Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-04-25
An act to Establish the Charleston Land
and Joint Stock Company.

An act to Establish the Charleston Land
and Joint Stock Company.
Section l. Be it enacted by the Senate
and House of Representatives, of the
State of South Carolina, now met and sit
ting in General Assembly, and by the au-
authority of the same.
That Charles Simonds, Thomas Math-
ews, l.. f. Campbell, Sameul Porcher,
James Porcher, z, Patton, w. Fields, j..
Proctor. J. Simmons, 5. Porcher, A.
Campbell and G. Hines, and other per-
sons who are, or hereafter may be, assocl-
ated with them, and they are hereby, de-
clared body polite and corporate, for
the purpose of making loans ot noney, Sc
cured by mortgage on real estate or per-
sonal property, or by convey auce OF the
same to their members and stockholders,
by the name and style OF the Charleston
| Land and Joint Stock Company, The cap
ital stock of which, shall CONSIST of one
thousand shares, TO be paid III by success.
sive monthly installmenLs OF one dollar "
each share, so long as the corporation shall
continue; the said shares to be held,
transferred, assigned and pledged; and
the holders thereof, to be subject to such
| fines and forteitures, for defaults III their
payments, according to such regulations
as may be prescribed by the constitution
and bylaws of SAID corporstiop; aud,
moreover, the said shafe snail b disposed
of, at the death, fresig gnation Or removal
from the State of any shareholderA in such
manner is may be Prescribed by the said
constitution, rules and bylaws
Sec. 2. That the said corporation shall
have power and authority to make auY
such rules and bylaws fir It's government
as are now repugnant TO the constitution
aid laws of the land; shall have such
members and succession Of members and
officers as shall be ornained and chosen =,
according to their said rules and bylaws,
made or to be made by them; shall sue
and be sued, plead and be impleaded. in
any court of law or equity in this State;
and shall have and enjoy all and every
right and privilege incident and belonging
to corporate bodies, accordlngfo the laws
of the land.
Sec. 3. That the funds of the said cor
poration maybe invested in such property
real or personal, and securities, pubhc Or
private, loaned to shareholders aud mem-
bers, or other persons or corporation, ON
such secerities, in such mode, on such
terms, under such conditions and subject
to such regulations as may be, from time
to time. prescribed by the constitution,
rules and bylaws of the said corporation;
and that it shall and may be lawful for
said corporation to take aud hold such
lands, tenements, hereditaments and per-
sonal property, bonds, stocks, public and
private, and chooses in action as they shall
acquire by purchase, devise, bequeath,
GIFT, assignment or otherwise, to take and
hold such. lands, tenements, beredltaments
and personal property, and such stocks
and bonds, pubic or private, or chooses III
action as shall be moItgaged, conveyed,
assigned or pledged to it, by way of secu-
rity upon its loans or advances, or pur-
chased at sales thereof: and to sell, alien,
transfer or otherwise dispose Of the same,
as from time to time, the said corporation
may deem eXpedient: Provided, that the
real estate held by said corporation shall
not at any time exceed the value ot two
hundred thousand dollars. That the real
and personal property OF each stockholder
and assigns, shall be liable for the debts Of
said corporation, in any amount not ex.
ceeding the par value of the stock held by
him.
Sec. 4. That semi annually, on the
first days of January and July, there shall
be divided, amongst the stockholders o.
the said corporation, the profits accruins
from the investment.
Sec. 5. That this act shall be taken
and deemed public act, and that The