The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-11

them, shall be, and they are hereby appointed
commissioners to open books Tor subscription
to the capital stock of said company, at such
time and places, and for such amounts az
they, or majority Of them, shall deem proper;
but for no less amount Of subscription than
two hundred thousand dollars, as hereinbefore
provided. ,.r,,o
ed by a majority in interest OF the stockholders
Of said company, voting at an election 70 oe
held under the inspection Of said commission
ers, at such place as they may designate with
in twenty days from the closing OF the sub,
scription called for by them; and on the hrst
Monday in February in every year thereafter;
and if there should be no election OF directors
at any annual meeting, as herelnbefore dlre Gu
ed, the directors then in Office shall continue
until the next election, in which the majority
of the stock shall be represented.
7th. Be GJvrther enacted. That the prlnclpal
| Office of this onpanv shall be located IN the
City of Charleston, that the board OF directors
| shall have power to establish agencies for The
| transaction of the business OF said company, /,
at any place they may thiuk proper, and to ap-
point all such agents, officers or employees, as
may be considered necessary: and may dele
gate power to transact any of its business to
committees Of directors, or to Its officers or
agents, as it shall deem proper; and said board
OF directors may, by majority OF their whole
| number make such bylaws not inconsistent
with the constitution and laws of this State, as
may be deemed necessary for the management
Of the property, the government OF the otficers,
and the regulation and conduct Of the affairs
of the company; and may adopt corporate
seal and change the same at pleasure.
Sth, BE il further enacted, That the minutes
OF the proceedings OF the Board of Directors
shall be kept, and the same shall be entered in
book to be provided for that purpose, and
signed by the president, or acting chairman
or secretary. Stockholders shall be entitled to
certificates Of their respective shares OF capital
stock, which shall be transferable as provided
in such certificates; and the Board OF Directors
shall cause suitable books for the registry and
transfer Of such share to be kept, and every
such transfer to be valid shall be made In
such books, and signed by the stakeholder, or
his or her at orney duly authorized in writing;
and the Board OF Directors may close the
transfer book. from time to time. as the con-
venience OF the company may require.
9th. Be further enacted, That the Board OF
Directors, out OF the funds of said company,
shall defray It's expenses and paw its debts, and
NAV declare and pay out Of the surplus net
profits Ct it's business to it's shareholders, or
their duly authorized attorneys, such dividends
as they shall deem expedient.
10th. Be 1t further endcsed, That the capital
stock of said company may, at any time, be In
creased to any amount not exceeding IN the
aggregate five millions Of dollars, by the addi-
tion of new shares OF one hundred dollars each,
duly subscribed for, and paid in, in such man
ner. and upon such terms as the Board Of Di-
rectors shall prescribe; Provided, That suoh
increase saall havs been first authorized by the
votes Of twc-thirds Of all tho directors or said
! company.
It'll. Be IL further enacted, That the COM
pany Incorporated by this act is authoriz ed
and empowered to consolidate with any 9th er
company or association incorporated by legis-
IatiYe enactment, IN any one or more OF the
States Of the United States, with the same
| powors and restrictions contained in this act,
or any act similar, 80 as to form one company
or ASSOCIATION under one organization and man
agement.
12lh. Be il further enacted, That this act
shall take effect Immediately upon it's passage,
and shall continue in force for twenty -one
| years.
In the Senate House, tho twentieth day Of De-
cember, in the year Of our Lord, one thou
sand eight hundred and sixty-six.
ISipned) W. D. PORTER,
President of the Senate.
(Siened) @. II. SIMoNToN,
Speaker House Of Representatives.
Approyed, December 20, 1866.
(Signed) JAMES L. ORE. Governor.