The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1872-06-06

Sec. 8. The persons named in the frs
section of this act shall be the directors Of
said company until others are appointed by
the stockholders, and they may, as soon as
they deem proper, appoint a president from
among their number, or from among Others
who may hereafter be associated with them,
and the said president shall remain in Office
for ono year from the day ofhis election, and
until his successor is appointed, and in case
of vacancy in the Office of President or di-
rector, from any cause, the remaining direct.
ors may elect others to supply their place un.
til a meeting Of the stockholders shall be
held. There shall be five or more directors,
who with the president, shall manage the af.
fairs of the company. Three of said direct
ors shall constitute quorum for the transac-
tion of any and all business pertaining to
said company, The meeting Of the stock
holders shall be held in the principal office
of the corporation, which shall be designated
by the board of directors.
Sec. 4. The president and directors shall
shall appoint such clerks and other officers
as they shall find necessary, properly to con-
duct the business of said company, and allow
them suitable compensation, all of which Of
fcrs and clerks shall hold their places du-
ring the pleasure Of the president and direct
orS.
SEC s. The president and directors shall
have power to appoint agents in any part Of
the State or elsewhere, and at their discre-
tion may take from them bonds. with securi-
ties conditioned for the faithful performance
of their duties, such agents being removable
ut the pleasure of the president, subject to
the approval of the board of directors, or by
the board of directors.
SEC 6. The mode of voting at such meet.
ings of stockholders, shall be one vote for
each share Of stock, and every stockholder
may at pleasure, by power of attorney or In
person, assign or transfer his stock in the
comhany, on the books of the same, or any
part thereof, not being less than whole
share.
SEC. 7. That the first annual meeting Of
said company shall be on the first Tuesday
of June, 1872, and thereafter on the same
day of each year. Provided: The said stock
holders at any regular meeting, or board of
directors may at any time change the day of
said regular annual meeting; and the presi-
dent and directors may, at any time, call
general meeting of the stockholders, and any
number of stockholders, owning not less than
one-third the whole number of shares, may
require the president to call such meeting,
and on his refusal to do so, may themselves
call such meeting. in such case, giving at
least ten days notice, by publication in one
or more newspapers published in the city Of
Columbia.
Sec. s. The members of the company
shall not be liable for any loss, damage or
responsibility, other than the property they
have in the capital and funds Of the compa-
ny, to the amount of:shares held b. them,
respectively, and any profits arising there
from, not divided.
SEC. 8. That said corporation shall have
power to invest its capital stock or other
funds, in bank or other stocks, in the pur-
chase of bonds Of the United States, bonds
of this, or any other State Of the United
States, and in bonds of any incorporated
company, to lend money upon real or person
al security, to discount bonds, notes end
bills Of exchange, and to guarantee the pay,
ment of bonds, notes, bills Of exchange or
other evidences of debt, and use their prop
erty in any manner Incidental to banking,
insurance and trust business, or the general
business of the company.
Sec. 10. All policies of insurance and
other contracts made by said company, sign
ed by the president and countersigned by the
secretary, shall be obligatory upon said COM
pany, and have the same effect as if attested
by corporate seal;
SEC. il. This act shah be in full force af-
ter its passage.
Approved, February 27, 1872.