The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-02-19

meeting.
In the Senate House, the twenty y-second
day of December, In the year of our
Lord one thousand eight hundred and
sixty-nine.
CHAs. W. MONTGOMERY,
President pro ten of the Senate.
FRANKLIN J. MOSES, JR.,
Speaker House of Representatives.
Approved the 22d day of December,
1869. ROBERT X. SCOTT,
Governor.
AN ACT TO INCORPORATE THE CHARLESTON
LOAN COMPANY.
SECTION /. Be IL endcted by the Senate
and House of Representatives Of the State
of South Caroline, now met and sitting
in General Assembly, and by the authori-
ty of the same. That the persons and
bodies corporate who shall become stock
holders in the manner hereinafter de-
scribed, and their successors, shall be
body polite and corporate, under the
name, style and title of the "Charleston
Loan Company.
Sec. 2. The capital stock of the said
Company shall be one hundred thousand
dollars, with the privilege of increasing
the same to five hundred thousand dol
lars, to be divided into shares of one
hundred dollars each, and shall be raised
in the following manner: The following
persons are hereby appointed commits
sioners to receive subscriptions to the
capital stock, to wit: Benjamin Morde-
cal, VIM. Gurney, q. B. Oakes. J. B.
Campbell, E. w. Marshall aud A. l..
Tobias The said commissioners, or
majority. of them. shall open books at
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: Propided, The
said commissioners shall have given at
least three days notice in two daily ga
time and place of receiving the subscrip-
tions, aud 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 man
ner, and ut such time as they shall see
fit, (by and with the consent of majori-
ty of the stockholders in ratio of shares
to increase the said capital to tho sum OF
five hundred thousand dollars.
Sec. 3. That the subscribers paying
their subscription money, respectively,
shall form the company, upon complying
with the conditions 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 shares of which the
capital stock is to consist among the sub
scribers as nearly as may be in proper
ton to the number of shares subscribed
by them, respectively; but the subscrip-
tions 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 number 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 efter the first
opening of the books.
Sec. 6. That the said Company, under
its NAME shall have succession of officers
and members, and oil the powers, privi-
leges aud franchises incident to corpo-
ration, and shall be capable of taking,
holding and disposing of their capital
stock according to such rules and regu-
lations as they shall, from time to time,
establish, and also of taking, holding
or disposing of or investing the increase,
proutS or euOlumenCS OF their Salu
capital stock, and shall have full power
and authority to have and use common
seal, and the same to alter and renew at
their pleasure; and, by the name and
title aforesaid shall be able and capable
at law and in equity to sue and be sued,
plead and be impleaded, answer and be
answered unto, in all manner of suits,
pleas, demands and judicial proceedings
whatever; and they are authorized and
empowered to appoint n President,
Directors and other necessary officers Mt
such periods and with such duties as the
said company shall sec fit; and also to
make rules and bylaws for the good 60
vernment and management Of the affairs
of the corporation: Provided, The said
rules and bylaws shall not be repugnant
to the Constitution and laws Of the State
and of the United States.
SEC 7. That the said Company is
hereby authorized and empowered to
make contracts, and to make loans of
money upon security of real estate,
personal property and chooses in action,
upon such terms and upon such rates of
interest as may be agreed upon between
the person or parties borrowing and the
proper officers or attorney of the Com
pany.