Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1872-04-18
OFFICIAL.

OFFICIAL.
Acts and Joint Resolutions Passe
by the General Assembly OF Sout
Carolina, Regular Session, ls7
and 1872.
AN ACT to Incorporate the People
Savings I'astitutton.
SECTION 1. BE 1t enacted by th
Senate and House Of Representative
: of the State of South Carolina, nov
met and sitting in General Assembly
and by the authority Of the same
That Alva Gage, R. Tomlinson. G.
Cunningham, 6. 81. West, R. S. Bruns
S. S. Howell, B. G. Presley, J. 81
Wilson, w. Uferhardt, ]. B. Belts
C. L. Burckmeyer, john Hanckel
John 1t. Deveraux, w. McBurnsy
w. Y. beitch, R. Adger, Zimmerman
Davis, W. A. Kelly, D. A. ANIME, H
Gerdts. a. S. Griggs, and o. R. Levy
be, and they are hereby, created G
corporation, by the name and title O.
Peoples Savings Institution; and
that they and such others as shall be
duly elected members Of said corpo.
ration, as in this Act provided, shall
be body polite and corporate by
the same name and title.
SEC. 2. That the said corporation
ahaltbe capable of receiving, on de,
posit, from any person or persons dis
posed to obtain and enjoy its advan.
tages, all sums of moneythat may be
/ offered for that purpose ; and, on re-
ceipt of any deposit, it shall deliver
to the depositor book in which shall
be entered all sums deposited.
SEC. 8. That all deposits of money
received 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 Unified States bonds or stock,
or bonds or stock Of any city orState
/ in the United States, or in the stocks
or bonds of any railroad company in
corporated in this or any other State,
or loaned on promissory notes, secured
by pledge of such stocks, at not more
than seventy-fve per centum of their
par value, or on bonds secured by
mortgaA of real estate, lying and
being within the Parishes of St.
Philip and St, Michael, in the county
of Charleston; and the income and
profit thereof shall be applied and
divided among the persons making
the said deposits, or their legal rep
resentives, after making such reasona-
Bile deductions as may be necessary
for expenses, in proportion to the
sums by them d. ,ositod,. and to the
length of time during which such de-
posts may have remained in the in
stitution; and t e principal of such
deposits shall be repaid to each de-
positor at such times, and under such
regulations as the said corporation
shall prescribe, the substance Of which
regulations shall be printed in the
book of deposit: Provided, That the
corporators in the said. corporation
shall be liable to the amount of their
respective shares of. stock in said
Banking Institution for all its debts
and liabilities upon note, bill or other
wise: And provided, further that no
Director, or other officer Of said cor
poration shall hprrow any money from
said corporation and if any Director,
or other officer, shall be convicted,
upon Indictment, Of directly or indi-
rectly violating this section, they
shall be punished by fine or imprison-
ment at the discretion Of the court. :.
Sec. 4. That the said corporation
shall have power to elect new mem:
bers by ballot at their sem;-annual
meetings in January and July each
year; and. any member, upon filing a
written notice with the President
thereof, three months prior, may, at
any such meeting of said corporation,
withdraw and forever dissolve his
connection with the same.
SEC. 5. That the said corporation
may have'a common:ssal, which they
may change and renew OF pleasure;
and that all deeds, cmlyeyances and
grants, covenants and agreements
made by their Treasurer, or any other
person, by their authority and direc-
iion, according to their rules, shall
be good and valid and the corpora
ton shall, st all times, have power to
sue and be sued, and may defend,
and shall be held to answer by the
name and title aforesaid; and may
acquire, take, hold and convey such
real estate as may be deemed desira-
bic for its place Of business, or neces-
sary for it to purchase in foreclosing
or settling such mortgages as it may
hold as security for loans.
Sec. 6. That tie said corporation
shall hereafter meet at CLarle1ton,
some time in the month of January,
annually, and as much oftener as they
may deem e&pedient; and any seven
members of ths said corporation, the
President, Vice President, Secretary
or Treasurer being one, shall be
quorum; and the said corporation, at
their annual meetings in January,
shalt nave payer to elect q President,
Vice President, Secretary and Treasu-
rer; apd twenty Trustees, all OF which
said officers shall be sworn to the
faithful performance of their duties,
and she'll hold their Offices and man
age and direct the affairs of the said
corporation until their successors
shall he duly elected and qualified.
SEC. I. That the said corporation
are hereby vested with the power of
making bylaws and regulations for
the more orderly managing the bust