Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1871-06-23

ken notice of as such, without special plead
| ing, and literally construed for carrying the
purposes aforesaid into effect, for tho term of
thirty five years, and to tie sitting of the
next General Assembly thero,fter.
Approved March 8, 1871
An Act to amend and Extend the Charter of
the Planters and Mechanics Bank of South
Caroline, and for Other Purposes Therein
Named.
Whereas the capital Of the Planters and
NJ echanics' Bank of South Carolina has been
reduced, by losses, from one Million of dol.
lars, whereby the shares, originally worth
twenty five dollars each, are, ut the present
time, worth, in reality but two dollars and
fifty cents each and President and Directors
OF the said Bank have pctitioaed for leave 70
consolidate their said shares at that rate, 50 as
to bring them up to their original par value ::
SECTION |. BE It 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 the Board of Directors of the said
Bank be, and they are hereby, authorized to
consolidate the shares of the suid Bank, by
calling in their said shares, and issuing one
sharo of the par value of twenty-five dollars
for every ten Of their present shares, so that
the number of shares shall be reduced from
forty thousand to four thousands Provided,
however, That the said Bank sIall at the re-
quest of stockholders now holding less than
ten shares, redeem the said shares at the rate
of two dollars and fifty cents per share.
SEC. 9. Tint the said Board Of Directors
before reducing and consolidating the said
shares, shall give at least thirty days public
notice, in one or more of the newspapers Of ,he
city of Charleston, of their intention so To
consolidate, reduce aud redeem the stock
OF the said Bink; and from and after tho day
fixed and SO publicly notified for the said con
soidation, reduction and redemption of the
said shares, no one shall be considered or held
to be stakeholder Of the said Bank who has
not rccciveded new certificate for the con
solidatcd shares at twenty five dollars per
shares: Provided, always, That the holder
OF any nnmD.r of original shares under ten
shall be at liberty to sell and assign the same
to whomsocvcr he may slloosc, by endorse
mcnt npun the certiic, tie held by him, which
endorsement shall, without transfer ut the
Bank, cnttlc the assignee to demand the re.
dcmp,ion of the said shares or the consoida.
ton of them, whenever he has acquired or
holds ten or more shares, at tho price or rate
as in the first Section of this Act provided.
SEC 3. The SAID Board of Directors are
hereby further authorized and empowered,
from time to time, TO increase the number
of shares and the capital of the said Bank at
any time after thirty days no'ic, OF their in.
tention SO to do, published in one or more
of the newspapers Of the city of Charleston,
to number not exceeding in the whole TWEEN
ty thousand shares, each share to be of the
PR value of twenty five dollars, and to open
books of subscriptions for such additional
shares, under such regulations MS they shall
prescribe; Provided, always, That the stock
holders shall have preference in subscription
to the increased stock, in proportion to the
amount then held by them.
81 4. The said Bank is hereby further
authorized TO receive deposits, in such sums,
and at such times. as the Board Of Directors
may state, by public advertisements, and pay
the same, with "A stipulated rate t interest
upon them, at stated periods. the interest to
be paid IN money, or to be placed at the cred
it of said depositrrs upon the same terms and
conditions as the original deposits
SEC. 3. The present charter Of the Bank
Is hereby altered and arne ndcd, as in the pre-.
vious Sections of this Act is provided, and
in all other respects the said charter is hereby
also extended Tor period Of twenty one years
beyond its present termination.
SEc 6. That all oahcr powers herein con,
fcrrcd upon the Board Of Directors of The
Planters and Mechanics Bank be, aud the
s'mc are hereby, conferred upon tho Board
Of Directors of the Bank known as the Union
Bank of South Carolina, which charter is also
hereby amended and extended in the same
manner, and that they shall have the same
powers rs arc herein conferred
SEC I. That the charter of the Peoples
Bank Of South Carolina tc, and the same is
hereby, renewed for the term of twenty one
years from aud after the sixteenth day of Dc
cember, which shall be in the year of our
Lord one thousand eight hundred and seven.
three
SEC s. That the said Bank, during said
term of twenty,onc years, shall enjoy, all the
privileges, rights, powers, mmnnitics and
benefits which it now enjoys under the exist
ing charter of said Bank.
SEC g. That this Act shall ho doomed n