as the business of the corporation shall require, and to allow them a suitable compensation.

(6.) To make by-laws, not inconsistent with any existing law, for the management of its property, the regulation of its affairs, and for the transfer of its stock.

"SEC. 2. The powers enumerated in the preceding section shall vest in every corporation that shall hereafter be created, although they may not be specified in its charter, or in the act under which it shall be incorporated.

"SEC. 3. In addition to the powers enumerated in the first section of this title, and to those expressly given in its charter, or in the act under which it is, or shall be, incorporated, no corporation shall possess or exercise any corporate powers, except such as shall be necessary to the exercise of the powers so enumerated and given.

"SEC. 4. No corporation created, or to be created, and not expressly incorporated for banking purposes, shall, by any implication or construction, be deemed to possess the power of discounting bills, notes, or other evidences of debt; of receiving deposits; of buying gold and silver, bullion, or foreign coins; of buying and selling bills of exchange; or of issuing bills, notes, or other evidences of debt, upon loan, or for circulation as money.

"SEC. 5. Where the whole capital of a corporation shall not have been paid in, and the capital paid shall be insufficient to satisfy the claims of its creditors, each stockholder shall be bound to pay, on each share held by him, the sum necessary to complete

the amount of such share, as fixed by the charter of the company, or such proportion of that sum as shall be required to satisfy the debts of the company.

"SEC. 6. When the corporate powers of any corporation are directed by its charter to be exercised by any particular body, or number of persons, a majority of such body, or persons, if it be not otherwise provided in the charter, shall be a sufficient number to form a board for the transaction of business; and every decision of a majority of the persons duly assembled as a board, shall be valid as a corporate act.

"SEC. 7. If any corporation, hereafter created by the Legislature, shall not organize and commence the transaction of its business within one year from the date of its corporation, its corporate powers shall cease.

"SEC. 8. The charter of every corporation that shall hereafter be granted by the Legislature, shall be subject to alteration, suspension, and repeal, in the discretion of the Legislature.

"SEC. 9. Upon the dissolution of any corporation created, or to be created, and unless other persons shall be appointed by the Legislature, or by some court of competent authority, the directors or managers of the affairs of such corporation at the time of its dissolution, by whatever name they may be known in law, shall be the trustees of the creditors and stockholders of the corporation dissolved, and shall have full power to settle the affairs of the corporation, collect and pay the outstanding debts, and divide among the stockholders the moneys and other property that shall remain, after the payment of debts and necessary expenses.

"SEC. 10. The persons so constituted trustees, shall have authority to sue for, and recover, the debts and property of the dissolved corporation, by the name of the trustees of such corporation, describing it by its corporate name, and shall be jointly and severally responsible to the creditors and stockholders of such corporation, to the extent of its property and effects that shall come into their hands."

CHAPTER II.

DOMESTIC MISSIONS.

To care for our own, in first making provision for the native population of our own country, is not only perfectly natural, but our most obvious duty. To supply our own destitute with the means of salvation, was the first object of the Society.

Though specific plans were adopted, and efforts made for the spiritual benefit of portions of the foreign population in our midst, yet we shall not treat of them separately, inasmuch as they were not of any very extensive importance, and their history can very readily be embraced in the details of missions among the native population. The mission among the Germans, from its extensive nature and rapidly-increasing importance, we shall regard as forming an exception, however, to this rule.

In taking up these missions, we shall record their history in the order of time in which they were established, and shall begin with the New Orleans Mission, as it was the first undertaken by the Society.

In 1820 the Rev. E. Brown was appointed by Bishop George to visit New Orleans, for the purpose of establishing, if practicable, a mission among the French population of Louisiana. For this mission the American Bible Society made a donation of Bibles and Testaments, in French and Spanish. The missionary not succeeding as was anticipated, in consequence of the bigotry and intolerance of the Roman Catholic Church, abandoned the field. The Rev. Mr. Drake, of the Mississippi conference, was appointed in 1825, to endeavor, if. possible, to establish a mission in New Orleans. He entered upon his work with zeal and energy, and was successful in organizing a society

of twenty-three whites and sixty colored members. In 1828 the mission was taken into the regular work.

A missionary district was formed in the bounds of the Tennessee conference in 1822. It included a tract of country known as the "Jackson Purchase," part of which lay in the state of Kentucky. Nine missionaries were sent to this field, under the superintendence of the Rev. Lewis Garrett, who had succeeded in forming a circuit there a few years previously, and who, with his colleague, Rev. Mr. Crawford, was successful in gathering one hundred and fifty-five members into the fold of the Church. The whole tract of country was soon formed into circuits, and the inhabitants were promptly and efficiently supplied with all the ordinances and institutions of the Gospel.

York and Long Island Mission.-The Rev. S. D. Ferguson was appointed missionary to this station in 1823. The object of this mission was the reformation of abandoned females, from the city of New York. His efforts, which were backed up by other ministers and benevolent friends, were, however, not successful, and he directed his labors to the destitute inhabitants on the west end of the Island.

His labors were quite successful in this new field, and he was enabled in a short time to form a circuit, including one hundred and thirty members.

Highland Mission.—The Rev. J. B. Matthias was sent, in 1825, to the destitute settlements in the Highlands. He commenced his work with energy, and was soon permitted to witness a gracious revival of religion, which resulted in the conversion of many, and an addition to the Church of one hundred and thirty-four members. At the expiration of the second year the number was increased to two hundred and fifty, and the circuit was received into the regular work. Hampshire Mission.-This mission embraced a part of the state of Massachusetts. The Rev. Messrs. Camberlin

and Luckey labored in this destitute field, for two successive years, and were enabled to form a circuit embracing a number of regular appointments, and including two hundred and twenty members.

Red Hook Mission-Was established at the earnest solicitation of the Rev. Freeborn Garrettson, who made liberal contributions to its support. It embraced a region of country on the east side of the Hudson river. The inhabitants being principally Dutch, the Rev. J. B. Matthias, who could preach in that language, was sent as missionary in 1828. He was not able to accomplish as much as was desired, nor, indeed, as the friends had reason to anticipate; and, after two years' trial, the mission was abandoned.

Harlam Mission.-This mission was established for the benefit of the scattered population on York Island, who could not be reached either by the ministers in the city of New York or the country. In 1830 the Rev. J. Ferris was appointed missionary, who labored one year, and was succeeded by the Rev. Mr. Seamen. The Harlæm mission was regularly supplied with preachers from year to year, and continued to prosper. Several churches were erected, and Sabbath schools were organized. In 1840 the number reported as connected with the mission was two hundred and thirty-eight, when it was, in accordance with the rule governing missions, taken into the regular work.

Hammonasset Mission-Embraced some of the old towns on the east side of the Connecticut river. In 1830 the Rev. N. Kellogg was appointed missionary, and was so successful in his labors that he was enabled to report eighty members at the close of the year, at which time it was constituted a regular appointment.

Newburyport and Gloucester Mission.-Rev. George Pickering and Rev. John Lindsey were appointed to labor on this mission; and, after one year of successful effort, it was included in the regular work.