The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-07-17
OFFICIAL.
Acts and Joint Resolutions
Passed by the General As
sembly Of South Carolina,
Regular Session, 1871 and
1872. ~ -.

SSS0'''-S--5 49,
1872. * -.
AN ACT TO INCORPORATE THE PEG.
PIES SAVINGS INSTITUTION.
SECTION I. Be it enacted by the
Senate and House Of Representa-
tives Of the State of South Carroll
ma, now met and sitting in Gene,
raj Assembly, and by the anthori.
ty OF the same:
That Al7a Gage, R. Tomlinson,
G. G.2'I. Cunningham, c. Fl. West,
r. S. Bruins, S. S. Howell. B. G.
Pressly, J. Fl. Wilson, W. Ufer-
hardt, J. B. Belts, G.. L. Burck-
meyer, John Hanckel, John Il.
De7ereaux, VI. McBurney, ". 7.
Leitch, r. Adger, Zimmerman
Davis, W. A. Kelly, D. A. Ammo,
II. Gerdts, II. S. Griggs, 0. r.
Levy and D. T. Corbin, be, and
they are hereby. created corpo.
ration, by the name and title of
the Peoples Savings Institution ;
and that they and such others as
shah be duly elected members OF
said corporation, as in this Act
n, roYided, shall be body polite
3 Ind corporate, by the same name
End title. -''..."
s SEC. 2. That the said corpora
ton shall be capable Of receiving
on deposit, from any person or
persons disposed to obtain and en-
Joy its advantages, all sums of
money that may be offered for that
purpose and, on receipt of any
deposit, it shall deliver to the de-
positor a book in which shall be
entered all sums deposited.
SEC. 3. That all deposits Of mon
ey received by the said corpora
ton may be invested in any pub
lie stock or bonds, created by vir-
tue Of any law of this State, or any
ordinance of the city of Charles
ton, or in the capital stock Of any
bank within this State, or in Un1-
ted States bonds or stock, or bonds
or stock of any city or State in
the United States, orin the stocks
or bonds Of any rail road compa-
ny Incorporated ia this orssny
other State, or loaned on promis-
sorry notes, secured by pledge Of
such stocks, at not more. than sew
enty-fve per eentum Of their par
value, or en- bonds secured by
mortgage Of real estate, lying and
being within the Parishes Of St.
Philip and St. Michael, in the
County of Charleston; and the
income and profit thereof shall be
applied and divided among the
persons making the said deposits,
or their legal representatives, af
ter making such reasonable deduc,
tions as may be necessary for ex-
penses, in proportion to the sums
by them deposited, and to the
length of time during which such
deposits may have remained in
the institution and the principal
of such deposits shall be repaid to
each depositorzat such times, and
under such regulations as the said
corporation shall prescribe, the
substance of which regulations
shall be printed in the book Of de-
post received by each depositor
Prowded, That the corporators IN
the said corporation shall be liable
to the amount Of their respective
share or shares of stock in saic
Banking Institution for all its
debts and liabilities upon note, bill
or otherwise. and provided fur
Their, that. no Director or other OF
6cer o.. said corporation shall Dor
row any money from said corpora
ton; and if any Director, or Other
officer, shall be convicted, upon in
dictment, of directly or indirectly
violating this Section: they shaE
be punished by fine or inprison
ment, at the discretion Of tht
Court.
SEC. 4. That the said corpora
ton shall have power to elect rev
members by ballot, at their semi
annual meetings in January ant
July, each year; and any member
upon filing a written notice with
the President thereof, three months
prior, may, at.any~ such meeting
of said corporation, withdraw anc
forever dissolve his connection
with the same.
Sec. 5. That the said corpora
tion may have common seal
which they may change and re
new at pleasure and that al
deeds, conveyances and grants
covenants and agreements made
by their Treasurer, or any Other
person, by their authority and di
rection, according to their roles
shall be good and valid and tht
corporation shall, at all times
have power to sue and be sued
and may defend, and shall be helc
to answer by the name and title
aforesaid; and may acquire, take
hold, and convey such req estat'
as may be deemed desirable for it.
place of business, Or necessary TO
T. TO purchase In forec.osing o