The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-05-01
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"A Acts Passed by the State Legialaturea !,

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Carolina, nooonsst ana siasimg in General As-
senably. and by The authority of the same,
That Henry J. Fox, -Wm. F. Martin, J. e.
Miller, B. F.. Whittemore r, J. Donaldson.
0: L. Jerralds, w. J. Clapp, 81. Best John
McCulla, F. A. Babcock, D. Thomas. VIM.
Harris and M. s. Gill, and their associates,
are hereby created body polite and cor
porate, by the name and style of the South
Carolina Improvement and Trust Company,
i ior the purpose OF securing and employing
foreign and domestic capital in the purchase
OF lands mills. mill sites, water powers,
valuable franchises and other property, and
IN the erection of mills and factories. and in
supplying and operating the same, and also
in stocking and working plantations and
dlsposlng of the same: Provided, ho,oecer.
That the said corporation shall be organized
and go into operation within one year after
the passage of this Act
SEC. z That the said corporation shall
nave power to purchase, acquire, hold, use
and dispose of real estate in any of the
several Counties in this State, but not in
any other State, except the same shall be
required to secure the payment of claims
held by said corporation. to erect mills and
factories in this State, and to stock, furnish
and operate the same, and to dispose of.
generally, the articles so made and manu-
factured, and to stock, and work, and ope-
rate farms and plantations within this State,
and to dispose of. generally, the products of
the same. Said corporation shall have
power, also, to borrow money by issuing
interest bearing bonds equal in amount to
It's PAID In capital, as hereinafter provided,
and to mortgage its corporate franchise and
property to secure the payment of the same:
to adopt bylaws. and elect officers, and
employ agents and labor in pursuance of the
same.
SEC; 8: The capital stock of said corpora
ton Shall be five hundred thousand dollars.
divided into shares of one hundred dollars
each. The Directors of said corporation
may, at any time, with the consent, in writ.
ing, OF the stockholders holding a majority
OF the stock, increase such capital The
shares shall be deemed personal property.
and may be transferred in such manner as
shall be prescribed by the bylaws of the
corporation. The Directors Of the corpora
ton hereby created may issue full paid
stock for the purpose of purchasing pro-
perty, both real and personal, and also for
the employment of labor and services. pro
fesslonal and otherwise, necessary for the
purpose OF the corporation, to the amount
OF the value thereof, and the stock SO issued
shall not be liable to any further assess
ments; neither shall the holders thereof be
liable for any other payments on such stock
under the provisions of this Act but in all
statements and reports of the corporation
hereby created, such stock shall not be
stated or reported as being cash paid into
the corporation, but shall be stated and re-
ported according to the fact.
SEC. 4. The mortgages mentioned herein,
and the bonds to be issued to secure the
payment of the same, hereinbefore and
hereinafter mentioned, shall be subject to
the following conditions: Said mortgages
shall be, in their order, liens on the corpo.
rate franchises and property of said corpo-
tion. The bonds shall be made payable in
twenty years from their date. bearing inte-
rest at the rate OF seven per cent. payable
annually, and the Directors may confer on
any holder of my such bond the right to
convert the principal due and owing there
on into stock of said corporation, at any
time not exceeding ten years from the date
of the same, under such regulations as the
Directors may see fit to adopt. Such bonds
shall be issued only when it shall appear. on
the written oaths of the President and Sec
retary OF said corporation, that its unen-
numbered real estate, cash assets and other
property amounts In value to the sum of
twenty thousand dollars, and then only to
that amount, except that similar amounts of
bonds may be issued whenever the property
and assets are shown in the same manner to
nave increased in value to an additional
amount of twenty thousand dollars and 80
on with every subsequent increase to that
amount, until the several amounts shall
embrace the maximum limit of the capital.
SEC 8. The first nine persons named in
the first Section of this Act shall constitute
the hrst Board of Directors of the corpora
ton hereby created and shall hold their
places as such until the first day of April,
1870, and until others shall be elected in
their stead, and a majority of them may at
any meeting OF their Board at any time
hereafter, designate three or more of their
number to open books, after twenty days
previous public notice in any paper regu-
larly published in this State, receive sub
scriptions to the capital stock of the corpo-
ration hereby created. at such place or
places. and under sunh rannlatinnn ond fho