The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-05-19
An Act to Charter the Union Savings
Bank, of Columblk. S. c.,

0ouee ~ HepTeseW0ttCeS ~ Ire otdte 81 South
Carolina. no,o met and sitting in General As.
3. L. Leaphart, John Meighan, J. P. South
ern, G, III. Walker, VIM. Glaze, Richard Wearn,
". b. Nash, VIM. Sinaons, James Davis and
George Summers, together with such persons
with them, shall be, and they are hereby, con-
stituted and made body polite and corpo-
rate, by the name and style OF the Union Say
ings Bank, Of Columbia, South Caroline, and
by that name and style shall DO, and 10 hero
by, made capable in law to have, purchase,
enjoy and retain, to it and its successors,
lands, rents, tenements, goods, chattels and
effeots. OF whatever kind or quality soever,
and the same to sell, alien or dispose Of; to
sue and be sued, plead aud be impleaded, an
swer and be answered, defend and be defended
soever; and, also, to make, have and nse a
common seal, and the same TO break, alter
and renew at their pleasure; and, also, to
ordain aud put in execution such by-laws and
venient for the government OF the said cor
porati0n, not being contrary to the laws OF
this State or the Constitution thereof.
SEC. 2. The capital stock CT said corpora
ton shall not be less than twenty thousand
dollars, which may be increased from time TO
time to sum mot exceeding five hundred
thousand dollars, and shall be paid in aud &c
cumulated az hereinafter provided.
SEC. 3. The eaid corporation shall have
power and authority to inveet it's capita stock,
or otLer 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
rated company, to lend money upon personal
or real security, to discount bonds, notes and
bills OF exchange, and to guarantee, the pay
ment OF notes, bonds, bills OF exchange or
other evidences OF debt.
SEC. 4. The 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 third, and in
terest shall be allowed to the dcpositors
thereof as may be directed or provided for by
the bylaws OF the institution.
SEC. 5. Each subscriber to stock in this
bank shall on or before the fifth day of each
month, pry at the Office OF the bank one dol
lar per share of his or her subscription. and
any subscriber failing to do go shall be fined
nve cents per share for such delinquency, md
Tor each succeeding ten days Of such delin-
quency, ton cents per share additional; and
II, at the expiration OF two months, such de-
linquency shall still exist, tile stock shall be
sold at public anction, the proceeds Of which
shall be paid to such delinquent stockholder,
after deducting all fines that may bo charged
against him, and his proportion OF all losscs
sustained. and expenses incurred by the insti-
tuition in the course OF its business.
SEC. =. as soon as the stock becomes of the
value Of one hundred dollars per share, scrip
shall be issued to each stockholder for the
number OF shares standing in his or her namo
on the books OF the institution, aligned by the
President and Cashier, with the corporate
seal of the bank affixed, from which time the
payment of monthly instalments shall cease.
SEQ. 2. Any stockholder, at any time prior
to the stock becoming OF the value OF ono
hundred dollars per share, may withdraw
from the institution, upon written notice
being, given at any regular meeting Of the
ninety days, the institution shall pay to said
stookholder the actual value of his or her
stock at the date of notice Of withdrawal, the
monthly instalments OF such etockholder
stockholder may sell or transfer his or her in
terest to any other person, the purchaser
being placed on an equslity with the other
stockholders.
the amount paid in by each etockholder, to-
gether with his or her proportion of any pro-
hts, and deducting therefrom his or her
proportion Of any losses that mny have
ton Of any investments about which the
Board OF Directors may Le doubtful, until
they are satisfied.
:, SEC, O. AS soon after the stock becomes of
the value OF one hundred dollars per share,
and scrip is issued therefor. the Directors may
make dividends at such times, and OF so much
OF the pronts OF the bank, as shall appear to
them advisable.
after the ratification OF this Act as the corpo-
rators and subscribers may deem advisable,
and annually thereafter, seven Directors from
their number, who shall appoint one OF their
occurring in the Board, unless it be by re-
moval, in which case the members shall ~
the came in general meeting. Tho Eo rd
shall appoint Ito hold at its plcasure) ;it
subordinate officers and agents, prescribe
their dutiee and compensation, and take from
them such bonds, with security, as it may
deem advisable.
SEC. IL. 1t shall be compel ent, at any gene
raj meeting OF stockholders, to change the
time Of holding the annual meetings; and
extra meetings may be called at any time,
upon written application to the Board of
directors, signed by stockholders represent
ing not less than one-half of the capital stock;
and at all meetings OF stockholders, each
sharo shall entitle it's holder to one vote, and
representation of a majority OF the entire
stock by the holders in person, or BIZ their
proxies, shall be requisite to constitute a
quorum.
SEQ. 10. The said company 10 hereby de.
clared to be capable in law OF holding and ex-
ercising the Office Of executor by appointment
OF any testator, the Office Of administrator Of
the testator or intestate by appointment OF
the Court Of Probate, the office of guardian
or other trustee, OF any estate which may be
held in trust by appointment of any person or
court OF competent authority to make such
appointment, and the office OF trustee under
any mortgage. And in any auoh case, the
said company, as executor, administrator or
trustee, shall be subject to the same measure
OF accountability, and to tho same rules and
regulations OF law. which pertain IN such