The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-04-18
SstoFFIc1aI.lus ssea
Acts Passed by the State legislature,

II
AnzActto incorporate The fCssiseas' Saving
/ 90 Bank Of South Carolina. ~ss,Azr-
SECTION L Bet enacted by tie Senate ant
House Of Representatives. Of The State of Soutl
Carolina, now naetand siHing in General As
sem6ty, and by The authority Of The same, Tha
+. w. McMaster. j. ?. Thomas, Richard
0'Neale, Jr., g. II. Heinitsh, j. Eli Gregg
Thomas e. Gregg, John B. Palmer, DAME
Ravenel, Jr., Benjamin II. Rutledge anG
other persons as are now,- or may hereafter
be, associated with them, shall be, and they
are hereby, constituted and made a body
polite and corporate, by tue. name of the
Citizens Savings Bank of South Carolina
with their Office in the city OF Columbia
Prooided, That the capital stock of said
Bank shall never exceed the sum of five
hundred thousand dollars: And procideo
further, That this Act shall not have the
the capital stock of said Bank shall have
been paid in, and satisfactory evidence fur
nished to the Comptroller General.
SEC. 2. The said corporation shall have
power and authority to receive deposits and
to invest the same, their capital stock and
other funds in Bank, or other stocks, in the
purchase of bonds or stocks of this or any
other State of the United States, to buy and
sell gold and silver; to lend money on unen-
numbered real estate, in amounts not beyond
sixty per cent. of its actual value And the said
corporation shall havepower and authority to
have, use and keep common seal, and the
same to alter at will, to sue and be sued. to
plead and be impleaded, in any Court of law
or equity in this State, and to have and en-
Joy all and every right, privilege, power and
franchise incident and belonging to incor-
porated bodies, and shall be capable of
taking, holding and disposing of their capi-
tai stock according to such rules and regula-
tions as they shall from time to time estab-
llsh, and also taking, holding, dividing,
disposing of or investing the increase,
profits or emoluments of their said capital
stock, and shall have the rights and power
to acquire, purchase, take and hold, III their
corporate name, lands and real estate, and
the same to demise, grant, sell, assign, ex-
change nnd convey, in fee simple or other
wise
SEC. 3. The business and property of such
corporation shall be managed and controlled,
aud the President, Cashier, Directors, and
all other officers of the Bank appointed by
the stockholders; and the said stockholders
shall have the power and authority to make
rules and bylaws not repugnant to the laws
of the land, and to modify and amend such
rules and bylaws ut pleasure. Regular
meetings of the stockholders shall he held
on the first Tuesdays of January, April,
July and October in each year, at 10 o'clock
a. NJ, at the office of such corporation. in
the city of Columbia; and special meetings
shall be held whenever called for by the
holders of at least one-quarter of the shares
of the capital stock: Procided, That q no.
tce signed by the stockholder or stockhold-
ers calling said meeting be advertised in n
newspaper published in the city of Colum-
bia at least one week prior to the time of
such proposed meeting: On. propided, That
written notice shall bo given to all the
stockholders ut least three dnys before such
proposed meeting. A representation of a
majority of the entire stock by the holders
or their proxies shall be requisite to consti
tute quorum at any and oil meetings of the
stockholders, and Mt NIL such meetings each
share shall entitle its holder to one vote.
Absent stockholders may vote by agents or
proxies producing proper written authority
therefor. The said stockholders shall at the
first meeting when quorum is present elect
twelve Directors and such other officers as
they may deem necessary, they to hold Of
flee for twelve Q2) months, unless removed
in the meantime or their successors appoint
ed by said stockholders.
SEC 4. The said corporation shall have
full power to enforce upon their members
the due observance of all rules and bylaws
for the good government and management
OF the affairs of the said corporation, and
for the increase of the capital stock of the
same, under such penalties as in and by the
said rules and bylaws shall be limited and
appointed; and to this end. if need be, shall
and may institute and maintain, in their
corporate name, against any one or more OF
their number, all the necessary suits, actions
and pleas, either at law or in equity, for the
recovery OF any sum or sums of money to
the use OF the said corporation in rs ample
manner rs such suits might be main tained
against persons not members of said cor.
poration.
SEC 5. The liability Of Directors and
stockh olders shall be restricted to the stocks