The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1871-05-03

SEC. z. All acts and parts Of acts
inconsistent with this act are here-
by repealed.
Approved March 7th, 1871.
AN ACT TO AMEND AND EXTEND
THE CHARTER OF TIE PLANTERS
AND MECHANICS BANK OF SOUTH
CAROLINA, AND FOR OTHER PUR-
POSES THEREIN NAMED.
Whereas tho capital Of the
Planters and Mechanics Bank Of
South Carolina has been reduced
by losses from ono million of dol
lars to ono hundred thousand dol
lars, whereby tho shares, original
ly worth twenty-five dollars each,
are, at tho present timo, worth in
reality, but two dollars and fifty
cents each, and tho president and
directors Of tho said bank have pc
titioned for leave to consolidate
their said shares at that rato, so
as to bring them up to their origi-
nal par value:
SECTION 1. Be 1t enacted by the
Senate 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 tho board Of directors of tho
said bank be, and they arc hereby,
authorized, to consolidate tho
shares Of tho said bank, by calling
in their said shares, and issuing
one share Of tho par value Of twen-
ty fivo dollars for every ten of
their present shares, SO that the
number of shares shall be reduced
from forty thousand to four thous-
and Provoked, hovcver, That the
said bank shall, at the request Of
stockholders now holding loss than
ten shares, redeem the said shares
ut tho rate Of two dollars and fifty
cents per share.
SEC. 2. That the said board of
directors, before reducing and con-
solidating the said shares, shall
give at least thirty days public
notice, in one or moro Of the ncws-
papers Of the City of Charleston,
of their intention so to consolidate,
reduce and redeem the stock of
the said bank, and, from and after
the day fixed and SO publicly no.
tilted for the said consolidation,
reduction and redemption of the
said shares, Nd one shall be con-
sidcrcd or held to be Il stock h older
of the said bank who has not re-
ccivcd now certificate for the
consolidated shares at twenty-five
dollars share: Provided, at'Oays,
That tho holder Of any number Of
original shares under ton shall be
ut liberty to sell and assign the
samo to whomsoover he may
choose, by endorsement upon the
certificate held by him, which en-
dorscmcnt shall, without transfer
at the bank, cntitle the assignee
to demand tho redemption Of the
said shares or tho consolidation of
them, wherever he has acquired
or holds ten or more shares, at the
price or rate as in the first section
Of this act provided.
SEC. 3. The said board Of direc-
tors arc hereby further authorized
and empowered from time to time,
TO increase the number of shares
and the capital Of tho said bank at
any time after thirty days notice
of their intention so to do, pub
lishcd in ono ar more of the nows.
paper of tho City of Charleston,
to number not exceeding in tho
whole twenty thousand shares,
each share to DO Of the par value
Of twenty-five dollars, and to open
books Of subscriptions for such ad-
ditional shares, under such regu-
lations as they shall prescribe /:
Provided, al,oags, That tho stock
holders shall havo preference in
subscription to the increased stock,
in proportion to the amount then
hold by thom.
SEC. 4. The said bank is hereby
further authorized to receive de-
posits, in such sums and at such
times as tho board Of directors
may state, by public ADVERTISE
ment, and pay the samo with q
stipulated rate Of interest upon
thom, at stated periods, tho inter
ost to be paid in money, or to be
placed Mt tho credit of said depos,
itors, upon tho samo terms and
conditions as the original deposits.
SEC. 5. The present charter Of
tho bank is hereby altered and
amended, as in tho previous sec
tions OF this &C: is provided, and
in all other respects tho said char.
ter 10 hereby confirmed as if those
provisions had boon originally in
corporatod in the said charter, and
tho said charter is also extended
for q poriod of twenty.ono years
beyond its present termination.
SEC. 6. That all other powers
heroin conferred upon tho board
Of directors Of tho Planters and
Mechanics Bank be, and tho same
are hereby, conferred upon the
board Of directors of tho bank
known as the Union Bank Of South