The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-04-23

grant, sell, assign, exchange and convey. in
fee simple or otherwise: Propided, The
clear yearly income of the real estate so to
be held shall not at any time exceed ten
thousand dollars.
Sec. s. That the said company is hereby
authorized and empowered to make con-
tracts and underwrite policies of insurance
and indemnify against fire on buildings.
goods, wares, merchandise, shipping and
other property, lying, being, or deposited
In this State, or elsewhere, as we'll as in the
city of Charleston; and, also, to make CON
tracts, and underwrite policies of assurance
and Indemnify upon marine risks, whether
OF vessels or of goods, merchandise or chat
tells, in whole or in part, foreign and do
mestic, whether upon the high seas. or in
foreign ports, or in ports of the United
States, or within any Of the rivers, bays.
creeks, canals or waters of this or any other
State or country; and, also, to lend or ad
vance money upon bottomry or respon.
dentia.
SEC. 9. That in case of ahy loss whereby
less than one-third of the capital stock OF
the said company shall be lost during the
continuance of this charter, no dividend shall
thereafter be made until the deficiency sbnll
be made up by the stockholders of the com
pany or by the accumulation of the profits
of its business.
Sec. 10. That if the capital of the COM
panyibe reduced by losses to less than two
thirds of the original capital stock, the
deficiency shall be made up by the stock
| holders in six months after such reduction
shall occur, and in default thereof, the
affairs of the corporation shall be wound up.
and they shall cease to do business.
SEC. IL. That if the affairs of the corpo
ration are not wound up rs directed in the
preceding section, and they proceed with
business, then the President and Directors
shall be, Jointly and severally, liable to make
good oil engagements of the company en-.
tered into after the reduction of the capital.
but nothing In this Section shall extend to
any President or Directors who shall dissent
to the proceedings of the company in these
particulars, and who shall enter his protest
in the minutes of the Board and publish the
same In the daily gazettes of the CITY of
| Charleston.
SEC. IL. That the said corporation shall
be invested with full power to enforce upon
| their members the due observance of all
rules and bylaws for the good government
and management of the affairs of the com
pany, under such penalties as in and by the
said rules and bylaws shall be limited and
! appointed, and to this end, if need be, shall
and may institute and maintain in their
corporate name against any one or more of
their members all necessary suits, actions
and pleas, either at law or euuity. for the
| recovery of any sum or sums of money to
the use of the said corporation in as ample
a manner as such suits might be main tained
against persons not members of the corpo
ration.
Sec. 13. That in all elections and other
corporate acts done by the stockholders of
| the said company every stockholder shall be
entitled to one vote for each share owned
by him or her, or standing in his or her
name: Prooided, That no stockholder shall
be entitled to moro than forty votes:
SRC. Ia. That one-fourth Of the capital of
the company shall be paid in, and satisfactory
proof thereof be furnished to the Conn
troller-General before the said company
shall be authorized to commence business: ):
ana the residue OF the capital shall be paid
In at snch times and i'll such manner as the
company may appoint: Pyopided, The whole
shall be paid within one year after they shall
have commenced business, and evidence
OF the same furnished the Comptroller. Gen
eral.
SEC. 10. That the books of the company
shall be examined, from time to time. by
such person or persons as the General AS
sembly may for that purpose appoint; and
the persons so appointed shall have full
power to compel the attendance of witnesses
and the production of books and papers, and
10 inquire into the management Of the com
pany. In case of abuse or violation of their
charter, the said company may be proceeded
against by Sctre fdciaS in the Court OF Com
mon Pleas and General Sessions in any of
the Circuits of this State, and upon convic.
ton shall be liable to have their charter
annuiled by the judgment of the Court
| SEQ. l6. That at least one-half of the
capital OF said company shall be permanently
invested. in stock of this State, or of the city
OF Charleston, or of the United States, or in
good stocks of incorporated companies with
Ill this State, or in bonds secured by first
mortgage OF real estate, worth not less than
forty per cent. beyond the amount invested
within this State; and the company ma,
transfer and sell such stock. or any part