The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-09-18

polite and corporate, for the pur-
pose Of buying and holding real
| estate in the County Of Darlin 3
| ton, or at any point within the
| County, or the State Of South
Carolina, and making loans Of
money, secured by mortgages OF
real estate, and the bypothecation
Of bonds, stocks, and other chooses
in action, and personal property,
/ to it's members and stockholders,
by the name and style Of the "Dar-
lington Land Joint Stock and
Loan Association, of Darlington,
South Carolina" The capital
stock of said association to consist
of five thousand shares Of the val
ne of twenty-five dollars per share;
but as soon as two thousand shares
shall have been subscribed there
to, the said association shall or
| ganize and commence operations,
said shares to be paid by success
sive monthly instalments Of one
dollar or each share so long as
the said association shall continue;
the said shares to be held, trans
| ferred, assigned and pledged. and
the holders thereof to be subject
10 such fines, penalties and for
FIXTURES, for default in their pay.
ments. as the regulations and by
laws Of the said association may
prescribe.
SEC. 2. That the said Associa-
tion shall have number and sue
cession of officers and members
as shall be ordained and chosen,
according to the rules and bylaws
made, or to be made. by them for
their government; and shall have
power and authority, from time to
time, and at all times, to make
such rules and bylaws as are not
repugnant to the Constitution and
the laws of the land; to have and
keep a common seal, and to alter
the same at will: to sue and be
sued, implead and be lmpleadcd,
in any Court Of Law or Equity in
this State and shall have and en-
E.joy every right and privilege in
cident and belonging to corporate
bodies, according to the laws Of
the land.
SEC. 3. That the funds Of the
said Association shall be invested
either in the purchase of real es-
tate, in the County of Darlington,
South Carolina, Or in any County
or subdivision of the State Of
South Carolina, which shall be
rented out, or leased, or sold and
conveyed, to the members and
stockholders of said Association
upon such terms and conditions
as, from time to time, may be pre-
scribed by its rules and bylaws:
or be loaned out and advanced to
the members and stockholders
thereof, upon the security and by
! hypothecation Of real estate in the
County OF Darlington: or any 9TH
er subdivision Of the State, afore-
said, or bonds, stocks or chooses in
action On personal property, on
such terms and conditions as, from
time to time, may be prescribed
by the rules and bylaws, afore-
said. And it shall and may be
| lawful for the said association to
hold and enjoy, for the mutual
benefit of it's members and stock
holders, all such lands, tenements
and hcreditament, as may be bona
fde purchased by, and conveyed
to it; or as may be mortgaged to
it, by way of security, upon its
loans and advances; or as may be
purchased by, or transferred and
conveyed to it, at sales under judg-
ments or DEGREES, at law or equity,
for securing, or recovering or IN
compromise settlement Of any
debt or debts due to 1t and to
sell, alien, barter, exchange, con-
vey, mortgage, or otherwise dis
pose of the same, from time to
time and whenever deemed eXpe-
dient.
Sec. (. That if any of the funds
of the said association shall re-
main unproductive, or uninvested
and unneeded, or uncalled for, for
the space Of two months, by its
own members and stockholders, it
shall be lawful for the said asso.
citation to lend out what moneys
may be on hand to others than
stockholders, at such rates Of in.
tcrest Con such security, whether
of mortgage or real estate, chooses
in action, or other personal pro
perty) as may be agreed on: to be
safely invested, to be repaid with
in one year.
Sec. 5. 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
Of tv o hundred dollars, or the val
ue thereof in property or assets
, and such division and distribution
ShnM haca hean madn then the