The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-04-19

nel elnatter provided.
SEQ. 8. The said corporation shall
have power and authority to invest its
capital stock, or other funds, in bank or
other stocks. in the purchase of bonds
of the United States, bonds issued by
this or any other State of the United
States. and in bonds of any incorporated
company. to lend money upon personal
or real sec1rity, to discount bonds, notes
and bills OF exchange, and to guarantee
the payment of notes, bonds, bills of ex.
change or other evidences of debt.
SEQ. 4. The said corporation shall re-
ceive deposits from any person or per-
sons, and all such deposits shall be in
vested as the Board of Directors may
deem most advantageous. and in accord
ance with Section 3, and interest shall
be allowed to the depositors thereof rs
may be directed or provided for by the
bylaws of the institution.
Sec. 5. Each subscriber to stock in
this bank shall, on or before the fifth
dey OF each month pay, OF the Office of
the bank, one dollar per share of his or
her subscription, and any subscriber fail
ing to do 30, shall be fined five cents per
share for such delinquency, and, for
each succeeding ten days of such delin-
quency, ten cents per share additional:
and If, at the expiration of two months.
such delinquency shall still exist, the
stock shall bo sold at public auction, the
proceeds of which shall be paid to such
delinquent stockholder, after deducting
all fines that may be charged against
him. and his proportion of all losses
sustained, and expenses incurred by the
institution in the course of its business.
Sec. 6. AS soon as the stock becomes
OF tho value of one hundred dollars per
share, scrip shall be issued to each stock
holder for the number of shares stand
ing in his or her name, on the books of
the institution, signed by the President
and Cashier, with the corporate seal of
the bank affixed. from which time the
payment of monthly instalments shall
cease.
SEQ. z. Any stockholder, at any time
prior to the stock becoming of the value
of one hundred dollars per share, may
withdraw from the institution, upon
written notice being given at any regu-
lar meeting of the Board Of Directors.
and at the expiration of ninety days, the
institution shall pay to said stockholder
the actual value of his or her stock at
the date of notice of withdrawal, the
monthly instalments of such stockholder
ceasinR from date of said notice; or said
stockholder may sell or transfer his or
her interest to any other person, the
purchaser being placed on an equality
with the other stockholders.
SEC. 8. BY actual value of the stock,
Is meant the amount paid in by each
stocllholder, together with his or her
proportion OF any profits, and deductinR
therefrom his or her proportion of any
losses that may have occurred, and with
holding his or her proportion of any in
vestments about which the Board of Di-
rectors may be doubtful, until they are
satisfied.
SEQ. 8. As soon after the stock be-
comes OF the value OF one hundred dol
lars per share, and scrip is issued there
for. the directors may make dividends at
SUCH times and OF SO much Of the profits
Of the bank, as shall appear to them ad-
visable.
SEC. 10. There shall be elected. as
soon after the ratification of this Act as
the corporators and subscribers NAV
deem advisable, and, annually thereafter,
seven directors from their number, who
shall appoint one of their number Presi-
dent, and may fll any vacancy occur
ring in the board, unless it be by re-
moval, in which case the members shall
fill the same in general meeting. The
board shall appoint Ito hold ut its plea
surrey the subordinate officers and agents,
prescribe their duties and compensation,
and take from them such bonds, with Sc
curity. ns it may deem advisable.
SEQ. II. It shall be competent, at any
general meeting of stockholders, to
change the time of holding tho annual
meetings; and extra meetings may be
called at any time, upon written appli-
cation 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 entitle its holder to one vote,
and representation of majority of the
entire stock by the holders in person, or
by their proxies, shall be requisite to
constitute quorum.
Sec. -. Tho said company is horeby
declared to be capable in law of holding
and exercising the Office OF executor by
appointment Of any testator, tho Office
of administrator of tue testator or intes-
tate by appointment of the Court of
Probate, the Office Of guardian or other
trustee of any cutate which may be held
in trust disappointment of any person