The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-02-21
Laws of South Carolina.
ACTS AND JOINT RESOLUTIONS
PASSED BY THE GENERAL
ASSEMBLY.
Published by Authority.]

State OF South CarOilild, now u!eI au
sitting in General Assembly, and by tn
authority of the same,
That Z. II. Heinitish, A. G. Brenizel
John Agnew, NJ. j. Calnan, w. Z
Nash, VIM. Simons, S. B. Thompson
James Davis, Esop Goodson, J. II. Bry
ant, William Taylor, together with sucl
other persons who are now, or may b
hereafter, associated with them, be, AM
they are hereby, declared body politi
and corporate, for the purpose Of ma
king loans of money, by certificate o
otherwise, secured by mortgage on rea
estate or personal property, or by con
veyance of the same, to their member
and stockholders, or other persons by
the name and style Of the Mechanics
and Farmers Building and Loan Asso
citation, of Richland County, Soutt
Carolina, the capital stock of which
shall consist of two thousand shares, te
be paid in by successive monthly install
ments of one dollar on each share, sc
long as the corporation shall continue
The said shares to be held, transferred
assigned and pledged, and the holders
thereof to he subject to such tines ano
forfeitures, for default in their payments
according to such regulations as may be
prescribed by the bylaws OF said eorpo-
ration
Sec. 2. That the said corporation shall
have power and authority to make any
such rules and bylaws for its government
as are not repugnant to the constitution
and laws of the land; shall have such
number and succession of members and
officers as shall be ordained and chosen
according to the said rules and bylaws,
made or to be made by them; shall
have and keep common seal, and alter
the same at will, may sue and be sued
plead and be implicated, in any court Of
law or equity, in this State; and shall
have and enjoy all and every right and
privilege incident and belonging to cor.
porate bodies, according to the laws OF
the land.
Sec. 5. That the said corporation shall
have power to take, purchase and hold
real estate, and to sell and transfer the
same, from time to time, to its members
and others, on such terms and under
such conditions, and subject to such reg
ulations as may be prescribed by the
rules and bylaws Of said corporation
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 its members and
stockholders, on such terms, and under
such conditions, and subject to such reg
ulations as may, from time to time, be
prescribed by the rules and bylaws o.
said corporation to hold such lands
lenements, hereditaments and personal
property as shall be mortgaged or con-
veyed to them in good faith, by way Of
security, upon its loans and advances
and may sell, alien or otherwise dispose
of the same to its members, stockhold'
ers or others, as they, from time to time,
may deem eXpedient.
SEC. 5. That whenever the funds OF
said corporation shall have accumulated
to such an amount that, upon fair and
lust 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 30 held, and such distribution and
division of the funds shall have been so
made, then this corporation shall cease
and determine.
SEC. 6. This act shall be deemed a
public act, and the same may be given
in evidence, without specially pleading
the same. i
Approved February 18th, 1872.
AN ACT to Prout1e for the Redemption
of Certain Lands sold under Order Of
General Ed R. S. CANDY for Texas.
Be it resolved by the Senate and House
of Representatives of the State of South
Carolina, now met and sitting in General
Assembly, and by the authority of the
same,
SECTION l. That the former owners Of
all lands sold for taxes, and bought in
for the State by the Sheriff of the seve-
raj counties under the provisions of an
order of General Ed. Res. Candy, dated
Charleston, s. c., December Sd, 1867, to
provide for the support of the Provisional
Government of South Carolina, for the
year commencing the 1st day Of October,
1857, be and they are hereby allowed the
privilege of redeeming said lands at any
time within twelve months after the
passage of this Act.
SEC. 2. That the person or persons de-
string to redeem land, sold under said
order, shall apply to the Sheriff for a
certificate, under his hand and seal, sta
ting the amount of tax, costs and penal
ties, for which the land was sold. That
then the said person shall present the
same to the County Treasurer, and pay
to said Treasurer the amount of the tax,
with interest thereon, ut the rate of
seven per cent. per annum on all costs
and penalties; whereupon the Treasurer
shall make and deliver to such person OF
persons, a deed of conveyance for said
land, removing all the titles therein,
SEC. 8. That the County Treasurer
shall account for the taxes, penalty aud
interest paid in, under this Act, under
this Act, in the same manner as he does
for other taxes, and shall distribute the
costs to the officer to whom the same
shall belong.
SEC. 4. That the person or persons re,
deeming the land shall pay to the County
Treasurer the sum of three dollars for the
deed of conveyance, and to the Sheriff
$50 cents) fifty cents for the certificate
SEC. 5. That all acts and parts o
acts inconsistent with this act be, ant
the same are hereby repealed.
Sec. 6. That all deeds Of conveyanc'
heretofore executed and delivered by TIT
Sheriffs of the different counties or an.
OF them, unOer the Act P!oSNiuS ~
the redemption of lands, sold under tn,
orders General Candy, approved the VII
day of March, A. D. 1871, in which tn
application was made therefoc, within
the time limited by that Act be, and tn
same are hereby, ratified and confirmed
SEC. Z. That the Sheriffs who ma,
have received taxes, interests and pen
alties in the redemption of lands, as Il
that Act provided, are hereby require
to turn the same over to their respectiv
County Treasurers, to be disposed Of b.
them as other taxes, and to parcel ou
the costs received by them to the officer
to whom they severally belong.
Approved February Is, 1877.
AN ACT to authorize the Erection of
nra.l..sx, RricIo.c n,,e,. Tho M,fcn<