The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-04-17

other place whatsoever; and, also, to
make, have and use common seal;
and the same to break, alter and re-
new at their pleasure; and, also, to
ordain and put in execution such by
laws and regulations as may seem
necessary and convenient for the
government Of said corporation, not
being contrary to the laws of this
State, or the Constitution thereof
Sec. 2. The capital stock of said
corporation shall not be less than
twenty thousand dollars, which may
he increased from time to time to u
sum not exceeding five hundred
thousand dollars, and shall be paid in
and accumulated as hereinafter provi-
dcd.
SEC. 8. The said corporation shall
have power and authority to invest
it's 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 company, to lend
money upon personal or real security
to discount bonds, notes and bills Of
exchange, and to guarantee the. pay,
mcnt OF notes, bonds, bills Of exchange
or other evidences Of debt.
SEC. 4. The said corporation shall
receive deposits from ony person or
persons, and oil such deposits shall be
|invesled as tho Board Of Directors
may deem most advantageous, and
in accordance with section third, and
interest shall be allowed to the depos-
itors thereof as may be directed or
provided for by the bylaws of the
institution. "
SEC. 5. Each subscriber to stock in
this bank shall, on or before the fifth
day Of each month, pay, at the office
of the bank, zone dollar per share of
his or her subscription, and any sub
scriber failing to do SO, shall be fined
FIVE cents per share for such delin-
quency, and, for each succeeding ten
days of such delinquency, ten cents
per share additional and if 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 stockholder, after de.
Quoting all fines that may be charged
against him, and his proportion OF all
losses sustained, and expenses incur
red by the institution in the course Of
it's business.
SFc. 6. As soon as the stock becomes
OF the value Of one hundred dollars
per share, scrip shall be issued to
each s:ockholder 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 the payment Of monthly
stallments shall cease.
SEC. 7. Any stockholder, at any
time prior to the stock becoming Of
the value of one hundred dollars per
share, may Withdraw from the insti-
tuition, upon written notice being
given at any regular meeting Of the
Board Of Directors and at the expi-
ration Of ninety days the institution
shall pay to said stakeholder the ac-
tual value of his or her stock ut the
date of notice Of withdrawal. the
monthly instaIlments Of such stock
holder ceasirg from date Of said no
tice or said stakeholder may sell or
transfer his or her interest to any
other person, the purchaser being
placed on an equality with the other
stockholders.
SEC. 8. BY actual value of stock is
meant the amount paid in by each
stockboldcr, together with his or her
proportion of any profits. and deduct
ing thcrefrom his or her proportion
of any losses that may have occurred,
and withholding his or her proportion
of any investments about which the
Board OF Directors may be doubtful,
until they are sati:fcd.
Sec. 9 AS soon after the stock be-
comes Of the value Of one hundred
dollars per share, and scrip is issued
therefor, the Directors may make
dividends at such times, and OF SO
much Of the profits of the bank, as
shall appear to them advisable.
SEC. 10. There shall be elected, as
soon after the ratification of this Act
ss the corporators may deem advisa-
bic, and, annually ther; after, seven
Directors from their number, who
shall appoint one of their number
President, and may fill any vacancy
Occurring in the Board, unless it be by
removal, in which case the members
shall fill the same in general meeting.
The Board shall appoint Uo hold at
It's plcasure) the subordinate officers
and agents, prescribe their duties and
compensation, and take from them
such bonds. with security, as it may
deem advisable.
Sec. II. 1t shall be competent at
any general meeting of stockholders,
to change the time Of holding the
annual meetings; and extra meetings
may be called at any time, upon q
written application to the Beard OF
Directors signed by stockholders rep
resenting not less than one-haIf Of
the capital stock and at all meetings
of stockholders, each share shall
cntitle it's holder to one vote, and
representation Of majority Of the
entire stock by the holders in person,
or by their proxies, shall be requisite
to constitute quorum.
SEC. 12. The said company is hereby
declared to he capable in law of hold
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