The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-05-10

| ~ Sucu TeSuidIIouS % uay Ue PseoSlteS,
by the bylaws Of said corporation.
/ Sec. 8. That the said corporation
shall have power and authority to make
any such rules and bylaws. fer it!
government as are not repugnant to -ths
Constitution and laws of the lsud; shal
have such members and succession o.
members and officers as shall be ordain
ed and chosen according to the said
rules and bylaws made, or to be made
by them; shall have aud keep a common
seal, aud may alter the same at1ill
may sue aud be sued, plead and be i'm
pleaded iu any conrt. of law or equity
iu this State and shalt have aud enjoy
all and every right and privilege Incl
dent and belonging to corporate bodies
according to the laws Of the land.
SEC. 8. That the said corporation
shall have power to take, purchase and
hold real estate, aud to sell and trans
fer the same, from time to time, to its
members, on such terms and undcr such
conditions, and subject to such regula-
tious as may be prescribed BY the rules
and bylaws o. said corporation: Prou.-
dod, That the real estate held By said
corporation shall not at any time exceed
the value of two hundred thousand dol
lars.
Sec. 4 That the funds Of said cor
poratiou shall be loaned aud advanced
to the members aud stockholders, upon
the security of real aud personal estate,
for the beue6. of its members and stock
bolders, on such terms and under such
conditions, and subject to such regula-
tious as may, from tine to time, be pre-
scribed by the rules and and bylaws of
said corporation and i: shall be lawful
for the said corporation to hold such
lands, tenements, hereditaments aud
personal property as shall be mortgaged
Or conveyed to them in good faith BY
way of security upon its loans aud ad-
vaoces, and may sell, alien or otherwise
dispose of the same to its members and
only, as they, from time to
time, may deem e1pedient.
Sec. 5. That whenever it shall oc-
eur that the funds Of the said corpora
tion shall remain uuproductive or un'
called for the space oftUo months, the
shall have power to loan
whatever amount may be thus on hand
to others than Stockholders aud mem
bers, for such time and at such rates OF
interest as may be established by virtue
Of such rules aad bylaws rs may be
made by said corporation.
SEC. 6. That whenever the funds Of
said corporation shall have accumulated
to such an amount that, upon fair and
Just division thereof, each Stockholder
and member shall have received, or be
entitled to receive, the sum of two hun
ired dollars, or property of that value,
FOR each and every share Of stock BY
him or he's so held, and such distribu'
.ioa and disisiou OF the funds shall have
been so made, then this corporation
shall cease and determine. This Act
shall be taken and deemed public Act,
aud that the same may be given in evil
leucc without specially pleading the
same. Preceded, that said corporation
shall have ali the rights, and be sub
ect to al, the liabilities, provided In
he "Act to regulate the formation Of
passed December 10Th,
1870.
Approved March 9th, A. D., 1871.
AN ACT TO INCORPORATE Tue UNION
GOLD MINING COMPANY, OF SOUTH
CAROLINA.
SECTION. l. Be it enacted by :he
Senate aud House Of Representatives Of
the State Of South Carolina, now met
and sitting 10 General Assembly, aDd
By the authority of the same, That Lu-
:ian Hanley and George c. Alden, of
.he city Of Washington, D. c., Alvin Il.
Cltey, Oli7er Corneilapd G. c. Puffer,
of the County of Union, and State Of
South Carolica, and such other persons
as now are, or may hereafter be associa
led with them, their successors and as
signs, be, and they hereby are, constitu.
ted a body corporate and polite, by the
pane and style Of the Union Gold Min
Ing Company, BY which uaue aud style
they are Lereby made capable 10 Law to
have, hold, purchase, receive, work, sell,
lease, enjoy and retain to
Them, their successo and assigns, lnEds,
teuements, mines Of al characters, and
,ha,tles of whatsoever kind as may be