The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-12-04

upon the board of the borrowing COM
pany All this, too, is done by the
contract between the corporation and
those who furnish the money or the
property, as the case may be. 1t is
true that it was not competent for the
lot owners, who were the members of
this corporation, to inject into it, these
people, so-called stockholders, and at
tempt to make them members of the
corporation if they were not lot own
ers. But 1t was competent for them
to contract an Indebtedness for COR
porate purposes strictly and within rea-
sonable limits, and, by way of security,
to give to the creditor voice in the
control of the property and the dispo-
sition of it until such time as he shall
have been paid off in full.
we VIII now see what was done and
who by The original lot owners, who
were unquestionably members of the
corporation and entitled to act, met on
June II, 1868. The statement was made
by the chairman that it was the gen
eral desire of the owners of lots in
the Bonaventure Cemetery that it
should at once be put in order so that
the object of the charter should be
carried out. Hitherto lot owners have
not had it in their power to do this.
1t was also stated by him that gentle
men had associated themselves to-
gether as a joint stock company to
FURNISH the money needed but among
other conditions, they attach one to
the effect that they should be corpora
tors of the Evergreen Cemetery Com
pany and receive the protection of its
cnarter. They were confronted with
the legal questions involving their
power to enter into an arrangement of
this sort for the purpose of raising the
legal opinion of Messrs. Law. Lowell e
FalHgant and Thomas E. Lloyd. These
eminent lawyers advised that they could
enter into the arrangement contemDlat-
ed without making them corporators
IN the Evergreen Cemetery Company
They declined to advise that this could
be done. They did advise that the
cemetery company might agree with
the 1oint-stock company, as it was
called, this being the association of
gentlmen who were to advance the
money, that the joint-stock company.
so-called, might have a voice in fix
ing the price of lots to be sold, from
winch they were to be reimbursed:
that the Evergreen Cemetery Company
was to sell the lots at those prices and
pay 80 per cent. to the Joint
stock company, investing the re-
naming 10 per cent. as a permanent
NSiANS NheAN lAC AIfClBIGGH cemetery
Company was to keep the grounds in
order and apply the moneys from the
sale of lots as provided, and that
after the lots had been sold and money
raised sufficient to pay them, that is.
the gentlemen who had advanced it, all
that they owed them. then all rights
of those who were associated togeth-
er, called the joint-stock company.
should cease: that is to say, it pro-
vided how the fund was to be raised
from which they were to be reimbursed:
gave them a voice in fixing the price
In the preservation and care of the
property, and provided that when they
were fully paid off, they were to dis
appear from the scene OF action.
The arrangement entered into sub
stantially followed the opinion given
by these gentlemen learned in the law
1t is contended. however, that IL has
not been carried out. 1t is asserted
and urged that the original lot owners
have abdicated in favor of the So
called stockholders, and that the stock
holders have usurped the powers con-