May purchase connecting stock. majority of them, when confirmed by said Court, shall be final and conclusive, and the persons so appointed shall also appraise said stock of said stockholder at the full market value thereof, without regard to any depreciation or appreciation in consequence of the said consolidation; and the said company may, at its election, either pay to said stockholder the amount of damages so found and awarded, if any, or the value of the stock so ascertained and determined; and upon the payment of the value of the stock, as aforesaid, the stockholder shall transfer the stock so held by him to said company, and to be disposed of by the Directors of said company, or to be retained for the benefit of the remaining stockholders; and in case the value of said stock, as aforesaid, is not paid within thirty days from the filing of said award and confirmation by said Court, and notice to said company, the damages so found and confirmed, shall be a judgment against said company, and collected as other judgments in said Courts are, by law, recoverable. G. S. 1433. (A. A. Feb., 1882). When any railroad shall be roads and issue sold and conveyed by virtue of any mortgage or deed of trust, or under and by virtue of any process or decree of any Court of this State, or of the Circuit Court of the United States, it may be lawful for any company, of which the railroad connects therewith, to purchase and pay for the same, to issue their own stock for such an amount as the purchasers may deem the full and fair value thereof, and to hold and enjoy the railroad so Rights, privi- purchased, with all the rights, privileges and franchises, and with the same rights to charge for tolls, transportation and car services, and subject to the same restrictions, as were held, enjoyed and limited by and in respect to the company of which the road may be so sold. leges, franchises, &c. May purchase bonds and companies. G. S. 1434. (A. A. Feb., 1882). It shall and may be lawful stocks of other for any railroad company created by and existing under the laws of this State, from time to time, to purchase and hold the stock and bonds, or either, of any other railroad company or companies chartered by, or of which the road or roads is or are authorized to extend into this State; and it shall be lawful for May purchase any railroad companies to enter into contracts for the purchase, use or lease of any other railroads, upon such terms as may be agreed upon with the company or companies owning the same, and to run, use and operate such road or roads in accordance with such contract or lease: Provided, That the roads of the companies so contracting or leasing shall be directly, or by means of intervening railroads, connected with each other. and lease other roads. Proviso. tee bonds or other railroads. And it shall and may be lawful for any railroad corporation now organized, or which may hereafter be organized, under the laws of this State, to guarantee the bonds or stock or dividends of May guaranany other railroad corporation, whenever the roads of such corpo- stock, &c., of rations shall connect with each other, or shall form a continuous line of railroad directly, or by means of any connecting railroad, or by steamboat or steamship line, such guaranty to be upon such terms and conditions as may be agreed upon by the stockholders of the corporations making the same: Provided, That no railroad corporation consolidating as herein before provided shall thereby acquire any extraordinary rights, privileges and exemptions not enjoyed by each of the companies consolidating under their respective charters: And provided, further, That all such agreements, and all parts of them, shall at all times be subject to amendment, alteration or repeal by the Legislature. Of Other Railroad Corporations. Proviso. May aid in other railroad or G. S. 1435. (A. A. Feb., 1882). A railroad corporation may aid in the construction of any branch or connecting rail- construction of road within the limits of this State, whether connecting by rail- steamboat lines. road or steamboat lines, by subscribing for shares of stock in such corporation, or of any steamship line connecting the terminus of such railroad company with any port of the United States, or by taking its notes or bonds, to be secured by mortgage or otherwise, as the parties may agree, and shall be entitled to vote on all shares of stock so subscribed for and held. Of Issuing Bonds. G. S. 1436. (A. A. Feb., 1882). No railroad corporation Restrictions as which has previously issued bonds shall subsequently make or to issuing bonds. execute any mortgage upon its road equipment and franchise, or any of its property, real or personal, without including in and securing by such mortgage all bonds previously issued and all pre-existing debts and liabilities of the corporation. Of Proxies. G. S. 1437. (A. A. Feb., 1882). No proxy shall be valid unless executed and dated within six months previously to the meeting at which it is used. No person shall as proxy or attorney cast more than one hundred votes, unless all the shares so represented by him are owned by one person. No salaried officer of the corporation shall vote as proxy or attorney. An Proxies-execution of. Limitation of. officer of a railroad corporation who violates any of the provisions of this Section shall, for each offense, forfeit and pay a Penalty for vi- fine of not less than one hundred dollars, nor more than five hundred dollars. olation. Schedule and report to be filled road Commis sioners. Sec. 1488. Time of filing. Annual Reports of Railroads. Sec. 1439. Rules and form. G. S. 1438. (A. A. Feb., 1882). The several railroad comin office of Rail- panies chartered by this State shall be required to file in the office of the Railroad Commissioners, on or before the 31st day of August in each and every year, a full and detailed schedule and report of the condition and operations of such road for the current year ending on the 30th day of June then immediately preceding. Rules as to. Liabilities. Expenses. Expenditures. How to charged. G. S. 1439. (A. A. Feb., 1882). The schedule and report so required shall be made in accordance with the following rules, and in the following form : I. All liabilities (including interest accrued on funded debt) shall be entered upon the books in the month when they are incurred, without reference to date of payment. II. Expenses shall be charged each month with such supplies, materials, etc., as have been used during that month, without reference to the time when they were purchased or paid for. III. No expenditure shall be charged to property accounts, except it be for actual increase in construction, equipments or other property, unless it is made on old work in such a way as to clearly increase the value of the property over and above the cost of renewing the original structures, etc. In such cases be only the amount of increased cost shall be charged, and the amount allowed on occount of the old work shall be stated. Mileage passenger and how computed. of IV. Mileage of passenger and freight trains shall include only freight trains, the miles shown to be run by distances between stations; allowances made to passenger or freight trains for switching, and all mileage of switching engines, computed on a basis of eight miles per hour for the time of actual service, shall be stated separately. Season tickets, V. Season ticket passengers shall be computed on the basis how computed. of twelve (12) passengers per week for the time of each ticket. VI. Local traffic shall include all passengers carried on local tickets, and all freight carried at local tariff or special local rates. All other traffic shall be considered through. Local traffic, how estimated. Amount authorized... Amount subscribed.... Capital Stock. Common.. Amount paid in Preferred... Common... Amount held in South Carolina Preferred.. Par value of shares.. Number of stockholders residing in S. C..... Whole number of stockholders... Assets and Liabilities.—ASSETS. Cost of construction June 30, 18.. Cost of construction since June 30, 18..... Cost of equipment June 30, 18 Cost of equipment since June 30, 18.. Total cost of road and equipment.. Cost of road per mile... Cost of equipment per mile..... Cost of road and equipment per mile.... Other investments... Cash..... Other assets. Total assets.... |