The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-05-10

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= AN Ac9To INCORPORATES THE SWINGS
!. Bu11DIse All. LoAaiAs soor1T 1TloN Of
j! ssouFH cAsoItNA., J RS
3 sEorlos !. Be Il enacted by the Sen:
ate and House. Of Representatives Of ths
State of South Carolina, now met and
sitting, ip General Assembly, sndby the
{ authority of.the, same; That 4 K.
I saspOrtas, Al. Ransier, F. H. Frost,
i w. Il. Jones, Jr., s. A. Swails, B, A.
Bosemou, Jr., NJ. j.. Hirsch, ", B.
Nash, T. D. Mcdowell, W; Whippef;
~. II. Rainey, and Luoius Wimbnsh,
together with such other, persous, Who
now are, OF hereafter may be, associated
j with them, be, and they are hereby,
Incorporated and declared o, body politic
and corporate, under the name and style
of "saving, Building aud Loan Assccia-
tion 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 per-
sonal property.
| SEQ. z. That the.eapital Of said cor
poration shall be twenty Eve thousand
dollars. and consist of twenty-five (253
shares, to be paid in successive weekly
instalweEss Of suo dollars 90 each share
SO long as tie corporation shall continue,
or by such other. oontribusions7asshai
be assessed and requitedl BY az gpani--
4 nous vote Of all the shareholders ;
the shares to be held, transferred, ,
assigned aud pledged, aud also, to be
liable to be forfeited to the corporation,
and the holders thereof to be subject TO
4 such fines and forfeitures, for violation
of the Constitution, Rules and By
| Laws, aud or default Of payment Of the
said contribution, as may be prescribed
by the Constitution, Rulrs, and By
Laws of said corporation and, moreover,
the said shares to be disposed Of at the
death, resignation or removal from the
State of any shareholder, in such manner
as may be prescribed by the said Con-.
stitution, Rules and By Laws.
SEC. 8. That the said corporation
shall have such number aud succession
Of officers and members as shall be Or
daiped and chosen according to the Con-
stitutioa, Rules aud Bylaws as are not
repuguaut to the Constitution and laws
Of the land shall have and keep com
n.ou seal, and alter tie came at will
shall sue aud be sued, plead and be i'm
pleaded, in sny Court Of law and equity
in this State and shall have aud enjoy
every right and privilege incident and
belonging to corporate bodies.
SEC. 4. That the funds OF the said
corporation may be invested in such
property, real or personal, and securities
public or private, loaned to shareholders
aud members, or other persons or corpo-
ratious, on such securities, in such mode
on such terms, under such conditions,
and subject to such regulations; as may
be, from time to time, prescribed BY the
Constitution, Rules and By Laws Of the
said corporation and that it shall and
mag be lawful for the said corporation
to take aud hold such lands, tenements,
hercditaments, and personal property,
bonds, stocks, public and private, and
chooses 10 action, as they shall acquire BY
purchase, devise, bequest, gilt, assign
,neut, Or otherwise; to take aud hold
such lands, tenements, hercdiiaments
aud personal property, ana such stocks
and bonds public or private, or chooses
in aetiou, as shall be mortgagea, convey
ed, assigned or pledged to it by way of
security upon its loans or advances, or
purchased at sales thereof, and to sellf
alien, transfer, or otherwise dispose OF
the same, as, from time to time, the said
corporation may deem e1pedicut.
SEC. s. That semi-aunually, on the
FRS, days Of January and July, there
shall be divided amongst the Sock
holders Of said corporation the PROFITS
accruiug from the investment.
Sec. 6. That this Act shalt be taken
and deemed a public Act, and that the
same may be given in evidence, without
being specially pleaded
Approved 2S.b Of February, a. D.
1871.
Az Acf 10 KELINouIsH ALL THE RIuHt,
TITLE AND INTEREST OF THE STATE
oP SOUTH CAROLINA IN, AND. TO
CERTAIN REAL ESTATE WHEREOF ONE