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

of, and shall be deemed, and hereby de clared,
q public act: Provided, That the work, for the
execution whereof the said company is formed,
shall be commenced within two years from the
first day of January, one thousand eight hun
dred and seventy-two, and be completed with
in eight years thereafter: And provided,
further, That said road shall be subject to the
provisions OF an act entitled A act to de-
clare the manner by which the lands, or the
right OF way over the lands OF persons or cor
porations, may be taken for the construction
and uses of railways and other works OF inter-
nal improvement" ratified September %, A.
D. 1868: Provided, That nothing herein con-
tanned shall be 80 construed as to exempt the
said company from the payment Of taxes.
Approved March l3, 1872.
AN Acr to Incorporate the Citizens Building
and Loan Association OF Charleston.
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.
sembly, and by the authority Of the same:
That William b. Heriot. Hutson Lee, B. 8.
Rhett, H.: L. F. Mccormick, William B. Steed-
man, William Thayer, L. D. Mowry, T. A. Will
bur and Y. J. Tobias, together with such
other persons as now are, or hereafter may be,
associated with them, be, and they are hereby,
declared o body polite aud corporate, for the
purpose of buying and holding real estate in
the County of Charleston, South Carolina, and
making loans Of money secured by mortgages
Of real estate and the hypothecation OF bonds,
stocks and other chooses and personal property,
to it's members and stockholders, and others,
by the name and style Of the Citizens Building
and Loan Association Of Charleston. The cap
ital stock OF said association to consist OF two
thousand FIVE hundred shares; but as soon as
one thousand shares are subscribed thereto,
the said association shall organize and COM
mence operations. Said shares to be paid by
successive monthly instruments Of one dollar
on each share, 80 long as the said association
shall continue; the said shares to be held, trans-
ferred, assigned and pledged, and the holders
thereof TO be subject to such fines, penalties
and forfsitures for default in their payments,
as the regulations and bylaws OF the said as
ISOLATION may prescribe.
SEQ. q. That the said association shall have
such number and succession Of officers and
members as shall be ordained and chosen &C
cording to the rules and bylaws made or to be
made by them, for their government, and shall
havs power and authority, from time to time,
and at all times. to mako all such rules, regu-
lations and bylaws as are not r%epugnant to the
constitution and the laws If the land; to have
and keeps common seal, and the ga me to alter
at will; to sue and be sued, implead and be inn
pleaded, 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, according to the laws Of the land.
SEQ. 8. That tho funds Of the said associa-
ton shall be invested, either in the purchase
Of real estate in the County Of Charleston,
South Carolina, which shall be rented out or
leased, or sold and conveyed to the members
aud stockholders OF said association, upon such
terms and conditions and estates, as from time
to time may be prescribed by it's rules and by
laws, or bs loaned out and advanced to the
members and stockholders thereof, upon the
security and hypothecation Of real estate in
Charleston aforesaid, or bonds, stocks or
chooses in action, or personal property, on such
terms and conditions, as from time to time
may be prescribed by the rules and bylaws
aforesaid. And it shall and may be lawful for
the said association, to hold aud enjoy, for the
mutual benefit Of its members and stockhold-
ers. all such lands. tenements, Entertainments
and appurtenances as may be bona fde pur-
chased by and conveyed to it, or as may be mort
gagged to it by way Of security upon its loans
and advances, or as may be bought by, or
transferred and conveyed to it at sales under
judgments or DEGREES at law or equity for Sc
curing and recovering, or in compromise SET
elem eDt OF any debt or debts due to it, and to
sell, alien, barter, exchange, convey, mort.
gage, or otherwise dispose Of the same, from
time to time, and whenever deemed necessary
and e%xpedient. The stockholders in this asso-
citation shall be s~everally liable for all debts
and obligations created or contracted by the
association, to an amount double The amount
their stock.
SEC. 4. That if any of the funds Of the said
association shall remain unproductive or unin-
vested and uucalled for for the space of two
months, by its own members and stocL hold
ers, it shall be lawful for said association to
END out what moneys may be on hand to
than stockholders, at such rates of in
5erest as may be agreed on, to be safely invest
ed, and to be repaid within one year.
SEQ. S. That whenever the funds and assets
of the said association shall have accumulated
10 such an amount, that, upon a fair division
thereof, each stakeholder, for each and every
snare OF stock held by him or her, shall have
received, or be entitled to receive, the sum of
TWO hundred dollars, or the value thereof in
or assets. and such division and dis
ribution shall have been made, then the said