The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-04-04


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Acts and Joint Resolutions Passed by the
General Assembly OF South Carolina,
Regular Session, 1871 and 1879.
AN ACT TO CHARTER THE UNION SAVINGS
BANK OF GEORGETOWN, s. O.
SECTION !. Be it enec4ed By Tie Senate
and House Of Representatives Of the State
Of South Carolina no,o met and sitting in
the same, That James A. Bowley, W. H.
Jones, Jr., Thomas D. Mcdowell, s. G.
Carr and James Murrell, together with
such other persons as are now or may
hereafter be associated with them, shall
be. and they are hereby, constituted and
made body politio and corporate, by
the name and style of the ''Union Saw
ings Bank of Georgetown, South Caro-
lina," and by this name and style shall
be, and is hereby, made capable in law
to have, purchase, enjoy and retain, to
it and its SUCCESSORS. lands, rents, tene-
ments. goods, chattels and effects of
what kind or quality soever, and the
same to sell, alien or dispose Of; to sue
and be sued, plead and be impleaded,
answer and be answered, defend and be
defended, in courts of record, or any
other place whatsoever; and also to make,
have and use common seal, and the
same to alter and renew at their pleasure;
and also to ordain and put in execution
such bylaws and regulations as may
seem necessary and convenient for the
government of the said corporation. not
being contrary to the laws of the State
or the Constitution thereof.
SEC. 3. The capital stock of said COR
poration shall not be less than ten thou
sand dollars, which may be increased,
from time to time, to sum not exceed
ing two hundred thousand dollars. and
shall be paid in and accumulated as
hereinafter provided.
SEC. 3. That said corporation shall
have power and authority to invest its
capital stock or other funds in bank or
other stocks, in the purchase of bonds
of the United States, bonds issued by
this or any State of the United States,
and in bonds OF any corporate company;
to lend money upon personal or real se-
curity, to discount bonds, notes and bills
OF exchange, and to guarantee the pay
ment of notes, bonds, bills of exchange
or other evidences of debt.
SEC. 4. That said corporation shall
receive deposits from any person or per-
sons, and all such deposits shall be in
vested as the Board of Directors may
deem most advantageous, and in accord
anoe with Section 3, and interest shall
be allowed to the depositors thereof as
may be directed or provided by the by
laws of the institution.
SEC. 5. Each subscriber to stock in
this bank shall, on or before the fifth
day of each month, pay, at the Office of
the bank, one dollar per share of his or
her subscription, and any subscriber
failing to do 80 shall be fined five cents
per share for such delinquency, and for
each succeeding ten days of such delin-
quency, ten cents per share ADDITIONAL;
and If. at the expiration of two months,
such delinquency shall still exist, the
stock shall be sold at public auction, the
proceeds of which shall be paid to such
delinquent stockholder, after deducting
all fines that may be charged against
him, or his proportion OF all losses sus-
tanned, and expenses incurred by the
institution, in the course Of it's business.
SEQ. 6. AS soon as the stock becomes
Of the value of one hundred dollars per
share, scrip shall be issued to each
stockholder for the number of shares
standing in his or her name on the books
Of the institution, signed by the Presi-
dent and Cashier, with the corporate
seal of the bank affixed, from which
time the payment of monthly install
ments shall cease.
Sec. 7. Any stockholder, at any time
prior to the stock becoming of the value
OF one hundred dollars lper share, may
withdraw from the institution, upon
written notice being given at any regular
meeting of the Board of Directors, and,
at the expiration of ninety days, the in
stitution shall pay to said stockholder
the actual value of his or her stock at
the date of notice of withdrawal, the
monthly instalments of such stockholder
ceasing from date of such notice; or
said stockholder may sell or transfer his
or her interest to any other person, the
purchaser being placed on an equality
with the other stockholders.
Sec. 8. BY actual value of the stock is
meant the amount paid in by each stock
holder, together with his or her proper
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