Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-03-07
OFFICIAL.
Acts and Joint Resolutions passed by the
General Assembly Of South Carolina'
Regular Session, 1871 and 1872.

An Act to Incorporate the Carolina OIL
Company.
Section !. Be it enacted by the Senate
and House of Representatives. of the State
of South Carolina. now met and sitting in
General Assembly, and by the authority
of the same:
That VIM. McGuinnis, Edward Hope,
Robert C. SILVER, S. L. Leapheart, John
Asnew, and their associates and success
ors. are hereby made aud created body
polite and corporate, in law, under the
name and style Of the Carolina Oil Com
pany, for the purpose of extracting and
manufacturing Oil from cotton seed and
other seeds, or grain, and for the purpose
of carrying on such other business as may
be connected Herewith, with such capl'
tai as may be subscribed, not exceeding
ffty thousand dollars, said capital to be
divided into shares Of one hundred dollars
each.
Sec. 2. The said company shall have
power, from time to time, by stock vote
of not less than twO-thirds of the amount
of capital paid in, to increase their capitaI
stock to any amount not exceeding one
hundred thousand dollars, including their
present capital stock. Books may be re
opened for the purpose of obtaining addl'
tional subscribers to such increased sto
in such manner as the company may
deem expedieut; and whenever any IN
crease of capital shall be made beyond ii T.
ty thousand dollars, as afOrestid the
President Of the company shall MAX a.
fidavit of the fact aud file the same in the
office of the Secretary of State, aud make
public notice thereof once week for three
weeks consecutively in news paper i'll
the city of Columbia, which shall be legal
notice to all persons dealing with said II
poratiOn.
Sec. 3. The said company shall hav
succession Of officers and members, to b
chosen according TO the rules and bylaws
made and to be made for their goverDmeu'
and direction, and shall have power aud
authority to make bylaws not repugnan'
to the laws of the land, to make, have and
use q common seal, and the same to alte
at will, to sue and be- sued plead and b
impIeaded in any cut Of this State. I"
purchase and h I'D any land, t"r-mrnrs ~
heredtamerts, goods or chattelS which
may oe necessary, Connected with or c"u
ducive. to the purposes for which said
company is established, and to Sell Tor mort
gage the same.
Sec. 4, That if any certificate or pub
lie notice given by the off .ers of sad com
pany, in pursuance of the provision 0f this
Act, is false in any Material representa-
ton, all the officers who signed the samr
knowing it to be false, shall he jointly all"
severally liable for all debts of the m
pany cOntraota while they were stock
holders or officers thereof
Sec. 4 The said corporation shall not
go into operation until twenty thousand
dollars Of the capital stock shall be paid
in gold or silver, or United States Treas
ury notes, or notes National Bnks.
The personal liability of the stpckhnlders
for the debts or liabilities of said corpora
tion shall be- limited to the amount OF
stock subscribed by them
Sec 5. This Act shall he deeme a public
Act, and shall continue iu force for TWEEN
ty-one years.
Annrnvad Eahrnaru IL 1879