The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-03-30

SUB8OkIPTION.
Daily, six months. - 10; Tri-Weekly. 2 SC;
Weekly, / so.
Acts antl Joint Resolutions Passed by the
General Assembly Of south Carolina.
Regular Session, 1871 and 1874.
AN ACT TO INCORPORATE THE PEOPLES
SAVINGS INSTITUTION.
SRorroN l. Be i: enacted by The Senate
and House Of Representatives Of the State
Of South Crol,na, no,o met and sitting in
General Assembly, ana by Tie authority of
tie se.:e. Thss ,Alva Gage, r. Tomlin-
son. q. I. Cunningham, y. FL. West, r.
8. Bruins. 8. 8. Howell. B. q. Presley,
J. II. Wilson, W. Utfsrhs.a.. J. b.
Bstts, @. Z. Burckmeyar, John II nickel,
John 81. Devereaux, W. McBurney, W.
7. Leitch, Il. Adger, Zimmerman Davis,
w. A. Kelly, D. A. ANIME, II. Gerdts,
ID. 3. Griggs and 0. r. Levy. bc, and
they are hereby, created corporation,
by the name aud title of the Peoples
Savings Institutions; and that they and
such others as shall be duly elected mem
bers of said corporation, as in this Act
provided. shall be body polite and
corporate, by the same name and title.
Sko 2. That the said corporation shall
be capable OF receiving, on deposit, from
any person or persons disposed to OBJ
tain aud enjoy its advantages, all sums
OF money that may be offered for that
purpose; aud. on receipt of any deposit,
it shall deliver to the depositor book
in which shall be entered uii sums depo.
aitsd. :.
SEQ. 8. That all deposits of money re-
ceived by the said corporation may be
invested in any public stock or bonds,
created by virtue of any law of this
State. or any ordinance of the city of
charleston. or in the capital stock of any
bank within this State, or in Uuited
States bonds or stock. or bonds or stock
OF any city or State in the United States,
or in the stocks or bonds of uny railroad
company incorporated in this or any
other State. or loaned on promissory
notes. secured by pledge of such stocks,
at not more than seventy i've per centnm
OF their par value, or on bonds secured
by mortgage Of real estate, wing ind
being within the Parishes of ST. Philip
and ST.. Michael, in the County of
Charleston; aud the income aud profit
thereof shall be applied and divided
among the persons making the said de.
posits, or their legal representatives,
after making such reasonable deductions
as may be- necessary for expenses, in
proportion to the sums by them depo-
sited, and to the length of time during
which such deposits may have remained
In the institutions; and the principal Of
such deposits shnil be repaid to each de-
positor at auch times and under such re-
gulutions as the said corporation shall
prescrlbe. the substance of which regn-
latiOns shall be printed in the book of
deposit: Provided. Tint the corporutors
In the said corporation shall be liable 10
the amount of thoir respective share or
shares OF stock III said bnnking institn.
tion for all it's debts and linbiities upon
note, bill or otherwise: And provided
further. That no director or other officer
OF said corporation shall borrow any
money from SAID corporation; aud if any
director or other officer shall be con-
victed, upon indictment. Of directly or
indirectly violating this section, they
shall be- punished by fine or imprison-
ment ut the discretion Of the court.
SEQ. That the said corporation
shall have power to elect new members
by ballot ut their semi-aunual meetings
III January aud July each yenr; and any
member, upon fling written notice
with the President thereof, three mouths
prior, may. ut any such meeting of suid
corporation, withdraw aud forever dis
sulve his connection with the same.
SEQ. 5. That the said corporation may
have u common seal, which they may
change and renew at pleasure; aui that
oil deeds. oonveyauoes and grants, cove
nsnts aud agreements made by their
Treasurer. or any other person. by their
authority aud direction, according 10
their rules, shall be good nnd valid; aud
the corporation shall. ut all times, have
power 10 sue and bs sued, aud may do
fsnd, and shall be held to answer by tho
name aud title aforesaid; and may ac.
qu.re. take, hold and convey suou real
estate az may be deemed desirable for
its pluce Of business. or necessary for it
to purchase in forecIosing or settling such
mortgages US it muy hold as security for
loans.
SEQ. 6. That the said corporation
shall hereafter meet at Charleston, some
time In tho month of Jauuury, Annually,
and as much oftener as they may daem
expedient; and any seven members of
the said corporation, the President,
Woe President, Secretary or Treasurer
being one. shall % quorum: and the
said corporation, ut their annual meet
ings in January, shall have power to
elect 81 PraaidAnk Vica- raai 6eut Snor.