The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-05-03

"sEo. aSTRat npon the petition of one
hundred qegal voters of any County, or of
twenty.sf "a L al voters of anv INCORPORATED
town ineres.ed in the Construction of said
railroad Pr.aMy branch thereof, it shall be
tho duty 1f'the County Commissioners of
such Coantyx or of the Town Council of
such town, toNubmit the question of sub
scription or no subscription, and the sum or
sums to be subscribed 10 the said capital
stock, to the qualified voA ArSofs ssnch County
or town, and to that end public notice shall
be given for thirty days previous of the
time and place where and when the vote
viii! be taken upon said question of sub
scription or no subscription / :a.,...,s,,ss.
"SEC. 10. That if majorikpf The votes
cast at spch election shall be SNssnbscrip.
ton, it shall be lawful, and is hereby made
the duty of such County or town, to sub
scribe the sum so authorized to the capital
stocEof the Chester and, Union Railroad
Company, to be payable in such manner as
the, proper authorities of such County or
town may deem best Provided, That the
amount to be subscribed shall not exceed
t"e pei centu;A Of the entire valuation of
the entire property of the County or towns
so subscribing: Provided. further, That
the said Chester and Union Railroad Com.
pany shall receive in payment of said sub
scription the bonds issued under the pro-
visions of the next Section, at valuation
of not less than eighty cents on the dollar.
SEC. H. That in order to meet said
subscription the corporate authorities of
such County or town shall have power, and
are hereby authorized, to issue seven per
cent. coupons bonds, in denominations of
one thousand dollars, five hundred dollars
and one hundred dollars, payable in twenty
years after date, with the coupons payable
ON the first day of April in every year.
And 1t is further made the duty of the
corporate authorities Of such County or
town to have levied and collected from year
to year on the taxable property of such
County or town sum of money sufficient
to meet the interest accruing on such bonds,
and to provide for the payment of such
bonds as they fall due ; and the moneys so
levied and collected under the provisions of
this Section shall be kept separate and
apart from all other funds collected by the
Treasurers of such Counties or towns and
paid only to the coupons of the said bonds.
And this Section shall, on and after its pas
sage, be considered to be in the nature of a
contract with the holder of the bonds aforc.
said, for his protection and the better sccur-
ing OF the prompt payment of the coupons
on tic same as they may fall due.
'SEc. IL. That out of any funds in their
hands not otherwise appropriated the corpo-
rate authorities Of such Counties or towns
shall at all times have power to purchase,
retire and cancel bonds issued under the
fPru-isisas sof-th;s-Ast---Thoy sh.,l also have
power, and it is hereby made their duty. to
exchange stock in said railroad company
for their bonds so issued, whenever the
same can be done dollar for dollar.
"SEc. 13. That no stockhodcr of said
company shall be hell !. ,le for tho debts,
contracts or acts of said corporation beyond
the amounts actually subscribed to tho cap
ltal stock Of said company by such stock
holder"
SEC. Ia. That the election to be ordered
under the provisions of Section 8 hereof
shall be held by Managers to be appointed
by the corporate authorities of such Coun>
ties or towns, in accordance with the laws
and regulations providing for general elcc-
tions in this State: Provided, That the re
turns Of the polls shall be made to the said
corporateiauthorities, who shall declare the
result. .r.ssssus.,,,,,.., -. .:.a... -.
Sec. 4. That Section Of said SSaisfi{sl
Act shall be,hjreafter numbered Section
10, and shall read as follows:
"SEc. 10. That the sa;a railroad shall
be commenced on or before January 1882
! and completed between the towns of Cbcs
ter and Union on q before January 1st
lSSfs and all extensions thereof within ten
yea!e>of the date Of the commencement OF
work on said railroad"
Sec 5. That Section Of said original
Act shall be hereafter numbered Section
16.
Approved March 12, 1873.
AN ACT to Exempt Fair Grounds and
Buildings Thereon from Taxation.
Whereas the holding of agricultural and
mechanical fairs in the various parts of tho
State is>a means Of diffusing useful inlor.
nation concerning the arts and sciences
and especially concerning improved modes
of husbandry, thereby assisting materially
in the education of the people in agricultu.
raj and mechanical arts therefore,
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