The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-03-07

sions of Section Al of an Act to incor-
porate certain villages, societies and
companies. and to renew and amend GER
tain charters heretofore granted; to es-
tablish the principles on which charters
of interpretations will hereafter be grant
ed" approved December II, 1871.
Approved February 27, 1872.
AN ACT TO CHARTER TIE STATE SAVINGS
AND INSURANCE BANK OF ANDERSON,
SOUTH CAROLINA.
SECTION 1. Be it enacted By the Senate
and Hoetse Of Representatives Of tie State
Of South Carolina. no,o met and sitting in
General Assembly, and by the authority of
me same, That James L. Orr, Jesse W.
Norris, 0. H. P. FAINT, D. NJ. Watson,
William Perry. Jacob Burriss, W. s.
Sharpe, B. +. Crayton, John Martin,
John II. Cochran, John B. Sitton, F. E.
Harrison, W. B. Watson, Sr., B. D.
Dean, John Wilson and J. W. Harrison,
together with such persons as are now
or may hereafter be associated with
them. shall be, and they are hereby,
constituted and made body polite and
corporate, by the name and style of
"Ihe State Savings and Insurance Bank
OF Anderson, South Carolina" and by
that name and style shall be, and is
hereby, made capable, in law, to have,
successors, lands, rents, tenements,
goods. ohattels and effects. of whatever
kind or quality soever, and the Same to
R4II- allan dfapnco nf 70 H.
sued, plead and be impleaded, answer
and be answered, defend and be defend.
ed, in courts of record. or any other
place whatsoever, and have perpetual
succession, to have and exercise the
rights and privileges of other corpora
tions now existing, or that may hereafter
be enacted, and also to make, have and
use common seal, and the same to
break, alter and renew ut their pleasure,
and also to ordain and put in execution
such bylaws and regulations as may
seem necessary and convenient for the
government of the corporation.
SEC. z. That the capital stock of the
said corporation shall be twenty five
thousand dollars, to be divided into
shares OF one hundred dollars each, and
may be increased, from time to time, to
sum not exceeding five hundred thou
aand dollars, as may be deemed necos-
sary by the Board OF Directors.
SEC. 3. The persons named III the first
section OF this Act shall be tho Directors
OF this Company until others are ap-
pointed by the stockholders, and they
may, rs soon as proper, appoint Pres-
dent from among their number, or from
among others who may hereafter be
associated with them; and the said Pro-
sident shall continue in Office for the
period OF one year from the day of his
election, or until his successor is ap-
pointed; in case OF o vacancy in the
Office Of the President or Directors, from
any cause, remaining Directors may
elect others to supply their places until
q meeting OF the stockholders shall be
held. There shall be five or moro Di-
rectors. who, with the President, shall
manage the affairs OF the Company.
Three OF said Directors shall constitute
o quorum for any and all business pur-
poses Of said Company. The meetings
Of the stockholders shsll be held in the
principal Office Of the corporation, which
shall bo designated by the Board OF Di-
reotors,
Sec. 4. The President and Directors
shall appoint such clerks and other
officers as they may find necessary, pro-
perly to conduct tho business of said
Company, and allow thom snitablo com
pensation, all of which clerks and officers
shall hold their offices during the plea
sure OF said President and Directors.
SEC. 5. The President and Directors
shall have power TO appoint agents in
any part of the State or elsewhere, and
at their discretion may take from thom
bonds. with security, conditioned for
the faithful performance of their duties;
such agents being removable at the
pleasure of the President, subject to tho
approval of the Board OF Directors, or
by the Board of Directors.
SEC. 6. The modo of voting ut the
mcetings OF said Company. shall bc one
vote for eaci share OF stock, and every
stockholder may, at pleasure, by power
OF attorney, or perton, assign or transfer
his stock in the Company, on tho books
OF the same, or any part thereof, not
being less than whole share.
SEQ. 7. The first annual meeting Of the
stockholders of said company shall DO
on the first Tuesday of June, 1872, and
thereafter on the same day of each yoar:
Provided, The stockholders, at any
regular meeting. or q Board of Direc.
tors, may, at any time, change the day
OF snid annual meeting; and tho Presi-