The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-01-11
RAILROADS..
ga Bill to Regulate the Rights and
Powers of Railroad CompanfeS.'

is intended to authorize the Governor to sell
all railroads that have not paid the interest
on their bonds. guaranteed by the State, and
this bill is part Of the same movement. We
call particular attention to sections 8, 0, 10,
IL and r. These are highly Important:
A BILL TO REGULATE THE RIGHTS AND POWERS
OF RAILROAD COMPANIES.
BE ftrnaciea by the Senate and House OF Rep
resentatives Of the State OF South Carolina, fow
met and sitting in General Assembly, and by the
authority or the same:
SECTION /. That 1t shall and may be lawful for
any railroad company or corporation, orgaiiHeu
railroad either in whole within. or partly within
and partly without this State, unuer authority ol
this and any adjoining State, to merge anu con-
soldate its capital stock, franchises and property
with those OF any other railroad company, or
companies or corporations organized and operat-
ed under the laws OF this or any other State,
whenever the two or more railroads OF tne com,
panics or corporations SO to be consolidated shall
or NAV form q continuous line or railroad with
each other, or by means OF any intervening rail-
road: Provided that railroads terminating on
the banks Of any river which are @ OF may ma pc con-
continuous under this net; anu provided further,
that nothing In this act contained sinai! ne taken
to authorize the consolidation OF any company or
CORPORATION OF this State with that or any Otner
State whose laws shall not also authorize the like
consolidation.
SEC D Said consolidation shall be made under
the conditions, provisions restrictions, and Win
the mowers hereafter In this act mentioned anu
contained, that Is to say:
/, The directors Uf the several corporations pro-
poslng to consolidate may enter into a1oint agree
ment, under the corporate seal OF eaGh company
for the consolidation Of said companies and rail-
roads, and prescribing the terms and conditions
thereof the mode OF carrying the same into e!lect
tile name OF the new corporation the lunlDer anu
names of the directors and other officers thereof
n hn n directors
and their places of residence, the number OF
shares Uf the capital stock, the amount OF par
value OF each SHARE and the manner OF convert
ing the capital stock OF each OF the said CON-
paIlics into that OF the new corporation, and how
and when directors and officers shall be chosen,
with such other details as they shall deem neces-
sary to perfect such new organization and the
consolidation of said companies or railroads.
Q. said agreement shall be submit eed to the
Stockholders OF each of the said companies or cor
pDratons ut meeting thereof, called separately,
for the purpose of taking the same into c0nsidera-
ton; due notice OF the time and place OF HOLDING
such meeting, and the object thereof, shall be
given by general notice, published in some
fIcWspapcr in the city, town OF county where
such company hasits principal office OF place OF
business; and ut the slid meeting OF stockhod-
crs the agreement OF the said directors snail De
consitler,d, and vote by ballot taken LOT lne
adoption or rejection ol the Same each snare en-
tling the holder thereof TO vote; anu said bal
lots shall be cast In person or by proxy; and II
majority ofall the VOTES OF all the stockn0lders
shall he for the adoption oil SAID agreement, tlcli
that fact shall De certified thereon by the sccrc-
tary OF the respective companies. under the seal
thereof; and tile agreement so adopted, or GER
titled COPY thereof, Shall be filed in the office OF
tile Secretary uf State and shall, from thence, De
deemed and taken to be The agreenient anu tlc
act of consolidation OF said companies; ana q
CODY OF said agreement and act of consolidation,
duly certified by the Secretary OF State under the
seal thereof shall DO evidence OF the exstance ol
sasS Sec n'a Ifndn the making and perrectng the
agreement and act or consolidation, rs provided
In the preceding section, and Gling the same. or
copy. with tile secretary Oh State' as aioresaiu Tue
several corporations parties thereto, shall be
deemed and taken to be one corporation ny the
name provided In said agreement and act, pos
sessing within this State all tne rights privileges
and franchises, and subject TO all the restric.
tions disabilities and duties OF each OF such cor.
pOratlons so consolidated.
