The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-08-28

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tion for receiving and paying out
moneys so deposited.
Sec. 13. All Acts or parts OF
Acts inconsistent with this Act;
or supplied by it, be: and the same
are hereby, repealed.
Approved March l3, 1872.
AN ACT TO INCORPORATE THE CIT1'
ZENs' BUILDING AND LOAN Asso-
CITATION, OF CHARLESTON.
SECTION l. Be it enacted by the
Senate and House Of Representa-
tives Of the State Of South Caro-.
lima, now met and sitting in Gene
raj Assembly, and by the authori-
ty Of the same:
! That William B. Hcriot, Hutson
Lee, B. S. Rhett, II. f. P. McCor-
mick, William B. Steedman, Will
liam Thayer, L. D. Mowry, T. A.
Wilbur and '. J. Thomas, togeth-
er with such other persons as now
are, or hereafter may be, associa-
ted with them be, and they are
hereby declared body polite and
corporate, for the purpose Of buy
ing and holding real estate in the
County Of Charleston, South Caro-
lima, and making loans Of money
secured by mortgages Of real estate
and the hypothecation Of bonds,
stocks and other chooses, and per
sonal property to its members and
stockholders, and others by the
name and style Of the Citizens
Building and Loan Association, Of
Charleston. The capital stock Of
said Association to consist Of two
thousand FIVE hundred shares, but
as soon as one thousand shares
are subscribed thereto, the said
Association shall organize and
commence operations. Said shares
to be paid by successive monthly
instalments Of one dollar on each
share, so long as the said Associa-
tion shall continue ; the said shares
to be held, transferred, assigned
and pledged, and the holders
thereof to be subjec; to such fines,
penalties and forfeitures for de-
fault in their payments, as the
regulations and bylaws Of the
Of the said Association may pre-
scribe.
Sec. 2. That tho said Associa-
tion shall have such number and
succession of officers and members
as shall be ordained and chosen
according to the rules and by
; laws made Or to be made by them,
for their government, and shall
have power and authority, from
time to time, and at all times, to
make all such rules, regulations
and bylaws as are not repugnant
to the Constitution and the laws
Of the land to have and keep a
common seal, and the same to
alter at will; to sue and be sued,
implead and be impleaded, in any
Court of Law or Equity in this
State, and shall have and enjoy
every right and privilege incident
and belonging to corporate bodies,
according to the laws of the land.
Sec. 3. That the funds of the
said Association shall be invested,
either in the purchase of real es-
tate in the County of Charleston,
South Carolina, which shall be
rented out or leased, or sold and
conveyed to the members and
stockholders Of said Association,
upon such terms and conditions
and estates, as from time to time
may be prescribed by it's rules and
bylaws or be loaned out and
advanced to the members and
stockholders thereof, upon the Sc
curity and hypothecation of real
estate in Charleston aforesaid, Or
bonds, stocks or chooses in action,
Or personal property, on such
terms and conditions, as from
time to time may be prescribed
by the rules and bylaws afore-
said. And it shall and may be
lawful for the said Association to
hold and enjoy for the mutual
benefit Of its members and stock
holders, all such lands, tenemcnts,
hereditaments and appurtenances
as may be bona fde purchased by
and conveyed to 1t, or as may be
mortgagcd to it by way of secu-
rity upon it's loans and advances,
or as may be bought by or trans
ferred and conveyed to it at sales
under judgments Or DEGREES at
law or equity for securing and re-
covering, or in compromise settle
ment for any debt or debts due to
it, and to sell, alien, barter, ex-
change, convey, mortgage; or
otherwise dispose Of the same,
from time to time, and whenever
deemed necessary and cxpedient.
The stockholders in + IS Associa-
ton shall be severa..y liable for
all debts and obligations created
@" ontracted by the Association,
to amount double the amount
of their stock.
SEC. 4. That if any Of the funds
of the SAID Association shall re-
main unproductive or unin7ested