The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-03-26
Acts and Joint Resol uaioRD Pacscd by the
Legislature OF South Carolina.

CORPORATIONS. 4
SEor1oN 1. Be IL enacted by the Senate
and House of Representatives. OF the
State of South Carolina, now met and
sitting in General Assembly, and by the
suthority of the same, Three or more
persons who shall have associated them
selves together by articles of agreement,
in writing, for the purpose of carrying
on any mechanical, mining, quarrying or
manufacturing business, and shall have
complied with the provisions of this
Act, shall be and remain corporation,
under any name indicating their corpo-
rate character, assumed in their articles
of association, and which is not previ-
ously in use by any other corporation Or
company.
SEQ. 2. The purpose for. and the plaoe
within, which such corporation is estab
lished, shall be distinctly and definitely
specified in the articles of association,
and such corporation shall not direct it's
operations or appropriate its funds to
any other purpose.
SEQ. 3. The first meeting of such
corporations, hereafter organized, shall
be called by notice, signed by one or
moro of the persons named in such
agreement, stating the time, place and
purposes of the meeting, copy of
which shall, seven days at least before
the meeting, be given to each member,
or published in some newspaper printed
in the County whero the corporation is
to be located.
SEC. 4. If doubts arise whether any
such corporation is legally organized,
the stockholders, ut q special meeting
called for the purpose, under their by
laws, or under the preceding Section,
may, by vote, confirm such organization
and all proceedings under it; and by so
doing, and depositing one copy of such
vote with tho Clerk of the Court of Com
corporation is located, and one with the
the subsequent Acts thereof shall be held
legal and valid. as if the original organi-
zation had been legal.
SEQ. 5. Every corporation 80 organ
lied, and its officers and stockholders,
may make bylaws not repugnant to the
laws of the State, with penalty for the
breach thereof not exceeding twenty
dollars for each offence.
SEC. 6. The business Of the company
or corporation shall be managed and
conducted by President, or Board of
Directors, Clerk, Treasurer, and such
other officers and agents and factors as
the Company authorizes for that purpose.
SEQ. 7. The Directors, Clerk and
Treasurer shall be chosen annually by
the stockholders, and shall hold their
Offices until others are chosen and quail
fled in their stead. The manner of such
choice, and the mode Of the choice or
appointment of all other agents, factors
and officers of the Company, shall be pre-
scribed by the bylaws.
SEC. 8. The number of the Directors
shall not be less than three ; one of them
shalt be chosen President by the Direc-
tors, or by the company, as the bylaws
shall direct.
SEQ 9. The Clerk shall be sworn, and
shall record all the votes of the company
in book to be kept for that purpose,
and perform such other duties as shall
be assigned to him. The Treasurer shall
sureties, as shall be required by the by
laws, for the faithful discharge of his
duty.
SEC. TO- At all meetings of the Com
pany, absent stockholders may vote by
proxy, authorized in writing, but no
proxy shall be valid unless executed and
dated within six months previous to the
meeting Mt which it is used, if the maker
thereof resides in the United States !;
and no person shall, as proxy or attorney,
cast more than fifty votes, unless all the
shares SO represented by him are owned
by one person, and no officer of the
corporation, as proxy or attorney, shall
cast more than twenty votes. Every
Company may determine, by its bylaws,
what number of stockholders shall attend,
either in person or by proxy. or what
number of shares or amount of interest
shall be represented at any meeting to
constitute a quorum. If the quorum is
not so determined, majority in interest
of the stockholders shall constitute a
quorum.
SEC. II. The capital stock of every
Company. the amount whereof has been
fixed and limited by such Company
according to law, shall remain so fixed,
subject to be increased or reduced pur-
suant to the provisions of this Act.
SEC. IL. The amount of the capital
stock of every Company not organized
snail be fixed and limited by the Com
pany, and shall, ut its first meeting, be
divided into shares, of which q record
shall be made by the Clerk.
SEQ l3. The shares shall be numbered.
and every stockholder shall have q certifi,
Al.