The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-04-23

to the frat election herein provided for.
In the election Of President and Direct
'ors, In the establishment Of the by laws,
and all other aota to be done by the
stockholders, in their corporate capacity.
each stookholder shall be entitled to one
vote for every paid-up share of the stock
subscribed by him.
SEC. z. That, for the purpose of no.
quiring suoh lands or right of way as
they may require for the location and
construction Of the said railroad, with
such depots. warehouses, stations.
wharves, and other necessary establish
ments, or for extending or altering the
same, the said company shall have every
right, power and privilege heretofore
granted to and which is now or has been
used or enjoyed by any railroad COM
pany heretofore incorporated in either
OF the States aforesaid; and shall also be
entitled to the use and benefit of every
process and proceeding provided by law
for enabling railroad companies, in
either of the States aforesaid, to obtain
such lands or rights of way ns they re-
qulre, in cases in which the consent of
the owners cannot be obtained. And
the said company shall have the same
exclusive right of transportation on their
railroad which is possessed and epjoyed
by any other railroad in either OF the
aforementioned States. And persons
trespassing, intruding or wilfally de.
stroying any OF the property of the said
company, shall be liable to all. penalties
to which persons wilfully destroying,
damaging or obstructing any other rail-
road, or parts or parcels thereof, are
made liable by any law in either of the
States aforesaid. And the said company
shall have the same presumptiye right
and title, and to the same extent. to
lands through which their railroad NAV
be built, in absence of any agreement
with the proprietor or proprietors of
such lands, which is possessed or en-
loyed by any other railroad, in the
States mentioned above, as to the lands
through which their railroad may have
g been or may be constructed, in absence
OF any contract with the owners thereof.
SEC. 3. That it shall be lawful for the
said company to increase their capital
stock to any amount not exceeding two
million dollars. {S2, 600, ,00O,) by receiy-
ing subscriptions for additional shares.
on such terms and conditions as thew
may think proper to prescribe; and also
to borrow money for tho purposes afore-
said, on such terms md at such rates of
interest. as they may think proper.
@SEC. 8. Subscriptions to the stock of
said company shall be payable by install
ments.of five ($5) dollars on each share.
after paying first instalment as aforesaid.
andlat intervals of not less than ninety
days, under such regulations as NAV be-
prescribed by the bylaws. Public
notice OF the time and place of PAYMENT
of each instalment shall be given at
least twenty days beforehand: and. in
case any instalment or any share remain
unpaid for the space of thirty DAYS after
the time tor payment thereof, the share
shall be forfeited and vested in said COM
pany, and the defaulting stockholder re-
leased from all obligations to pay the
amount unpaid on the forfeited share.
The shares of the capital stock of said
aomEany shall be personal property.
ond shall be assignable and transfera-
bic, in such manner, and under such
regulations, aB may be prescribed by the
bylaws.
SEC. 10. The President md Directors
ct the company shall have authority to
execute all the powers hereby granted to
SAID company, subject to such limita-
tlons ana festrlctlons as may be imposed |
by the bylaws. There must bo an
annual meeting Of the stockholders. at
SNNS ~S 10y W oppOluCSu DY Inc
bylaws. ut which the President and Di-
rectors shall make report. in writing.
OF the affairs and condition of the com
pany. which report shall be published
In a newspaper, of each of the States
aforesaid. Other meetings may be
cilled by the President or Directors,
when they deem it expedient, and, also
when twenty stockholders, representing
three hundred shares, shall demand the
same in writing. The corporators.
herein appointed, shall give q written
account of all finds received by them.
and of the disposition OF the same. ut
the first meeting after the ratification of
this Act. It 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 Direc-
tors shall have authority to draw out the
money deposited i'll bank, by the corpo-
rators, for subscription to the stock of
the company: Provided, That the same
ls only used for the interest of said COM |
pany.
SEC. IL. This Act shaIl be 10 force fer
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