XII. That the members of the said corporation shall be liable, jointly and A. D. 1847 severally, for all debts and contracts made by such corporation, until the whole Liabil tics amount of the capital stock authorized to be subscribed as aforesaid, shall have been actually paid in; and no note or obligation given by any stockholder, whether secured by a pledge of the stock in such corporation or otherwise, shall be considered as payment of any part of the capital stock until such notes or obligations shall have been actually paid XIII. That the clerks and operators, actually engaged in the transmission Clerks, &c. exof intelligence at the several telegraph stations of the said company, shall be, cmpt. and they are hereby exempt from the performance of jury, militia, or patrol duty. cess. XIV. That the service of the process of any Court of this State shall be Service of prelegal and valid on said body politic and corporate, if the same shall be left at the office of the company within any District of this State. Provided, The President of the Company is absent from and beyond the limits of the said district, and that this Act shall be deemed a public Act, and that it shall continue of force for fourteen years, and no longer. In the Senate House, the seventeenth day of December, in the year of our Lord one R. F. W. ALLSTON, President of the Senate pro tem. AN ACT TO INCORPORATE THE SOUTH CAROLINA PRESS COMPANY. I. Be it enacted, by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That the persons who shall become stockholders in the manner hereinafter prescribed, shall thereupon become and they and their successors and assigns shall be one body politic and corporate under the name, style and title of the "South Carolina Press Company دو II. The Capital Stock of the said Company shall be Fifty Thousand Dollars, which shall be divided into one thousand shares of Fifty Dollars cach, and shall No. 3031. Title. Capital Stock A. D. 1847. Commissioners. Subscribers. Relaction of shares. erease stock. be raised in the following manner: The following persons shall be and they are hereby appointed Commissioners to receive subscriptions in the manner hereinafter set forth: James Adger, George A. Trenholm, and James S. Gibbs and said Commissioners, or any of them, shall at Charleston, on the second Monday in January next, from 10 o'clock in the forenoon until 2 o'clock of the afternoon, at such place in Charleston as they shall appoint, receive subscriptions to the capital stock of said company from all persons offering to subscribe thereto and paying at the time of subscribing Five dollars per share: Provided, That the said Commissioners shall give at least ten days notice by advertisement in two Gazettes published in the City of Charleston, of the time and place of receiving such subscriptions. III. And such said subscribers, paying their subscription money respectively, shall form the company above mentioned, upon complying with the conditions, and being subject to the clauses hereinafter set forth. IV. If more than one thousand shares shall be subscribed, the Commissioners shall distribute the one thousand shares of which the capital stock of the said company is to consist, among the subscribers as nearly as may be, in proportion to the number of shares subscribed by them respectively. V. In the case the number of shares subscribed on the day herein before Power to in- appointed for getting subscriptions shall be less than one thousand, the commissioners shall receive further subscriptions, not exceeding such number of shares as with those already subscribed shall make up the number of one thousand shares, at any time during one year next following the second Monday in January next. Officers. Powers and privileges. VI. The said company under its name shall have succession of officers and members, and all the powers, privileges and franchises incident to a corporation and shall be capable of taking, holding and disposing of their capital stock, according to such rules, regulations, and institutions, as they may from time to time establish; and also of taking, holding and disposing of or investing as the said corporation shall from time to time judge fit, the increase, profit or emolument of their capital stock to their own use; and shall have full power and authority to make, have, and use a common seal, and with such device and inscription as they shall deem proper, and the same to break, alter or amend at their pleasure; and by the manner, style and title aforesaid, shall be able and capable at law and equity, to sue and be sued, implead and be impleaded, answer and be answered unto, in all or any of the courts or tribunals of this State, in all manner of suits, pleas and demands whatsoever; and they are hereby authorized and empowered to appoint a President and other officers, and four Directors, at such periods and with such duties as they shall see fit; and also to make rules, bye-laws and ordinances, and do every thing needful for the good government and support of the affairs of the said corporation: Provided, always, that the said rules, bye-laws and ordinances shall not be repugnant to the Constitution and Laws of the United States or of this State. A. D. 1847. VII. The said corporation shall have a right and power to purchase, acquire, take and hold, in the said corporate name, lands and real estate, and the same Real Estate. to demise, grant, sell, assign and convey in fee simple or otherwise: Provided, the yearly income of the real estate so to be held, shall not at any time exceed Ten Thousand Dollars: And provided also, that such real estate shall be necessary for the uses of the said corporation in and about its usual business. VIII. The said corporation shall have the right to purchase, erect and work machinery by steam or