The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1883-05-10
The Newberry Cotton Mills.
COMPANY ORGANIZED-R. L. NJ 'CAUGH-
Rim PRESIDENT-S157. 900 SUB
SCRIBED.

ed to act as Secretary. The list OF
subscribers was called. and it was
found that .034 shares were represent
ed in person. and $50 by proNy-ab-
sent subscribers being allowed to vote
by proxy. A committee consisting OF
w. Il. Tarrant, R. Fl. Wright and R.
J.. Mclaughlin, was appointed to cN-
anime and verify the proxies present
ed. They were reported as in proper
form and correct.
Mr.. R. L. McCaughrin, chairman OF
the committee to secure subscriptions,
reported that the subscriptions reached
the sum of $4,000, and offered the
Neutrality-suspicious. which were adopt
ed:
Whereas, The Newberry Cotton
Mills were incorporated by an act OF
the General Assembly of South Caro-
lima, approved Dec. 81, 1882, and
Whereas, the subscription to the Capt.
tai stock of said Cotton Mills has
reached the sum of S157, 200, Now, we,
the subscribers to the said capital stock
of said Newberry Cotton Mills, do
hereby resolve. 1st. That we accept
the said charter for the Newberry Cot
ton Mills; 2nd, That we proceed to Or
ganize under the said act incorpOrat-
ing said Newberry Cotton Mills, by
adopting bylaws for the government
of said corporation, and electing the
officers provided for in said by laws.
In connection with these resolutions,
the charter was read.
Mr.. Geo. S. Mower, proposed by
laws, drafted by himself and Mr.. Nc
Caughrin, which were adopted, by
sections. The next business before
the meeting was the election OF elev-
en- directors, provided for i'll the by
laws. The chairman appointed as tel
lers. Messrs. w. Fl. Hunt, D. B. Wheel
er and j. E. Brown. The election re-
suited in the choice of the following
persons R. L. Mclaughlin, James
Mcintosh, Geo. S. Mower, D. H.
Wheeler, j. N. Martin, Jas. H. Nc
Mullan, of Maine, NJ. A. Renwick, r.
H. Wright, VIM. Langford, Jas. A.
Crotwell and w. T. Tarrant. At the
close of the election, the meeting, hay
ing done the work for which it was
called, adjourned.
Immediately after the adjournment
of the meeting of the subscribers, a
| meeting of the directors was held, the
following members of the board being
| present: D. H. Wheeler, w. L. Tar
rant, Jas. Mcintosh, NJ. A. Renwick,
Geo. S. Mower, r. II. Wright, r. L.
Mclaughlin, and VIM. Langford. r.
L. Mclaughlin was elected President
of the Company, and Geo. S. Mower
was elected Secretary.
A committee, consisting OF r. L.
Mclaughlin, R. Fl. Wright, W. 7.
Tarrant, Jas. Mcintosh, Geo. S. Mower
and J. n. Martin, was appointed to
receive propositions for lands, to en-
gage services OF Mill engineers. to re-
| ceive all information in their power
upon the subject of construction of
mills. and to report to the next meet
ing of the Board of Directors.
The following resolutions were then
adopted: Resolred, That an instalment
of ten dollars per share on the stock OF
the Newberry Cotton Mills be called
in, payable June l, 1888.
Resolved, That the President and
Secretary be authorized to purchase
such supplies as may be necessary to
performance of their duties.
The Board then adjourned to meet on
| Monday, the 14th, instant, at a. m.
The meeting on Monday was quiet,
earnest, harmonious and satisfactory.
1t did important work, and did it well.
An air of business perVaded the meet
| inc. and nothing was done hastily or
without diliberation.
| BY LAWS:
The bylaws provide. among other
| things. That the Board OF Directors
shall consist of eleven stockholders
elected by majority vote, on the first
Wednesday in May, of each year. The
Directors shall choose one Of their
members who shall be President, as
we'll as Treasurer and financial agent
of the company.
In the event of vacancy i'll the
Board, the remaining members shall
fill the vacancy for the uneXpired term.
A notice of every election OF Direct
ors shall be mailed to each stockholder
at least seven days before such election,
and also advertised at least two weeks
in one or more of the Newberry papers.
In all elections, any stockholder may
vote by proxy, provided such proxy be
a stockholder and his appointment be
in writing signed by the principal.
No meeting of the stockholders shall
be competent to do business unless a
majority of the stock is represented.
The Board of Directors shall have
authority to call in unpaid capital in
such proportions and at such times as
they may deem for the interest OF the
company to regulate the internal
business and elect and fix the COM
pensation of all officers and en-
ployees of the company, to suspend or
remove any of its officers or agents for
official misconduct, and to supply his
or their place to delegate any and all
these powers to the Presidents as they
may deem proper. A majority of the
Board shall constitute 4 quorum to do
business.
The Secretary shall be elected by
the President and Board, and hold his
Office for the same term.
The certificates of shares of all capital
stock shall be signed by the Pres, and
countersigned by the Secy., with the
seal of the company attached, and be
transferable at office OF company, on
its books, by the stockholders in per-
son, or by attorney.
| When the capital stock is increased,
the additional stock shall be divided
among the stockholders in proportion
to their share in the capital stock. So
much of the increased stock as shall
not be taken by the stockholders, shall
be disposed OF by sale, or otherwise as
the President and Directors may deem
best.
At the annual meeting, which shall
take place ON the first Wednesday OF
: May, the President and Directors
shall make full exhibit of the finan-
cial condition of the company.
All meetings shall be held at the
Mill unless otherwise ordered.
The Directors shall call special meet