The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-03-03

Acts and Joint Resolutions Passed by the
- Legislature oa South Caxolina.
IN Aorx aIelTgs AND
PowF4#oF RAxlRoAp &3AGpAhu1 B
SEoTIoA1. Be Hienade@by tho Eenate
and Hou<A of RSpreae 6tatiyesF a th9
State Of South QarolitA. 1ow me ada
sitting in GeheraI assembly .-aisd ~ sKe
authority of the same, That it shall
and may be lawful for any railroad COM
pany or corporation, organizad nader
the laws of this State, and Operating q
railroad, either in whole within, or partly
within and partly withoutJthis State,
under authority of this.and- any adjoin-.
ing State, to merge and consolidate, its
capital stock, franchises and property
with those Of any otherr railroad oompa-
ny or companies or corporations, organ
lied and operated UNDER the laws of this
or any other State, Whenever the two or
more railroads of the companies or cor
porations so to be consolidated shall or
may form q continuous line of railroad
with each other, or by meaus Of any in
tervening railroad: Prooided, That rail
roads terminating on the banks of any
river. which eye or may be ecnnected by
ferry or otherwise, shall be deemed con-
tinuous under this Act. And provided,
further, That nothing in this Act con-
tanned shall be taken to authorize the
consolidation of any company or corpo-
ration Of this State with that of any
other State whose laws shall not also
authorize the like consolidation.
SEQ. 2. Said consolidation shall be
made under the conditions, provisions,
restrictions, and with the powers here
after in this Act mentioned and con-
taInad that ia IN aav
l. The Directors of the several curpo-
rations proposing to- consolidate may
enter into joint agreement, under, the
corporate seal of each company, for the
consolidation Of said -oompahfeS end
railroads, and prescribing the terEls and
conditions thereof, the mode Of CARRYING
the same into effect, the name of the, new
corporation, the number aud names of
the Directors and other officers thereof,
and who shall be the first: Directors and
officers, and their places of residence,
the number of shares of the capital stock,
the amount, or par value of each share,
and the manner OF converting the capi-
tai stock of each of the said companies
into that of the new corporation, and
how and when Directors and officers shall
De chosen, vith such other details as
they shall deem necessary to perfect such
new organization and the consolidation
of said companies or railroads. =.
2. Said agreement shall be submitted
to the stockholders of each of the said
companies or corporations at meeting
thereof, called separately, for the pur-
pose Of taking the same into considera-
tion; due notice of the time and place of
holding such meeting. and the object
thereof. shall be given by q general no.
tice, published in some newspaper in the
city, town or coun'y where such compa-
ny has its principal Office or place of bu-
siness; and ut the said meeting of stock
holders the agreement of the said Direc-
tors shall be considered, and vote by
ballot taken for the adoption or rejection
of the same, each share emitting the
holder thereof to one vote; and said bal
lots shall be cast in person or by proxy;
and if majority of all the votes of all
the stockholders shall be for the adoption
be certified thereon by the Secretary of
the respective companies under the seal
thereof; and the agreement so adopted,
or certified copy thereof, shall be fled
in the Office of the Secretary of State,
and shall, from thence, be deemed and
taken to be the agreement and the act of
consolidation of the said companies; and
a copy of said agreement and act of con-
solidation, duly certified by the Secre-
tary of State, under the seal thereof,
shall be evidence of the existence of said
new corporation.
SEC. 3. Upon the making and perfect
ing the agreement and act of consolida-
ton, as provided in the preceding Sec
ton, and filing the same, or copy, with
the Secretary of State, as aforesaid, the
several corporations, parties thereto,
shall be deemed and taken to be one
corporation by the name provided in
said agreement and act, possessing with
in this State all the rights, privileges
and franchises, and subject to all the re-
strictions, disabilities and duties of each
Of such corporations 80 consolidated.
SEC. 4. Upon the contamination of
said act of consolidation. as aforesaid,
all and singular the rights, privileges
and franchises of each Of said corpora
tions, parties to the same, and ali the
property, real, personal and mixed, and
all debts due on whatever account, as
we'll as of stocks, subscriptions and other
things in action beIOnoino to ooob &c