The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-05-04
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Passed ,66y The: Leg ,irs Session 1870

Il EsdsSea s6y The: Legfs!d dtNr6- Session 1870
a s. and u
NAOT TO AMEND AND ExTRND THE CHAR
TER FsTHE PhANTERs AND MECHANICS
laS5 BANK OF SOUTH CAROLINA, land FOE
w OTHER PURPOSES THERRM NAMED.
Whereas the capital Of the Planters
and Mechanics Bank of South Oarolina
has been reduced, by losses, from one
million of dollars to one hundred thou.
sand dollars, whereby the shares, origin.
ally worth twenty-f five dollars each, are,
at tho present time, worth in reality but
two dollars and fifty cents each; and the
President and Directors Of tho said
Bank have petitioned for leave to conso-
lidate their said shares Mt that rate, so
ns to bring them up to their original pnr
value:
SECTION l. BE ii enacted by tho Senate
and House of Representatives of the
State Of South Cnroliun, now met and
sitting IN General Assembly, and by tho
authority Of the same, Tint tho Board
OF Directors Of tho said Bank be, and
they arc hereby. authorized to consoli.
date the shares Of the said Bank, by
calling in their said shares, and issning
Que share Of tho par value Of twenty. i've
dollars for every ten of their present
| shares, so that the number Of shares
shall DO reduced from forty thousand to
four thousand: Proridetl, honerer, That
the said Bunk shall, ut the request Of
stockholders now holding less than ten
shares, redeem the sais! shares at the rate.
of two dollars and fifty cents per share
SEC. 2. That the said Board Of Direct
ors, before reducing and consolidating
the said shares, shall give ut least thirty
days public notice, III one or moro OF
tho newspapers Of the city Of Charles
ton, of their intention SO to ccnsolidnte
reduce md redeem the stock of the snitl
Bank; md, from and after the day fixed
and SO publicly notified for the said con
solidntion, reduction and redemption of
the snid shares, no one shnIl be cunsi,l-
cred or held to be Il stockholder Of the
said Bank who has not received new
certificate for the consolidated shares ut
twenty-five dollars per Sltnre: Proritle,l
dttcdys, That the holder Of any nun Der
Of original shares under ten shall he at
liberty to sell and assign the samo to
whomsoever lie may choose, by endorse
mcnt upon tho certificate held by him,
which endorsement shall, without trans
fer at the Bank, cntitle tho assignee to
demand the redemption Of tho said
shares or the consolidation of them
whenever he has acquired or holds ten
or moro shares, at the price or rate Us in
the first section of this Act provided.
SEC. 3. The said Board Of Directors
arc hereby further authorized and em
powered, from time to time, to increase
the Dumber of shares and the capital Of
The 5nld Bank Mt any time after thirty
days notice of their intention SO to do
publ shed in ono or more Of the news
papers Of the city Of Charleston, to n
number not exceeding in the whole
twenty thousand shares, each share TO
be Of the par value Of twenty-five dol
lars, aud to open books of subscriptions
for such additional shares, under such
regulations as they shull prescribe: Pro
viietl. atcays, That the stockholders
shall have preference IN subscription to
the increased stock, in proportion to tho
amount then held by them.
SEC. 4. That said Bank is hereby fur
ther authorized to receive deposits, in
such sums, and ut such times, as the
Board of Directors may state, by public
advertisement, aud pay the same. with II
stipulated rate of interest upon them, ut
stated periods, the interest to be paid in
money, or to be placed at the credit Of
said lepositors, upon the samo terms
and conditions rs the original deposits
SEC .. The present charter of the
Bank is hereby altered and amended, rs
i'll the previous sections Of this Act is
provided. ard in all other respects the
said charter is hereby confirmed as if
those provisions had been originally in
corporated iD the said charter, nnd the
said charter is nlso extended for period
of tweniyone yenrs beyond its present
Termination.
SEC. 6. That MI other powers herein
conferred upon the Board Of Directors
OF tho Planters and Mechanics Bank
be, and the same are hereby, conferred
upon the Board Of Directors OF Tie Bank
known ns tho Union Bank Of South Ca.
rolina, which charter is also hereby
amended and extended! in the same man
ncr. and that they shall have the same
powers us are herein conferred.
SEC. {. That the charter Of the rco-
pies lIank Of Sonth Carolina be, and
the same is hereby, renewed for the
term OF lwenty-onc years from and after
tho sixteenth day of December, which
shall be in tic year Of our Lord ono
thousand eight hundred and seventy
three.
SEC s. That the sail Bank, during
said term Of twonty-onc years, shall en-.
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