The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-11
BANKING FACILITIES
An Act to Incorporate tho South Carroll.
ma Loan and Trust Company.

1st. Be ii e,aacied by the Senate and House
Of Representatives, now met and sitting in
General Assembly. and by the authority OF the
same, that George y. Cameron, J. M. Blakely,
Archibald 8. Johnston, L. D. Mowry, j. Q.
Farrar and such other persons as may here
af or be asso nated with them. and their sue
body corporate, under the name of the South
Carolina Loan and Trust Company; and by
that name shall have succession. and may sue
or be sued in any court whatever. with such
powers and privileges as are hereinafter pro-
vided.
2d. Be 1t further enacted, That the capital
stock of SAID company shall not exceed five
millions of dollars, divided into shares of one
hundred dollars each; but when two hundred
thousand dollars thereof shall have been
actually subscribed, and one hundred thous-
aud dollars paid N, in cash, the said company
may organize and proceed to business ander
tins act.
Sd. Be a. further enacted, That the said COM
pany shall have power to make advances to
planters, for the purpose Of developing the
agricultural interest," or the State. upon loans,
mort cages, or part int crest IN the crops to Oe
raised; to receive deposits Of money, and other
valuGbies, and issue receipts Tor the same; to
buy aud sell bonds, bills Of exchange and pro-
m ssory notes, AMI advance aud loan MONIES,
securities and credits, and may charge and re-
ceive, in additi III to interest, such commits
siou Oh advances Of money, and negotiating
louns g may be agreed upon between sud
company and the party or parties buying or
selling such bonds, bills Of exchange, and pro-
mlssory notes, Or borrowing, or receiving such
monies. securities, or credits, and such COM
MISSIONS or interest may be made payable ID
money, or in share Of The products or profits
Of the property given or plelged as security
for such loan and advances, or partly in mon
ey OF partly IN o share OF such products or pro-
fits, without creating any partnership or joint
liability between said company and said party
or parties Provided, however That the rc'te
OF interest on the loans to oe made shall not
exceed the rate Of interest allowed by. the laws
OF this State; aud tho said COMPANY shall have
power to take and hold, as security for, or In
payment OF any loans or advances made, mort
cages or other instruments, or obligations
upon or aff,ctlng roal, personal, or mixed pro-
perty, an may cancel or assign the same; and
said company shall have power to purchase,
hold. sell, exchange, aud convey bonds, or
other property OF any nBture and may execute
and issue all such receipts, certificates, con-
traces. or otner Instruments, as m " pa necos-'
saty for the transaction Of It's business. Said
company may. at their disoretlon, guarantee
the payrent OF the principal interest, or both,
on any notes, bonds, bills OF exchange or other
evidence Of debS Of individuals or bodies COR
porate, and rec sIve such compensation there
FOR as may b, agreed upon between the par
ties. -
+ 4,h. Be Il. Further endcted, That the sad
company snail have power To receive monies
in Jrusu or on deposit, and to invest or accu
mulate the same at such rate OF lntere st as may
be agreed on, or TO aliow such interest thereon,
aa may be agreed on, Shall have power to ac-
cept aud execute all such trusts OF every de-
scription ns snay b. committed 10 them by any
person or perslns, whomsoever, or any COR
poraton. or may be committed or transferred
to them by any oouri; and shall have power to
take aud accept by grant, assig gnment transfer.
devise. or beg lest, and hold any real and per-
sonal estate in trust, created In accordance
with tho lawson this State, aud execute such
legal trusts in regard to the same an ,sucn
as may be declared oSta bslshed or agreed upon
IN regard thereto. ge
9TH. Bs II further sndoed That the busi-
ness aud corporabe powcrs Of said company
slail be exercised BY q board Of NOT less than
live directors, to ba chosen as hereinafter pro-
president, and rfGy declare by laws what NUM-
her Of directors shall be quorum Tor tho
transScaon Of busineas.
SSs 9th. 80 II Further enacted. Ihst George 8.
Canseron y. M. Bmkaiy, Archibald s.. Johu-
eton ~. ID. MoWry J.sCs EArfAr. named IN the
Arst ssction Of this not. Or any two or. mc~e Of