The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-04-27

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Acts and Joint REGULATIONS Pas.ed by tho
General Assembly OF South Carolina,
Regular SesaioI, 1871 and 1879.
AN ACT TO INCORPORATE THE MERCHANTS
BUILDING, TRUST AND LOAN AssOCIA-
TION, OF AIKEN, 8. @.
SECTION 1. Be ii enacted By The Senate
and House Of Representatives Of tie State
V Soulh Carolina, no,0 met and sitting in
General Assembly, and by the authority of
the same, That w. n. Jones, Ell. J. Max
we'll, J. A. Bowley, P. r. Rivers, E. p.
Stoney, JaS1es Major, Joseph Quash, NJ.
J. Hirsch. @. D. Hayne, John @. Ford,
u. Ferguson. James Johnson, J. B. Bas-
comb, j. s. Mobley and E. nj. Sumter,
together with such other persons who
are now or may hereafter be associated
with them, be, and they are hereby, de-
clared body politic and corporate, flor
the purpose of making loans of money,
by certificates or otherwise, secured by
mortgage on real estate and personal
property. of any and all description, or
by conveyance of the same to their mem
bers and stockholders or other PERSONS. J
by the name and style of the s.Mer-
chants Building, Trust and Loan Asso-
citation, OF Aiken, South Carolina" The
capital stock OF said association shall
consist OF twenty-five hundred shares. to
be paid by successive monthly install
ments OF one dollar on each share, so
long as the corporation shall continue:
and the said shares to be held, trans-
ferred, assigned and pledged, and the
holders thereof to be subject to suoh re-
gulations, for defaults in their payments,
as may be prescribed by the bylaws
created for the government of the cor
poration.
SEC. 2. That the said corporation shall
have power and authority to make any
such rules and bylaws for it's govern
nent as are not repugnant to the Consti-
tuition and laws of the land; and shall
have such succession and number OF
members and officers as shall be ordained
and chosen, according to the rules and
bylaws made. or to be made. by them;
shall have and keep a common seal, and
alter tho same at will; may sue and be
sued, plead and be impleaded, in any
shall have and enjoy every right. priyi.
lege and immunity belonging to oorpo.
rate bodies, as guaranteed by the laws OF
the land.
SEC. 8. That the said corporation shall
have power to take, purchase, hold and
enjoy real estate, and to sell aud transfer
the same, as may be deemed proper, to
its members and others, on such terms
and on such conditions, and subject to
suoh regulations, as may be prescribed
by the rules and bylaws of said corpo-
ration.
SEQ. 4. That the funds of said oorpo-
ration shall be loaned and advanced to
its members and stockholders or others,
upon the security of real and personal
property. and used in the purchase of
real estate for the benefit of its members
and stockholders, on such terms, and on
such conditions, and subject to such re-
gulstions, as may, from time to time,
be prescribed by the rules and bylaws
Of said corporation; and it shall be law
full for the said corporation to hold such
land, tenements, hereditaments and per-
sonal property as shall be mortgaged or
conveyed to them in good faith, by way
OF security, upon its loans and advances,
and may sell, alien or otherwise dispose
OF the same to its members, stockhold-
ers or others, as they, from time to time,
may deem expedient.
SEC. s. That all the privileges, rights
and imnunities conferred upon any and
all chartered banking corporations in
this State be, and the same are hereby,
conferred npon the Association hereby
incorporated, and they shall be, and are
hereby, authorized and empowered to
adopt any and all such charters to facili-
tate them in carrying on the business
contemplated by the Association.
SEQ. 6. That this Act shall be deemed
public Act, and continue in force for
the term of fourteen years; and the same
may be given in evidence without being
specially pleaded.
Approved March 13, 1872.
AN ACT TO RE OPEN PUBLIC HIGHWAY IN
RICHLAND COUNTY.
Be it enocted by the Senate and House of
Representatives o. the State Of South Caro-
al -,