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A. D. 1892.

hold, mortgage, exchange, sell, convey, let, lease, improve, repair and build upon land and real estate; to buy and sell, own, open, develop, work, operate and cultivate agricultural and stock Farms, mines, farms, plantations, ranches and timber lands, and any mine or mines of coal, iron, copper, silver, gold, or any other minerals or metals, and to use, sell and market the products thereof; to buy, own, hold, exchange, and sell, all live stock, supplies, im- Live stock, plements and machinery necessary for the purposes aforesaid. Third. To buy, own, hold and sell all kinds of public and Brokerage and private stocks and bonds, the stock of national, State or private banks, notes, drafts and bills of exchange, policies of insurance, life, fire or marine, and other securities, and to exercise all rights and powers incident to or connected with such ownership.

supplies, &c.


Loans and


Fourth. To borrow and loan money, issue its own bonds or other evidence of indebtedness, and sell, negotiate and pledge the same, to such amounts, upon such terms, and in such manner, as may from time to time be determined by the said Directors, and to mortgage all or any part of its property, assets and franchises Mortgage. to secure such bonds and the interest thereon, at such times and on such terms and conditions as shall be prescribed by its Direct


ors, and generally to do all things incidental to said business and General powthe management thereof throughout the world which said corporation may legally do.

In what pay

SEC. 3. The amount of the original capital stock of said corpo- Capital stock. ration shall be five hundred thousand ($500,000) dollars, and shall be divided into five thousand (5,000) shares of the par value of one hundred ($100) dollars each. The said original capital stock shall be known as common stock, and may be issued in exchange for money, labor, services, or property, at such prices and upon able. such terms as may be mutually agreed upon between the Directors of said corporation and the subscribers to said stock. The common stock when so issued shall be deemed fully paid up, and shall not be liable to any further calls or assessments, nor shall the holders thereof be subject to any liability thereon.



SEC. 4. The said "The American Bond Investment Company" shall have power, and is hereby authorized, to issue and sell additional stock to any amount not exceeding two million ($2,000,000) dollars, at such times and in such amounts as the Board of Directors of said company may direct. The said additional stock, so issued as aforesaid, shall be divided into twenty thou- Shares. sand (20,000) shares of the par value of one hundred ($100) dollars each, and shall be payable in money only. The said stock

A. D. 1892.

Preferred stock.


Place of meetings.


shall be known as preferred stock and shall be entitled to such preference over the common stock in the payment of principal or dividends, or both, as may be fixed by the terms of the articles of subscription to the said stock. The subscribers to and holders of said preferred stock shall be liable upon each share thereof subscribed for or held by them respectively to the extent of the amount that may be unpaid thereon up to the par value thereof and no more.

SEC. 5. All meetings of the incorporators, stockholders or Directors of the said "The American Bond Investment Company" may be held in any State or Territory of the United States, or in the District of Columbia, as may be determined by Primary meet- the by-laws. The first meeting of the incorporators for the purposes of organization, election of Directors, and adoption of bylaws, shall be held at such time and place as may be mutually Subsequent agreed upon by a majority thereof. All subsequent meetings of the stockholders aud Directors, including the annual meeting of the stockholders for the election of Directors, shall be held at such time and place and under such notice as may be determined by Principal office. the by-laws. The principal office of the corporation may be kept in any State or Territory of the United States, or in the District of Columbia, as may be determined by the by-laws.


Rights and liabilities.

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SEC. 6. The said "The American Bond Investment Company shall be subject to all the liabilities and provisions, except as hereinabove provided, and entitled to all the rights, powers and privi19 Stat., 540. leges of an Act of the General Assembly entitled "An Act to provide for the formation of certain corporations under General Laws," approved December 23d, A. D. 1886, and of the amendmendments thereof existing and in force at the date of the passage of this Act.



Public Act.

SEC. 7. All Acts or parts of Acts inconsistent with the provisions of this Act are hereby repealed.

SEC. 8. This Act shall be deemed and taken to be a public Act, and shall be judicially taken notice of without special pleading, When to take and shall take effect immediately upon its approval by the Gov



Approved December 22nd, A. D. 1892.


A. D. 1892.

No. 71.

Name and powers.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That William E. Huger, Julian Mitchell, Jr., and J. Lamb Perry, and Incorpor.ton. such persons as they may associate with themselves, their successors and assigns, be, and they are hereby, declared a body politic and incorporate, under the name of "Carolina Farm and Land Company," and by that title shall have perpetual succession, and be capable in law of purchasing, leasing, holding, using, letting, improving, selling and disposing of real and personal property; and may sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended, in all Courts of law and equity; and may receive and make all deeds, transfers, covenants, conveyances, grants, contracts, agreements and bargains. whatsoever proper or necessary for the purposes of such corporation;. and may have and use a common seal, which they shall have power to renew or alter at pleasure; to make such by-laws By-laws. for the government of such corporations as are consistent with this Act and the laws of this State; and generally may do act or thing necessary or proper to promote the objects and design of such corporation as authorized by this Act.


Other powers.

