The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-13
LAWSGOF THE STATE.
acts OF TIE GENERAL ASSEMBLY OF
SOUTH CAROLINA. .
60 " w
Published by Authority.

:
Published 81 Authority:
All Aor to Oharter-the Union Savings Banl
Of Georgetown, 8. O.
SECTION /. Be it enacted by the Senate an
House Of Representatives of the State OF Soutl
Carolina, now met and sitting in General As
sembly, and by the authority OF the same:
That James A. Bowley, W. g.. Jones. Jr'
Thomas D.. Mcdowell, S. B. Carr and james
MurrelI, together with such other persons O.
are now, or may hereafter be, associated Will
them, shall be, and they are hereby, CONSTITUTE
ed and mado a body polite and corporate, bI
the name and style OF the s;iUpion Savings
Bank, of Georgetow n, South Caroline, and bl
this name and style shall be, and is hereby
made capable 10 law 70 have. purchase, enjoy
and retsin, 70 it and its SUCCESSORS, lands
rents, tenements, goods. chattels and effects o
what kind or quality soever, and the Same tt
sell, alien or dispose OF; to sue and be sued
plead and be implicated, answer and be, ans8er'
ed, defend and be defended. in courts Of re-
cord, or any other place whatsoever; and also
to make, have and use q common seal, and the
same to alter and renew at their pleasure; and
also to ordain and put in execution such by
laws and reguhtions as may seem necessary
and convenient for the government OF tho saie
corporation, not being contrary to the laws
the State or the constitution thereof. =.
Sue. 2. The capital stock Of said corporation
shall not be less than ten thousand dollars
which may be increased. from time to time. to
q sum not exceeding two hundred thousand
dollars, and shall be paid in and accumulated
as hereinafter provided.
SEC. 8. That the said corporation shall have
power and authority to invest its capital stock
OF, 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 ofany corporate company;
to lend money upon personal and real security,
to discount bonds, notes andbills Of exchange,
and to guarantee the payment OF notes. bonds,
bills Of exchange, or other evidences OF debt
sro. 4. That said corporation shall receive
deposits from any person or persons. and all
such deposits shall be invested as the board
OF directors may deem most advantageous, and
in accordance with Section 8, and interest
ehsIl be allowed to the depositers thereof as
may be directed orproyided for by the bylaws oil
the institution.
SEC. 5. Each subscriber to stock in this
bank shall, on or before the fifth day OF each
month, pay, at the Office Of the bank, one dol
lar per share of his or her subs ,ription, and
any subscriber falling to do 80 shall be fined
five cents per share for such delinquency. and
for, each succeeding ten days OF such delin-
queney, ten cents per share additional; and 1t,
at the expiration of two months, such delin-
queney shall still exist, the stock shall be sold
at public auction, the proceeds Of which shall
be paid to such delinquent stockholder, after
leducting all fres that may be charged against
him, or his proportion OF all losses sustained,
and expenses incurred by the Institution, In
the course GIFTS business.
SEQ. 6. As soon ss the stock becomes OF the
value Of one hundred dollars per share, scrip
shall be. issued to each stakeholder for the
number OF shares standing in his or her name
ON, the. books Of the Institution, aligned by the
president and cashier, with the corporate seal
: OF the bank affixed, from which time the pay
ment Of monthly lnstalments shall cease.
:. SEQ. z. Any stookholder, at any time prior to
the stock becoming of the value efone hundred
dollars per share, may Withdraw from tn. in
stitution, upon written notice beng given at
any regular meeting o fthc board OF directors,
and, at the. expiration OF ninety days, the in
stitution shall pay to said stockholder the
actual value ofhis or her stock at the date oil
notice Of Withdrawal. the monthly instalments
OF, aueh stockholder casing from date OF said
I notice, or said stockhoider may SELL or trans.
I fer, 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 stockholder, to,
sether with his nr her proportion OF any losses
that may have occurred, and withholding his
or her proportion OF any Investments about
which the board Of directors may be doubtful,
until they are satisaed.
Grn 8. As soon as the stock becomes Of the
value OF one hundred dollars per share, and
scrip Ia issued therefor. the directors may
make dividends. ut such times and of so much
OF the profits Of the bank. as shall appear tc
them advisable.
sKa. TO- There shall be elected, as soon after
the ratification Of this aot as the corporators
and subscribers may deem advisable, and an.
nuslly thereafter. seven directors from thei,
number. who shall appoint one OF their mum
Der president, and may fill any vacancy 90.
curing in the board, unless 1t be by removal
in which case the members shall fill the sam'
in general meeting. The board shall appoin
Ito hold at It's p~leasure) the subordinate Off
4 GERS aud agents, prescribe their duties an
compensations. and take from them suol
bonds, with security, as it may deem adyisa
BILE. go. ...a ..s
Eso. II. It shsll be competent, at any gen
ersl meeting Of stockholders, to change tn
time Of holding the annual meetings; and e1
bra meetings may be called at any time upon
written application to the board Of directors
aigned by stockholders representing not lesl
than one-half Of the capital stock; and at al
meetings OF stockholders each share shall en-
title it's holders to one vote, and a representa-
ton Of q majority OF the entire stock, by tn
/ holders in person. or by their proxies, shall b.
IS requisite to constitute q quorum.
81 SEC. Ia. The said company is hereby declared
. .--.L1,ts- lam ~ hola;pr ona oyorcioino III