The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-04-24

dispose Of the same, from time to time,
and whenever deemed expedient.
SEQ, 4. That il any Of the funds Of
the said association shall remain unpro-
ductive, or uninveste and unneeded, or
unoalled for. for the space Of two
months, by its own members and stock
holders, It shall be lawful tor the said
association to lend out what moneys may
be on hand to others than stockholders,
at such rates OF interest ION such secu-
rity. whether OF mortgage or real estate,
chooses In action, or other personal pro-
perty) as may, be agreed on, to be safely
invested. to be repaid within one year.
SEQ. 5. That. whenever the funds and
assets OF the said association shall have
accumulated to such an amount, that,
upon fair division thereof, such stock
holders, for oach and every share of
stock held by him OF her, shall have re-
ceived, or be entitled to reoeive, the sum
OF two hundred dollars, or the value
thereof in property OF assets, and such
division and distribution shall ha7o been
made. then the said association shall
cease and determine: Provided, hoDeuer,
That in case. the said association shall
not have closed its operations and affairs,
as above provided for, within shorter
period, then this Act shall not continue
In force beyond twenty years.
Sec. 6. That if any officer or sub
officer Of the said association shall use
the moneys, Of said association, other
than those prescribed by this Act, he
shall, on proof thereof, be deemed
guilty of misdemeanor, and sentenced
to pay fne OF twice the amount of
money 80 appropriated, and imprison-
ment for term Of not less than six
months.
SEC. z. This Act shall be deemed
public Act. and be given and received
in evidence without being specially
pleaded.
Approved March 13, 1872.
AN ACT TO ESTABLISH A COMPANY UNDER
THE NAME OF TIE sULLIvAN's ISLAND
FERRY COMPANY, AND TO MODIFY THE
CHARTER OF THE MOUNT PLEASANT FERRY
COMPANY, AND FOR OTHER PURPOSES.
SECTION l. BE i: enacted by tie Senate
and House Of Representatives Of the STATE
Of iSouth Carolina, no,D met and sitting in
General Assembly, and by the authority Of
the same, That Douglass Nesbitt, John
B. Conner, D. F. Fleming, Henry Jones,
William Gregg, Charles j. Andell, W.
X. Jervey, and other such persons as
may become members. be, and they are
hereby, declared body politic and cor
porate, by the name of the Sulliyan's
Island Ferry Company, for the purpose
OF conveying passengers and transferring
goods. wares and merchandise between
the city Of Charleston and Sullivan's
Island, In the County of Charleston, and
between the said city and any other place
or placer; and by that name may sue
and be sued, plead and be impleaded, in
any court in this State; may have COM
mon seal; may purchase, hold and con-
vey real estate to any amount not ex-
ceeding forty thousand dollars; and may
have and enjoy all the rights, powers
and privileges incident to corporation.
Sso. 2. That the capital stock of said
company shall be thirty thousand dol
lars, with privilege Of increasing the
same, from time to time, to any amount
not exceeding one hundred Thousand
dollars. And every member of the said
company shall be individually liable for
all debts contracted during the time he
shall be member or shareholder in
the said company to the extent of the
par value of his or her shares in the
Same, and shall be answerable in any
oCp'oa oo INV luClcOlt uSdlubG u1Iu OE Q6I,
Notwithstanding the non.joinder of the
other shareholders or any of them, at
any time after the retnrn of nuYa bona
may have been made by the Sheriff of
Charleston County. upon any execution
issued against the said company. But
nothing herein contained shall be con-
strued to deprive any of tho share-hold-
ers of any equitable rights against tho
creditors or the shareholders of tile said
company.
SEQ. 3. Tint the first meeting of tho
said corporation may be called by the
persons. or majority Of them, named
in this Act, at such time and place as
they may think fit. after due public
notice thereof. And at said meeting. or
any subsequent meeting, said corpora
tion may make, alter, amend or repeal
such bylaws and regulations for the
organization of the same, and the ma
nagement of the business thereof, as O
majority of the stockholders may direct
Provided, The same be not inconsistent