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

teTeSC or any StOckhOlderS reqGlre
tho issue Of u fractional part of u
share, such fractional pnrt Of Il share
may hc embodied in u certificate for
ono or more full shares, or when
necessary Ii separate certificate issued
thereof. Whenever by resolution Of
tho board of directors reduction of
capital stock is determined upon, Il
meeting Of the stockholders shall be
called to consider such resolution by
a notice published at loast ouce Il
week for four successive weeks pre-
vious to the date fixed in such notice
for such meeting, i'll some newspaper
published in the county whore the
corporation has its principal place of
business, which notice shall state
time and place of meeting, tho pur-
pose for which it is called and the
minimum amount to which 1t is pro-
posed that the capital shall be re.
duced. The vote Of two thirds Of
the stock shall be necessary to make
a reduction, which REDUCTION may be
mado to any amount not less than
tho amount stated in the said notice
of tho meeting Of the stockholders.
The board OF directors shall certify
the resolution Of tho stockholders
to tho Secretary of State, and that
all the requirements Of this Act in
relation to such decrease Of capital
stock have bern complied with; and
whom capital is to be distributed shall
futher certify that tho corporation
owes no debts. In case the corpora.
tion SO decreasing its capital stock Is
incorporated under a. general law the
| >ard Of directors shall likewise re
tn. to the Secretary of State the
original charter or certificate Of in
corporation for the endorsement
herein mentioned. The Secretary of
State shall thcreupon record the said
certificate Of the board of directors,
and shall likewise endorse upon the
charter or certificate Of incorporation
a certificate Of the decrease or re-
ductlon Of capital stock ard shall
| forthwith return the charter or certi-
iicate Of incorporation, with such en-.
dorsement thereon, to tho board of
directors; and in cnscs where tho
law under which such corporation is
created or organized requires the
charter or certificate of incorporation
to be recorded in the Office of the
register Of mesne conveyanccs or
Clerk of Court, the certificate Of such
decrease or reduction OF capital
stock, endorsed by tho Secrctar, of
State on the charter or certificate or
| Incorporation, as hrreinbeforo re-
quired, shall be recorded across the
face Of the record Of the charter or
certificate Of incorporation in the Of.
flee Of the register Of mosno convey
ances or clerk of Court, where the
charter or certificate incorporation
is required to be recorded, and such
decrease or reduction of capital stock
shall be authorized whom tho cert.
ticate is lodged for record in said Of
flee. But in cases where tho cor
p"ration has been created or organ
lied under general law and it's
charter has beon amended by a
special Act, tho Secretary Of State
upon the receipt Of the certificate of
the board Of directors of tho resolu-
tion of the stockholders aforesaid,
and tho' the requirements Of this
Act have been complied with in rcla-
tlon to such decrease or reduction Of
capital stock shall forthwith issue the
corporation n certificate Of such do
crease or reduction Of capital stock,
which certificate shall be recorded in
tho Office Of tho register Of mesne
conveyance or ,ho clerk Of court OF
the county in which said corporation
has lts principal place Of business,
and tho said decrease or reduction oil
capital stock shell be authorized
when such ceitifcato Is lodged 70,
record in said Office. That for tht
services required Of him by this sec
ton of this Act there shall be pai(
to the Secretary Of State fee o
five dollars, which shall accompany
tho certificate of tho board of direc