The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-02-17
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Regular Session. is7l ana 1874.
AN ACT TO 1NcoRpoRArE THE MEcHAN1cs'
. ,4ND fiAFIdERs' ~ BUILDING AND LOAN Asso.
!s&4ssAsi 4 OF a4tHs4ND cduNrY; 8. q!
SECTION /. Be IL enucted bv The Senate
ana Horse Of Representatives. or the State
Of South Carolina, no,o met and siuin6 in
Ge10''ds dssembly. assd by the auttoriiy Of
the sana That =. q. Heinitish, A. q.
Brept1er, John Agnew, M. J. Calnsn.
W.IBs Nesh, VIM. Simons, 8. B. Thomp.
son. James Davis, Elop Goodson. J. III
bryant: William Taylor, together with
euch other persons who are now, or NAV
be hereafter. associated with them, be.
ana they are hereby, declared q BODY
pontic srd corpotate, for the purpose Of
MAKING !oans OF money, by certificates
or otherwise, occurred by mortgage on.
real estate or personal property, or by
conveyanoe o. the same. to their mem
bers aqd stockholders, or other persons,
by the name and style OF the Mechanics
and Farmers Building and Loan Aeo.
clation. OF Rlchland County, South Co.
rolina; the capital stock of which ehall
CONSIST pt two Thousand shares. to be
PAID IN by successive monthly install
ments OF one>dollar on each share. 40
long ee the Eerporation shall continue.
Inc SAID shares'to be held, transferred.
assigned and pledged. and tho holders
thereon to be subject to suoh fines and
forfeitures. for default in their payments.
according to such regulations as NAV be
prescribed 10y the bylaws OF said corpo
ration.
SEQ. z. That the said corporation shall
have power and authority to make any
SUCH rules md bylaws for its govern.
ment as arc not ranngnant to the consti
tuition and laws of the land; shall have
ench number and succession of mem.
hers and officers as shall be- ordained and
chosen according to the said rules and
bylaws. nude or to be made BY them !:
shall have and keep common seal, and
may alter the same at will; may sue an d
bs sued, plead and be impleaded, in any
court OF Law or equity. in this State
and shall have and enjoy all and every
right and privilege iac:de.. aud belong
ing to corporate bodies, according to the
laws of the land.
SEC .. That the said corporation shall
have power tn take, purchase and hold
real estate, and to sell and transfer the
same, from time to sime, to it's members
anu others, on such and under such con-
dltlons, and subject to such regulations
as may be prescribed by the rules and
bylaws OF said corporation: Prorided.
mat the real estate held by said corpo-
rntlon Shall not at any time exceed the
value OF two hundred Thousand dollars.
SEC. 4. That the funds of said corpo.
ration 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 it's members and
stockholders. on such terms, and under
such conditions, and subject to such re-
guiatlons rs may, from time to time, be
prescribed by tho rules and bylaws of
said corporation; and it shall be lawful
Tor tho said corporation to hold such
lands, tenements, hereditaments and
personal property ns shall be mortgaged
or conveyed to them in good faith, by
way OF security, upon its loans and adj
vances; and may sell, alien or otherwise
dlsposo OF the same to it's members,
stockholders or others. as they, from
time to time, may deem expedient.
SEQ. b. That whenever the funds of
said corporation shall have accumulated
to such an amount that, upon fair and
Just division thereof. each stockholder
and member shall receive, or be entitled
to receive. the sum of two hundred dol
lars, or property Of that value, for each
and every share Of stock by him or her
80 held, and such distribution and divi.
sion OF the funds shall have been so
made. then this corporation shall cease
und determine
SEC. 6. This Act shall he deemed n
public Act, and the same may be given
IN evidence, without specially pleading
the same.
Approved February Is, 1872.
AN ACT TO PROVIDE FOR THE REDEMPTION
OF CERTAIN LANDS SOLD UNDER ORDER
OF GEN. ED. Il s. CANDY. FOR TAXES.
SECTION 1. Be ii enacted 6y The Semi.
and House Of Representatives Of tie STATE
If South C'Woiina. noto met amd 81 Hng in
Tc"e''al assembly, and by he nml.rr,fy M
ne same. That the former owners OF nli
land sold for taxes, and bought in for the
State by tue Sherills of the several
Counties, under the provisions OF IN
order of Gen. Ed. Il. s. Cunby, dated
Charleston. S. g., December 3, 1867, to
Prov 10 for the support of the provl-
nin