Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1872-04-18

ded by law forenabling rail ,road com
panies, in either of the states afore
said, to obtain such ,landsi or right
of way, as they. acquire, in casesir
which the consent of the owners can
not be obtained. And the said com
pany shall have the same exclusive
right of transportation on their raj
road which is possessed and enjoyed
by any other rail road in. either. Of thu
aforementioned states. And persons
trespassing .intruding, or willfully
destroying any of the property Of the
said company, shall be liable. to al
penalties to which persons willfully
destroying, damaging or .obstrnctipe
any other rail roads, or parts or par.
cells thereof, are made liable by any
law IN IN either Of the. states. aforesaid
And the said company shall have the
same presumptive right and title, and
to the same extent, to lands through
which their rail road may be built, in
absence of any agreement with the
proprietor or proprietors Of such lands
which is possessed or enjoyed by any
other rail road, in.the states mention
ed above, as to the lands through
which their rail road 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 their
capital stock to any amount not ex-
ceeding two million dollars ($2,000,-
OOO) by. receiving subscriptions for
additional shares, ION such terms and
conditions as they may think proper
to prescribe; and also to. borrow
money for the purposes aforesaid, on
such terms, and at-such rates of inter-
est, as they may think proper. :.
Sec. 9. Subscriptions. to- the stock
of said company shall be payable by
installments Of FIVE dollars ($O on
each share, after paying first install
:ment as aforesaid, and at intervals Of
not less than ninety days, under such.
regulations as may, be prescribed by
the bylaws. Public notice of. the
time and place Of payment Of each
instaFment 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 for payment thereof, the
share shall be forfeited and vested in
the said company, and the defaulting
stockhelder released from all obliga-
tions to pay the amount unpaid on
the forfeited share. Tie shares of
the capital stock Of said company
shall be personal property, and shall
be assignable and transferable, in
such manner and under such regula
tions as may be prescribed by the by
laws.
Sec. 10. The President and Direc-
tors. of the company shall have au-
thority to execute all the powers
hereby granted to said company, sub
ject to such limitations and restric-
tions as may be imposed by the by
laws. There must be an annual meet
ing of the stockholders, at such time
as may be appointed by the bylaws,
at which the President and Directors
shall make report, in writing, of the
affairs and condition of the company
which report shall be published in "a
of each Of the states afore:
said. Other meetings may be called
BY the President or Directors, when
they deem it expedient,. and, also,
when twenty stockholders, represent
ing three hundred shares shall de-
mand the same in writing. The cor
porators, herein appointed, shall give
a written accounted all fun'lsrtceived
by them, and the disposition of the.
same, at the first meeting after the
ratification Of this Act. 1t shall be
Lawful for the stockholders at any
meeting to remove the President and
Directors, or any ofthsm, from Office,
and eltct others in their. ,tead. The
President and Directors shall have
authority tedraw out the money de-
posted in bank by the corporators,
for subscription to the stock of the
company: Proyiaed. That the same
is only used for the interest of said
company.
SEC. H.. ,Phis. Act shall be. Of force.
for the term Of forty years from the
ratification thereof, 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 Janu'
ary, one thousand eight hundred and
and be completed within
eight years thereafter: Aad Proulded,
fuatAer, That said road shall be sub
iect to the provisions of an Act enti-
tied "An Act to declare the manner
by which the lands, or the right Of
way over the lands of persons or cor
porations, may be taken for the con.
sstruction and uses Of. railways and
other works of internal improve
menit," ratified. September %, A. D.;
1868: Provided, That nothing herein
contained shall be so construed as to-
exempt the said company from the
of taxes.
Approved March l3, 1872.
AN ACT to Incorporate tic Red Bank
Man,yact,rir1g Company, Of Lep-
i,,gton County, y
SECTION l. Be 1t 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 Frederick w. Green, John
Green, John P. Southern, Clark War
ing and w. C. swafield, and others,
and their associates and successors,
are hereby made and created body
polite and corporate, and under the
name and style of THE Red Bank
Manufacturing Company" for the
purpose of manufacturing cotton yarns
and, cloth, and such other fabrics as