Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-05-30

etOTS OF Sucl ldnuS. WulCh ID poooCoocu vi
enjoyed by any other railroad, in the
States mentioned above, as TO the lands
through which their railroad may have
been, or may be, constructed, in absence
of any contract with the owners thereof
Sec. 8. That it shall be lawful for the
said company to increase THAR capital
stock to any amount not exceeding. two
million dollars $4,000, ,000) by receiving
subs bs,riptions for additional shares, on
such terms and conditions as they may
think pr2per to prescribe and also 70
borrow money for the purposes aforesaid,
on such terms, and at such rates Of in
terest, as they MAY think proper.
Sec 9. Subscriptions to the stock OF
said company shall be payable by install
ments OF FIVE dollars go on each share,
after paying first installment as aforesaid,
and at intervals of not Jess than ninety
days, under such regulations as may be
prescribed by the bylaws. Public notice
of the time and place Of payment of each
installmcnt shall be given at least twenty
days beforehand; and, in case any install
nlent or any share remain unpaid for the
space of thirty days after the time for
payment thereof, the share shall be for
feited and vested in the said company,
and the defaulting stakeholder released
from all obligations to pay the amount
unpaid on the forfeited share. The
shares ofthe capital stock of said com;
pany shall be personal property, and shall
bn assignable and transferable, in such
manner, and under such regulations, as
may be prescribed by the b~Iaws.
Sec. 10. The Pref lent and directors
of the company shall have authority to
execute all the powers hereby granted to
said company. subject to such limitations
and restrictions as may be imposed by
the by laws. There must be an annual!
meeting of the stockholders, at such time
as may be appointed by the bylaws; a.
which the president and directors shall
make a report. in writing, of the affairs
and condition Of the company, which re-
port shall be published in a newspaper of
each of the States aforesaid. Other meet
ings may be called by the president or
directors, when they deem it expedient,
and, also, when twenty stockholders, rep
resenting three hundred shares, shal; de-
mand the same in writing. The corpor-
ators, herein appointed, shall give a
written account of all funds received by
them, and of the disposition Of the same,
at the first meeting after the ratification
of this act. 1t shall be lawful for the
stockholders, at any mceti e, to remove
the president and directors, or any of
them, from office, and elect Others in
their stead. The president and directors
shah have authority to draw out the
money deposited in bank, by the corpor-
atcrs; for subscription to the stock ofthe
company: Provided, That the same Is
only used. for the interest of said COM
pany.
Sec. H. This act shall be in force for
the term of forty years from the ratifca.
ton Thereof, and shall be deemed, and
hereby declared,s public act Provided,
That the work, for the execution where
Of the said company is formed, shall be
commenced within two years from the
first day Of January, one thousand eight
hundred and seventytwo, and be com
pIeted within eight years thereafter
And provided, further, That said road
shall be subject to the provisions Of ar
act entitled An act to declare the man
ncr by which the lands, or the right Of
way over the lands of persons or corpor.
ations, may be taken for the construction
and uses of railways and other works o.
internal Improvement" ratified Septem
Der %, A. D. 1868; Provided, Tha
nothing herein contained shall be so con-
strued as to exempt the said compan!
| from the payment Of taxes.
Approved March l3, 1872.