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An Act to Grant the Aid of the State to the Cheraw &
Coal Fields Railroad Company |
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| 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 whenever satisfactory
proof is produced to the Comptroller General that three hundred and
twenty thousand dollars are duly subscribed, by responsible persons or
corporate bodies, to the capital stock of the Cheraw & Coal Fields
Railroad Company, and that said company has been duly organized, he is
hereby authorized to subscribe, on the part of the State, three hundred
and twenty thousand dollars to the capital stock of the said company, to
be paid in the stock held by the State in the Northeastern Railroad
Company and the Cheraw & Darlington Railroad Company, at the par value
thereof. And that he take, in the name of the State, a certificate from
the said company for the stock so subscribed; and the said Cheraw & Coal
Fields Railroad Company shall receive the stock given by the State in
payment at par, and without any recourse whatever against the State. |
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II. That the stock shall be paid in the manner, and subject
to the terms and conditions, hereinafter expressed, to wit: whenever
satisfactory proof shall be produced to the Comptroller General that the
sum of one hundred thousand dollars hall have been expended in the
construction of said road, he shall transfer and deliver to said company
so much of the stock in the Northeastern Railroad Company as shall
amount at its par value to one hundred thousand dollars. And when
similar proof shall be produced to the Comptroller General that one
hundred thousand dollars more shall have been expended, as aforesaid, he
shall transfer and deliver one hundred thousand dollars in the stock of
the Cheraw & Darlington Railroad Company, taken at its par value; and
when, in like manner, one hundred and twenty thousand dollars more shall
have been expended, and the proof furnished in the manner as aforesaid,
then the Comptroller General shall transfer and deliver to said company
the whole remainder of the stock of the Northeastern Railroad Company,
amounting at par to one hundred and twenty thousand dollars. |
| III. That the State shall in
no way whatever be liable for the debts and contracts of the said
Railroad Company, nor be subject to any assessment on the shares held in
its capital stock. |
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In the Senate House, the sixth day of February, in the year of our Lord
one thousand eight hundred and sixty-three, and in the eighty-seventh
year of the sovereignty and
independence of the State of South Carolina. |
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W. D. Porter, President of the Senate |
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A. P. Aldrich, Speaker House of Representatives |
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