The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-08-14

holder to berepresented by proxy,
whose appointment shall be in
writing, signed by such stockhold-
er; but q person not q stockholder
shall not represent such proxy. A
majority oftwo-thirds ofthe stock
holders present, orrepresented 6y
proxy, or empowered to transact
any and all business connected
with the company. At the first
meeting of stockholders, and an
nually thereafter, at such time and
place as may be appointed by the
bylaws, they shall elect, by ballot,
to scrve one year, and until ano-
ther election, President and ten
Directors. No person shall be
elected q President or Director
who is not the owner of twenty
shares, which must have been held
for three months prior to bis elec-
ton; but this does not apply to
the first election herein provided
for. In the election ofPresident
and Directors, in the establishment
Of the bylaws, and all other Acts
to be done by the stockholders,
in their corporate capacity, each
stockholder shall be entitled to
one vote fol- every paid up share
of the stock subscribed by him.
SEC. 7. That, for the purpose Of
acquiring such lands, or right Of
way, as they may require for the
location and construction Of the
said rail road, with such depots,
warehouses, stations, wharves, and
other necessary establishments, or
for extending or altering the same,
the said company shall have every
right, privilege and power hereto
fore granted to, and which now is
or has been used or enjoyed BY,
any rail road company heretofore
incorporatedin in either of the States
aforesaid; and shall, also, be enti-
! tied to the use and benefit of every
process and proceeding provided
by law for enabling rail road COM
panies, in either of the States
aforesaid, to obtain such lands, or
rights Of way, as they require, in
cases in which the consent Of the
owners cannot be obtained. And
the said company shall have the
same exclusive right Of transpor-
tation on their rail road which is
possessed and enjoyed by any
other rail road in either Of the
aforementioned States. And per-
sons trespassing, intruding, or
wiltfully destroying any Of the
property ofthe said company, shall
be liable to all penalties to which
persons willfully destroying, DANA
ging or obstructiny any other rail
roads, or parts or parcels thereof,
are made liable by any law in ell
ther of the States aforesaid. And
the said company shall have the
same presumptlve right and title,
! and to the same extent, to lands
through which their railroad may
be built, in absence Of any agree
ment with the proprietor or pro-
prietors Of such lands, which is
possessed or enjoyed by any other
rail road, in the States mentioned
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. S. That it shall bo lawful
for the said company to increase
their capital stock to any amount
not exceeding two million dollars
(s2,000,0OO) by receiving subscrip-
tions for additional shares, on 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 interest, as they may
think proper.
| Sec. Subscriptions to the stock
of said company shall be payable
by instalments of five dollars (s5)
on each share, after paying first
instalment 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 instalment
shall be given at least twenty days
beforehand: an!, in case any install
ment OF 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 de-
faulting stockholder released from
all obligations to pay the amount
unpaid on the forfeited share. The
shares of the capital stock Of said
company shall be personal proper
| ty, and shall be assignable and
transferable, in such manner and
under such regulations as may be
prescribed by the bylaws.
SEC. 10. The President and Di-
rectors of the company shall have
authority to execute all the pow
ers hereby granted to said COM
pany. subject to such limitations
and restrictions as may be lmpos-
ed by the bylaws. There must
Lo on animal ~ aotinr n IF the stock.