The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-18
LAWS OF THE STATE.
long OF THE GENERAL ASSEMBLY
OFSOUTH CAROLINA
Published by Authority.

An Aor to Charter the Union Savings Bank, OF
Columbia, 8. G.
SECTION /. Be it enacted by the Senate and
House OF Representatives Of the State OF
South Carolina, now met and sitting in General
Assembly, and by the authority OF the same:
That 8, T., Leaphart, John Meighan, ). T.
Southern. G. NJ. Walker. Vim. Glaze, Richard
Wearn. W. B. Nash, VIM. Simons, Jas. Davis,
and George Summers, together with such per-
sons as are now, or may hereafter be, associ-
ated with them, shall be, and they are hereby,
constituted and made body polite and corpo-
rate, By the name and style of the Union
Savings Bank Of Columbia, South Carolina,
and. by that name and style, shall be-, and
ia hereby, made capable in law to have, pur-
chase, enjoy and retain. to it and it's success
sors, lands, rents, tenements, goods, c~natteIs,
and effects, Of whatever kind or quality sosver,
and the same to sell, alien or dispose Of; to
sue and be sued, plead and be implicated, an
swer and be answered, defend end be defend
ed in courts Of record, or any other place what.
soeyer, and, also, to make, have and use q
common seal, and the same to break, alter and
renew at their pleasure; and, also, to ordain
and put IN execution such bylaws and regula-
tions as may seem necessary and convenient
for the government Of the said corporation,
not being contrary to the laws of this State, or
the constitution thereof.
SEC. q. That the capital stock ofEsaid cor
p~oration shall not be less than twenty Thousand
dollars, which may be increased from time TO
time to q sum not exceeding five hundred
thousand dollars, and shall be paid in and &C
cumulated as Observation-Disclosures.
Sec. 8. The said corporation shall have pow
er and authority to invest its capital stock, or
other funds, in bank or other stocks, In the
purchase OF bonds Of the United States, bonds
issued by this or any other State OF the United
States, and in bonds Of any incorporated COM
pany, to lend money upon personal or real
security. to discount bonds, notes and bills OF
exchange, and to guarantee the payment OF
notes, bonds, bills of exchange or other evil
dences Of debt.
SEC. 4. The said corporation shall receive
deposits from any person or persons, and all
such deposits shall be invested as the board
Of directors may deem most advantageous,
and in accordance with s%ectionl third, and in
.terest shall be allowed to the depositors there
OF as may be directed or provided for by the
bylaws Of the institution.
src. s. Each subscriber to stock in this
bank, shall, on or before the fifth day or each
month, pay, at the Office Of the bank, one dol
lar per shsrs Of his or her subscription, and
any subscriber failing to do 30 shall be fined
Ave cents per share for such delinquency, and,
for each succeeding ten days OF such dein-
quency, ten cents per share additional; and il,
at the expiration OF two months, such delin-
quency shall still exist, the stock shall be sold
at public auction, the proceeds Of which shall
be paid to such delinquent stakeholder, after
deductipg all fines that may be charged against
him and his proportion Of all losses sustained
and expenses incurred by the institution in
the course Of it's business.
SEQ. 6. As soon as the stock becomes OF the
value of one hundred dollars per share, scrip
shall be issued to each stockholder for the
number Of shares standing in his or her name
ON the books Of the institution, signed by the
president and cashier, with the corporate seal
OF the bank affixed, from which time the pay
ment Of monthly instruments shall cease.
1rES FET0
80 .kanbr hocopnip0 of the yalua of one