The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1848-01-19
of the State, a certificate Of the said Compa

- ha' 'Ao ooiHpItOileF General, DC
and is hereby, authorized to subscribe the
sum of three hundred and fifty thousand
dollars in the Greenville and Columbia
Rail Road Company, and that he do take,
in the name Of the State, certificate ofthe
said Company for stock to that amount.
Sec. Ill. That the Comptroller General,
be and he is hereby, authorized to subscribe
the sum of three hundred thousand dollars,
in the Wilmington and Manchester Rail
Road Company, and that he do take, in the
name OF the State, certificate of the said
Company for stock to that amount.
SEC. lV. That upon reports by scientific
engineers as 10 the cost of the construction of
the roads, being made and returned to be
filed in the Comptroller Generals office,
and the Comptroller General being salts
fled that at least three-ffihs of the estimated
cost has been subscribed by individual
stockholders, and that the first inslaIment
required to be paid upon the subscription OF
the stock according to the charters of the
respective Companies, has been paid by the
individual subscribers or stockholders, that
ne DO pay to the companies in this Act men
toned respectively, the first instaImeut upon
the subscription aforesaid, as required by
the Acts of incorporation respectively.
Sec. Y. No instalncnt shall be paid by
the State, after the first instament, upon
the stock subscribed to the companies afore-
said, until corresponding call shall be
made upon the individual stockholders in
common with the State: and the Comptrol-
lcr General shall, upon every call for i'll
stalments alter the first, ascertain that at
least three-for,hs of the preceding install
| ments have been paid in by the individual
stockholders in the Company making the
call, before such subsequent ins,aIment
shall be paid by the State.
SEC. vi. None of the stock to which the
State shall subscribe, shall at anv time be
forfeited, without the express consent of the
General Assembly.
SEc. VII. Ihe subscription on the part
of the State to the said Companies rcspcc-
lively, shall be paid by issuing the bonds of
the State, IN convenient sums, signed by
the Governor and countersigned by the
Comptroller General, to bear interest at
SIX per cent: per annum, payable semi-an-
nualiy, and the principle to be payable at
thee separate periods one-third in fifteen
years, one-third in twenty years. and the
remaining third in twenty-five years from
the date thereof; the said interest to be paid
as hereinafter provided. And when the
principal of the said bonds shall become
payable, it shall be paid by converting into
| cash the stock ofthe State in the Companies
respectively, for whose account such bonds
were originally issued, provided the same
shall he al OF above par. And in case the
price Or value of such stock shall be insult.
ficlent to pay the said principal, then anv
deficiency shall be made good by sale or
| transfer OF stock now held by the State in
the South Carolina Rail Road COMPANY
| and South Western Rail Road Bank.
Sec. VIII. The Comptroller General is
hereby authorized and required to receive
from the South Carolina Rail Road Com
pany, and South Western Rail Road Bank.
of the dividends now due, and from time to
time may be declared to be due the State,
upon her stock in the said South Carolina
Rail Road Company, and South Western
Rail Road Bank, so much thereof as NAV
be necessary to pay the interest falling due
and payable upon the Bonds of the State
issued under and by virtue OF this Act
SEC. TX. Three Commissioners or Di-
rectors for each of the Companies respec-
lively, shall be appointed annually by the
General Assembly, to represent the State
stock IN the said Companies, which stock
shall be entitled to the same vote in all
questions upon which the Company may be
required to cast vote, as are allowed to
the stock of the individual stockholders,
And in all questions before the board of
PRESIDENT and Directors of the respective
Companies, each one of the Directors ap-
pointed on the part of the State shall, if
present have 0Ne vofa
Sec. K. The President and Directors Of
each Of the Companies aforesaid, shall an
nually, on the first day of October, make
special report of Its condition and finances
10 the Comptroller General; and if the
President and Directors of either of the
said Companies should neglect to make
such return, the Comptroller General shall
report the fact to the General Assembly.
and also such information as he may be
able to procure in relation to the said Com.
pany. And the President and Directors
thus making default, shall be liable each
to be indicted for misdomeanor-and upon
conviction thereof, to be fined and imprison-