The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-03
LAWS OF THE STATE.
ACTS OF TEE GENERA ASSEMBLY
OF SOUTH CAROLINA.
Published by Authority.

or SOUTH CAROLINA.
Published by Authority.
An ACT to incorporate the Charleston Loan
Association 0. the City Of Charleston.
SECTION. /. Be 1t enacted by the senate anu
Honse of Representatives Of the State Oh
South Carolina, now met and sitting ID Gems
ral Assembly, and by the authority VI 'no
same: r.+ w
That Samuel E. GaiIllard, F. H. Frost, W.
Grant N. J. Hlrsch, o. R. Levy, Az. foro'
WI ZONES. Jr., and James A. Bowley, toge-
thor with such other persons as now are, OF
horoaf>er NAV be, associated with themt De,
and they are hereby, declared a body poite
and corporate, for the purpose Of buying ana
holding real estate in the County Of Charles
ton. or any point within the Stale OF
south Carolina, and making loans OF
money. secured by mortgage OF real es-
tate. and the hypothecatlon OF ponos'
atock,. and other chooses In action,
and personal property, to Its members and
aftof;ckholders, by the name and style OF the
.sCharleston Loan Association of the City OF
Charleston.n The capital stock OF said asso'
cIstioii to consist of two thousand five hun
dred shares, but ss soon as one thousand
shiares shall have been subscribed thereto, the
said association shall organize and commence
operations, said shares to be paid by success
sive monthly lnstalments Of one dollar on each
share, so long es the said association shall con-
time: the said shares to be held, transferred,
assigned and pledged, and the holders Thereon
To be subject to such fines, penalties and for
feltures for default in their payments as the
reaiI,atIens and bylaws of the said association
may prescribe. -
srd:. O. That the said association shall have
such number and succession OF officers ana
members as shall be ordained and chosen, ac'
cordIng to the rules and bylaws made OF to be
made by them for their government; and shall
have mower and authority, from time to time,
and at all times, to make such rules and BY
laws as are not repugnant to the constitution
and the laws of the land; to have and keep
common seal, and to alter the same at Wills TO
sue and be sued, implead and be Implicated In
any court of law or equity in this State; and
shall have and enjoy every right and privilege
Incident and belonging to corporate bodies,
according to the laws OF the land.
SEC. 8. That the funds Of the said assecia-
Hon shall be invested either In the purchase of
real estate In the County Of Charleston, South
Caroline, or In any county or subdivision OF
Ethe State of South Carolina, which Shall oe
rented ont or leased, or sold and conveyed 10
the members and stockholders Of said associa-
tjon. upou such terms and conditions as, from
.tanie to time, may be prescribed by It's rules
md by-lawe, or be loaned out and advanced 10
the members and stockholders thereof, upon
the security and by hypothecatlon Of real es-
tate In Charleston or In the State Aforesaid, or
bonds. stocks or chooses In action on personal
nroperty. ON such terms and conditions az,
from time to time, may be prescribed oy tne
rules and bylaws aforesaid. And 1t shall and
NAV be lawful for the said association to hold
and enjoy, for themutual benefit Of It's mem
bers and stockholders, all such lands, tene'
ments and hereditanents as may be bona ads
purchased by and conveyed to 1t; or as may be
n1ortgsged to 1t by way OF security upon lis
loans and advances; or as may be By or trans
ferred and conveyed to it at Gales under judg-
ments or decrees at law or equity, for securing
or recovering, or in compromise settlement OF
any debt or debts due to 1t; and to sell, allen,
barter, exchange, convey, mortgage, or otner-
wise dispose of the same, from time 70 time'
and whenever deemed expedlent.
SEC. 4. That If any of the funds of the said
association az shall remain unproductive, or un-
invested and unneeded, or uncalled for, Tor
tie space Of two months, by It's own mem
bers and stockholders, IL shall be lawful for the
said association to lend out what money may
be on hand to others than stockholders, at such
rates Of Interest ION such security, whether OF
mortgage or real estate, chooses in action, or
other personal property as may be agreed en'
to be safely Invested, to be repaid within one
year.
SEC. s. That whenever the funds and assets
OF the said association shall have accumulated
to such an amount that, upon fair division
thereof. such stockholders, for each and every
share Of stock held by him or her, shall have
received, or be entitled to receive. the sum ot
tw6 hundred dollars, or the value thereof In
property or assets, and such division and dis
tribution shall have been made, then the said
association shall cease and determine: Pro-
yided, however, That in case the said associa-
ton shall not have closed Its operations and
affairs, as above provided for, within shorter
period, then this act shall not continue IN
force beyond ten years.
SEC. 6. That this act shall be deemed
public act, and be given and received In evil
dence, without being specially pleaded.
Approved March IL, 1872.
AN ACT to Renew and Amend the Charter OF
!. the Saint Andrews Lutheran Church OF Lex
ington County.
sEGTIoN !. Be it enacted by the Senate and
House of Representatives of the State OF
South Carolina, now met and sitting In Gen.
eral Assembly, and by the authority Of the
same: