The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-02-13
Acts Passed by tho Legislnture of South
Carolina.
AN ACT TO INCORPORATE THE CHARLESTON
LOAN COMPANY

SECTION l. BE IL endcted by the Senate
and House of Representatives of the
State OF South Carolina, now met and
sitting in General Assembly, and by the
authority of the same, That the persons
and bodies corporate who shall become
stockholders in the manner hereinafter
prescribed, and their successors, shall be
body politic and corporate, under the
name, style and title OF the "Charleston
Loan Company"
Sec. Q. That the capital stock of the
said company shall be one hundred thou
sand dollars, with the privilege of in
creasing the same to five hundred thou
sand dollars, to be divided into shares of
one hundred dollars each, and shall be
raised in the following manner: The fol-
lowing. persons are hereby appointed
Commissioners to receive subscriptions
to the capital stock, to wit: Benjamin
Mordecai, William Gurney, q. B. Oakes,
J. 3. Campbell, E. w. Marshall, and A.
u. Tobias. The said Commissioners, or
q majority of them, shall open books ut
such places in Charleston as they shall
appoint, within sixty days from the pas
sage of this Act, and receive subscrip-
tions to the said stock: P,opided. Tie
said Commissioners shall have given at
least three days notice in two daily ga
zettes in the city of Charleston, of the
time and place of receiving the subscrip
tions, and shall require n payment Of
twenty dollars on each share to be made
ut the time Of subscription therefor:
And prorided, .further, That the Board
of Directors shall have power, in like
manner and 1T such time as they shall
see fit, (by and with the consent of a
majority of the stockholders in ratio of
shares,) to increase the said capital to
the sum of five hundred thousand dol.
lars.
SEC. 3. That tho subscribers paying
their subscription money, respectively,
shall form the company, upon complying
with the provisions and subject to the
provisions hereinafter set forth.
SEC. 4. That if, at the opening of the
books, more than one thousand shares
shall be subscribed, the Commissioners
shall distribute the thousand shares of
which the capital stock is to consist,
among the subscribers, MS nearly MS may
be, in proportion to the number of
shares subscribed by them, respectively,
but the subscription of five shares or
less shall not be reduced. unless the
whole number of shares subscribed for,
cannot otherwise be reduced to one
thousand.
Sec. 5. That in case the pumber of
shares shall be less than one thousand.
the Commissioners may receive further
subscriptions to make up that amount,
at any time within one year after the
first opening of the books.
Sec. 6. That the said company, under
its name, shall have succession of Of
ficers and members, and all the powers,
privileges and franchises incident to a
corporation, and shall be capable of tax
ing, holding and disposing of their
capital stock, according to such rules
and regulations as they shall, from time
to time, establish; and also of taking,
holding or disposing of, or investing the
increase, profits or emoluments of their
said capital stock, and shall have full
power and auth ority to have and use
common seal, and the same to alter and
renew Mt their pleasure, and. by the name
and title aforesaid, shall be able and ca
pable, at law and in equity, to sne and
be sued, implead and be impleaded, an
swer and be answered unto, in all man.
ner OF suits, pleas, demands and judicial
proceedings whatever; and they ure au-
thorlzed and empowered to appoint
PRESIDENT. Directors, and other necessa-
ry officers, at such periods, and with
such duties, as the said company shall
see fit, and, also, to make rules and by-
laws for good government and manage
ment of the officers of the corporation:
ProcHled, The said rules and bylaws
SHALL not be repugnant to the Constitu-
tion and laws of the State and of the
United States.
SEQ. 7. That the said company is
hereby authorized and empowered to
make contracts, and to make loans of
money upon security of real estate per-
sonal property and chooses in action,
upon such terms and at such rates of
interest as may be agreed upon between
the persons or parties borrowing and the
proper officers or attorney of the said
company.
SEC. s. That the said corporation
shall be invested with fnll power to en-
force upon their members the due oh.
servance of oil rules and by laws, for the
good government and management of
the company, 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 names.
against aDy one Or mora of THAR MON,