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A. D. 1892.
Incorporation and purposes.
AN ACT TO INCORPORATE THE OAK GROVE MINING COMPANY.
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 A. E. Hertz, J. A. Hertz, and their associates and successors, be, and are hereby, made and created a body corporate and politic, for the purpose of carrying on any kind of mining or manufacCapital stock. turing business, with a capital of thirty thousand dollars, to be divided into three hundred shares of one hundred dollars each, which shall be immediately issued, allotted and taken up.
Increase of capital stock.
SEC. 2. The subscriptions to the capital stock of the company may be paid in money or in labor, or property at its money value, to be named in the list of subscriptions.
SEC. 3. The company shall have all the power usual and appropriate to similar corporations, and more especially shall have the following powers: To have perpetual succession; to sue and be sued by the corporate name; to have a common seal and to alter the same at pleasure; to render the shares or interest of the stockholders transferable and to prescribe the mode of making such transfer; to make contracts, borrow money, loan money, and acquire, transfer and mortgage property, both real and personal, possessing the same powers in such respects as individuals would enjoy; to establish by-laws and make all rules and regulations deemed expedient for the management of their affairs, not inconsistent with the Constitution and laws of this State or the United States.
SEC. 4. The said company shall have power from time to time to increase their capital stock to any amount not exceeding one hundred thousand dollars, including their present capital stock, whenever a majority of the stockholders present at any general meeting, or the Board of Directors, by their authority, shall deHow divided. termine. And such additional stock shall be divided among the stockholders in proportion to their shares of the capital stock of the company at the time of such increase; but in case any stockholder should not desire to take his or her proportion of such increased stock, the same shall be allotted among the remaining stockholders, or books may be opened for the purpose of obtaining additional subscribers to such increased stock, in such manner as the company may deem expedient; and in no case shall the members who are unwilling to take their proportion in such Assessment increase of stock be assessed to contribute or to make up such prohibited. increase; such additional stock shall be subject to all the same
A. D. 1892.
provisions, restrictions and conditions as are directed by the provisions of this Act, and any such additional subscribers shall Provisions as thereby become members of this company and subject in like to additional manner, in proportion to their interests, to all the burthens, liabilities, responsibilities and conditions imposed upon the mem
bers of this company.
SEC. 5. That if the proprietor of any share shall neglect to Sale of shares pay any installment assessed thereon for the space of thirty days after the time appointed for the payment thereof, the Treasurer of the company, by the order of the Directors, may sell by public auction a sufficient number of shares standing in the name of such stockholders to pay all the installments then due from him, with all necessary incidental charges. The Treasurer shall give Notice of sale. notice of the time and place of sales, and of the sum due, by advertising the same three weeks successively before the sale in one of the Charleston newspapers; and a bill of sale of the share or shares so sold made by the Treasurer shall transfer said stock to the purchaser, who shall be entitled to a certificate thereof. No stock for any share shall be issued till the entire amount due Issue of stock. upon the subscription therefor has been paid to the company, and the company shall have a lien upon the stock of each stockholder Lien. till such entire amount has been paid.
SEC. 6. That each stockholder in said corporation shall be Liability of jointly and severally liable to the creditors thereof in an amount, besides the value of his share or shares therein, not exceeding five per cent. of the par value of the share or shares held by such stockholders at the time the demand of the creditor was created: Provided, That such demand shall be payable within one year, Proviso. and that proceedings to hold such stockholders liable therefor shall be commenced within two years after the debt becomes due, and while he, she or it remains a stockholder therein, or within two years after he, she or it shall have ceased to be a stockholder: And provided, further, That persons holding stock in such company as trustees or executors, administrators, or by way of col- Trustees, &c. lateral security, shall not be personally subject to the liabilities of stockholders under the foregoing provisions, but the persons pledging such stock shall be liable as stockholders, and the estates and funds in the hands of such executors or administrators shall be liable in their hands in like manner and to the same extent as the deceased testator or intestate or the ward or person interested in said trust estate would have been if they had respectively been living and competent to act and hold the stock in their own name.
A. D. 1892.
SEC. 7. The said company shall have such number of officers, and for such terms of office, as shall be fixed by its by-laws; and shall have the power, in addition to its other powers, to dig and mine for either marl, phosphate rock or minerals; to manufacture the same and such other material as it may buy into chemicals and fertilizers; to carry on trade therewith, and to cultivate such lands as it may own.
SEC. 8. This Act shall be deemed a public Act, and continue of force for twenty years.
Approved December 15th, A. D. 1892.
