South Carolina Code 58-15-430. Canal companies may mortgage property and franchises and issue bonds
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Terms Used In South Carolina Code 58-15-430
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Any canal company organized under this chapter may mortgage its property and franchises and issue bonds on such terms and conditions and for such purposes and uses of the corporation as it may from time to time deem necessary if the consent of the Commission to the issue of any bonds shall be obtained.