The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-01-30

Acsa Pnascd by the Legsslature of South
..fts54 -. Carolinn.
AN ACT. TO INCORPORATE THE ASHLEY
BRIDGE COMPANY.
SECTION 1.GBe ii eaacted by the Senate
and House of Representatives of the
State of South Carolina, now met and
sitting in General Assembly, and by the
authority of the same: That John T.
Wslaman,. John II. Holmes, ESamuel
Lord, ,Jr., George l.. Holmes, E. w.
Macbeth, E. P. Toomer, and their asso-
clstes and successors, are hereby made
and created body polite and corporate,
in deed and in law, by the name of "The
Ashley Bridge Company" for the pur-
pose OF establishing bridge over Ashley
River, at such point in st. Andrews
Parish as they shall hereafter determine
on, with capital of ten thousand dollars,
to be divided into two hundred shares of
fifty dollars each. Hc'
SEQ. 2. That said company shall have
power, from time to time, to increase
their capital stock to any amount not
exceeding twenty thousand dollars, in
cluding their present capital stock, pro-
vided o majority OF the stockholders
present at any general meeting, or the
Board OF Directors by their authority,
shall determine, and such additional
stock shall be divided exactly among the
stockholders in proportion to their
shares in the capital stock of the COM
pany at the time of such increase; but
in case any stockholder should not de-
sire to take his or her proportion of such
increased stock, the same shall be allot-
ted among the remaining stockholders,
or books may be opened for the purpose
OF obtaining subscribers to such in
creased stock in such manner as the
company may deem expedient; and in
no case shall the members who are un-
willing TO take their proportion in such
increase OF stock be assessed to contri-
butte or to make up such increase. Such
additional stock shall be subject to oil
the same provisions, restrictions and
conditions as are directed by the pro-
visions of this Act; and any such addi-
tional subscribers shall thereby become
members of this company, and subject
In like manner, in proportion to their
interests, to all the burthens, liabilities,
responsibilities and conditions imposed
upon the members of this company.
SEQ. 8. That if the proprietor of any
share shall neglect to pay any instalment
assessed thereon for the space of sixty
days after the time appointed for the
payment thereof, the Treasurer of the
Company, by the order of the Directors,
may sell, by public auction, sufficient
number OF shares standing in the name
OF such stockholders to pay all the in
stalments then due from him, with all
necessary incidental charges The
Treasurer shall give notice of the time
and place of sales, and of the sum due,
by advertising the same three weeks
successively before the sale in one of the
Charleston newspapers; and bill of
sale OF the share or shares so sold, made
by the Treasurer, shall transfer said
stock to the purchaser, who shall be en-
titled to certificate thereof.
SBC. 4. That every shareholder of the
said company shall be individually liable
for all debts contracted during the time
he or she shall be shareholder in the
said company to the extent of the par
value OF his or her shares in the same:
irooided, That no person holding stock
I'D the sad company as executor, admin
1strator, guardian or trustee, and no per-
son holding such stock as collateral secu-
rity, shall be personally subject to any
liability as stockholder of said company:
but the person pledging such stock shall
be considered as holding the same, and
shall be liable as n stockholdcr accord
ingly, and the estate and funds in the
hands OF such executor, guardian or trus-
tee, shall be liable in like manner and to
the same extent, as the testator or intes-
tate, or the ward OF person interested in
such trust fund would have been if he
had been living and competent to act and
hold the said stock in his own name: And
provided, further, THAT no stockholder
shall be personally liable for the payment
OF any debt contracted by the said com
pany which is not to be paid within two
years from the time the debt is contract
ed, nor unless suit for the collection of
such debt shall be brought against said
company within six years after the debt
shall become due, and no suit shall be
brought against any stockholder, who
shall cease to be q stockholder in said
company for any debt so contracted, un.
less the same shall be commenced within
six years from the time he shall have
ceased to be stockholder in said com.
pany, nor until an execution against the
company shall have been returned unsat-
isfied in whole or in palt.
Sec 8. That the said corporation, bv
their name aforesaid, shall have per
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