The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1889-01-09

tifcate shall be fled and recorded IN the
Office of the register OF mesne conveyance
for each county where such corporation
shall have business Office: Provided,
that in cases of building and loan asso-
ciations and other corporations, when,
by the terms of the declaration, the cap
ital stock is to be paid in instslments,
the certificate herein provided for may
be issued when so per cent. Of the first
iustalment of such capital stock shall
haye been paid in and the provisions OF
this Act in other respects complied With;
and the certificate so issued may make
provisions for the winding up of such
corporation as is embodied in such writ
ten declaration.
Section 2. That Section s OF said Act
be, and the came is hereby, amended by
inserting after the word CONTRACTS" on
line six the words sloan money and" !"
So that sad section as amended shall
read as follows, to-wit:
'sSection 8. Among the powers of such
bodies corporate shall be the following;
l. To have perpetual succession. 2. 10
sue and he sued by the corporate name.
3. To Lave common seal, end to alter
the same e. pleasure 4. To re nder the
shares or interest Of the stockholders
traneferable, and to prescribe the mode
of making such transfers. 5. 10 make
contracts, loan money and acquire and
transfer property, both real aid person
al, possessing the same powers IN such
respects es individuals now enjoy. 6. 10
establish bylaws and make all rules
and regulaSlons doomed exrendient for
the management of the affairs not incon-
sistent with the Constitution and laws
of this State or the United States"
Section 3. That Section a OF said Act
be, aod the came is hereby, amended
by inserting after the word "subscrip-
ton" on line 26the following, to wit:"E1-
cept in cases Of building and loan asso-
Citations, and other corporations, when
by the terms OF the charter the capital
stock is to be paid in instalments; SO
that said section rs amendee shall read
as follows, to wit:
"Secsion A. The corporation shall
have lien upon the stock OF each share
holder for all amounts which may be
due uron his subscipti N for stock, and
in case Of failure by him to pay within
thirty days after the time appointed any
instalment required to be paid by the
terms of the subscription, such corpora
t;oo, after thirty days personal notice.
or if that cannot be given, notice by
mail, addressed to the place OF residence
of the subscriber, if known, and by ad-
vertisement by publication in the public
newspaper published nearest to the
place of business of such corporation
once week for four successive weeks,
may, at its option, consolidate into as
many par shares as the mouey paid oy
such defaulting subscriber will amount
TO. and issue to such stockholder and
certificate therefor, and declare the trac-
tion of a share remaining unpaid forfeit
ed to the corporation, or may proc e.ed
to collect what may remain unpaid OF
the original subscription by suits; but II
such subscriber be dead at the time OF
default, such forfeiture shall not be de-
clared till after the expiration OF the
time when the representative Is exempted
flom from suit. If such subscription
for stock be declared forfeited, such
corporation may proceed and sell the
forfeited share, and the shares subscribed
out rot paid for by such defaulting sub
scriber, at public or private sale and the
purchaser shall become the owner there
OF, subject to the terms Of the original
subscription. No stock shall be issued
by any company incorporated under the
provisions of this Act until fully PAID
ace ceording to the terms Of the subscrlp
ton, except in cases of building and loan
ociations and other corporations, when
by the terms of the charter the capital
stock is to be paid in instalments, and
10 transfers of stock shall be valid,
except as between the parties thereto,
until the same shall have been regularly
entered upon the books OF the company,
so as to show the name of the person by
whom and to whom the transfer is made,
the number and other designation OF the
shares and the date of the transfer.
Section 4. That Section "a of said Act
be, and the same is hereby, amended by
inserting after the word 'Carollna" on
line 13 the following, to wit: can Act
to provide for and regulate the incopo-
ration of building and loan associations
in this State, approved the 22d day OF
December, 1885," So that said section as
amended shall read as follows, to wit:
"Secticn "a. That the following Acts
and sections, and all Acts and parts OF
Acts amendatory thereof, be, and the
same are hereby. sepealed: l. An Act to
define the terms upon which manufac-
turing companies shall hereafter be In
corporated, ratified December II, l847.
2. An Act to authorize and regulate the
creation of private corporations within
this State, apr )Ved December ~, 1856:
3. An Act to regulate the formation of
corporations, approved December 10,
1869. 4. An Act to provide for granting
of certain charters, approved FEBRUARY
20, 1874. 5. An Act to provide for and
regulate the incorporation OF manufac-
turing companies in this State, s:pproved
December "a, 1885. 6. Sections 1852
and 1854 to /, ,404 inclusive of the Gen
eral Statutes of South Carolina. An Act
to proviae for and regulate the incorpo-
ration of building and loan associations
in this State, approved the 22d day OF
December, 1885: Provided, the pro-
visions Of this Act shall not affect the
corporate existence of any corporation
heretofore formed under any general or
special law; but all such corporations
shall be subject to all provisions OF this
Acs that are made applicable thereto.