The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-04-25

An Act to incorporate the Saying, Building
and Loan Association of South Carolina.
SECTION /. Be Il enacted by the Senate aud
House Of Representatives, Of the State Of South
Carolina, now met and sitting in General As
sembly, and by the authority Of the same:
That T. Z. Sasportas, A. ]. Rausier, F. H.
Frost, W. a.. Jones. Jr., 9. A. Swsils, b. A.
Bosemop, Jr., N. J. Hirsch, ". B. Nash, L. D.
Mcdowell. ". ]. Whipper, J. 4. Rai1ey, and
Lrcius Wimbu IN. together with such other
persons who now are, or hereafter may be, as.
sociatod With them, be, and they are hereby,
Incorporated and declared q body polite and
corporate, under The name and style of THE
Saving, Building and Loan Association of
South Carolina" for the purpose OF buying
and selling real and personal property, and
making loans Of money. secured by mortgages
of real and personal properly.
SEC. 2 That the capital Of sail corporation
shall be twenty-five taousand dollars, and CON.
sist o. twenty-five 49, shares; to be paid in
successive weekly instalmsnts OF two dollars
on each share 80 long as the corporation. shall
continue, or by such other contributions as
shall be assessed and required by In urani-
shares to be held, transferred, assigned and
pledged, and, also, 70 bs liable TO be. forfeited
TO the corporation, aud the holders thereof to
be subject to such anes and forfeitures, for
violation Of the constitution, rules add by
laws, and for default Of payment Of the said
contribution, as may be prescribed by the con-
stitution, rules and bylaws OF said CORPORA
tioR; and, moreover, the said shares to be dis
posed'of at the death, resignation or removal
from The State Of any shareholder, in such
manner as may be prescribed by the said. con-
~sttutiop, rules and bylaws.
Sec. 8. That the said corporation shall have
such number and succession OF officers and
members Us shall be ordained aud cho..,n az
cording to the constitution. rules aud bylaws
as are not rapugnant to the constitution apd
laws of Inc land; shall have and keep a con-
mon seal, and alter tho same at will; shall cue
and be sued. plead and be implicated, IN any
court Of law and deputy in this State; and shall
have aud enjoy all and every right and privi-
leges incident and belonging to corporate
bodies.
SEC. 4. That the funds OF the said corpora
ton may be Invested in such property, real
or personal, and securities. public or private,
loaned to shareholders and members, or
other persons or corporations. on such. secur-
lties, in such mode, on such terms, under
such conditions, and subj ,s to SUCH
regulations rs may be, from time to time,
prescribed by the constitution, rules and hS.
laws Of the said corporation; aud that 1t shall
aud may be lawful for the said corporation to
take aud hold such lands, tenemenss, 'heredita-
ments, and personal property. bouds, stocks.
public AMI private. and chosss 10 action, as
they shall &C 1uirc oy purchase, devise, b 'qu est.
gif6, assignment, or otherwise; to take AID
hold such lands, tenements, Embellishments and
personal property, and such stocks and bonds.
public or private, or chooses in action, as shall
be mortgaged, conveyed, assigned or pledged
to it by way OF security upoa its loans or i'd
varces, or purchased at sales thereof, and to
sell, aiel, transfer. or otherwise dispose of
the same, as, from tune to time, the said cor
p~ozation may deem ~e1pedieut.
SEC. S. That ~sem;-annually, "a the fret days
Of January and July, there shall be divided
'amongat the Stockholders OF said corporation
the profits accruing from the investment.
SEC. 6. That this act shall be taken and
deemed a public at, and that the same may
be given in evidence, without being specially
pleaded.
Approved 18th of February, A. D. 1871.