The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-04-12

sane a tieir p5leaassae.i4 pleaasure.i aP4d make make and
establish such bylaws and regulations,
and snch alterations and amendments
thereof, not in Conflict with the Consti-
tntion' aud lnws of this State, OF Of tic
United States. MS they shall deem proper.
$50. 8: That the capital stock Of tile
said corporation shall be twenty thou
eand dollnrs, with the right to increase
the same by the vote of o minority Of The
Directors, to any sum not exceeding one
million dollars; that tue said corporation
shall commence business within sixty
days after its capital stock shall have
been subscribed. and the stock may be
paid either in money, real estate, mining
leases. machinery or any other kind Of
property, the same to be divided into
snct number Of shares as the said oorpo-
ration may determine, and tile shares to
be asSignabfe md negotiable under
suoh rules as the said corporation mny
prescribe.
Z SEQ. 4. That there shall be annual
meetings Of the Stockholders, at such
time and plnce as they may designate,
for the purpose of choosing Bourd Of
Directors, to consist of not less than
three nor more than nine, each of whom
shall be Stakeholder, nnd President
and other officers OF said corporation,
who may be members of the snid Board
ot.Drecsors, to manage their nffairs.
SEC 5. That the said corporation shall
keep an office ut their principal mino in
Chesterfield County, which, for all judi-
cial purposes, shall be deemed their
location; and also one in Philadelphia, or
New York. if they choose, and all meet
ings OF the Stockholders and Directors
may be held at such places, in or out Of
tho State. as may bo directed by the by
lnws of the said corporation.
SEC 6. That the said corporation shall
have nll the rights and privileges granted
by law to other Gold Mining Companies
IN this State, and all the property. real
and personal, of the said corporation
shall be linble for their debts. and the
private property of the Stockholders
shall be lia' le for the debts of the said
corporation to the amount of stock sub
scribed by them respectively, and not
actuaily.paid in money or in property, at
the time of the commencement of the
suit against them.
SEQ 2. That the said corporation shall
have legal existence from the time of
the passage of this Act, and this Act
shall continue,in force for the term of
thirty years from and after the time OF
Its passage, and the privileges and fran
chises granted by this Act shall not be
Withdrawn during that term.
Approved March z, A. d. 1871.
AN ACT TO INCORPORATE THE SAVING,
BUILDING AND LOAN ASSOCIATION or
SOUTH CAROLINA.
. !
SECTION l. Be ii enacted by the Senate
and House of Representatives of the
State OF South Carolina, now met and
sitting IN General Assembly, and by tue
authority Of the same. That r. K. S,s.
portas, A j. Ransier, +. 81. Frost, ".
Il. Jones, Jr., s. A. Swals, 3. A. Bose
mon, Jr.. NJ. j. Hirscb, W. B. Nash, T.
D. Mcdowell, w. J. Whipper, J. H.
Rainey and Lncius Wimbusb, together
with such other persons who now are, or
hereafter may be, associated with them,
be-, and they are hereby. incorporated
and declared body politic and corpo.
rate, under the name aud style Of .'lhe
Saving, Building and Lonu Association
OF South Carolina" for the purpose of
buying nnd selling real and personal
property, and making loans OF money,
secured by mortgages of reul and per
sonnl property.
SEC. 2. Thnt the capital of said corpo-
ration shall be twenty five thousand dol
lars, aud consist of twenty i've 1851
shares, to be paid in successive weekly
lnstalments Of two dollnrs on each share
so loug as tho corporation shall continue,
or by such other contributions as slnlll
be assessed and required by unanimous
vote of all the share oliers; 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 subirct to such
lines and forfeitures, for violation of the
Constitution. rules and bylaws, and for
default OF payment of the said centribu-
tion, as may be prescribed by the Consti-
tuition, rules and bylaws of sai.i corpo-
ration; and, moreover, the said shares to
he disposed of, at the death, resignation
or removal from the State Of nny share.
holder. in snch manner as may be pre-
soribed by the said Constitution, rules
and by laws. A
SEC. 8. That the said corporation
shall have such number and succession
OF officers and members as shull be or.
dained and chosen according to the Con.
ssitntlon, rules and bylaws rs are not
repngnant to the Constitution and laws
nf tIa land. ho1I 4