SEC. 2. The capital stock of said corporation shall be fifty Capital stock. thousand dollars, to be divided into shares of one hundred dollars

When issued.

each. The said capital stock to be paid in such installments and How pald. such amounts as the corporation shall by its by-laws or its authorized board or officers direct; and whenever the books of said corporation shall show net earnings equal to dividend of six per cent. per annum on the par value of the capital stock, the said corporation may issue the stock to the subscribers thereof. But such issue shall not relieve the subscribers to the stock from liability upon their unpaid subscriptions. The capital stock of the said corporation may be increased from time to time, as the corporation may see fit, to the aggregate par value of five hundred thousand dollars, in the manner provided by Sections 30, 31 and 32 of an Act entitled "An Act to provide for the formation of certain corporations under general laws," approved 23rd December, A. D. 1886.

Increase of capital stock.

19 Stat., 540.

how payable.

SEC. 3. All subscriptions to the capital stock of said corpora- Subscriptions, tion and any increase thereof shall be payable in current funds, labor or property, real or personal, in such manner and on such

A. D. 1892.

terms as may be directed or agreed upon by the corporation or its officers or agents thereto duly authorized; and the said corpoIssue of stock. ration is hereby authorized to issue stock and preferred stock for subscriptions thereto and in payment for labor or property, real or personal, on such terms as may be agreed on by the said corporation or its agents thereto duly authorized.


SEC. 4. Each share of said stock on which all installments have been paid shall entitle the holder thereof to one vote at all meetings of the stockholders of such corporation. Only such holders of stock shall be entitled to vote as have been duly registered as such on the books of the corporation, except that the Representa- personal representatives of a deceased person and the guardians and committees of persons minor or insane shall be entitled to vote all stock standing in the names of the persons so deceased or their wards.


Shares of stock.

Stock for property.

Purposes and powers.

SEC. 5. The capital stock of said corporation shall be deemed personal property, and transferable on the books of the corporation only in such manner as the by-laws shall direct. And any of the owners of the lands or personal property herein authorized to be purchased by the said corporation may take stock for the same as may be agreed on between them and the corporation.

SEC. 6. That the said corporation is authorized and empowered to carry on a general planting, trading, farming, stock, cattle, drainage and land business, and for such purposes to acquire, own and lease real and personal property, and again to let, hire, sell and dispose of the same; to make and operate by steam and other power tramways and railways on its leased and hired lands, and thence to any accessible railroad, highway or waterway not exceeding five miles in length; and to own and control rights of way, vessels and ring stock for that purpose, and to erect pumps, wharves, warehouses, engines, workshops, machinery shops, stores, dwellings, structures and improvements; to construct wells, aqueducts, canals and reservoirs; to dig and make canals and drains for the purposes of drainage and irrigation from the lands used or owned by the corporation to any accessible stream or outlet, and for that purpose to condemn and acquire a sufficient right of way, and with the right to drain through and into all public canals, leads and drains, and for such purposes is hereby empowered to use, clear and clean out, deepen and improve any such public canals, leads and drains; and with the right further to cross any public or other highway, and to build bridges across any navigable stream: Provided, That no such

A. D. 1892.

public canal, lead or drain shall be thereby in any wise injured
for its use as such canal, lead or drain, and every and any canal
dug and constructed by such corporation under the powers of
condemnation in this Act given shall be so dug and constructed
as to fully protect from overflow or inundation therefrom the
lands of any person through whose lands the same may pass :
And provided, further, That all such crossings or highways shall Proviso.
be made and all bridges across navigable streams constructed in
accordance with existing laws and so as not to obstruct the proper
and convenient use of such highways and streams.

water rights.

SEC. 7. All rights of way condemned and acquired by such Rights of way. corporation for railway or canal purposes shall be condemned and acquired in the manner prescribed by law at the time for the condemnation of rights of way by railroad corporations and the statutes in reference to drainage over the lands of another. SEC. 8. That said corporation shall have the right to sell, let water and or dispose of to other persons or corporations water or water rights from any such canals or reservoirs as they may construct for irrigating purposes, and may in like manner sell, let or otherwise dispose of the right to drain through and by means of any Drainage. such canals as they may construct for drainage purposes. And said corporation is further authorized and empowered to issue its notes, bonds or other evidences of indebtedness in such form and for such amounts as the corporation shall prescribe, and to mortgage, pledge and in any way bind all the property, real and personal, to secure the payment of the same.

Notes and mortgages.

Certificate of organization.

SEC. 9. That as soon as such corporation is organized it shall file a certificate under the hands of its President and Secretary in the office of the Secretary of State to the effect that the same has been organized, and stating the location of its principal office, Location. which shall be taken and deemed as the place of residence of such corporation; but such corporation may, for its own convenience, establish offices in any other part of this State.


SEC. 10. That the stockholders in said corporation shall be Liability of liable in the manner and to the extent prescribed in Subdivison A of Section 22 of an Act entitled "An Act to provide for the formation of certain corporations under general laws," approved 23d December, A. D. 1886.

19 Stat., 540.

SEC. 11. That all the corporate powers and franchises hereby Duration. granted shall cease and determine at the expiration of fifty years

from the date of this Act.

Approved December 24th, A. D. 1892.

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