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 for subscription
| TO the capital stock of said company, at suoh
time and places, and for such amounts as
| they, or majority of them, shall deem proper;
but for no less amount OF subscription than
two hundred thousand dollars, as hereinbeHole Q
| provided.
The directors of said company shall be elect
ed by majority in interest OF the stockholders
| of said company, voting at an election to be
| held under the inspection Of said commission
ers, at such place as they may designate with
| in twenty days from the closing OF tho sub
| scrption called tor by them; and on the first
| and if there should be no election of directors
| at any annual meeting, as hereinbefore direct
| ed the directors then in office shall continue
| until the next election, in which the majority
| of the stock shall be represented
| 9TH. Be NtUriltcr enacted. That the principal
office Of this company 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, i,
at any place they may thnk 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 it's business to
committees OF directors, to Its officers or
agents, as it shall deem proper; and said board
| Of directors may, by majority Of their whole
number, make sach 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 officers,
| and tho regulation and conduct of the affairs
VI Cuo COulDHDy, Hul E&y auOpt
| seal and change the Same at pleasure
9Th. he 1t further enacted, That the minutes
Of the proceedings of tho Board of Directors
shall be kept, and the same shall be entered in
o 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 ns 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 shareholder, or
his or her attorney duly authorized ia writing;
and the Board OF Directors may close the
transfer books from time to time. as the con-
venience of the company may require.
9th. BE 1t further enacted, That the Board of
Directors, out Of the funds Of said company,
shall detray It's expenses and pay it's debts, and
may declare and pay out Of the surplus net
profits cf it's business to it's shareholders, or
their duly authorized attorneys, such dividends
| as they shall deem expedient.
| 10th. Be 1t further enacted, That the capital
| stock OF said company may, at any time, be in
aggregate five millions of dollars, by the addi-
| ton of new shares OF one hundred dollars each,
duly subscribed for, and paid in, in such man
| ner, an, upon such terms as the Board OF Di-
| rectors shall prescribe; Provided, hat such
| increase saall have been first authorized by the
votes Of two-thirds of oil the directors of said
| company.
11th. Be IL further enacted, That the COM
pGny lncOTpOrlCeu ny Iuls hcG IS autnOflZcu
and empowered to consolidate with any 9th er
| company or association Incorporated by legis-
lative enactment, Ill any one or more Of tho
States OF the United States, with the same
| powers and restrictions contained in this act,
or any act similar, so as to form one company
or association under one organization and man
| ageuent.
18th. Be it further enacted, That this act
shall take effect immedi ately upon it's passage,
and shall continue in force for twenty -one
| years
In the Senate House, the twentieth day of De.
cember, in the year of our Lord, one thou
| sand eight hundred and sixty-six.
| (Sgned) w. D. PORTER,
| President of the Senate.
| (Sgned) @. HI. SIMONToN,
| Speaker House of Representatives.
Approved Decexnbe 40, 1896. y,
(SigneD JAMES L. Orr. Governor.