The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-04-06
.ed,sY t0EFh0IdL,l s,s,o ,,ns. y.
! Acts Passed BY the State Lsgislature.

|, Acts Passed by the State Legislature.
An Aotifoi snd5ls ne Banks Of l5As ssllase 10
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House Of Representatives. Of Tie STATE Of iSo,ah
Carolina, nosD met and sitting IN General As
semably, and By the authority Of The same, That
all the banks incorporated by authority Vol Of
this State, and which have, by said authori-
ty, issued bills of credit known as bank
bills, and have failed to comply with said
corporate privileges by refusing to pay their
bills of credit, and are now thus failing to
comply with the provisions of said Act of
incorporation in this particular, and shall
so continue to violate said Act until the lst
day of December, 1869, shall forfeit all cor
porate rights and privileges, and are forbid
stitntions: Prooided, That the REDEEM ption
Of their bills in United States currency
shall be deemed the fulfllment Of their
obligations to the holders of said bills.
SEC. q. That it shall be the duty of the
Comptroller General, Immediately after the
ratification of this Act, to furnish each of
the said banks of the State with copy
thereof, and they shall report thereon to
the Comptroller General, giving a full state
ment of all the property, and assets and
liabilities of the bank, and shall furnish a
thirty days thereafter; and for every case of
failure or neglect to so ~eport, the officers
OF the bank shall forfeit and pay twenty
five dollars for each day so failing, to be
collected by the Sheriff of the County on
the order Of the Comptroller G General, APP
proved by the Governor, to be appropriated
to the use of the State and if any of the
banks agree to redeem their bills, the
Comptroller General shall give notice of
said agreement in one or more of the news
papers Of this State, and shall notify the
Judge Of the Circuit in which such bank or
banks may be situated, of each and every
bank failing to comply with the require
ments of the first Section of this Act,
whose duty it shall be to appoint suitable
person as receiver Of each of the aforesaid
banks, who shall, after having filed bond,
with good and sufficient security, to be ap-
proved by the said Judge, take charge of
the property and assets of the bank
SEC. 3. That the said receiver shall fur
nish the Comptroller General with a full
statement of all the property and assets be-
longing to the said bank, Immediately after
receiving the same, and shall proceed to
the final settlement of the accounts of the
bank, in conformity to such rules ms the
Circuit Court may direct
SEC. 4. Any of the banks redeeming their
bills in conformity with the provisions OF
the second Section of this Act, and are able
to redeem the same and have remaining in
their possession assets Of the market valne
OF fifty thousand dollars, may resume busi-
ness as banking corporation, after satisfy
ing the Governor and the Comptroller
General that they are possessed in fact oil
the said amount; and the Comptroller
General shall make known the same by
public notice in one or more newspapers OF
the State.
Sec: 5. The banks resumiug business, in
accordance with the provisions of this Act
shall report to the Comptroller General as
now provided by law, and their charters
shall be deemed as redeemed for the amount
so advertised by the Comptroler-G General
Pro1ided, That no bank shall be so rechar.
tered with a capital of less than fifty thou.
sand, nor more than one million dollars
Prouioled, further, That all banks rechar
tered and recommending business under
this Act shall be subject to taxation
SEC. 6. That all Acts, or parts of Acts
inconsistent with this Act, be, and the same
are hereby, repealed.
In the Senate House, the twelfth da,
of March, in the year of our Lord one
| thousand eight hundred and sxty-nine.
CHAS. W. MONTGOMERY,
President OF the Senate pro tenn.
FRANKLIN J. MOSES, JR,
Speaker House of Representatives.
Approved the 18th day of March, 1869.
ROBERT X. SCOTT, Governor
Essy" Charleston Courier and South Caro-
lima Republican will copy once.