The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1871-04-13
Anoers,oll yntelligellter,
ACTS AND JOINT RESOLUTIONS
PASSED BY THE
LEGIsLATURE--SEssIoN 1870 AND 1871.
[OFFICIAL.l
PASSED BY THE


OF SOUTH CAROLINA, AND FOR OTHER PUR-
POSES THEREIN NAMED.
Whereas the capital Of the Planters and
Mechanics, Bank of South Carolina has been
reduced by losses from one million of dollars
10 one hundred thousand dollars, whereby the
shares, originally worth twenty-five dollars
each, are at the present time worth in reality
but two dollars and fifty cents each and the
President and Directors of the said Bank have
petitioned for leave to consolidate their said
shares at that rate, so as to bring them up TO
their original par value:
SECTION L. BE it enacted by the Senate and
House of Representatives of the State OF South
Carolina, now met and sitting IN General AS
semb1y, 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 said Bank, by calling in their
said shares, and issuing one share OF the par:
value of twenty-fv dollars for every ten of
their present shares, so that the number of
shares shall be reduced from forty thousand to
four thousand: Provided, howerer, That the
said Bank shall at the request, of stockholders
now holding less than ten shares, redeem the
said shares at the rate Of two dollars and fifty
cents per share.
Sec. 2. That the said Board of Directors, be-
fore reducing and consolidating the said shares,
shall give at least thirty days public notice, in
one or more of the newspapers 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 pub
licly notified for the said consolidation, 'reduc-
ton and redemption of the said shares, no one
shall be considered or held to be a stockholder
of the said bank who has not received new
certificate for the consolidated shares at twenty
FIVE dollars per share: Prorided, alacays, That
the holder Of. any number of original shares
under ten shall be at liberty to sell and assign
the same to whomsoever he may choose, by en-
dorsement upon the certificate held by him,
which endorsement shall, without transfer at
the Bank, entitle the assignee to demand the
redemption of the said shares or the consolida-
ton 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 g. The said Board of Directors are here
by 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 notice of their intention SO
to do, published in one or more of the newspa-
pers of the city of Charleston, to number not
exceeding in the whole twenty thousand shares,
each. share to be of the par value of twenty
five dollars, and to open books of subscriptions
for such additional shares, under such regula-
tions as they shall prescribe: Prorided, al;cdys,
That the stockholders shall have preference in
subscription to the increased stock, in proper
ton to the amount then held by them.
Sec 4. The said bank is hereby further au-
thorized to receive deposits, in such sums and
assach times as the Board. of Directors may
state, by public advertisement, and pay the
same with stipulated rate of interest upon
them, at stated periods, the interest to be paid
in money, or to be placed at the credit of said
depositors, upon the same terms and conditions
as the original deposit.
SEC. s.. The present charter Of the bank is
hereby altered and amended, as in the previous
Sections of this Act is provided, and in all
other respect, the said charter is hereby con-
frmed as if those provisions had beon original
" incorporated in the said charter, and the
said charter is also extended for period of
tweaty-ane years beyond its present termina-
ton.
: SEC. S. That all other powers herein con-
farred upon the Board Of Directors of the
Planters and Mechanics Bank, be, and the
same are hereby, conferred upon the 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 as are herein conferred.
SIC. T. That the charter of the Peoples
Bank of South Carolina be, and the same is
hereby, renewed for the term of twenty-one
years from and after the sixteenth day of De.
cember, which shall be in the year of our Lord
one thousand eight hundred and seventy-three.
Sec. S, That said bank, during said term of
tgsnty-one years, shall enjoy all the privileges,
rights, powers, immunities and benefits which
it now enjoys, under existing charter of said
bank.
SEC. 9. That this Act shall be deemed
public Act.
Sec. TO- That this Act shall not be construed
to exempt any of the banks named from State
OF municipal taxation.
Approved the 9th day of March, A. D. 1871.
AN ACT TO CREATE DEBT OF THE STATE OF
SOUTH CAROLINA TO BE KNOWN AS THE
STERLING FUNDED DEBT; TIE SAME, Oh THE
PROCEEDS THEREOF, TO BE EXcLUsIvELY
USED If EXCHANGE FOR, OR IN PAYMENT
or THE EXISTING PUBLIC DEBT, OF SAID
STATE.
SEcr1oN1. Be it enacted by the Senate and
House of Representatives of the State of South
Carolina, now met and sitting in General AS
That the Governor of the State be, and he is
hereby authorized to borrow, on the credit of
the State of South Carolina, a sum not exceed
ing one million two hundred thousand pounds
sterling; such debt to be represented by coupon
bonds; the same to bear six pounds per centum
per annum, interest, in gold, pabable in the
city of London, in England, and the principal
thereof to be redeemable and payable within
twenty sears from the passage of this Act, in
gold coin.
Sec. 2. Such debt, hereby authorized, shall
be known as the Sterling Funded Debt The
bonds to be issued in pursuance hereof shall be
signed by the Governor, and countersigned by
the State Treasurer, under the seal of this State
They may be issued in sums of not less than
one hundred pounds sterling. The coupons
attached to such bonds shall be signed by the
State Treasurer or executed in such manner as