The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-04-10

| SEC o. s4Q1I tne SalQ rdilCOau Gull
pany shall he subject to the provisions
Of an act of the General Assembly Of
South Carolina, passed September g.
1868, entitled .tan act to declare the
manner by which the lands or right
of way over the lands Of persons or
corporations may be taken for the
construction and uses of railways and
other works Of internal improvement;
provided, however, that nothing
herein contained shall be to construed
as to exempt tho said railroad compa-
ny. from the payment of taxes"
SEC. 9 That this act shall take effect
on and after its passage, anu all acts
or parts of acts inconsistent with any
| of the provisions of this act, are
hereby repealed.
Approved March 9, 1879. ..E
ANACT to incorporate the Peoples
Savings Institution.
SECTION. !. Be it enacted by the
Senate and House of Representatives
| of the State of South Carolina, now
met and sitting in General Assem-
bly,. and by authority of the same:
That Alva Gage, R. Tomlinson, G.
I. Cunningham, G. H West, Il. S.
Bruins. S. S. Howell, B. G. Presley, J.
Il. Wilson, w. Ufferhardt, J. B. Belts,
G. i. Burckmeyer, John Hanckel,
John II. Devereaux, W. AcBurney,
w. Y. 4eitch, r. Adger, Zimmerman
Davis, W. A. Kelly, D. A. ANIME, Fl.
Gerdts, Il. S. Griggs and O. R. Levy,
be, and they arc hereby, created q
corporation, by the name and title Of
the Peoples Savings Institution; and
that they and such others as shall be
duly elected members of said corpor-
alton, as in this Act provided, shall be
|aabody polite and corporate, by the
same name and title.
ss3SEcss 9 That the said corporation
shall be capable of receiving, on de.
posit, from any person, or persons
disposed to obtain and enjoy its advau=
tages, all sums of money that may be
offered for that purpose; and, on re-
ceipt of any deposit, it shall deliver
to the ,depositor Q book inSwhieh shall
be entered all sums deposited.
Sec. 3. That all deposits of money
received by the said corporation may
be, invested in any public stock or
bonds, created by yirtae Of anylaw OF
this State, or any ordinance of the
city of Charleston, or in the capital
stock Of any bank. within this State,
or in United States bonds or stock,
or bonds or stock of any city or State
in the United States, or in the stocks
or bonds Of any railroad company
incorporated in this orany other State,
or loaned on promissory notes, secured
by pledge of such stocks, at not more
than seventy,ive per centum of their
par value, or on bonds secured by
mortgage ofreal 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 repre-
sentatives, after making such reasona-
bic deductions as may be necessary
tor expenses, in proportion to the
sums by them deposited, and to the
length of time during which such de-
posits may have remained in the
institution; and the 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 share or shares Of stock in
said Banking Institution for all its
debts and liabilities upon note, bill or
otherwise: And provided, further
that no Director, or other officer of
said; corporation shall, borrow any
money from said corporation; and if
| any Director, or other officer, shall be
convicted, upon indictment, Of directly
or indirectly violating. this section,
they shall be punished by fine or inn
prisonment at the discretion Of the
lcourt.i"A az 80; ...n '..-.'
SEC. 4. That the said corporation
shall have power to elect new members
hoy ballot at their semi.annual meetings
T 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 sameair -: G-&=.,> Z I. =
SEo.,5. That the ssaid corporation
!, may have common seal, which they
may change and renew at pleasure
land that all deeds, conveyances and
{. gra ANTS, covenants and agreements
made by their Treasurer, or any other
! person, by their authority and direc
). tion, according to their rules, shall be
ltgood and valid; and the corporation
shall, at all times, have power to sue
and be sued, and may defend, anc
shall be held to answer by the name anc
4 title aforesaid ; and may acquire, take
!, hold and convey suoh real estate al
may be deemed desirable for it's place
of business, orinecessary for it to pur
, chase in foreclosing or settling sucl
}, mortgages as it may. hold as security
: for loans TfUi T1tatH 80 ] q:
!, SEC. g. That the said corporatio,