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4(i LAWS OF NOUTH CAKULiiNA.
ii<;hts, piivilcges niid iinmunilies ot a corporalion or body poliiiu lii i.ivv.ai;;}
may make ail such l>ye laws, rules and regulations, luit itu-oosisicnt with the
constitution and laws of tiiis State, or of the United Stales, as shall be neco?-
sary for well otderins; utid rnnducliiig the alTairs o! t!ie company.
" 3. Upon any subscription of stock as aforcsaiii, lliere shall b«paid at the
time of siibscribii^j,', to the said conimis'^ioners, their (lop'.iti;> or agents ap
pointed to receive suih subscriptions ihft sum of live dollars on iivcry sh.ne
subscr'bed, and the residue th'^reof shall be paid so >iich instalments, and at
such times, as it may be required by the president aiid directors of stid com-pany
i'hc said commissioners and deputy coisimissloners shall forthwith
after tlic election of president and directors of the company pay over to the
said president ami directors all monies received by them; and in failure
thereof, the said president and dirertors may recover the amount due from
them, or from anyone or more of them, by motion, on ten dr.ys previous no-tice,
in the superior or inferior court of any county or corptnauon whcreii?
such commissioner or comanissioners, their executors or adminijirators may
reside The clerk shall endorse upon t!ie execution which shall ia^ue upon
sucli judgmen*, that no security shall be taken, and the shc^iir or other oliir
oer shai! govern himself aceordiiigly
"4. Wiien two tliousand shares or more of the stock shall have been
subscribed, public notice of that event shall be given by any three or more
of the said commissioners, who shall have power at the; same time to call a
general meeting of the subscribers, at such convenient place and time as
they shall name in the said notice. To constitute any sucb meeting, a
number of persons entitled to a majority of all the votes which could be
^ven upon all the shares subscribed, shall be present, either in person oe
by proxy, and if a suflicient number to constitute a meeting do not attend
on that day, those who do attend shall have power to adjourn from time to
time until a meeting shall be formed.
'* 5. The sVibscribers, at their general meeting befr.re directed, and the
proprietors of the stock, at every annual meeting thereafter, shall elect a
president and five directors, who shall continue in oflice, unless sooner re-moved,
until the next annual meeting after their election, and until their
successors shall be elected; but the said president, or any of the directors.
may at any time be removed, and the vacancy thereby occasioned be filled
by a majority of the votes given at any general meeting. The president,
with any three or more of tlie directors, who shall appoint one of their own
body president pro tempore, shall constitute a board for the transaction of
business. In case of vacancy in the office of president, or any director,
liappening from death, resignation, removal or disabirity, such vacancy may
be supplied by appointment of the board, or by the proprietors in general
meeting.
*' 6. The president and directors of the said company shall be, and they
are hereby invested with all tlic rights and powers necessary for the con-j^
truction, repair and maintaining of a rail road to be located as aforesaid,
with as many sets of tracks as they or a majority of them may deem neces-sary;
and may cause to be made, and also to make and construct all works
whatsoever which may be necessary and expedient, in order to the proper
completion of the said rail road.
" 7. Th.e said president and directors of the said company shall have
jfiowor to make epR^t'acts with any person er persons on behalf of the eom
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| Title | Page 50 |
| Full Text | 4(i LAWS OF NOUTH CAKULiiNA. ii<;hts, piivilcges niid iinmunilies ot a corporalion or body poliiiu lii i.ivv.ai;;} may make ail such l>ye laws, rules and regulations, luit itu-oosisicnt with the constitution and laws of tiiis State, or of the United Stales, as shall be neco?- sary for well otderins; utid rnnducliiig the alTairs o! t!ie company. " 3. Upon any subscription of stock as aforcsaiii, lliere shall b«paid at the time of siibscribii^j,', to the said conimis'^ioners, their (lop'.iti;> or agents ap pointed to receive suih subscriptions ihft sum of live dollars on iivcry sh.ne subscr'bed, and the residue th'^reof shall be paid so >iich instalments, and at such times, as it may be required by the president aiid directors of stid com-pany i'hc said commissioners and deputy coisimissloners shall forthwith after tlic election of president and directors of the company pay over to the said president ami directors all monies received by them; and in failure thereof, the said president and dirertors may recover the amount due from them, or from anyone or more of them, by motion, on ten dr.ys previous no-tice, in the superior or inferior court of any county or corptnauon whcreii? such commissioner or comanissioners, their executors or adminijirators may reside The clerk shall endorse upon t!ie execution which shall ia^ue upon sucli judgmen*, that no security shall be taken, and the shc^iir or other oliir oer shai! govern himself aceordiiigly "4. Wiien two tliousand shares or more of the stock shall have been subscribed, public notice of that event shall be given by any three or more of the said commissioners, who shall have power at the; same time to call a general meeting of the subscribers, at such convenient place and time as they shall name in the said notice. To constitute any sucb meeting, a number of persons entitled to a majority of all the votes which could be ^ven upon all the shares subscribed, shall be present, either in person oe by proxy, and if a suflicient number to constitute a meeting do not attend on that day, those who do attend shall have power to adjourn from time to time until a meeting shall be formed. '* 5. The sVibscribers, at their general meeting befr.re directed, and the proprietors of the stock, at every annual meeting thereafter, shall elect a president and five directors, who shall continue in oflice, unless sooner re-moved, until the next annual meeting after their election, and until their successors shall be elected; but the said president, or any of the directors. may at any time be removed, and the vacancy thereby occasioned be filled by a majority of the votes given at any general meeting. The president, with any three or more of tlie directors, who shall appoint one of their own body president pro tempore, shall constitute a board for the transaction of business. In case of vacancy in the office of president, or any director, liappening from death, resignation, removal or disabirity, such vacancy may be supplied by appointment of the board, or by the proprietors in general meeting. *' 6. The president and directors of the said company shall be, and they are hereby invested with all tlic rights and powers necessary for the con-j^ truction, repair and maintaining of a rail road to be located as aforesaid, with as many sets of tracks as they or a majority of them may deem neces-sary; and may cause to be made, and also to make and construct all works whatsoever which may be necessary and expedient, in order to the proper completion of the said rail road. " 7. Th.e said president and directors of the said company shall have jfiowor to make epR^t'acts with any person er persons on behalf of the eom |
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