Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-03-14
Ae act to Revire and Reneao the Charter
and Corporate Privileges Of the Trustees

of the BennettsUiLJe AcddenllcdL society.
Section /. Be it enacted 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:
That sections 2, and 16 of an act en-
titled "An act to incorporate certain soci-
eties and companies, and to renew and
amend certain charters heretofore grant
ed - ratified on the eighteenth day OF De-
cember, in the year Of our Lord one thou
sand eight hundred ard fol ty-four, be, and
the same are hereby, revived and re-en-
acted, only in so far as to renew the char
ter and corporate privileges therein con-
ferred upon the Trustees Of the sBennetts-
vile Academical Society, to be a body
polltic and corporate, entitled to ALI the
rights and privileges in said act granted,
not repugnant to the laws of the land.
That tn. said corporation shall have power
to purchase, receive and possess any real
or personal estate, not exceeding in value
the sum Of ten thousand dollars: Provided,
That the said Trustees of the Benefits
vile Academieal Society be subject to an
act to provide for the formation of corpor-
ations, so far as the same may be applica-
BILE: Provided. further, That nothin G
herein contained shall exempt them from
the provisions dissection Al Of an act passed
December II, 1S4l.
Sec. 2. This act shall be deemed pub.
lie act, and shall continue in force Gltil
amended or repealed.
Approved February 27, 1872.
An Act to- Incorporate the Mechanics and
Farmers BailCing and loan Association, Of
Richland County, s c.
Section /. Be it enacted by the Senate
and House Of Representatives of the State
of Iuth Carolina, now and sitting it Gen
eral Assembly, and by the authority of
the same:
That E H. Heinitish, A. G. Breniz r,
John Agnew, NJ. J. Calnan, w. B. Nash,
VIM. Simmons, S. B. Thompson, James
Davis, Esop Goodson, j. II. Bryant, Wl-
liam Taylor, together with such other
persons who are now, or nay be hereat-
ter. associated with them, BE-, and they
are hereby, declared body politic and
corporate, for the purpose Of making loans
Of money, by certificate or otherwise, Sc
cured by mortgage on real estate or per-
sonal property, or by conveyance Of the
same to their members and stockholders,
or other persons, by the name and stye
of the Mechanics and Farmers Building
and Loan Association, of Rchland cOun-
ty, South Carolina, the capital stock Of
which shall consist Of two thousand
shares, 70 be paid iu by successive monthly
iustallments of one dollar on each share,
so lOny as the corporation shall C ntinue.
The said shares to be held, transferrcd d,
assigned and pledged, and the holders
thereof to he subject to such fines and fer
fetures, for default in th,ir PAY m nts,
according 10 such regulations rs may be
prescrib>d by the bylaws of lid corp)r-
alton.
Sec 3 That the said ,rporati on shall
have power and authority 10 make any
such rules and bylaws for it government
IS arc uOt repug ,ant to the cons itu iOna aud
laws Of the land; shall have suca nu Der
and suCces sion of memNers and otlic RS as
shall be ordaincSaod chosen acsodug TO
the said rules ard by Jaws, made or to be
made by lhems sshalkhave aud kepp a com,
mon seal, andimay alter the same at will,
may sue and be su d; plead and be in
pleaded, in any court Of law or eqi1y, in
This State, and shall have and enjoy all and
every right and privilege lncid mt and be.
longing To corporate bodies, acc riding to
the laws OF the Iand.s
Sec 3. That the said corporation shall
have power TO take, putch4Se apd hold
re al estate, and to sill aud transfer the
stIne, from time to time. TO its members
and others, on such aud under such con-
d tions, aud subject 10 such regulations as
may be prescribed by the rules and by
laws Of said corporation. provided that th-
real estate held by said corporation shall
not at any time exceed the value of two
hundred thousand dollars.
Sec, 4. That the funds of said c0rp0r-
alton shall be loaned aud advanced to its
members and stockholders, or others, up
on the security Of real aud personal es
tate, aud used in the purchase Of real es-
tate for the benefit of its members and
stockholders, on such terms, and under
such conditions, and subject to such reg
ulatOns as may, from time to time, be
prescribed by the rules and bylaws o.
said corporation: and it shall be lawful for
the SAID cor rpOrdtiOn to hold such lands,
teuements, hereditaments and personal
property as shall b. mortgaged or con,
veyed to them in good faith, by way Of Sc
curity, upon its loans and advances; and
may sell, alien or otherwise dispose of the
same to its members, stockholders or 9th
ers, as they, from time to time may dsem
expedient.
Sec. :. That whenever the funds of
said corporation shall have accumulated
to such an amount that, upon q fair and
Just division thereof, each StOckhOlder and
member shall receive, or be entitled to re-
ceive, The sum Of two hundred dollars, or
property of that value, for each and every
share of sto,k owned by him or her so
held, and such distribution and division Of
the funds shall have been so made, then
this corporation shall cease and deter