SEC A. Upon the consHmmation OF said act OF
consolidation, as aforesaid, all anu singular the
rights, privileges and franchises OF each OF said
corporations, parties to the same, and oil the prop
erty, real, personal and mixed, and all debts due
on whatever account as well as OF stocks SUP.
scrptions and other things In action belonging to
each OF such corporations, shall be taken and
deemed to be transferred TO, ana vested IN SUCH
new corporation, without further act or deed; and
all property, all rights of way, and all and every
other Interests Shall be as ciectualy tie property
OF the new corporation as they were OF the former
corporatlons, parties by said agreement; and the
title 10 real estate, either by deed or otherwise,
under The laws OF this State, vested In either OF
such corporations shall not be deemed TO revert,
or he in any way impaired by reason of this act:
Provided That nil rights Of creditors, and all liens
upon the property OF said corporations sh;lll pc
preserved unimpnircd; and the respective cofpo-
rali0ns may be deemed TO continue ID eHistcac?
to preserve the same; and all debts, liabilities ana
duties OF either OF said companies snail thence
lorrh attach to said new corporation, ana Ue en-
forced against it to the same extent as II Saiu
debts, liabilities ana duties lau Ueen lhcu[re" Ut
contracted 10y II.
SEC. s. Such new company shall, as soon as
convenient after such consolidation, establish
such offices as may DC desirable one OF whlcn
shall be at some point in this State on the
line OF its road, and llay chanse the same at
pleasure, giving public notice thereon in some
newspaper published on the line OF S;liu road
SEC. g. Suits may be brought AMI maintained
against such new company in any OF the courts
OF this State, for all causes Of action, IN the
same manner as against other railroad compa-
nies therein.
dated company in this State, and all Its real eS-
tate and other property, shall ba subject to Ike
taxation, and assessed In the same manner and
with like effect as property Ol OTHER rallrouu com.
panes in this State.
SEC. 3. Any stockhOller OF any company here
by authorized to consolidate with any other who
shall refuse to convert his stock into tie stock OF
the consolidated company may, at any tlmc Win.
in thirty days after tile adoption OF The said
agreement Of consolidation by the stockholders,
as in this act provided, apply, by petition to the
&c lrt Ol common fleaS vi tuc COuhty III WHICH
the chief office Of said company may be kept, or
to Judge Of said court III vacation, If no such
court sits within said period, on reasonable no.
tice to said company to appoint three dlslntcr-
csted persons to appruise said stock OF such stock
holder at the full market value thereof, without
regard to any depreciation or appreciation In
consequence of the said consultations; and tile
said company may ut its election either pay TO
tho said StoCkholder the amount Of damages so
found and awarded, If any, or the value or the
stock asccrtaned anu determined, and upon
the payment OF the value OF the stock, as af0rc-
said, the said stockh0llcr sar transfer the stock
SO held by him to said company, TO be disposed OF
by the directors OF said company, Or to be retained
in case the value of said stock, as aforesaid, is not
SO paid within thirty days from tile filing Of said
award confirmation by said court, and notice to
said company, Tic damages, SD found and con.
rmcd shall he q Judgment against said compa-
ny, and collected as other judgments III saltl
court are by law recoverable.
SEC. 9. When any railroad shall be sold and
conveyed by virtue Of any mortgage or decd rf
trust, or under AMI by virtue Of any process or
decree of any cuurt Of this STATE Or Of the Circuit
Court OF the United States, IL nay De ldUJm for
any cOnlpuHy Of Which the railroad connects
Herewith 10 purchase and ray .fOl' Tie same,
TO issue tieir O,on stock for such dn amount as
the purchasers may deem the JaN and .Gtff pdfue
Me,'eoL and to hold and enjoy the railroad so
purchased with all the rights, privileges and
franchises, and with the same rights to charge for
rolls, transportation and carServicc, and subject
10 the same restrictions as were held, enjoyed
and limited by aud In respect to tile company OF
which the road MAY be sold.
SEC. TO- 1t can and may bc lawful for any rail-
road company created by, and existing under.