The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-12
THE YAUCLUEE M4NUF4CTURING
COMPANY.

An Act 90 Incorporate the Vauc1use
Manufacturing Company In the State
OF South Carolina.
SEct.6s /. Be it enacted by the Senate and
House,ef Representatives of the State of South
Carolina, now met and sitting il, General AS
semhy, and by the authority O: the same, J.
j. Gregg, Robert Toomhs, B. S. Dunbar and
Senucl G. Wyman, and theE associates and
Successors, are hereby made and created
body polite and corporate in law, by the name
9of tho 'svaucluse Manufacturing Company"
|: for the purpose of manufacturing, dyeing,
printing and fnishieg all goods of which cot
ton or other fbrous articles may form part,
as well as ali machirery used for such purposes,
and for the transaction cf such business az
may be necessarily connected Herewith, and
may erect such nIlls anG other works as may
be required to carry on such branches OF man.
uacture; and they shall have power to raise,
by subscription, in shares of one hundred dol
lars each, capital OF three hundred thousand
dollars with tie privilege OF increasing the
said subscription to capital of six hundred
thousand dollars.
Sec. 2. Aad be al Jardssr enacted, by the ar-
thority aforesaid, That the said corporation
may purchase,and hold euch real estate as may
be required for the. purposes OF said corpora
ton, or such as they nay be obliged or deem
it for their il terest tc take in tho settlement
OF any debte due the said corporation: and
and Il
be sued in all Courts CT Law and Equity. may
have and use common seal, and make such
bylaws for their, regulation and government
as they may deem ,pyoper Provided, They
are not inconsistent with the Constitution
and laws of the United States and of this
State.
SEo 2. The said corporation shall not go
into or ration uatil two hundred aud fifty
thousand dollars or the capital stock shall.he
paid in gold or silver or United States Treas
ury notes, aud an oath or Affirmation Of the
payment thereof shall be made by the presi.
dent, treasurer and q majority of the board Of
directors, which shall be recorded IN the So
cretary of States of6ea, and published in ut
least two respectable newspapers in the State,
one as near the establishment as circumstances
will admit, the other in the City Of Charleston,
and this publication shall be repeated after the
payment of zach instalnent tuntil the capital
is paid in.
SEC. 4. The members Of tue, said corporation
shall bo liable, jointly AID s6vcrally, for all
debts and contracts made by such corporation,
until three hundred thorsand dollars of tho
capital stock authorized tc be subscribed as
aforesaid shall kavo been actually paid in; and
no note or obligation given hyany stockholdcr,
whether secured by pledge Of the stock in such
corporation or Otherwise, shall be considered
as payment OF any part of The capital stock
until such notes or obligations sbal !ilave been
actually paid.
Sec s. That the capital stock shall be deem
cd personal property, and be transferable upon
the books of The said corporation, aud no part
of the said capital stock shall at ary time or
upon any prctence whatever be loaned to or
divided amongst the stockholders neither
shall the capital be withdrawn or divided
amongst the stockholders until all the liabl-
ites of the company arc lawfully paid, and
no dividends shall be declared except from
tho net earnings OF the company. Each stock
bolder shall have one vote for zach share
which he may own or represent, at tho olec-
tion of directors and all meetings of the COM
pany.
SEC. 6. II the proprietor of any share shall
neglect to pay any instalment assessed there
on Tor the space of sixty days after the time
appointed for the payment thereof, the treasu-
rer Of the company, by the order Of tho direc-
tors, may sell by public auction sufficient
number OF such delinquent shares to pay all
instalmeuts then due from him with oil neces-
sary Incidental charges. The treasurer shall
give notice of the limo and place of sales and
of the sum due on each share by advertis-
Ing the same three weeks successfully before
tho sole, in some newspaper which may be
printed near the vicinity OF the establishment,
and bill of sale of the shares 30 sold made by
tho treasurer shall transfer said stock to the
purchaser, who shall be entitled to certificate
thereof.
SEC. Z. ]. J. Gregg, Robert Toombs, B. S.
Dunbar, Samuel G. Wyman may open books
and take sub scrptions for the capital stock IN
such manner and at such places as they may
deom cxpcdiont, and whenever such subs 'rip-
tions shall amount 10 two hundred and fifty
thousand dollars $3.50, ,OoO), the stockholders
having had two weeks notice in writing, or in
public newspaper in tho vicinity OF the es-
tablishment, may meet and proceed to elect
such directors and officers as they may deem
necessary for conducting the affairs OF the
company-they to hold Office until their sue
cessors shall be elected.
SEC. 8. The directors shall submit to the
stockholders annually written statement,
under oath or affirmation OF the treasurer of
the corporation, setting forth the amount OF
capital stock paid in and general assets of the
company, and also of the amount OF all the ex-
listing debts; which statement shall be pub
lished in the newspaper locst,d nearest said
manufactory.
SEC. Q. The service Of the process OF any
court of this State shall bo legal and valid on
said body polite and corporate, if the same
shall be left at the mandatory, provided the
president of the company is absent from and
beyond the limits of the county in which said
manufactory is located; that this act shall con-
tuue in force for thirty years, and no part OF
the capital stock, or any Of the funds OF the
said corporation, shall at any time during the
oortinuorco of this charter be used or employ