Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1871-06-01
AN ACT to Incorporate the Sataa'g,
Bsazding and Loan Association Of
,oo1h Carolina.

AN ACT to Incorporate the Sadaaag,
Bailding and Loan Association ot
South Carolina.
SECTION l. Be 1t led by the
Senate and House of presentatives
of the State of South Carolina now
met and sitting in General Assembly,
and by the authority Of the same,
That T. K. Sasportas, A. j. ,Ransier,
F. II. Frost, W. II. Jones, Jr., s. A.
Swails, B. A. Bosemon, Jr., M. j.
Hirsch, w. B. Nash, T. D. Mcdowell, !,
w. j. Whipper, ]. H. Rainey and
Lucius Wimbush, together with such
other persons who now are, or here
after may be, associated with them,
be, and they are hereby, incorporated
and declared body polite and cor
porate, under the name and style OF
the Saving, Building and Loan AS
sociation of South Carolina" for the
purpose of buying and selling real
and personal property.
Sec. 2. That the capital of said
corporation shall be twenty-five thou
sand dollars, and consist of twenty
FIVE (25) shares, to be paid in success
sive weekly installments of two dol
lars on each share, so long as the cor
poration shall continue, or by such
other contributions as shall be assess
ed and required by an unanimous
vote of all the shareholders, the said
shares to be held, transferred, assign
ed and pledged, and also to be liable
to be forfeited to the corporation, and
the holders thereof to.be subject to
such fines and forfeitures for viola
ton of the constitution, rules and
bylaws, and for default of. payment
of the sid contribution, as may be
prescribed by the constitution, rules
and bylaws of said corporation; and,
moreover, the said shares to be dis
posed of by death, resignation or re-
moval' from the State of any share
holder, in such manner as may be
prescribed by the said constitution,
rules and bylaws.
SEC. 8. That the said corporation
shall have such number and success
sion OF officers and members as shall
be ordained and chosen, according to
the constitution, rules and bylaws,
as are not repugnant to the Constitu-
ton and laws of heland; shall have
and keep common seal, and alter
the same at will shall sue and be
sued, plead and be impleaded, in any
Court of law or equity in this State ;
and shall have and enjoy all and ev-
cry right and privilege incident and
belonging to corporate bodies. 90
SEC. 4. That the funds of the SAID
corporation may be invested in such
property, real or personal, and secu-
rites, public or private, loaned to
shareholders and members, or other
persons or corporations, on such Sc
curities, in such mode, on such terms,
under such conditions, and subject to
such regulations as may be, from time
to time, prescribed by the constitu-
ton, rules and bylaws of the said
corporation; and that it shall, and
may be, lawful for the said corpora
tion to take and hold such lands, ten.
ements, hereditaments and personal
property, bonds, stocks, public and
private, and chooses in action, as they
shall acquire by purchase, devise, be-
quest, gift, assignment or otherwise,
to take and hold such lands, tene-
ments and personal property, and
such stocks and bonds, public or pri-
vate, or chooses in. action, as shall be
mortgaged, conveyed, assigned or
pledged to, it, by way Of. security
upon it's loans or advances; or pur-
chased at sales thereof, and to sell,
alien, transfer, or otherwise dispose
of the same, .as, from time to time,
the said corporation may deem eGpes
dent. 1v sieggGfs az
SEC. 5, That, semi annually, on the
first days ofsJanuary and July, there
shallbe divided, amongst the stocks
holders of the said corporation, the
profits sucriipg from the Investment.