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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 3311   View pdf image (33K)
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THOMAS SWANN, ESQUIRE, GOVERNOR. 973

conduct or carry on any store, or have any inter-
est in any store, or receive any portion of the
profits thereof; nothing herein contained, how-
ever, shall prevent the employees of any corpora-
tion from forming co-operative stores.

 

Sec. 218. And be it enacted, That any railroad
company incorporated under the laws of this State,
may own and operate any line of steamships or
^teamboats, or may subscribe to or hold the stock
of any company owning and operating such steam-
ships or steamboats, whore such steamships and
steamboats can be used wholly or in part in con-
nection with the business of said railroad com-
pany.

Prohibition.

Sec. 219. And be it enacted, That every cor-
poration incorporated under the laws of this State,
which has the power to issue bonds as evidences of
indebtedness, and to secure the same by mortgage
of the property of such corporation, or which has
the power to obtain money upon mortgage may,
whenever in the judgment of said corporation, it
is expedient so to do, in place of issuing such
bonds and securing the same by a mortgage of the
property of the said corporation, or instead of ob-
taining money upon mortgage, issue a preferred
stock for any amount for which the said corpora-
tion may be authorized to issue its bonds, or for
any amount for which the said corporation may be
authorized to obtain upon mortgage of its proper-
ty, and may dispose of the said stock by sale, on
such terms as it may prescribe, or by permitting
the same to be subscribed for, as in the judgment
of said corporation may be deemed expedient, and
every corporation creating such preferred stock as

Preferred
stock.

aforesaid, may execute an agreement under seal,
guaranteeing to the purchasers of or subscribers
to such preferred stock, a perpetual dividend of
six per centum per annum out of the profits of the
said corporation, payable yearly or half-yearly, as
said corporation shall determine before any divi-
dend is distributed to any of the stockholders of
the said corporation, other than the holders of said
preferred stock so created, and the holders thereof
shall have all the incidents, rights, privileges and
immunities and liabilities to which the capital

Perpetual
dividend.



 

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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 3311   View pdf image (33K)
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