The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-03-29
LAWS OF THE STATE
Acts and Joint Resolutions, Passed by
the General Assembly OF South Caro-
lina, Session OF 1S70+7l.
TOFFICIAL.1

GOFFlCIAL.
AN ACT TO AMEND AND EXTEND THE
CHARTER OF THE PLANTERS AND
MECHANICS BANK OF SOUTH CARO-
LIMA, AND FOR OTHER PURPOSES
THEREIN NAMED.
Whereas the capital Of the Planters
and Mechanics Bank of South Carolina
has been reduced by Losses from one
million of dollars to one hundred thou
sand dollars, whereby the shares, ori-
gipally worth twenty five dollars each,
are at the present time worth in reality
but two dollars and fifty cents each !; and
the President aud directors of the said
Bank have petitioned for leave to con-
solidate their said shares at that rate, SO
as to bring them up to their original par
value:
SECTION 1. Be 1t enacted by the Sen
ate and House of Representatives., Of the
State of South Carolira, now met and
sitting in General assembly, and by the
authority ofthe 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, aud issuing one share
of the par value of twenty-five dollars
for every ten of their present shares, SO
that the number of fshares shall be re-
duced from forty thousand to four thou
sand: Provided, honcecer, That the said
Bank shall, at the request Of stockhold'
ers now holding less than ten shares,
redeem the said shares at the rate OF
two dollars aud fifty cents per share.
Sec. 2. That the said Board OF Direc
tors, before reducing and consolidating
the said shares, shall give at least thirty
days public notice, iu one or more of
the newspapers of the city of Charleston,
of their intention SO to consolidate, res
duce and redeem the stock Of the said
bank, and, from and after the day fixed
and so publicly notified for the said
consolidation, reduction and redemption
of the said shares, no one shall be con-
sidered or held to be a stockholder of
the said bank who has not received a
new certificate for the consolidated
shares at twenty-five dollars per share
Procid7c1, al,cays, 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 endorsement upon the certificate held
by him, waich endorsement shall, with
out transfer at The Bank, entitle the
assignee to demand the redemption Of
the said shares or the 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 pro-
vlded
Sec. 8. The said Board of Directors
are hereby further authorized aud em-
powered, from time to time, to increase
the number of shares aud 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 news
papers Of the city Of Charleston, to a
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
regulations as they shall prescribe :
Pfora7e,l, al,odys, That the stockholders
shall have preference ir subscription to
the increased stock, 10 proportion to the
amount then held by them.
Sec. +. The said bank is hereby
further authorized to receive deposits,
i'll such sums and at such times as the
Board of Directors may state, by public
advertisement, and pay the same with a
stipulated rate Of interest upoa 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. 5. 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 respects the
said charter is hereby confirmed as il
those provisions had been originally
incorporated in the said charter, aud
the said charter is also extended for q
period of twenty-oue years beyond its
present termination.
SEC. 6 That all other powers herein
conferred 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 oil
South Carolina, which chatter is also
hereby amended and extended in the
same manner, and that they shall have
the same powers as are herein conferred.
SEC. 7. That the charter Of the Peo-
ples' Bank o6South Caroliua be, and
the same is hereby, renewed for the
term of twenty-one years from aud after
the sixteenth day Of December, 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 twenty. one years, shall enjoy al
the privileges, rights, powers, immuui-
ties and benefits which it now enjoys
under existing charter of said bank.
SEC. 9. That this Act shall be deemed
q public Act. =
SEC 10. That this Let shall net bt
construed to exempt any of the banks
named from State or municipal taxation
Aon,ooed the 9th dav of March, a