The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-09

yided. however, That in case the said associa-
ton shall not nave closed its operations aud
affairs, as above provided for, within q shorter
period, then this act shall not continue in force
beyond ten years.
SEQ. 6. That this act shall be deemed q pub
lie act, and be given and received in evidence
without being specially pleaded.
Approved March IS, 1872.
An ACT to Incorporate the Darlington Land
Joint Stock and Loan Association, OF Oar
lington County.
SECTION /. Be it enacted by the Senate and
House OF Representatives Of the State ofsouth
| Carolina, now raet and sitting in General As
sembly. and by the authority of the same
That Richard q. Humbert, T. G. Cox 3. D.
| Keith, J. A. Smith, William Braley, J. A. Viii
| hanson, P. C.. Fluid, Alfred Hart, Edward
| Mickey, A. P. Ford, RicL'd Ford, F.. j. Pugh,
| Adam Bristow, Vim. Grant, J. D.. Marley. AL
| Singleton and j. W. Thomas, together with
such other persons as now are, or hereafter
may be, associated with them, be, and they are
hereby, declared a body polite and corporate
for the purpoi Q of buying and holding real es-
tate in the County of Darlington, or at any
| point within the County. or the State or South
| Carolina, and making loans of money, secured
by mortgages OF real estate, and the hypofne-
| cation of bonds, stocks and other chooses in &C
| ton. and personal property, to it's members and
| stockholders, by the name aud style OF the
Darlington Land Joint Stock aud Loan Asso-
citation, OF Darlington, South Carolina. Inc
capital stock Of said association to consist OF
five thousand shares OF tue value OF twenty-five
dollars per share; but as soon as two thousand
shares shall have been subscribed thereto, the
said association shall organize and commence
operations, said shares to be paid by success
siye monthly instruments Of one dollar on each
share, 30 long as the said association shall
CONTINUES; the said shares to be held, transfer
red, assigned and pledged, and the holders
thereof to be subject to such fines, penalties
and %forfeitures, for default in their payments,
as the regulations and bylaws of the said asso-
citation may prescribe.
SEC. 2. That the said association shall have
number and succession OF officers and mem
bers, as shall be ordained and chosen, accord
ing to the rules AMI bylaws made, or to be
made, by them for their government; and shall
have power and authority, from time to time,
and at all times, to make such rules and by.
Law as are not repugnant to the constitution
and the laws OF the land; to have and keep q
common seal, aud TO alter the same at Will; to
sue and be sued, implead and be implicated, in
any court Of law or equity in this State; and
shall have and enjoy every right and privilege
incident and belonging to corporate bodies, &C
cording to the avs of the land.
SEQ. 8. That the funds of the said %sssocia-
ton shall be invested either in the purchase OF
real estate in tho County Of Darlington, South
Carolina, or in any county or subdivision Of
the State Of South Carolina, which shall be
rented out or leased,o or sold and conveyed to the
members and stockholders Of said association,
upon such terms and conditions as, from time
to time, may be prescribed by its rules and by
laws, or be loaned out and advanced to the
members and stockholders thereof, upon the
security and by hypothecation OF real estate in
the County of Darlington, or any other SUBJ
division OF the State aforesaid, or bonds, stocks
or chooses in action on personal property, on
such terms and conditions as, from time to
time, may be prescribed by the rules and by
laws aforesaid. And it shall aud may be law
full for the said association to hold and enjoy,
for the mutual benefit Of it's members and
stockholders, all such lands, tenements AID
heredltaments, as may be bona file, purchased
BY, and conveyed to il; or as may be mortgaged
toit, by way of security, upon it's loans and adj
vances; or as may be purchased by, or trans
ferred and conveyed to it, at sales under judg-
ments or DEGREES at law or equity for securing,
or rec ,vcring, or in compromise settlement Of
any debt or debts due to it; aud to sell, alien bar
ter, exchange, convey, mortgage, OF otherwise
dispose Of tue same, from time to time, and
whenever deemed expedient.
SEQ. 4. That If any Of the funds of the said
association shall remain ~unproductive or unIn-
vested and unneeded, or uncalled for, for tho
space OF two months, by its own members and
stockholders, it shall be lawful for the said as
ISOLATION to lend out what moneys may ba on
hand to others than stockholders, at such rates
OF interest (on such security, whether of mort
gage or real estate, chosos in action, or other
personal property as may be agreed on, to be
safely invested, to be repaid within one year.
SEQ. 8. That whenever tho funds and assets
OF the said association shall have accumulated
to such an amount that, upon o fair division
thereof, such stockholders, for each and every
share OF stock held by him or her, shall have
received, or be entitled 10 receive, the sum Of
two hundred dollars, or the value thereof in
property or assets, and such division and dis
tribution shall have been made, then the said
association shall cease and determines: Pro-
yided, however, That in case the said associa-
ton shall not have closed it's operations and
affairs, as above provided for, within a shorter
period, then this act shall not continue in force
beyond twenty years.
Sec. 6. That If any officer or sub-of6cer ofthe
said association shall use the moneys Of said
association, other than those prescribed by this
act, he shall, on proof thereof, be deemed
guilty of o misdemeanor, and sentenced to pay
a fine of twice the amount of money so appro-
priated, and imprisoned for q term not less
than six months.
SEC. z. This act shall be deemed q public act,
and be given and received in evidence without
being specially pleaded.
Approved March Is, 1872.
An Aor to Alter and Amend the Charter of THE