The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-04-20
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Acts Passed by the State Legisla

Acts Passed by the State Legislature
An Act to incorporate the Colltnabia Buisd
is' ing and Loan iAssociafi0a. y :.
SECTION 1. BE, ,it enacted by Tie Senate d,st
House Of Representatives. Of the State Of Soul
Cdrolina, noio met and sitting in Genera
assembly, and by Tie dut1oritytof the same
That John Fisher, E. H. Heinitsh, r. L.
Bryan, J. J. McCarter, w. b. Stanley, J
2. Thomas and W. K. Bachman, togethe
with other persons who now are, or here
after may be, associated with them, be, anG
they aro hereby, declared a body polite ant
corporate, for the purpose of making loan,
OF money, secured by mortgage Of real es
tate or personal property, to their member,
and stockholders, by the name and style O
the "Columbia Building and Loan Associa
tion," the capital stock Of which shall con
sist of twelve hundred shares, to be paid il
by successive monthly instalments of on,
dollar on each share. 80 long as the corpora
ton shall continue the said shares to b,
held, transferred, assigned and pledged, ant
the holders thereof to be subject to sucl
fines and forfeitures for defaults in thei
payments, according to such regulations a
may be prescribed by the bylaws of sale
corporation.
Sec 2. That the said corporation shall
have power and authority to make any sucl
rules and bylaws for its government as ar,
not repugnant to the Constitution and law
OF the land; shall have such number an(
succession of members and officers as shal
be ordained and chosen according to tin
said rules and bylaws made or to be mad
by them; shall have and keep common
seal. and may alter the same at will; ma,
sue and be sued, plead and be impleade d
IN any Court of Law or Equity in thi
State; and shall have and enjoy all ant
every right and privilege incident and be
longing to corporate bodies, according t.
the laws of the land.
SEQ. 3. That the funds of said corpora
ton shall be loaned and advanced to til,
members and stockholders, upon the sc
curity of real or personal estate, in sucl
mode, on such terms, and under such condi
tlons, and subject to such regulations, ~
may, from time to time, be prescribed b,
the rules aud bylaws of said corporation
And 1T SHALL be lawful for the said corpora
ton to hold such lands, tenements, heredi
taments and personal property rs are now
or shall hereafter be, mortgaged or con
vcyed to them, in good faith, by way of Sc
curity upon its loans and advances; ant
may purchase at sales thereof, made accord
ing to law, upon judgments or DEGREES a
law or In equity for the recovery of thei
debts, and to sell, alien, or otherwise dis
pose OF the same, rs they, from time t.
time, may deem eXpedient.
SEC. l. That whenever it shall occur tina
the funds of the said corporation shall re
main unproductive and uncalled for, for th,
space of two months, the corporation shall
have power to loan whatever amount ma,
be thus on hand to others than stockhold
ers and members, for such time, and a
such rates of interest, as may be established
by virtue of such rules and bylaws as ma,
be made by said corporation. ',
SEC X THAT w tlo f,nl. .e IL.
said corporation shall have accumulated t,
such an amount that, upon q fair and ius
division thereof, each stockholder and mem
Der shall have received, or be entitled to re
celve, the sum of two hundred dollars, O.
property of that value, for each and ever,
share of stock by him or her so held, antt
such distribution and division of the fund
shall have been 80 made, then this corpora
ton shall cease and. determine. This Ac
shall be taken and deemed public Act, anC
that the same may be given in evidence
without specially pleading the same.
In the Senate House, the first da,
Of March. in the year of our Lore
one. thousand eight hundred and sixty
nine.
CHAS. w. MONTGOMERY,
President of the Senate pro tenn.
FRANKLIN j. MOSES, JR.,
Speaker House of Representatives.
Approved March l, 1869
ROBERT K. SCOTT, Governor.
Il l.