The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-03-18
Andetso1t gutelligellter.
AN ACT TO INCORPORATE THE SOUTH CAR
J OLINA LOAN and TRUST COMPANY.

AN ACT TO INCORPORATE THE SOUTH CAR
- oLINA LOAN and TRUST COMPANY.
lst Be it enacted By the Senate and House of Rep
resenatiues ow met and sitting IN General Assembly,
and 6y the authority Of the same, That George ..
Cameron, ]. NJ Blakely, Archibald 5: Johnston,
j. K Robinson, L. D. Mowry, j. G. Farrar' ana
such other persons as may hereafter be associated
with them, and their successors and assigns, are
hereby constituted body corporate, under the
name of the South Carolina Loan and Trust Com
popv and by that name shall have succession, and
NAV sue or be sued in any Court whatever, with
such powers and privileges, as are hereinafter pro-
vided.
End. Be it further enacted. That the Capital Stock
of said Company shall not exceed five millions of
dollars divided into shares of one hundred dollars
esch but when two hundred thousand dollars
thereof shall have been actually subscribed, and
one hundred thousand dollars paid in, in cash, the
said Company may organize aud proceed to busl-
ness under this Act.
3rd. BE it further enacted, That the said Company
shall have power to make advances to planters, for
the purposes of developing the Agricultural inter-
est of the State upon loans, mortgages, or part IN
terest in the crops to be raised to receive deposs
of money, and other valuables, and issue receipts
for the same to buy and sell bonds, bills of ex
change and promissory notes, and advance ana
loan monies securities and Credits and may charge
and receive in addition to interest, such commS-
Bion on advances of money, and negotiating loans,
as may be agreed upon between said Company and
the party parties buying or selling such bonds,
bills of exchange, and promissory notes, or Dor
rowing, or receiving such monies, securities, or
credits, and such commissions or interest may be
made payable in money, or in o share of the pro-
ductsEor profits of the property given or pledged
as security for such loan and advances, or partly
in money or partly in share of such products or
profits without creating any partnership or. JOINT
liability, between said Company and said party or
parties Provided horeuer That the rate of interest
on the loans to be made shall not exceed the rate
Of interest allowed by the laws of this State; and
the said Company shall have power to take and
hold, as security for, or in payment of any loans
or advances made mortgages, or other instruments,
or obligations upon or affecting real, PERSONAL or
Snixed property, and may cancel or assign the
same and said Company shall have power TO pur-
chase, hold, sell, exchange, and convey bonds, or
other property OF any nature, aud may execute
and issue ali such receipts certificates contracts,
or other instruments, as may be necessary for the
transaction of its business. Said Company may,
at their discretion, guarantee the payment Of the
principal or interest, both, on any notes. bonds,
tils of exchange or other evidence OF debt OF IN
<liSiduals or bodies corporate, and receive such
compensation therefor, as may be agreed upon
between the parties
shall have power 10 receive monies in trust or ON
deposit, and 10 invest or accumulate the same at
such rate of interest as may be agreed on, or 10
allow such interest thereon, as maybe agreed on;
shall have power to accept and execute oil such
trusts of every description as may be committed 10
them by any person or persons, whomsoeVer, OF
any corporation or may be committed or trans
ferred them by any Court and shall have power
take and accept by grant, assignment, transfer, de-
hol
estate in trust created in accordance with the laws
of this State and execute such legal trusts in re-
gard to the same, such terms as may be declared
established or agreed upon IN regard thereto
+, 5th BE IL further enacted, That the business and
corporate powers of said Company shall be exer-
cisedsby Board of not less than five Directors, to
be chosen as herinafter provided, who shall elect
from. their number President, and may declare
by Bylaws what number of Directors shall be
Quorum for the transaction of business
Sthr Be IL further ea0cted, That George s. Came
ron, j. III. Blakely, Archibald S. Johnston j. X.
Robinson, L. D. Mowry, J. c. Farrar, named in
the first section of this ct, or any two or more OF
them, shall be and they are hereby appointed Com
missioners to open books for subscription to the
Capital Stock of said Company, at such time and
places and for such amounts ms they, or majority
of them, shall deem proper but for no less amount
of fsubscription than two hundred Thousand dollars,
as herenbe,ore provided.
The Directors of said Company shall be elected
6y majority in interest Of the Stockholders OF
said Com pany, voting ut an election to DE held un-
der the inspection of said Commissioners, at such
place as they may designate within twenty days
from the closing of the subscription called for by
them and on the first Monday in February IN
every year thereafter; and if there should be no
election of Directors at any annual meeting as
hereiabefore directed, the Directors then IN oftce
shall continue until the next election in which the
majority of the Stock shall be represented.
7th. Be further enacted, That the principal
Office of this Company shall be located in the City
of Charleston that the Board of Directors shall
Have power to establish Agencies for the transac-
tion Of the business Of said Company, at any place
they may think pl opcr, and to appoint all such
Agents, officers, or employees, as may be consider
ed necessary, and may delegate power to transact
any of its business to Committees of Directors, or
TO- its officers or Agents, it shall deem proper;
and said Boerd of Directors, may, by majority
of their whole number, Lake such Bylaws not
Inconsistent with the Constitution and Laws of this
State, as may be deemed necessary for the manage
ment Of the property, the government of the oit,-
GERS and the regulation and conduct of the affairs
Of the Company; and may adopt corporate seal
and change the same at pleasure
9Th. Be IL further enacted, That the minutes OF
tha proceedings of the Board of Directors shall be
kept, and the same shall he entered in book to
be provided for that purpose, and signed by the
President, or acting Chairman or Secretary. Stock
holders shall be entitled to certificates of their re-
spective shares of Capital Stock, which shall be
transferable as provided in such certificates; and
the Board of Directors shall cause suitable books
for the registry and transfer of such share TO be
kept, and every such transfer to be valid shall be
made in such books, and signed by the Sharehol-
der, or his or her Attorney duly authorized in wri-
ting: and the Board of Directors may close the
transfer books from time to time, ms the convent
ence of the Company may require.
9th. BE IL further enacted, That the Board of
Directors out of the funds of said Company, shall
desrny its expenses and pay its debts, and may
declare. and pay out of the surplus net profits of
its business to its Shareholders, or their duly au-