The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-06-12


such constitution, rules or bylaws, a
arc not repugnant to the Constilutio
and laws Of the land; shall have an
keep q common seal, and alter tn
same at will shall sue and be suet
plead and be imp!eaded, in any Cour
of law in this State; and shall hav
and enjoy all and every right an
privilege incident and belonging
corporate bodies.
Sec. 3. That the said company sla|
be empowered to purchase, retain an
enjoy all such property, real and pei
sona, as it may possess, be entltle
to. or which shall hereafter be given
bequeathed to, or in any manner b
acquired by it, and to sell, alien o
transfer the same.
SEC 4 That the said company shal
have the power TO erect machln
shops. and other buildings necesSar,
to carry on the said business. Tha
they shall have the power to use sucl
engines in any part of the State o
South Carolina, for tho purpose o
druyage. carrying passengers, or cul
tivating land, and may use the same
in any corporated city: Provided, M
damage to lite or property cnsucs
Provided, That said corporation shal
be liable for the payment Of any ant
all damages done to life and property
SEC. S. That the said company may
open books for subscriptions to th'
capital stock in the city Of Columbia
or elsewhere, at their discretion.
Sec. 6 That the private as we'll a.
the corporate property of the corpO
rators shall be liable for all debts con
tractcd f,r the corporation Dy its au
thorizcd agents.
SEC. 7. That the said corporation
shall have a Legal existence from thu
time of the passage Of this Act, ant
this Act shall continue in force unit
repca ed.
Approved March 12, 1872.
AN ACT to Incorporate the Charles
ton Loan Association, Of the City
Of Charleston.
Sec. !. Be it enacted by the Senate
and House of Representatives of th'
State of South Carolina, now met anc
sitting in General Assembly, and BY
the authority Of the same,
That Samuel +. GaI!iard, F. II
Frost, W. A. Grant, NJ. J. Hirsch, o
r. Lcvy~A. p. Ford, W. II. Jones, Jr.
James A. Bowley, together with snct
other persons as now are, or hereafter
may he, associated with them, be, anc
they are hereby, declared body pol
i,ic and corporate, for the purpose O
buying and holding real estate in the
County Of Charleston, or any point
within the State Of South Carolina
aid making loans Of money, secured
by mortgages on real estate, and the
hypoLhecation Of bonds, stocks OF
other chooses in action, and persona
property, to Its members and stock
holders, by the name and style of the
"CharIeston Loan Association, of tht
City of Charlcston.' The capita
stock of said association to consist o.
two thousand five hundred shares
but, as soon as one thousand share:
stall have been subscribed thereto
the said association shall organize
and commence operations, said share:
to be paid by successive monthly in
stallments Of one dollar on each share
so long as the said association shal
continue; the said shares to be held
transferred, assigned and pledged, ano
the holders thereof to be subject tc
such fines, penalties and forteitures
for default in their payments, as the
regulations and bylaws Of the sale
association may prescribe.
SEC 2. That the said association
shall have such number and success
sion Of officers and members as shal
be ordained and chosen, according tt
the rules and bylaws made, or to be
made by them for heir government
and shall have power and authority,
from time to time, and at all times, tc
make such rules and. bylaws as arr
not rcpugrant to the Constitution and
the laws Of the land; to have anC
keep ~ common seal, and to alter the
same at will to sue and be sued, i'm
plead and be impleaded, in any CourI
of law or equity in this State; ant
shall have and enjoy every right anc
privilege incident and belonging tt
corporate bodies, according to the
laws of the land.
Sec. 3. That the funds Of the sale
association snail be- invested either il
the purchase of real estate, in tht
County of Charleston, South Carolina
or any County or subdivision Of th'
State Of South Carolina, which shal
be rented out or leased, or sold ant
conveyed, to the members and stock
holders OF said association, upon suct
terms and conditions As, from time tx
time, may be prescribed by it's rules
and bylaws, or be loaned out ant
advanced to the members and stock
holders thereof, upon the security ant
by hypothccation of real estate il
Charleston or the State aforesaid, OF
bonds, stocks or chooses in action, OF
personal property, on such terms anf
conditions rs, from time to time, may
be prescribed by the rules and by-law'
aforesaid. And it shall and may b'
lawful for the said association to holt
and enjoy, for tho mutual benefit Q
its members and Stockholders, all sucl
lands, tenements and hcreditament
as may h. BON" .fde purchased by anc
conveyed to it; or as may be. mort
gagged to it. by way Of security, upo'
its loans and advances; or as may b'
by, or transferred and conveyed to i
at sales under judgments or decree
of law or equity. for securing or re