The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-05-13
OFFICIAL.
Acts and Joint Resolutions
Passed by THE LegisIature---
RcssseHs 1870 ana Es7l.

An Act to Incorporate The Sdvings, Build-
ing and Loan association Of Sonth
Caroline.
SECTION 1. Be il enacted by the SEN
sse aud House of Representatives of the
State of South Carolina, now met and
sitting In General Assembly, and by the
aathority of the same, That 4. K. Sas.
portas, A. J. Ransier, r. H. Frost, w.
H. Jones, Jr., 8. A. Swails, b. A. Bose
mon, Jr., M. j. Hissch, W. B. Nash,
7. d. Mcdowell, WI Whippcr, j. HI.
Rainey and Lucius Wimbusb, together
with such other persons who now are, or
hereafter may be, associated with them
be, aud they are hereby, Incorporated
and declared body polite and corporate,
under the name and style of the Saving,
Building and Loan Association of South
Caroliua," for the purpose of buying and
selling real and personal property, and
making loans of money, secured by mort
gage of real and personal property.
SEC. 2. That the capital Of said cor
poration shall be twenty-five thousand
dallars, and consist of twenty-five (25)
shares, to be paid in successive weekly
insta.lments of two dollars on each share
so long as thr corporation shall continue,
or by such other contributions as shall be
assessed and required by an unanimous
vote Of all the shareholders, the said
shares to be held, transferred, assigned
and pledged, and also to be liable to be
forfeited to the corporation, and the hol-
ders thereof to be subject to such fines
and forfeitures for violation of the consti-
tuition, rules and bylaws, and for default
of payment of the said contribution, as
may be prescribed by the constitution,
rules aud bylaws of said corporation;
and, moreover, the said .hares to be dis
posed of at the death, resignation or
removal from tho State of any sharehol-
der, in such manner as may be prescri.
bed by the said constitution, rules and
by laws.
Sec. 3. That the said corporation shall
have such number and succession of
officers and members as shall be ordained
and chosen, according to the constitution,
rules and bylaws, as arc not repugnant
to the Constitution and laws Of the land;
shall have and keep common seal, and
alter the same at will; shall sue and be
sued, plead and be implcaded, in any
Court of law or equity in this State; and
shall have and enjoy all and every right
and privilege incident and belonging to
corporate bodies.
SEC. 4. That the funds of the said cor
poration may be invested in such proper
ty, real or personal, and securities, public
or private, loaned to shareholders and
members, or other persons or corpora
tions, on such securities, in such mode,
on such term9 under such conditions,
and subject to such regulations us may be,
from time to time, prescribed by the con-
stitution, rules and bylaws of the said
corporation; and that it SHALL and may
be, lawful for the said corporation to
take and hold such lands, teuements,
hereditnments and personal property,
bonds, stocks public and private, and
chooses in action, as they shall acquire by
purchase, devise. bequest gift, assign
ment or otherwise, to take and hold such
lands, tencments, hereditaments and per-
sonal property, and such stocks and
bonds, public aud private, or chooses in
action, as shall be mortgaged. conveyed,
assigned or pledged to it, by way of
security upon its loans or advances, or
purchased at sales thereof, and to sell,
alien, transfer, or otherwise dispose of
the same, as, from time to time the said
corporation may deem expedient.
SEC. 5. That. scmi-anually, on the first
days of January and July, there shall be
divided, amongst the stockholders of the
said corporation, the profits accruing
from the Investment.
SEC. 6. That this Act shuIl be taken
aud deemed public Act, and that the
same may be given in evidence without
being specially pleaded. ;.
Approved February %, 1871,