Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-04-04

AN ACT
To authorize Subscription in behalf fof fthe
State 10 The South Western Rail Road
Bank.
SECTION l. Be 1t enacted by the Hon.
orable the Senate and House Of Represen-
tutireS, non met and sitting in General As-
Sembiy, and By the authority Of the same,
That the Subscription made by His Ex-
celIency The Governor; in behalf of The
State. for ten thousand Shares in the
South Western Rail Road Bank, be and
the same is hereby authorized and con-
6rmed.
SIC. 2. The Comptroller General is
hereby authorized to draw from The Bank
of the Stale, the amount which may be
required to pay the ins'aments due and
TO become due upon the said Subscription;
and to demand aud receive from the proper
officers oflhe Rail Road Bank, the usual
scrip, certificates, or receipts, aud 10 hold
The same for and on account of the State
and The President and Directors of the
said Bank of the State, shall make suci,
arrangements as they shall deem expedi-
ent, for paying the said drafts oflhe Comp
rroller General: Provided, in case the
Prrsilen, and Directors of the Bank ofthe
State of South Carolina shall be of the o.
pinion that they cannot advance the said
funds required by said Subscription, with
OUT embarrassment to the operations of
the said bank, or without violating The
faith of The Stale. pledged in IAN
Acl 10 rrovide Sinking Fund for the
redemption of he Six Per Cent. Stock
of this State" passed in the year of our
Lord one thousand eight hundredand twen-
ty-one, and pledged in subsequent Acts for
the redemption of all lhe-Stock Subse-
qnently issued. then, and in that case, the
CompIrolIer General is required 10 issue
Stock therefor, on the part and in behalf
oftle Stale, bearing half yearly interest,
at tn. rate Of five per cent. per annnm.
g. redeemable at the end of twenty years.
SEC. 3. The dividends which shall be
declared by the South Western Rail Road
Bank, upon that portion of its capital stock
held hy The State, shall remain on deposit
in said Bank, as fund TO meet further
instalments upon the said stock, as
they may be called in, and shall, for
that purpose, be subject, with any in
terest to accrue thereon, to the draft 0flhc
Comptroller General; Proridcd such rate
of interest shall be allowed OH the same. as
may he agreed upon betwen The said Bank
and the Comptroller General; And Proui-
ded also, That such dividends, so deposi-
ted. shall in no instance draw less than at
the raIe of three per cent. per annum.
Sec. 4. AT all elections or meetings of
the Stockholders of tie said Bank, the
Commissioners now acting, or hereafter 10
he appointed, under a joint resolution of
The Legislature, as proxies, in the Louis
villr, Cincinnati s. Charleston Rail Road
Company, or majority Of such as NAV
be present, shall act as the proxies of the
State.
SEC 5. The honus TO be paid by the
Bank of Charleston, for The increase Of its
capital stock, shall he paid 10 the Presiden,
and Directors Of the Bank Of the State of
South Carolina, and may be by them ap-
piled, on account of the Subscription af
oresaid.
In the Senate House, the nineteenth
day of December. in the year of our Lord
one thousand eight hundred and thirty
eight and in the sixty.thrd year of the
Sovereignty and independence of The u
ni!ed Stafesof America.
ANGUS PATTERSON,
President o the Senate.
D. L. WARDLAW.
Speaker ofthc House Of Representatives.