The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-07-08

EPStty, or Wy conSeyaDce OF the same, 70
their members aud stockholders, by the
name and style of the "Cepital Build
ing and Loan Association, of Columbia"
the capital stock of which shall consist
of one thousand shares, to be paid in by
successive monthly installments of one
dollar on each share, SO long as the cor
poration shall continue, the said shares
to be held, transferred, assigned and
pledged, aud the holders thereof to be
subject to such fines and forfeitures for
defaults in their payments, according to
such regulations as may be prescribed by
the bylaws of said corporation.
SEC. 2. That the said corporation
shall have power and authority to make
any such rules and bylaws for its gov
crnment as are not repugnant to the
Constitution and laws of the land; shall
have such number and succession Of
members and officers us shall be ordaided
and chosen according to their said rules
and bylaws. made or to be made by
them shall have and keep common
seal, and may alter the same at will
may sue and be sued, plead and b, i'm
pleaded, in any court of law or equity in
this Ttatc; ard shall have and enjoy all
and every right and privilege incident
and belonging to corporate bodies, &C.
cording 70 the laws of the land
SEC. 3. That the said corporation
shall have power to take, purchase, and
hold real estate, and to sell and transfer
the same from time to time to its men,
bers, on such terms, and under such con-
ditions, and subject to such regulations
as may be prescribed by tie rules and
bylaws of said corporation shall not at
any time exceed tho value of two hun
dred thousand dollars.
Sec. 4 That the funds of said cor
porntion shall be loaned and advanced to
the members and stockholders, upon the
security of real and personal estate; and
used in the purchase of real estate for
the benefit of its members and stock
holders, on such terms, and under such
terms, and under such conditions, and
1. !. aahjjscs % 6 such regulations as may fronl
time to time, be prescribed by the rules
and by laws of said corporation and it
shall be lawful for the said corporation
to hold such lands, tcnemcnts, her.dita-
mcnts and personal property as shall be
mortgagcd or conveyed to them, in good
faith, by way Of security, upon its loans
and advances; and may sell, alien or
otherwise dispose of the same, to it's
members and stockholders only, as they;
from time to time, may deem expedite mt.
SEC. 5. That whenever it shall occur
that the funds of the said corporation
shall remain unproductive and uncalled
for, for the space of two months, the COR
poration shall have power to loan what
ever amount may be thus on hand, to
others than stockholders aud members,
for such time and at such rates of inte-
rest as may be established by virtue Of
such rules aud bylaws as may be made
by said corporation.
SEC. 6. That whenever the funds of
said corporation shall have accumulated
to such an amount that, upon fair and
division thereof, each stockhoder and
member shall have received, or be enti-
tied to receive, the sum of two hundred
dollars, or property of that value, for
each and every share of stock by him or
her so held, and such distribution and
division of she funds shall have been so
made, then this corporation shall cease
and determine. This act shall be deem
ed public act, and that the same may
be given iii e'iuuiico ".,..os.v ars,.-..,
pleading the same: Provided, That said
corporation shall have all the rights, and
be subjec, to all the liabilities provided
in the act to regulate the formltiop of
corporations, passed December 10, 1870.
Approved March 8, 1871.
An act to amend an act entitled "an act
to rrgise, simplify and aJridge the
rules practice, pleddings and forms Of
The Courts in this State"
SECTION /. Be IL enacted by the
Senate and House of Representatives of
the State of South Carolina, now met
! ,nd e;,,;,x - nono.o1 k....,li