Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1846-02-04
A BILL
To INCORPORATE THE "GRANsRFyILLE LIE
MANUFACTURING CoMPAN E
Sr.np on Sor,rtY n {5@tt'7.>t3
A BILL

sitting in General Assembly, and b
the authority Of the some, That VIM
Gregg, Hiram Hutchinson, Otis Mills
Joel Smith, and their associates ami
successors, are hereby made and crea
ted body polite and corporate in law
by the name of the "Gfani'eville Man
ufacturing Company" for the purpose
of manufacturing, bleaching, dying
printing and finishing all goods Of Yhlcl
cotton, wool or other, fbrous material:
firm part, as we'll as all machinery
used for sucl: purposes, and for the
transaction Of such business as may be
necessarily connected herewith; anc
may erect such mills and other wolk ks a.
may be required to carry on such
branches Of manufacture and they shall
have power to raise by subscription, ir
shares. of FIVE hundred dollars each, a
capital of three hundred thousand dol.
lars.
. Sec. 2. And be it further enacted by
The authority aforesaid, That the said
Corporation may purchase and hold such
real estate as may be required for the
purpose Of the said Corporation, Or such
as they may be obliged, OF deem it for
their interest, to take, in the settlement
ofany debts due the said Corporation.
and may dispose Of the same ). and may
sue and be sued in all the Courts OF
Law and Equity; may have and use a
common seal and make such bylaws
fol their regulation and government as
they may see proper, prouided, they are
not inconsistent with the Constitution
and Laws ofihe United States and of
this, State. ,.s-., -.
Sec. 8. And be it further enacted by
the authority afnlesaid That the said
corporation shall not go into operation,
until one hundred and fifty thousand dol
lars of the capital stock shall be- paid,
in gold or silver, or the current bank
notes of the State, and an oath or afiir-
nation thereof shall be, made: by the
President, Treasurer and majority Of
the board of directors, which shall be
recorded in the Secretary Of States Of
fee, and published 10. at least two res
pectable newspapers in the State; one
as near the establishment as Gil cums,an.
ces will admit, the other in the cily OF
Charleston, and this shall be repeated
after the payment Of each ins'alment,
until The, whole capital is paid in.
= Sec. 4. The members of the said cor
poratlur shall he liable, Jointly and seY-
orally for all debts and contracts made
by such Corporation, until the whole
amount, of the capital stock authorised
10 be subscribed as aforesaid, shall have
beer, actually paid in; and no ncte or
obligation given b. any Stockho:der'
whether secured by a pledge OF ihe
stock in such Corporation or otherwise,
shall be- considered as payment of any
part of the Capital Stock, until such
notes or obligations shall have been ac>
,ually paid.
Sec. S. And be it further enacted by
the authority aforesaid, That tho capi>
tai stock shall be deemed personal prop
erty, and be transferable on the books
of the said Corporation, and no par OF
the said capital stock shall, at any time,
or upon any pretence Whaleyer,be loaned
TO, or divided amongst the stockholders,
neither shall the capital be Withdrawn or
divided among the stockholders, until
all the Liabilities Of the Company ale
lawfully paid and Eo dividends shall be
declared, except from the nett earnings
of the Company; each stockhold'r shal
have one vote for each share he may
own or represent, at The election OF dl
rectors and all meetings Of the company
Sec. 6. And be it further enacted b.,
the authority aforesaid, That if the pro
prielor of any share shall neglect to pa,
any instaiment assessed thereon, for tn
payment thereof, the Treasurer of The
Company, by the order Of the directors
may sell, by public auction, a suaicien
number OF such delinquent shares 10 pa,
all ins,alments then due from him, will
all necessary incidental charges. Th'
\ Treasurer. shall give notice Of the time
and place of sale, and of the sumdue OF
each share, by advertising the same 'hre
| weeks successively, before The sale, il
fsome newspaper Which may be prlnte'
! near the vicinity of the establishment
itaud a bill Of sale Of the share SO sold
a Jmade by the Treasurer, shall transit
4 said stock TO The purchaser, who sha
4 be, entitled to a certificate thereof. .
4 saSec.. .7r And be it further enacted b
the authority aforesaid. That Wll!Iaf
!. Gregg, Hiram Hutchinson, Gus M'll'
I and, Joel Smith,, may open books an
i take subscriptions foE, the Capnsi slocS
9tinssucErmanner as they may deem lfex
i !. =, ,f,