No. 73. AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO INCORPO
19 Stat, 592,
RATE THE SUPREME COUNCIL OF THE SONS OF THE ELECT,"
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 SecA. A. 1886. 2. tion 2 of an Act entitled "An Act to incorporate the Supreme amended. Council of the Sons of the Elect" be, and the same is hereby, amended by inserting after the word "land," at the end of the third line of said Section, the words "to issue dispensations for the institution of subordinate lodges in any part of the State, Subordinate said subordinate lodges to be subject to such by-laws, rules and regulations as may be imposed by the Supreme Lodge. not repugnant to the laws of the land." So that said Section as amended shall read as follows:
Succession and powers.
SECTION 2. That the said association shall have succession of officers and members according to its by-laws, and shall have power to make by-laws not repugnant to the laws of the land; to Subordinate issue dispensations for the institution of subordinate lodges in any part of the State, said subordinate lodges to be subject to such by-laws, rules and regulations as may be imposed by the Supreme Lodge, not repugnant to the laws of the land; to have, Other powers. use and keep a common seal, and the same to alter at will; to sue and be sued, plead and be impleaded, in any Court in this State, and to have and enjoy every right incident to incorporaProperty rights. tion. It is empowered to retain, possess and enjoy all such property, real and personal, as it may now possess, or be entitled
to, or which shall hereafter be given, bequeathed to or in any manner acquired by it, and to sell, alien or in any way transfer the same, or any part thereof : Provided, The amount of property so held shall not exceed one hundred and fifty thousand dollars. Approved December 15th, A. D. 1892.
A. D. 1892.
AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO INCORPO- No. 74.
A. A. 1891, 20 Stat., 1456,
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 an Act entitled "An Act to incorporate the Union Bank of South Carolina and London," approved December 24th, A. D. 1891, amended. be, and said Act is hereby, amended by adding thereto an additional Section to be known and designated as Section 10, which said Section 10 shall read as follows: SECTION 10. The nominal capital stock of the said corporation Additional Secis hereby increased from five million ($5,000,000) dollars to twenty millions ($20,000,000) dollars, to be divided into shares of five hundred ($500.00) dollars each, of which one hundred (100) shares shall be founders' shares and the remainder shall be ordinary shares, and the said founders' shares shall be numbered from 1 to 100 inclusive, and the subscribers to the first fifty shares of the said founders' shares shall be liable to all the obli- Liability. gations and entitled to all the advantages conferred by Sections six (6) and seven (7) of the said the original charter Act, of which this shall be Section 10 as aforesaid.
Approved December 24th, A. D. 1892.
AN ACT TO INCORPORATE THE BERKELEY RAILROAD COMPANY. No. 75.
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
A. D. 1892.
the formation of a corporate company is hereby authorized for the construction, maintenance and operation of a railroad, comand purposes. mencing at or near Monck's Corner, in the County of Berkeley, Route of road. and running to or near Ferguson's, in said County, as the said company, when formed, may determine upon, which said company shall have the exclusive right to construct, maintain and operate such railroad or any portion or section thereof.
SEC. 2. That this charter, with the rights, privileges and franchises incident thereto, is hereby granted to A. S. Emerson, J. P. K. Bryan, Stephen Jennings, A. F. Ravenel, T. W. Boardman, E. J. Dennis, C. S. Gadsden, and such other persons as may be associated with them, their successors and assigns; and Rights and the said company shall have all the rights, powers and privileges, and be subject to all the liabilities, provisions and limitations, 19 Stat., 171. set forth and contained in an Act entitled "An Act to provide for and regulate the incorporations of railroad companies in this State," approved December 23rd, 1885.
Books of subscription.
SEC. 3. That the name of said company shall be "The Berkeley Railroad Company."
SEC. 4. That the capital stock of said company shall be three hundred thousand dollars, in shares of fifty dollars each, with the privilege of increasing such capital stock in such amounts as the said company from time to time may, by a majority vote of its stockholders, determine, to carry out the purposes of this Act: Provided, That said capital stock shall at no time exceed the sum of five hundred thousand dollars.
SEC. 5. That a majority or any three of the aforesaid corporators shall give one week's notice of the opening of the books of subscription in any newspaper published in Charleston, S. C., to be kept open for thirty days from date of such first notice. And whenever the sum of fifty thousand dollars ($50,000) is subscribed to the capital stock of said company, the said corporaMeeting for tors, or a majority of them, shall, within a reasonable time thereafter, appoint a time and place for the meeting of said stockholders, of which two weeks' notice shall be given in such newspapers of this State as they may deem necessary, at which time and place the said stockholders may proceed to the organization of Directors and said company by the election of six Directors, which said Directors shall elect one of their number to be President of said comTerm of office. pany. The said Board of Directors and the said President so elected shall hold their offices for one year and until their successors are elected.