The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-04-10
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md Hoaae eof piesentat ssale
State1of 38htli 9Ii !, -, sekd
Stsib 6 rs, ssepsfsi.I Assa llls
authority soof 81 Jshef eamesp IEhake Ao8eft
Benson, Charles Bnah,Na q. o 90, IsUarN
56hh BsEry;;iD, p; 4 sgSSlE sthsf
psfsona ase nays bar = bS Ssl tsd
with atlam,a and their isucaesa0a hnd As.
sigrBi are hereby 90 astituted a body 20; r
p6rate,l i1dsr The HauSe 0f cha Charles
ton Ban kihg and Tr1bt Com Mpahy, iand
by, Shat name ahall have aucoessiony and
may sue or be sued in any Court what
eyer, with such powers and privileges as
are hereinafter provided. y, a u
II SEQ, q That the capital stock Of said
Company shall not exceed two million
e, 2,000, ,000) dollars, divided into, shares
Of one hundred t1OO) dollars each; but
when .$1O0, 900 thereof shall have been
actually subscribed and paid in, in cash,
the said Company may organize and pro-
ceed to business under this Act.
SEC. 3. That the said Company shall
have power to make advances to Plan
ters for the purpose of developing the
agricultural interests of the State, upon
loans, mortgages. or part interest in the
crops to be raised, to receive deposits of
money and other vuluables. and issue re-
ceipts for the same, to buy and sell
bonds, bills of exchange and promissory
notes, and advance and loan moneys, Sc
curities and credits, and may charge and
receive. in addition to interest, such
commission on advances Of money and
negotiating loans as may be agreed upon
between said Company and the party or
parties buying o. selling snch bonds,
bills of exchange anl promissory notes.
or borrowing or receiving such moneys,
securities or credits and such commits
sions or interest may be made payable in
profits of the property given or pledged
as security for such loan and advances,
or partly in money and partly in share
of such products or profits, without
creating any partnership or joint liza
bility between said Company and said
party or parties; and the said Company
shall have power to take and hold as se-
curity for, or in payment of, any loans
or advances made. mortgages or other
instruments, or obligations upon or af-
fecting real, perso2ni or mixed property.
and may cancel or assign the same; and
said Company shall have power to pur-
chase, hold, sell. exchange and convey
lands, or othet property, OF any nature,
and may execute and issue all such re-
oeipts, certificates, contracts or other
instruments, as may be necessary for the
transaction of its busip ess. Said Com
pany may, at their discretion, guarantee
the payment Of the principal or interest.
or both. on any notes, bonds. bills Of ex-
change, or othor evidence of individuals
or bodies corporate, and may receive
euch compensation therefor as may be
agreed upon between the parties.
SEC. 4. That the said Company shall
have power to receive moneys in trust or
on deposit, and to invest or accumulate
the same at such rate of interest as may
be agreed on, or to allow suoh interest
thereon as may be agreed on; shsll have
power to accept and execute all such
trusts of every description as may be
committed to them by any person or
persons whomsoever, or any corporation,
or may be committed or transferred to
them by order of any Court; and shall
have power to take and accept by grant,
assignment, transfer, devise, or bequest,
and hold any real or personal estate on
trust created in accordance with the laws
of this State, and execute in such legal
trusts in regard to the same, on such
terms as may be declared established or
agreed upon in regard thereto.
SEC. s. That the business and corpo-
rate powers of said Company shall be
exercised by Board of not less than
five Directors, who shall elect from their
number President, and may declare by
bylaws what number of Directors shall
be quorum for the transaction of busi-
ness.
SEQ. 6. That Robert Benson, Charles
Bush. G. G. Leary, John Berry, d. d.
Leary, named in the first Section of this
Act, 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 Compaoy, at
such times and places, aud for such
amounts as they, or e majority of them.
shall deem proper. but for no less amount
of subscription than one hundred thou
sand Zoo, ,000) dollars, as hereinbefore
provided. The Directors of said Com
pany shall be elected by majority in
interest OF the stockholders of said Com
pany voting at an election to be held
under the inspection OF said Commits
sioners, ut such place as they may desig-
nate, within twenty days from the closing
of tue subscription called for by them,
and on the first Monday in February in