11 further show the names and residence of the the amount subscribed by each, and the names nce of the Board of Directors, President and of the company. Upon the filing of the return yment of charter fees, required by Section 2533, ry of State shall issue to the Board of Directors e, to be known as a charter, that the corporation ally organized, according to the laws of the State Carolina, under the name and for the purpose in the written declaration; that they are fully to commence business under their charter; and es such certificate or charter shall contain the ovision that such company is a body politic and and as such may sue and be sued in any of the his State; and in the case of railroad corporations titled to all the rights and privileges and be subthe liabilities of railroad corporations embraced called the general railroad law, being Chapter L de, and Acts amendatory thereof, as well as any existing or hereafter to be passed regulating the ileges and liabilities of railroad companies. Such all be recorded in the office of the Register of veyance or Clerk of the Court in each County corporation shall have a business office. In the et railway and steamboat companies, such charter corded in the office of the Register of Mesne ConClerk of the Court of the County in which their termini shall be, or in which said street railway The declaration, commission, corporators' return arter shall be recorded by the Secretary of State kept by him for that purpose: Provided, That return as herein provided be made to the Secretary ithin twelve months from the granting of corommission, then all proceedings hereunder shall d the corporators shall be deemed to have waived acquired under their declaration and said com v. Railway, 73 S. C., 506; 53 S. E., 987. A. D. 1912. Irregularity 3. No irregularity in complying with the pro- not to vitlate this Article shall be held to vitiate the corpora- tion. the corporaa direct proceeding to set aside and annul the Civ. '02, § A. D. 1912. Corporators to transfer to etc. charter be instituted by the proper authority of the State: and all acts done and contracts entered into shall have the same force and effect as if no irregularity had existed. Sec. 2569. Upon the issuance of a charter by the Secre corporation, tary of State, the Board of Corporators shall turn over të the proper officers of the corporation all subscription lists or other papers they have taken as corporators, and all such papers shall be as valid as if taken and made by the incorporation. Civ. '02, 8 1923. powers of street railway Rights and Sec. 2570. All railroad corporations organized under the railroad and provisions of this Article shall be privileged to acquire rights corporations. of way not exceeding seventy-five feet from center of track Civ. 02 in each direction, and additional land necessary for deep XXVI, 45. cuts, high fills, borrow pits, and streams, and highway 1924: 1909, Electric railway, gas and may changes made necessary by the construction of the railroad: Provided, That in no case shall the right of way acquired exceed one hundred and fifty feet from the center of the track in each direction; and exercise the same powers with relation to said tracks, depots, crossing other railroads. highways and streams, as railroads chartered by the General Assembly; and any street railway corporation organized under the provisions of this Article, or where charter may be amended hereunder, shall be authorized and empowered. upon proper application therefor, to make, produce, generate and supply light, power and heat by the means of electricity and gas, or either of them, both for its corporate purposes and for sale to the public, subject to the restric tions and limitations that may be imposed by the municipalities in which they may seek to do business. Sec. 2571. It shall be lawful, except as prohibited in electric light Section 7, Article IX, of the Constitution of 1895, for any companies lease electric railway, gas and electric light company, organized property. under the laws of this State, to lease its property and franchises to any other electric railway, gas and electric light company, upon such terms as may be agreed upon by a majority of the stockholders at a special meeting called after thirty days' advertisement. 1908, XXV, 1090. amended by How char- Sec. 2572. Any corporation organized under the proters may be visions of this Article, or heretofore chartered by the Genthe Secretary eral Assembly, may be amended by the Secretary of State, Civ. 02, § by proceeding in all respects as in the organization of of company hereunder-that is to say, may file with etary of State a written declaration showing the hanges in its charter; and after such notice as the A. D. 1912. stock may be 1926. of State may prescribe, upon a proper showing de, the Secretary of State shall issue to it a certifisupplement to its charter, which shall be recorded rs hereunder, and shall embody the changes, addialterations sought, upon the payment of a fee of cover recording fees and issuances of papers. 