The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1899-03-24

| 'N 'Ho oiihSo VI 'HS IVY iSlSI VI u8Su0
conveyances or clork of Court, where
the charter or certificate of incorpo.
ration is required to be recorded, and
the increase of the capital stock OF
such corporation shall be authorized
when the certificate is lodged for re-
cord in said office. But in cases
where tho corporation has been ere
ated or organized under ,pocial Act Of
tho Legislature, or where such cor.
| poration has been created or organ
| lzed under a general law, and it's
charter has been amended by Il
special Act, the Secretary of State,
npon receipt of tho certificate Of the
| board of directors Of the resolution
of the stockholders aforesaid, and
that all the requirements of this Act
have beon complied with as afore-
said, shall forthwith issue to said
corporation Il certificate Of the in
crease Of the capital stock, which GER
tificate shall bo recorded in the office
of the register of mesne conveyance,
or Of the clerk of Court of the county
in which said corporation has its
principal place of business, and the
increase Of the capital stock Of cor
poration shall be authorized when
such certificate is lodged for record
! in said Office. In cases where the
capital stock is Increased as by this
Act provided. tho stockholder or
stockholders, thereof, registered on
tho books of said corporation at the
time when such increase of stock
shall be authorized, shalt have the
preferences Of taking such increase
Of stock in proportion to the amount
Of the stock he she or they may then
own; but if such stockholder or
stockholders shall not avail himself,
herself or themselves Of such privi-
ledge within ten days after the lodg-
ment for record OF such certificate of
increase Of the capital stock, the
board Of directors may dispose Of the
said increased capital stock as they
may deem necessary, but at it's mar
ket value in money or property.
That the said corporation 80 increas-
ing it's capital stock shall pay to the
Secretary Of State the fees graded as
follows: Five dollars for any increase
Of capital stock Of $1,000 or less;
$40 for moro than $4,000 up to and
including $4,000; $l5 for more
than $25,0O0 up to and including
$4,000; $50 for more than $4,000
up to and including 100000, and
81 additional for each $4,000 in
crease or fraction thereof above $3.50
900 which fees shall accompany
the certificate Of the board of di-
rectors
Section 3. Decrease of capital
stock:
(a) When, in the judgement of
the board Of directors Of any corpo-
ration mentioned in tho first section
Of this Act, the actual stock of snch
corporation has from any cause been
impaired, and is less than tho par
valuo Of the shares representing the
same, in such cases nominal capital
may be reduced to what in tho iudg-
ment Of the board Of directors is the
actual value Of the stock of tho cor
poration. When the capital is thus
reduced, the outstanding certificat es
shall bo called in and the certificates
of tho reduced capital apportioned
among the stockholders according to
their respective holdings: Provided
however, that such reductions shall
in no way .impair the liability of the
stockholders to creditors upon claims
against the corporation existing at
the time Of such reduction.
o. When corppration owing nc
debts desires to reduce its capital t,
given amount, and to distribute
among it's stockholders It's capital iI
excess Of such amount, in such case
the outstanding certificates shall be
called in aud the suplus capital unc
certificates for the reduced stock shal
be apportioned among the stock
holders according to their respective
holdings.
l.