The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-20
| does for other taxea; and shall distribute the
costs to the officer to whom the same shall

SEC. 4. That the person or persons redeem
ing the land shall psyto the county treasurer
the sum of three dollars FOR the deed Of con:
veyance, and to the sheriff $50 cents) ffty
cents for the certificate. -.
SEC. s. That all acts or parts Of acts fncon-
slstent with this act be, and the same are
hereby, repealed. - - ~. -.
SEC: 6. That oil deeds of conveyance hereto.
fore executed and delivered BY the sherifs Of
the different counties. or any Of them. under
the act providing for the redemption or1ands,
sold under, the orderso General Candy; ap-
proved the ninth day of March. 4. D. 1871 In
which The application was made therefor
within the time limited by that act, be, and the
same are hereby, ratified and confirmed
SEQ. 7. That the sherlfrs who may have re-
celved taxes, interests and penalties in the re:
demption of lands, as in that act provided, are
hereby required to turn the same over to
their respective county treasurers, to be dig
posed Of by them as other taxes, and to parcel
out the costs received by them 10 the officers
to whom they severally belong. va
Approved February Is, 1872.
.-#- .s4
AN ACT to incorporate the Mechanics and Far
mers' Building and Loan Association of
Rlchland County, South Carolina.
SECTION /. Be itenacted 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 E. a.. Heinitsh A. G. Brenzier, John
Agnew, NJ. J. Calnan, W. B. Nash, William
simops, s. B. Thompson. James Davis, Esop
Goodson, ]. q. Bryant, William Taylor, to-
gether with such other persons who are now,
or may be hereafter associated with them, be,
and they are hereby, declareda a body polite
and. corporate, for the purpose Of making
loans Of money, by certificate or otherwise,
secured by mortgage on real estate or person.
al property, or by conveyance Of the sames to
their members and stockholders or other per-
SONS. by the name and style Of the Mechanics
and Farmers Building and Loan Association OF
!Richiand County, South Carolina. the capital
stock OF which shall consist Of two thousand
shares, to be paid In by successive monthly
liistalments Of one dollar on each share, so
long as the corporation shall continue. The
said shares to be held, transferred, assigned
and pledged, and the holders thereof to be
subject to such fines and forfeiturea, for de-
fault iu their payments, according to such
regulations as may be prescribed by the by
laws of said corporation. ..-
SEC. 2. That the said corporation shall have
power and authority TO make. any such rules
and by laws for lis government as are not re-
pugnant to the constitution and laws Of the
land; shall have such number and succession
of members and officers as shall be ordained
and chosen according to the said rules and by
laws made or to be made by them; shall have
and keep common seal, and may alter the
same at will, may sue and be sued splead and
be implicated, {u any court Of law or equity,
in this State; and shall have and enjoy all and
every right and privilege incident and belong
ing to corporate bodies, according to the laws
Of the land.
. SEC. s. That the said corporation shall have
power to take. purchase and hold real estate,
and to sell and transfer the same, from time to
time, to Its members and others, on such
terms, and under such conditions, and subject
to such regulations as may be prescribed BY
the rules and bylaws Of said corporation: Pro.
vlded, That the real estate held by said cor
poration shall not at any time exceed the value
of two hundred thousand dollars.
SEc 4. That the funds of said corporation
shall be loaned and advanced to its members
and stockholders, or others, upon the security
of real and personal estate, and used in the
purchase of real estate for the benefit of its
members and stockholders, on such terms,
and under such conditions, and subject to
such regulations as may, from time to time,
be prescribed by the rules and bylaws Of said
corporations; and it shall be lawful for the said
corporation to hold such lands, teneme nts,
hereditaments and personal property as shall
be mortgaged or conveyed to them in good
faith, by way Of security, upon It's leans and
advances; and may sell, alien or otherwise dis
pose of the same to lis members, stockholders
or others, as they, from time to time, may
deem expedient.
SEC. s. That whenever the funds OF said
corporation shall have accumulated to such
an amount that, upon a 1air and just division
thereof, each stockholder and member ahan
have received, or be entitled to receive, the.
sum of two hundred dollars, or property OF
that value, for each and every share of stock
by him or her 80 held, and such distribution
and division of the funds shall have been so
made, then this corporation shall cease and
determine.
SEC. 6. This &C shall be deemed public
act. and the same ~ be given in evidence,
without specially pleading the same.
Approved February Is, 1872.
THE NEW IMPROVED