Savannah morning news. [volume] (Savannah) 1868-1887, 1882-02-08

Aud your orators further say that the
said the Ocean Steamship Company OF Ss-
vsnuah was incorporated by the following
act Of the General Assembly Of the State of
Georgia, approved the twenty sixth day OF
August, 1872, viz;
Az ACT TO Incorporate the Ocean Steamship
Company Of Savannah, and 10 authorize Ger
tain corporations to subscribe TO its capital
stock. and for ether purpose therein named.
SECTION l. Be it enacted by the General AS
sembly of the State of Georgia, That Andrew
Low. John r. Wilder. John Cunningham. VIM
VI. Wadley. J. F.. Gilmer, VIM. R. Garrison,
Wallace Cumming, VIM. Hunter and their
associates, and also the persons who may
hereafter become stockholders in said com
PAW. are hereby created a body corporate By
BY the naae Of the Ocean Steamship Company
OF Savannah. for the purpose Of building, pur-
chasing. 6Quiping, fitting out and owning ships
or vessels. 70 be propelled solely or partlslIy BY
steam. and 10 be run asd employed IN navlga-
ton. and for the transportation Of freight and
passengers 20 and from TIN port OF
savannah in connection with New
York or any other ports OF the United
States or the West Indies or Europe, and all
the powers. privileges and immunities neces-
sary or beneficial TO such a corporation are
hereby granted and conferred upon the same,
and especially the power to purchase and hold
wharv-S, warehouses and real estate in the
CITY Of Savannah. and all other property which
will tend TO facilitate the ACCOMPLISHMENT OF
the purposes Tor which SAID ocean 6teamSnlp
Company is created.
Sec. :. B il further enacted. That the capital
stock Of said corporation shall be five hundred
thousand dollars, with the privilege 10 the
directors OF the same to increase said capital
stock TO two millions Of dollars CT any less sum-,
to be divided into shares Of one hundred d.l-
lars each.
sc. S. Be it further enacted, That so
soon as the sum OF five hundred thou
sand dollars or any larger sum shall
be bona fde subscribed to the capital stock,
the cOrpOratOts herein named, or any three or
more OF them. shall give at least ten days
notice in ore of the gszeItes OF Savannah OF
an election for five directors TO manage the
affairs Of said company. who shall hold their
offices for one year, or until their successors
shall be elected and said directors shall elect
one OF their number 10 be President, and the
elections for Pre- sident snd directors shall
thereafter take place annually at such times
as msy be established 0y the rules and bylaws
Of the which rules and bylaws the
President ana directors are hereby fully
authorized TO make.
Sec. 4 Be il further enacted, etc. That the
President and directors Of said company
shall have power 10 conduct and control
all the business and affairs OF the cor
poration. except as TO matters otherwise
expressly ordered by the stockholders. or a
majority Of them, in meetins Sembled to
make al contracts and TO appoint all cf1cers
ana agents necessary. in their opinion, for con-
Quoting the business, and to confer on them,
or any Of them. any power or authority touch
ing the bu-iness for which they may be en-
pIOyed. that the President and directors them
e Fes have: AMI the said President and direc-
tors EhsI have power to issue bonds to an eK-
tent not exceeding one-hah the amount OF
capital stock then actually paid in, and to
mortgage or hypOthecate any OF the property
Of the company TO seizure said bonds
Sec. !. Be il further enacted, That the Mayor
and Aldermen OF the city Of savannah. the
Central Railroad and Banking Company OF
Georgia. the Atlantic and Gulf Railroad Com.
pany. and any and every chartered bank OF
the city Of Savannah. are hereby fully author
lied and empowered 10 subscribe to the capital
stock Of the Ocean Steamship Company OF Sa-
vanDah, hereby incOr cOrate0
Sec. 8. Repeats conflicting laws.
Approved August 2oth, 1871
And your orators further complaining,
say that said the Ocean Steamship COmpa-
ny OF Savannah was organized and went
into operation under said act OF the General
Assembly, and under and by virtue of the
second section thereof the capital stock Of
said corporation has been increased TO two
millions of dollars, and is all in fact owned
by the said the Central Railroad and Bank
Ing Company Of Georgia That under and
by virtue OF the said fourth section OF said
act, the bonds of the said the Ocean Steam
ship Company of Savannah, to the amount
Of one million dollars, have been duly issued
and negotiated, such bonds being secured
by a mortgage Of the property OF said cor
poFstion.
Your orators charge that the stock OF said
the Ocean Steamship Company OF savan-
nah has been increased TO its utmost limit,
and that said corporation has exhausted its
power to issue bonds,