The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-02-22
Acts and Joint Resolution
Faased BY tho Lezialaure--sessiou 1910
and 1871.
foFFIcLAL.1

EQ10o0 0y tho LeZfal0UFoe@SeSclO0 1870
and 1871.
foFFIcIAL.l
AN ACT Tc INCORPORATE THE SOUTH
CAROLINA SAVING AND BUILDING
ASSOCIATION, NO. 2.
SECTION i. BE it enacted by the Sem
ate aud House Of Representatives Of the
State of South Carolina, now met and
sitting in General Assembly, and by the
authority of the same, That e. D. Brahe
G: Plenge, j. Steiber, 4. Esseftel,
Henry e Eckel, NJ. Israel, A. Tieenf-
shal, E. =. Benedickt, Philip Meitzler,
John Rugheimer, "A. W. .Eckel, Charles
Litschgi, A. Niemann, Edward Pills
L. Klein, A. Litschgi, John M. Martin,
J. a. Vollers, Charles Roessler, F.
Heiuts, and C. o. Michaelis, together
with such other persons who now are,
or hereafter may be, associated with
them, be, and they are hereby, iucor-
porated ard declared body polite and
corporate, under the name and style of
the South Carolina Saving and Build
ing Association, No. 2, for the purpose,
Of buying and selling real and personal
and making loans Of money, Sc
cured by mortgages of real and personal
property.
Sec. 2. That the capital stock Of the
said corporation shall consist of thirty
shares, to be paid in BY successive
weekly instalmeuts of two dollars on
each share, so long as the corporation
shall continue, or by such other coutri-
buttons as shall be assessed and required
by an unanimous vote of all the share-
holders, the said shares to be held,
transferred, assigned and pledged, and
also to be liable to be forfeited to the
corporation, and the holders thereof
to Sc subject to such fines apd 'orfei-
lures for violation of the CO tuition,
Rules and Bylaws, and for default Of
payment of the said contribution as may
be prescribed by the Constitution, Rules
and By. Laws Of the said corporation,
and, moreover, the said shares to be
disposed of at tie death, resignation or
removal from the State of any share
holder, in such manner as may be pre-.
scribed by the said Constitution, Rules
and By. Laws.
Sec. 3. That the said corporation
shall have such number and succession
of officers and members as shall be or
dainsd and chosen according to the con-
stitutior, Rules and By-L made, or
to be made, by the said corporation for
it's government, and shall have power
and authority to make any such Conssi
tuition, Rules, or By Laws as are not re-
puguant to the Constitution and laws
Of the land l.; shall hsve and keep com
mon seal, and alter the same at will,
shall sue aud be sued, plead and be i'm
pleaded, in any Court Of Law or Equity
| in this State, and shall have and enjoy
all aud every right and privilege Incl
dent aud belonging to corporate bodies
SEC. 4. That the funds Of the said
corporation may be invested 10 such
property, real or personal, aud securities,
public or private, and loaned to share
holders and members or other persons
or corporations, on such securities, in
such mode, on such terms, under such
conditions, and subject to such regula
tions, as may be, from time to time,
prescribed BY the Constitution, Rules
and By Laws Of said corporation, and it
shall and may be lawful for the said
corporation to take and hold such lands,
teueuents and hereditaments, and per-
soual property, bonds stocks, public or
private, aud choses in action, as they
shall acquire by purchase, devise, be-
quests, gifts, assignments or otherwise,
and to take and hold such lands, tene-
ments, heredi.aments and personal pro-
perty, and such other stocks and bonds,
public or private, or chooses in action,
IS shall be mortgaged, conveyed, assign
ed or pledged to it by way Of security
upon its loans or advances or purchase
ct sales thereof, aud to sell, alien, trans.
fer or otherwise dispose Of the same,
from time to time, as the said corpora
tion may deem expedient.
Sec. S. That Immediately after the
expiration often years from the pre-
sent time, the assets Of the corporation
shall be fairly and justly divided among
the stockholders aud members thereof,
and upon this distribution and division,
then this corporation shall cease and
determine.
SEC. 6. That this Act shall be taken
and deemed q public Act, and that the
same may be given 10 evidence, without
being specially pleaded.
Approved February ii, 1871.