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

IL
= C0FFTO1AL.1
Acts Passed by the State Legislature.
an Act to incorporate the "Hon,e Insurance
Company" Of Charleston.
SECTION !. Be it endcted by tile Senate ana
House of Representatives. Of tho State of South
Carolina, a'oio met and sitting in General As
ssnably. and By the authority Of the same,
That the persons and bodies corporate who
shall become stockholders in the manner
hereinafter prescribed, and their successors,
shall be body polite and corporate. under
the name, style and title of the 'sHome In
snrance Company" of Charleston.
SEC. 2. The capital stock of said COM
pany shall be two hundred thousand dollars.
to be divided into eight thousand shares. of
twenty: five dollars each, and shall be raised
IN the following manner: The following per-
sons are hereby appointed Commissioners
70 receive subscriptions to the capital stock,
to wit: Augustus l.. Tobias, George w.
Williams, f. J. Pelzer, Henry Cobia and
Henry. Bnist The said Commissioners, or
majority of them, shall open books.
within thirty days from the passage of This
Act, at such places in Charleston as thew
shall appoint, from 8 o'clock of the fore
noon until o'clock of the afternoon, and
receive subscriptions to the said stock: Pro
vided, The said Commissioners shall have
given at least five days notice by advertise.
ment in two daily gazettes in the city of
Charleston Of the time and place OF receiv-
ing subscriptions, and shall require n nav
ment Of five dollars on each share. to he
made at the time of subscription therefor.
payment thereof to be made in the national
currency of the Bank of this or other
States, or in the currency of the United
STATES, or IN stocks or bonds of the city of
charleston, or of this State, or of the
United States, or other good and valid Sc
eurities within the United States the stocks
= pr bonds to be estimated at the cash market
value by the Commissioners: Provided also.
That the Board of Directors shall have
power, In like manner and at such time as
they shall see fit, to increase the said CAPITAL
TO- the sum of one million dollars.
nEo: 8. The subscribers paying their sub
scrlptlon money, respectively, shall form
Inc company upon complying with the con-
dihons and subject to the provisions herein
after set forth.
4 SEQ. 4. That if, at the opening of the
books, more than eight thousand shares
shall be subscribed, the Com missioners shall
distribute the eight thousand shares Of
which the capital stock is to consist among
the subscribers, as nearly Us may be, in pro.
Portlon to the number of shares subscribed
j py tnem respectively; but the subscription
q ol twenty shares or less shall not be reduced
unless the whole number of shares sub
scrlbed for cannot otherwise be reduced to
eight thousand. - - 60
SEC; b. That in case the number of shares
subscribed shall be less than eight thousand
the Commissioners shall receive further
subscriptions to make up that number at
any time within one year after the first
opening of the books
SEC. o. That the said company. under its
corporate name, shall have succession of
ofhcers and members, and all the powers.
privileges and franchises incident to a cor
Poratlon, and shall be capable of taking,
holding and disposing OF their capital
seocK according to such rules and reouIa
IONS % as they shall from time to time, estab-
ilsn' ana also of taking, holding or dis
posing o. or investing the increase, profits
VI enioiuments of their said capital stock,
anu shaii nave full power and authority to
"s9 uno use " common seal, aud the same
TO alter and renew at their pleasure. and hv
the name and title aforementioned sLaIl Le
aDle and capable, at law and in eouity. to
sue ana be sued, implead and be impleaded,
answer and be answered unto. in all man.
ner OF suits, pleas, demands and judicial
proceedings whatsoever; and they are ou-
tnorlzed and empowered to appoint Pre-
sldent, Directors, and other necesoarv
ofhcers ut such periods and with such dnties
as the said company shall see fit: and aiso
TO make rules and bylaws for the GOOD
government and management of the officers
OF the corporation: Propided The sa;d
rules and by laws shall not be repagnant tn
the Constitution and laws of this State and
the United States """
SEQ 2. That the said corporation sball
nave right and power to acquire, purchase,