The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-05-17
LAWS OF THE STATE
Acts and Joint Resolutions, Passed by
the General Assembly of South Caro-
lima, Session OF 1S70-'71.
IOFFICIAL.]
AN ACT TO INCORPORATE THE CAMDEN
STEAM MILL COMPANY.

STEAM MILL COMPANY.
SECTION l. Be 1t enacted By the Sen
ate ard House cf Representatives. Of tn
State Of South Carolina, no'o met anc
sitting IN General Asse"'by and ty TIL
authority ofMe son;e:
That Colin Macrae, A. j. Freitag and
Walter T. Reed, and their associates and
successors, are hereby constituted a body
polite and corporate, by the name Of
the Camden Steam Mill Company, with
power to sue and be sued, to plead and
be impleaded, in all the courts of law
aud equity, may enjoy all the privileges
Incident to corporations, and may pur-
chase, hold and convey rca. and personal
estate to an AMOUNT not exceeding
twenty FIVE thousand dollars.
SEC 2. The business Of said company
shall be grinding grain, ginning cotton,
hullipg and pressing cotton seed, or any
other similar mechanical or industrial
pursuit they may choose to embark iu
the Town Of Camden, South Carolina.
The books for subscription to the capital
stock Of said company shall be opened
by the above named persons in Camden
as soon as convenient after the granting
of this charter, in shares Of twenty-five
dollars each. Said corporation may
have and use common seal, which they
ma5 alter at pleasure.
SEC. 5. The shares shall be deemed
personal property, and be transferred
oaly on the Books Of said company. in
such form as the directors may prescribe
The said company shall, atall times,
have lien on al the stock or property
Of TIE me,ubers Of said corporation in
vested therein for al dr5:s due from
them to said corporation. And no trans
fer Of script OF stock shall be valid
until such d~bt, any, shall be dis
CHARGED; and said corporation nay
organize, 60 into operation and COM
mence business whcncvcI, and as soon
ais fye thousand dollars to said stock
shall be subscribed for, and FIVE dQIla
per share Of the same Paid into the
treasury Of the sad company in cash
and certificate signed by the president
AMI secretary of said company, under
oath, setting forth said subscription and
payment, sl.all be fled in the Office Of
the secretary Of State.
SEC 4. The stock, property and Affairs
of said corporation shall be managed by
board Of directors, not less than three,
nor more than FIVE, one Of whom shall
be chosen by them president, aud all Of
whom shall hold their Offices for one
year, and until others are chosen; and
said directors shall be annually elected
at such times and places as the bylaws
of said corporation shall prescribe. a
majority of said directors snail in all
cases constitute q board for the trans
action OF business. and a majority Of the
stockholders, at any legal meeting, shall
be capable Of trau,aeiins the business ol
said meeting, each share emitting the
owner thereof 10 one vote which may be
given ia person or lawful proxy. The
fr.t meeting Of said corporation hereby
formed may be called by majority Of
the persons named in the first section
Of this act, at such tine and place, aud
upon giving such notice thereof, as they
shall deem reasonable and proper
SEC. ). Tie president aud directors
ora majority of them, for the time being
shall have power to ill any vacancy
which may happen By death, resignation
or Otherwise for 'hc current year. or ap
point secretary and treasurer anc
such oler officers as may be necessary
aad may require The treasurer aud other
officers 10 give bonds Tor the faitbfu
d;,cEar.c Of their trust aud duty as tht
said directors may deem proper, and a!sc
to make and establish such by laws
r4les and regulations as they shall deem
expediert for tie management Of the
affairs q said corporation, and the same
to alter and ampr1: Provided: Tha
the same lie not Inconsistent with the
laws Of this State or tie United States
SEC &. Ike books Of said corporation
containing their acconnis, snail, at al
rea,cnabIe times, be open for the inspec
tipn Of any of the stockholders Of said
corporation; and annual statements O.
the accounts OF >ai'l corporation shall be
made aud >rJmii-ed to the annual meet
ings Of the s;ockhoiacrs. The directors
nay call in the subscription to The
captal stcek by irsfaments, 10 such
proportion, aad a, such times AMI places
as tlcv may deem proper, giving due