The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-18

to the stock becoming OF the value OF one
hundred dollars per share, may Withdraw from
the institution, upon gritten notice being
given at any regular meeting OF the board OF
directors, and at the expiration Of ninety days
the institution shall pay to eaid ~stockholder
the actual value of his or her stock at the date
of notice Of withdrawal, the monthly install
ments of such stakeholder ceasing from date
of said notice; or said stakeholder may sell or
transfer his or her interest to any other pei
son, the purchaser beinR placed on an equality
with the other stockholders.
: SEC. 8. By actual value Of the stock is meant
the amount paid in by esch stockholder, to-
gethar with his or her proportion OF any
proAts, and deducting therefrom his or her
proportion Of any losses that may have oc-
CURED, and Withholding his or her proportion
of any Investments about which the board of
directors may be doubtful, until they are sat-
listed.
BEE. 8. As soon after the stock becomes OF
the value Of one hundred dollars per share,
and scrip is issued therefor, the directors
may make dividends at such times, and OF go
much OF the profits OF the bank, as shall ap-
pear.to them advisable.
SEQ. 10. There shall be elected, as soon after
the ratification of this act as the corporators
and subscribers may deem advisable, and an
nually thereafter, seven directors from their
number, who shall appoint one Of their num-
Der president, and may fill any vacancy CO
curing in the board, unless 1t be by removal.
inswhich case the members shall fill the same
in general meeting. The board shall appoint
Ito hold at it's pleasure) the subordinate Off
GERS and agents, prescribe their duties and
compensation, and take from them such
bonds, with security, as it may deem advis-
!. able.
SEC. II. 1t shall be competent, at any gen.
eral meeting Of the stockholders, to change
the time OF holding the annual meetings; and
extra meetings. may be called at any time,
upon a written application to the board Of
directors, signed by stockholders representing
not less than one.half Of the capital stock;
and at all meetings OF stockholders each share
shall entitIe its holder to one vote. and a rep
resentation Of a majority of the entire stock
by the holders in person, or by their proxies,
shall be requisite to constitute a quorum.
SEC. IL. The said company is hereby declared
to be capable in lawlof holding and exercising
the Office Of executor, by appointment OF any
t~estator; the Office of administrator Of the
testator or intestate, by appointment of the
court of probate; the Office of guardian, or
other trustee, OF any estate which may be
held in trust, by appointment OF any person or
court of competent authority to make such
appointment; and the Office OF trustee under
any mortgage. And, in any such case, the
said company, as Executor, administrator or
trustee, shall be subject to the same measure
of accountability, and to the same rules and
regulations OF law, which pertain to such
trusts when held and exercised by neutral per-
sons, except that, in lieu Of any bond to be
required of said company for the administra-
ton OF any trust, the capital stock and other
assets Of the company shall stand pledged for
the faithful discharge of any such trust.
SEC. Is. The SAID corporation shall have au-
thouty TO establish branch Offices at such
points II this State as the directors may elect:
Provided, That the business transaction at
such branch offices shall constitute q part OF
the general business of the bank, and shall be
reported to the Office in Columbia, at least
opcein every.month.
SIC. IL This act shall be deemed q public