73. Any railroad, steamboat, street railway, or How capital pany in this State, desiring to increase its capital increased. ve its name changed or charter amended, shall Civ. '02, § ockholders' meeting, giving at least thirty days' the time, place and purpose of the meeting; and if ty of the stock of the corporation be present in by proxy, a resolution, embodying the proposed alterations, amendments or increase of capital stock, ed, such resolution shall be attached to the petition the Secretary of State under the provisions of 572 hereof. 74. Any corporation organized under the pro-ration organf this Article, and any corporation whose charter ized under mended hereunder, may increase its capital stock increase nount by proceeding as in Section 2573 hereunder Civ. '02, § The original stockholders be given the preference 1927. the increase in proportion to the amount of origithey may individually own. How corpo this Act may I capital stock. charter. 75. All charters granted under the provisions of Duration of cle shall continue of force perpetually, unless lim- Civ. '02, § he terms of the declaration, or unless forfeited by 1928. comply with the conditions of said charter or of cle. subject to re eral Assem arters granted hereunder shall be subject to repeal All charters eneral Assembly. And railroad, street railway and peal by Genmpanies organized hereunder shall be deemed to bly. ved their charter rights, franchises and privileges, ey shall begin the construction of the proposed When work hin two years from the date of the charter, and of the same within a period to be fixed by the Secre- gin. State in his certificate of incorporation, which said hall in no case exceed fifteen years. Steamboat construction to be A. D. 1912. Meeting of stockholders. 1929. When capi companies hereunder shall commence operating their linewithin two years from the date of said charter, or ther charter rights shall be deemed forfeited. A similar proviso as to time within which they should commence opers tions, was held not to be a condition precedent.-C. & C. Ry. Co. v. White 14 S. C., 51; Same v. Garland, Ib., 63. A corporation is not ipso facts as solved by failure to commence or complete work in time limited; and the Court will not declare the charter forfeited on a mere motion in an action brought for such purpose.-State ex rel. City Council v. S. C. & G. R. Ca. 51 S. C., 129; 28 S. E., 145. Sec. 2576. At least one meeting of stockholders of a Civ. 02, organizations hereunder shall be held annually in this State. at such time and place and upon such notice as the by-laws may provide. At all stockholders' meetings, each stockholder shall be entitled to one vote for each share of stock held or owned, and shall be entitled to vote for directors. trustees or managers, as provided in Section 11 of Article IX of the Constitution, and in Section 2485. tal stock Sec. 2577. No capital stock shall be issued by any cor poration until fully paid, except when, by the terms of the petition, the capital stock is to be paid in instalments, and the deferred portion shall be secured; and no transfer of stock shall be valid, except as between the parties, until the same shall have been regularly entered upon the books of the corporation. The books of any corporation organized under this Article shall be at all times open to the inspec tion of any stockholder. be issued. to Civ. '02, § 1930. Directors. 1931. Fictitious Sec. 2578. No person other than a stockholder shall be Civ. '02, elected a director of any corporation organized hereunder. Sec. 2579. Neither stocks nor bonds shall be issued by debtedness is any corporation, except for money paid, property delivered prohibited. or labor done; and all fictitious increase of stock or indebtCiv. '02, §edness shall be void. stock or in 1932. Rights to exact tolls. 1933. Sec. 2580. Any corporation organized under the provisions of this Article, engaged in the transportation of Civ. '02, § freight or passengers, by means of steamboat or otherwise. upon any of the navigable waters of this State, shall have the authority to exact reasonable tolls or fees for the use of wharves or landings located upon lands that are the prop erty of the corporation, or that are under lease or control Fees to be of such corporation. paid into the State ury. Treas Sec. 2581. All fees collected by the Secretary of State in accordance with the provisions of this Article shall be paid Civ. '02, into the State Treasury. 1934. CHAPTER XLIX. Municipal Corporations. 1. Towns of Less than One Thousand Inhabitants. 2. Towns of Less than Five Thousand and More than One Thousand Inhabitants. B. Towns of More than Five Thousand Inhabi- Provisions Common to Towns and Cities of . Special Provisions as to Cities of More than . Special Provisions as to Cities of More than General Provisions as to Towns and Cities. Cities of Fifty Thousand or More Inhabitants A. D. 1912. |