The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-03-06
OFFICIAL.
Acts and Jeiat Resolutions
Passed b. the General A.
sealitEy Of South Carol lima,
Regular saS>ieG, 1871 and
1872.


1872.
AN act TO ;NCDE!O&ATE TIE Ne
CulNICs' AND FAEA:ER> BUILDING
AND LOAN ASSOCIATION. OF RICH
LAND COUNTY, :. c.
SECTION |. Be it enacted by the
Senate and House Of Representa-
tives of the State Of South Caro-
lima, now met and sitting in Cen
eral Assembly, and by tEc author
ity Of the same:
That E. II. Ucin!tiSh, \. G..
Brcnizcr, john Agncw, N. J. Cal
nan, ". B. Nash, VIM. Simons, s.
B. Thompson, james Davis, -hsop
Goolson, J. Ii. Bryant, William
Taylor, together with such other
persons who arc now, Or may be
Hereafter, associated with them, be,
and they are hereby. declared Il
body polite and corporate, 10T tie
purpose Of making loans Of money
by ccFtlhcAfe OF o;I"'"'Sc' SecoFc'
by mortgage on real estate or per
sonal property, Or by conveyance
Of the same, to their members an"
stockholders, or other persons, ny
the name and sty G OF the Mechan-
les, and Farmers Building and
Loan AsSoclation,ot k'ch!and conn-
ty, South Carolina: the capital
stock OF winch shall consist OF two
thousand shares, to DC par! IN oy
successive monthly msta!I@cnts OF
one dollar Oh each sAarc' 50 long
as the corporation sAail continue
Inc said SH' cS to De HcI'' 1FaaS7 :,
lcrre"; asS'5ncG' ana P!c"Se'' ana
the hol'ieFS tnHfc"I 10 DC SUBJECT 10
such hnes an" 1oEseItNFe>' lor uc
fault IN their Payments "cGoFu'hs
to saca regulations rs m'y De De pre-
scrlocd by the bylaws OF sa'a cor
porat'oA.
SEC. :. HAT the Sald corpora
ton shall have power ana ""tHoFl-
ty to make any such rules an" ny
laws 1or It's GoIel"'ncAF is AZ" 40,
repnsnanS 10 tie coasS'!o''0h ana
laws oi the '""''; ; S:;''l l"'e ;"cn
number an" Succession Oh ""m"cfS
and officers us SA"ii De oFd"IAc4
and chosen acc'rdI"G TO the s"'d
rules anu bylaws, made or 10 Dc
made by them shall have and keep
common seal, anI may alter the
same at will, may sue and &c SAcd :
plead and be '!npIcadc",'n "y court
OF law or equity. III THIS State; az"
Shall have an! cnj"y ali an'i every
right and privilege Nlci"el!t al"
belonging to corporate oo"ieS, &C
cord.ng 70 the has OF the land.
Seq. ). That the sad corpora
ton sha:i have power to take, pur-
chase anl hoi.: re-! estate, and |"
sell and transfer tic same, from
time 20 ;inlc, to its members AID
others, on such and under Snch
conditions, AID subject 70 Sach r.':5- 8
ulationS as may be prc$c!'lh"i by
the rules ard bylaws OF SAID coz
pora;ion: provided that the real
estate held BY sad corporation shall
not at any time exc Ct the v"ine
Of two huHH:cd thousand dollars
SEC, +. That the funds OF Sald
corporation Shall be loaned and adj
vanced to its lncm3crS ami stock
holders: or others, upon IL" Sccu-
rlty Of real and personal estate,
nAd uSel IN the purchase OF real
estate Tor TIC benefit OF It's mem
bcrs AMI s,ockho:,'e:S, Oh Snch
terms, aa'i under sucA conditions,
and subject to s1cA regulations as
may from time 20 t''nc' Dc pre-,
Srri9ed cy '"c rules ana 'y,'a"S o.
sad corporation; iai IL SnaiI DC
lawful ioC the sad corporation TO-
hold such i"n't$, tcnemHni$, hcrcui-
tamentS ami personal property as
SA"i' DC i''''!1%3',' % '''l't' 20 -
them IN sood fa!1H' ny WY OF Sc
cuFltE, upon Us io"'' "ii,' ''''':crS'
and may sell, alien: OfutAcrN!Sc 'i!S-