South Carolina - Acts on Education Topics

An Act to Incorporate the German School Association of Charleston, South Carolina.

March 24, 1875

Acts and Joint Resolutions of the General Assembly of South Carolina 1871-72, Pages 956-958.

Section 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That Charles Voigt, F. Puckhaber, H. H. Knee, D. Werner, J. H. Thiele, F. D. C. Kraeke. J. C. H. Claussen, C. H. Eberhart, F. Melchens, F. J. Lilienthal, William Ufferhardt, C. H. Bergmann, C G. Ducker, J. C. W. Bischoff, John F. Mier, and their associates and successors, be, and they are hereby, created a body politic and corporate, under the name and style of the German School Association of Charleston, South Carolina, for the purpose of carrying on a school, academy or institution of learning in the city of Charleston, with a capital stock of nine thousand dollars.

Sec. 2. That the capital stock of the said corporation shall be divided into shares of the sum of thirty dollars each.

Sec. 3. That the said corporation shall have power, from time to time, to increase their capital stock to any amount not exceeding one hundred thousand dollars, including their present capital stock, whenever a majority of their stockholders present at any general meeting, or the Board of Directors, by their authority, shall determine; and such additional stock shall be divided equally among the stockholders in proportion to their shares in the capital stock of the company at the time of such increase; but in case any stockholder should not desire to take his or her proportion of such increased stock, the same shall be allotted among the remaining stockholders, or books may be opened for the purpose of obtaining additional subscribers to such increased stock in such manner as the corporation may deem expedient; and in no case shall the members who are unwilling to take their proportion in such increase of stock be assessed to contribute or make up such increase; such additional stock shall be subject to all the same provisions, restrictions and conditions as are directed by the provisions of this Act; and any such additional subscribers shall thereby become members of this corporation, and be subject, in like manner, in proportion to their interest, to all the burdens, liabilities, responsibilities and conditions imposed upon the members of this corporation.

Sec. 4. That if the proprietor of any share shall neglect to pay any installments assessed thereon for the space of thirty days after the time appointed for the payment thereof, the Treasurer of the corporation, on the order of the Directors, may sell, by public auction, a sufficient number of shares standing in the name of such stockholder, to pay all the installments then due from him or her, with all necessary incidental charges. The Treasurer shall give notice of the time and place of sales, and of the sum due, by advertising the same at least once a week for three weeks successively before the sale, in one of the Charleston newspapers, and a bill of sale of the share or shares so sold, made by the Treasurer, shall transfer said stock to the purchaser, who shall be entitled to a certificate thereof.

Sec. 5. That every shareholder shall be individually liable for the debts contracted during the time he or she shall be a share holder in said corporation, to the extent of ten per cent, of the par value of his or her shares in the same: Provided, That no person holding such stock as collateral security shall be personally subject to any liability as a stockholder of such corporation, but the person pledging such stock shall be considered as holding the same, and shall be liable as a stockholder accordingly: And provided, further, That no stockholder shall be personally liable for the payment of any debt contracted by the said corporation, which is not to be paid within one year from the time the debt is contracted, nor unless a suit be brought against said corporation within one year after the debt shall become due, and no suit shall be brought against any stockholder who shall cease to be a stockholder in said corporation for any debt so contracted, unless the same shall be commenced within two years from the time he or she shall have ceased to be a stockholder in said corporation, nor until an execution against the corporation shall have been returned unsatisfied in whole or in part.

Sec. 6. That the said corporation shall have such number of officers as shall be ordained by the rules and by-laws to be made for their government and direction, and shall have power and authority to make all rules and by laws not repugnant to the laws of the land; to regulate the issue of scrip and transfer of shares; to have and keep a common seal, and the same to alter at will; to sue and be sued; to plead and be impleaded in any Court of law or equity; to take, by purchase, devise or otherwise, and to hold, sell and alien in fee simple, or for any less estate, or mortgage, lands, tenements, hereditaments, goods, chattels, rights, credits and property of any kind, and to make all contracts necessary for the purposes of the corporation.

Sec. 7. That the said corporation shall be entitled to the immunities and exemptions contained in the third clause of the sixth Section of the Act entitled "An Act to reduce all Acts and parts of Acts providing for the assessment and taxation of property into one Act, and to amend the same," approved the nineteenth day of March, eighteen hundred and seventy-four.

Sec. 8. This Act shall be taken and deemed a Public Act, and shall be judicially taken notice of without special pleading.

R. Howell Gleaves, President of the Senate.
Robert B. Elliott, Speaker of the House of Representatives.
Daniel H. Chamberlain, Governor.

Approved: March 24, 1875



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