The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-06-07


from them to said corporation And
no transfer of scrip or stock sshail be
valid until such debt, ifany, shall be
discharged; and said corporation may
organize, go into operation and com
mence business whenever, and as soon as
Eve thousand dollars to said stock shall
be subscribed for, AID FIVE dollars per
share of the same paid into the treasury
ofsaid Company iu cash, and a certificate
signed by the President and Secretary
of said Company, under oath, setting
forth said subscription and payment,
shall be filed in the Office of the Secre-
tary of State.
Sec. 4. The stock, property and af-
fairs of.said Corporation shall be mana
ged by Board Of Directors, not less
than three, nor more than Eve, one Of
whom shall be chosen by them Presi-
dent, and all ofvhom shall hold their
Offices for one year, and until others are
chosen; aud said Directors shall be an
nually elected, at such times and places
as the bylaws of said Corporation shall
prescribe. A majority Of said Directors
shall in all cases constitute Board for
the transaction of business, and a ma
jority of the stockholders, at any legal
meeting, shall be capable of transactiug
the business of said meeting, each share
emitting the owner thereof to one vote,
which may be given in person or lawful
proxy. 'rhe frs meeting Ofsaid CorpO-
ration hereby formed may be called BY
majority of the persons named in the
first Section of this Act, at such time
and place, and upon giving such notice
thereof, as they shall deem reasonable
aud proper.
SEC. 5. The President and Directors,
or majority of them, for the time
being, shall have power to fill any
vacancy which may happen by death,
resignation or otherwise, for the current
year, or appoint Secretary and Treas
urer, aud such other officers as may be
necessary, aud may require the Treas
urer and other officers to give bonds for
the faithful discharge of their trust and
duty, as said Directors may deem proper
and also, to make and establish such
by laws, rules and regulations as they
shall deem e1pedient ior She manage
ment of the Affairs of said corporation,
and the same to alter and amend: Frout-
dcd, That the same be not Inconsistent
with the laws Of this State or the United
States.
Sec. 6. The books of said corporation,
containing their accounts, shall, at all
reasonable times, be open for the inspec-
tiou of any Of the stockholders Of said
corporation; and annual statements of
the accounts of said corporation shall be
made aud submitted to the annual
meetings of the stockholders. The
Directors may call in the subscription to
the capital stock by iustalments, in such
proportion, and at such times and
places as they may deem proper, giving
due notice thereof, under such regula-
tious and conditions as they may pre-
scribe.
SEC. Z. The said corporation shall,
within thirty days of each annual
meeting Of the stockholders, lodge
certificate with the Secretary Of State,
setting forth the amount Of capital stock
Of said company actually paid in, and
the amount of the liabilities Of the said
corporation, which certificate shall be
signed by the President and Secretary
of said Company, and certified by their
oath. This Act shall continue to be in
force for twenty years.
Approved March !, 1871.