Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-01-10
THE Y0RKY1LhK EMQUfRKR.

IT, u U @ A
ACTS PASSED BY THE LEGISLATURE.
AN ACT TO AUTHORIZE AND REGULATE THE CREA-
TToN OF PRIVATE CORPORATIONS WITHIN THIS
| STATE.
| SEcrIoNl. Bet enacted by the Senate and House
of REPRESENTATIVES noao met and sitting IN General
assembly, and By the authority Of the san'e Ihat
private corporation for any purpose Whatever,
excepting banking, insurance, constructing rai5
roads, canals, turnpikes, bridges caqseways aeo s
ferries making and selling gas tor lght IN ana I9f
any city, town or village, supplying the inhabitants
of any city, town or village with water manutactur'
ing or distilling spurious or Intoxicating liquors.
and, also excepting military fire and lottery COM
panies, may be created in this State by complying
with the following provisions:
| IA petition by the persons desiring charter
to the Court of Common Pleas, for the District
where majority of the. corporators reside, or IN
which they may desire to transact business, or 20
Judge or Chancellor at Chambers, setting f9rth
the object of their association the amount OF Its
canital stock, if any there be- the privileges they
desire to exercise, and the name and style by which
they desire to be Incorporated, notlce OF such ap
plication having been first published once week
for two months In one or more public gazettes near
est to the point where such business is to be loca
ted)
2. IF upon hearing such petition, the said Court,
or the said Judge or Chancellor at Chambers, shall
be satisfied that the application is legltlmatey
within the purview and intention Of this Act, and
not inconsistent with the public welfare, the said
Court, Judge or Chancellor, as the case may be,
shall pass an order declaring the said application
granted and the petitioners and their successors,
Incorporated for and during term not exceeding
fourteen years. with the privilege OF renewal at the
expiration of that tme according to the provisions
above set forth, and the said petition and order
shall be filed in the Office Of the Clerk OF the said
Court for the District in which the business OF the
corporation is to be transacted and it shall be the
duty of the said Clerk to record the same in book
to be procured by him for the purpose, at the ex-
uense of the funds in the hands of the Commission.
ers of Public Buildings for his District and he shall
also forward certified copy thereof to the Secreta:
ry of State, to be filed in this office. certified
COPY of said petition and order, under the seal OF
the said Court shall be evidence OF such incorpora
ton in any Court in this State.
| 3. The individual members of such corporations,
whenever the object of the association is tor the
purpose of trading or transacting business tor pro
lit, shall be Jointly and severally bound tor the ul
innate payment of all the contracts of said compan
les, incurred while they are members OF the same
&. lQe CleTk VI Gue OouV, LILO ooA'ASSo An
each case, shall receive the sum of two dollars.
5. Corporations thus created, shall have success
sion of officers and members, power and authority
to make all bylaws not repugnant to the laws Of
the land, to have and use common seal, and the
same to alter at will, to sue and be sued plead and
be implicated in any Court Of law or equity IN this
State, and may exercise all corporate powers neces
sary to the purpose of their organization, but shall
make no contracts or purchase, or hold any proper.
ty of any kind, except such as is necessary in legt
matey carrying into effect such purpose, or for Sc
curing debts due to the company:
Sec. g. A private corporation for the purpose o1
carrying on Agricultural, Mechanical, Mining, OF
Manufacturing business, except that OF manutac,
turing or distling spirtuous or intoxicating liquors
may be created without the stockholders incur.
ing an individual liability for its Indebtedness by
complying with the following provisions.
l. A declaration in writing by the applicants,
specifying the object of their association, and the
particular business they propose to carry on, to.
gether with their Names and the amount of capita
to be employed by them, and the time not exceed.
ing thirty years, for which they desire to be ncor
porated; which declaration shall be signed by all the
stockholders, and accompanied by the affidavit o.
the President, taken before some person authorzec
to administer oaths of the amount capital in gold
and silver, or current funds, or property, at Its
sworn valuation actually paid In, owned and EN-
ployed by such corporation.
Q. Such declaration and affidavit shall be filed il
the office of the Clerk Of the Court OF Common
Pleas for the District where the business is pr9pos
ed to be transacted to be by him recorded in book
to be procured by him for the purpose at the ex
pense of the funds in the hands of the Commission
ers of Public Buildings for his district as herein
before provided, and shall also be published once 6
week for two months in one more public gazette'
nearest to the point where such business is located
the expense Of such publication to be paid by the
applicants At the expiration fthe said time, the
Clerk of said Court shall issue a certified copy Of
said declaration and affidavit, adding the time anc
manner of publication, which shall be held and re-
ton in any Court in this State. The said Clerk
shall also forward to the Secretary of State to be
filed in his office, Certified copy Of said declara
ton and affidavit and he shall receive for his ser
vices in each case the sum Of two dollars.
g. If such corporation shall at any time desire tt
increase their capital stock, an affidavit like to the
above, shall be made, recorded and published a:
above, and new certificate issued
T. IF the affidavit taken by the President, az
hereinbefore provided be false as to the amount O.
capital, bona ,fde paid in, owned and employed BY
such corporation each and every corporator shal
be jointly and severally liable for all debts and con
Illdue dG any lllllc ny poi doioii
S. The whole amount of the indebtedness of such
corporation not counting its capital stock, shall not
at any time, exceed the capital stock actually paic
in. And in case of violation of this provision
the officers and agents by whom such excess shal
be created shall be jointly and severay liable TO the
extent of such excess, for all debts of the company
then existing andalso for all debts contracted while
they are in office, until the debts shall be reduced
to the amount of the capital stock actually paid in
6. If the officers or directors of such corporation
shall declare and pay any dividend when the com
pany is insolvent, or any dividend, the payment Q
which would render it insolvent, or which would di
minish the amount Of its capital stock, they shal
be Jointly and severally liable for all the debts
the company then existing, and for all that shall b
thereafter contracted while they shall respectivel!
continue in Office; Provided, That if any of th'
officers or directors shall object to the declaring
such dividend, or to the payment of the same, ant
shall at any time before the time fixed for the pay
ment, file certificate of their objection in writing
with the Secretary Of the company, and with tn
clerk of the Court of Common Pleas for the Dis
trict in which the business of the corporation il
transacted they shall be exempt from said liability
i I. Every such corporation shall annually, within
. twenty days from the first day of January, make
report, setting forth the amount of its capital
the proportion thereof actually paid in and the a
mount of its existing debts; which shall be signet
by the President, verified by the oath Of the Presi
dent or Secretary and filed in the office of thu Clerl
of the Court for the District where the business
the company shall be carried on and upon failure