Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1871-03-23

AN ACT to Incorporate the South Car
oliea Saeing and Building Assoc'a-
ton, No. 2.
SECTION l. Be it enacted by the SEN
ate and House Of Representatives of the
State of South Carolina, now met and
sitting in General Assembly and by
the authority Of the same, That G. D.
Brahe, c. Plenge, J. Steiber, R. lssertel,
Henry E. Eckel, M. Israel. A. Tieen-
fthal, E. F. Benedickt, Phillip Meitzler,
John Rugheimer, A. w. Eckel, Charles
Litschgi, A. Niemann, Edward Pills,
L. Klein, A. Litschgi, John M. Martin,
]. H. Vollers, Roessler F, Hertz, and
G. O. Michaels, together with such 9TH
er persons who now are, or hereafter
may be, associated with them, be, and
they are hereby incorporated and de-
clared a body polite and corporate, un-
der the name and style Of South Caro-
lima Saving and Building Association.
No. 2, for the purpose Of buying and
selling real and property, personal and
making loans of money, secured by mort
cages Of real and personal property.
SEC. 2. That the capital stock of the
said corporation shall consist of thirty
shares, to epaid in by successive week.
ly instalments of two dollars on each
share, so long as-the corporation shall
continue, or BY such other contributions
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 be subject
to such fines and forfeitures for viola
ton of the Constitution, Rules and By
laws and for. default Of payment of the
said contribution as may be prescribed
by the Constitution, Rules and Bylaws
of the said corporation, and, moreover,
the said shares to be disposed of at the
death, resignation or removal from the
State of any share holder, in such man
ner as may be prescribed blythe said
Constitution, Rules and Bylaws.
| Sec. 8. That the said corporation
shall have such number and succession
of officers and members as shall be Or
dained and chosen according to the con-
stitution, Rules and Bylaws made, or
to be made, by the said corporation for
it's government, and shall have power
and authority to make any such Con-
stitution, Rules, or Bylaws as are not
repugnant to the Constitution and laws
of the land; shall have and keep a
common seal, and alter the same at will,
shall sue and be sued, plead and be i'm
pleaded in any Court Of Law or Equity
in this State, and shall have and enjoy
all and every right and privilege Incl
dent and belonging to corporate bodies
| Sec. 4. That the funds of the said
corporation may be invested il such
property, real or personal, and securi-
ties, public or private, and loaned to
shareholders and members or other per-
sons or corporations, on such securities
in such mode, on such terms, under
such conditions, and subject to such reg
ulations, 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
tenements and hereditar9ents, and per.
sonal property, bonds, stocks, public
or private, and chosesin action, as they
shall acquire by purchase, devise, be.
quests, gifts, assignments or otherwise
and to take and hold such lands, tene.
ments, hereditaments and personal prop.
erty, and such other stocks and bonds
public or private, or chooses in action
as shall be mortgaged, conveyed, assign.
ed or pledged to it by way of security
upon its loans or advances or purchase
at sales thereof, and to sell, alien, trans
fer, or otherwise dispose Of the same
from time to time, as the said corpora
ton may deem expedient.
Sec. 5. That Immediately after the
expiration Of ten years from the pres
ent time, the assets of ;he corporation
shall be fairly and Justly o.vided among
the stockholders and members thereof
and upon this distribution and division
then this corporation shall cease aid de-
termine.
SEC. 6. That this Act shall be taken
and deemed public Act, and that the
same may be given in evidence, with
out being specially pleaded.
! Annrnued Fehrnarv IL 1879