The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-08-13
The Bank Of the State.
The following bill WAS read first time in the
Honse of Rapresentatiyes on Tuesday:

The following bill was read first time in the
House Of Representatives on Tuesday:
A BILL to close the operations Of the Bank of the
f.- State OF South Carolina mo7
Be IL e,aacted by the Senate and House Of
REPRESENTATIVES of the Slate Of South Carolina,
now met and sitting in General Assembly, and
by the authority Of the same:
SECTION /. That the Governor OF the State is
hereby authorized and required for and on be,
half the State TO take possession OF all the real
and personal estate, assets, chooses In action
and books Of account Of the corporation known
as the President and Directors ofthe Bank OF the
State of South Carolina, at such time and upon
such terms as he shall deem most advantageous
to the State, all the real and personal estate,
stocks, bonds Of corporations, and other assets
OF the said corporation, and the personal bonds,
notes and bills OF exchange owned by the corpo-
ration. and ali debts and chooses in action due
the said corporation, he shall place in the
hands of the Attorney General Of the State.
with instructions to institute in the name OF
the said corporation, legal proceedings to col
lect the amount 80 due as speedily as possible,
and the proceeds Of said sales, and Of all collec'
tions made by the Attorney Generals Shall be
deposited in the Treasury Of the State subject
to the order OF the Governor, who. shall Keep
distinct account thereof separate and dis,
shall report the same to next succeeding ses-
sion Of the Legislature: Provided, always, that
suit shall not be instituted upon any debt
which, in the opinion Of the Governor and At
torney General, is yalueless.
SEC. g. That all bills issued BY said corpora
ton prior to the Goth day Of December, 1850,
and which we're duly fled in the Court OF Equi-
ty of the State for Charleston County, on or be-
fore the 1st day Of June, 1868, In pursuance Of
the order of said court under the date OF -,
1858. be funded; and on the surrender and de-
Hyery of said bills to the Treasurer OF the
State. bonds OF the State, payable twenty years
after date with interest Of six 10y per cent. per
annum, payable semi-annually at the agency OF
the State in the City OF New YORK, small oe
redemntion of the amount of said bills, and in
terest thereon from the time when such bills
were presented for payment st six t6l per
cent. per annum; and the Governor OF the
State is hereby authorized and required to exc
or,te and deliver said bonds; and to the pune
tual payment OF the principal and the interest
the credit and faith Of the State is. hereby
pledged.
which have not been filed in the court Of
Euuity for Charleston County on or before the
first Of June, 1858, shall not be funded, but
shall be valid as discount or set OF in all &C.
lions and suits at law. or in equity, brought by
laid corporation in payment Of all demands
due said corporation.
SEC. 4. That the act OF the General Assem-
bly of the State, ratified the Mst day OF De-
csmber, 1856, and entitled On act No. 4728,
page 267, Statutes at Large, be and the same is
SEQ. 3. That the 10Th section of the act rati-
fed the 10th day of December, 1872. entitled
an act to establish bank on behalf Of, and tor
the benefit of the State, and all acts or parts Of
acts which render the bills OF said corporation
receivable in payment Of taxes, and all other
debts due the State, be and the same are here
by repealed.