otherwise, for the purpose of compressing cotton, and Machinery, shall have the right to compress cotton and charge for the same such rates as may be agreed upon between them and those who may employ them to do such work. IX. The said company are hereby forever prohibited from incurring any debt either by purchasing property or merchandize on credit, or by borrowing Debt. money. X. The members of the said corporation shall be liable jointly and severally Liabilities. for all debts and contracts made by such corporation, until the whole amount of the capital stock, authorised to be subscribed as aforesaid shall have been actually paid in; and no note or obligation given by any stockholder, shall be considered as payment of any part of the capital stock, until such notes or obligations shall have been actually paid. XI. This Act shall continue for fourteen years, In the Senate House, the seventeenth day of December, in the year of our Lord one R. F. W. ALLSTON, President of the Senate pro tem. Time. 30 A. D. 1847. No. 3032. Company incor. porated. Books to be opened. AN ACT TO INCORPORATE THE BARNWELL RAIL ROAD COMPANY. I. Be it enacted, by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That for the purpose of establishing a communication by Rail Road between Barnwell Village and some point on the Rail Road of the South Carolina Canal and Rail Road Company, at or near Blackville; the formation of a corporate Company is hereby authorized to be called the Barnwell Rail Road Company, which Company, when formed in compliance with the conditions herein prescribed, shall have corporate existence as a body politic in said State. II. That for the purpose of raising the capital stock of said Company, it shall be lawful to open books at Barnwell Court House, under the direction of J. J. Ryan, W. A. Owens and J P. Aldrich, for the purpose of receiving subscriptions to an amount not exceeding one hundred thousand dollars, in shares of twenty-five dollars each, to constitute a joint capital stock, for the purpose of constructing and carrying into operation the Rail Road herein by this Act provided for; that the times and places for receiving subscriptions shall be fixed by the Commissioners, and the books for receiving subscriptions shall be kept open for sixty days at each place where they shall be opened; that on each share of the stock subscribed for, the subscribers shall pay to the Commissioners, who shall take the same, the sum of two dollars in specie, or in the notes of specie paying banks, the said Commissioners giving a receipt or certificate for the same, and at the expiration of the time hereby prescribed for keeping open the said books, the Commissioners shall deposite the sums received by them on the said cash instalment in some specie paying bank of the State of South Carolina; and the said Company is hereby authorized to construct a Rail Road from the Village of Barnwell, in the State of South Carolina, to the Village of Blackville, or some point near the Village of Blackville. III. That if at the expiration of the time prescribed for receiving subscripAmount of stock tions, it shall appear that the sum of thirty thousand dollars or more of the said capital stock has been subscribed, it shall be the duty of the Commissioners named in this Act, or a majority of them, to call a meeting of the subscribers, at such time and place as they shall appoint and designate, of which thirty days notice shall be given. But if the sum of thirty thousand dollars shall not be subscribed within the time first appointed, the said Commissioners herein named, or a majority of them, may, at their discretion, again open the books to receive further subscriptions for said capital stock, and keep them open at such places and for such times and at such intervals as they shall think proper and fit; and the like course shall be pursued by the said Commissioners on the se- A. D. 1847. IV. That whenever the sum of thirty thousand dollars of said capital stock Power, &c. shall be subscribed for, in manner aforesaid, the subscribers, their executors, administrators or assignees, shall be and they are hereby declared to be incorporated into a Company by the name and style of the Barnwell Rail Road Company, and by that name shall be capable in law and equity, of purchasing, holding, selling, leasing and conveying estates, real, personal and mixed, and acquiring the same by gift or devise, so far as shall be necessary for the purpose embraced within the scope and object of their charter; and shall have perpetual succession, and by their corporate name may suc and be sued, plead and be impleaded in any Court of Law or Equity in South Carolina; and may have and use a common seal, which they may alter and revise at pleasure; and shall have and enjoy all other rights, privileges and immunities which other corporate bodies may of right exercise, as far as may be necessary for accomplishing the objects designed by this Act; and may make all such bye-laws, rules and regulations, not inconsistent with the laws of the United States and this State, as shall be deemed necessary to the well ordering and conducting the affairs of the Company. V. That when the sum of thirty thousand dollars shall be subscribed, the subscribers for said stock shall meet at some convenient time and place; at such meeting, or any general meeting, each member shall be entitled to one vote for each and every share held by him, to be given by the stockholder in person, or by his proxy, in all elections, and upon all matters to be submitted to the decision of the Company, and to constitute a meeting of the stockholders authorized to make elections, or to decide upon any matter upon which it shall be nccessary for the stockholders to act as a Company, a majority of all the shares General meeting of Company. |