The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-09
said, on such terms and at such rates OF inter.

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| est as they may think proper.
| SEC. 9. Subscriptions 10 the stock OF salo
| company shall be payable by insta'ments Of
| five dollars ($5) on each share, after paying
| first instrument as aforesaid, and at Intervals
I of not less than ninety days, under such regu-
| ~lations as may be prescribed by the bylaws.
| Public notice of the time and place of payment
| NJ each instalment shall be given at least
| twenty DAYS beforehand; and in case any IN
| stalment OF any share remain unpaid for Inc
space of thirty days after the time tor payment
| thereof. the shares shall be forfeited and vest
ed in the said company, and the defaulting
stakeholder released from oil obligations to
pay the amount unpaid on the forfeited share.
The shares of the capital stocko said company
shall be personal property. and shall be as
signable and transferable, in such manner,
and under such regulations, as may be pre-
scribed by the bylaws.
Sec. 10. The president and directors of the
company shall have authority to execute oil
tho powers hereby granted to said company,
subject to such limitations and restrictions as
may be imposed by the bylaws. There must
be an annual meeting Of the stockholders, at
such time as may be appointed by the bylaws,
OF which the president and directors shall
make a report, in writing, OF the affairs and
condition of the company, which report shall
be published in a newspaper of each OF the
States aforesaid. Other meetings may be
called by tue president or directors, when they
deem it expedient, and also when twenty stock
holders, representing three hundred shares'
shall demand the same in writing. The corPo-
rators herein appointed, shall give a written
account of all funds received by them, and OF
the disposition Of the same, at the hrst meet
ing after the ratification OF this act. 1t shall
be lawful for the stockholders, at any meeting,
to remove the president and directors, or any
of them, from Office; and elect others in their
stead. The president and directors shall have
authority to draw out the money deposited IN
bank by the corporators for subscription to
the stock of the company: Provided, That the
same is only used for the interest Of said COM
pany.
SEC. II. This act shall be in force for the
term Of forty years from the ratifcation'there-
of, and shall be deemed, and hereby declared,
a public act: Provided, That the work, for the
execution whereof the said company is formed,
shall be commenced within two years from the
first day of January, one Thousand eight hun
dred and seventy-two, and be completed with
in eight years thereafter: And provided,
further, That said road shall be subject to the
provisions OF an oct entitled A act to de-
clare the manner by which the lands, or the
right OF way over the lands OF persons or cor
porations. may be taken for the construction
and uses of railways and other works Of inter-
nal improvement" ratified September %, A.
D. 1868: Provided, That nothing herein con-
tanned shall be 80 construed as to exempt the
said company from the payment of taxes.
90