The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-08-21
OFFICIAL.
Acts and Joint Resolutions
Passed by the General As
sembly Of South Carolina,
Regular Session, 1871 and
1872.
AN ACT TO CHARTER THE UNION
SAYINGS BANK, OF COLUMBIA,
SOUTH CAROLINA.

SOUTH CAROLINA.
SECTION l. Be it enacted by the
Senate and House Of Representa-
tives Of the State Of South Carroll
ma, now met and sitting in Gene
raj Assembly, and by the authori-
ty Of the same:
That S. L. Leaphart, John
Meighan, J. P. Southern, G. ".
Walker, William Glaze, Richard
Wearn, W. B. Nash, William ST.
mons, James Davis, and George
Symmors, together with such 9th
er persons as are now, or may
hereafter be, associated with them,
shall be, and they are hereby, con-
stituted and made a body polite
and corporate. by the name and
style Of the "Union Savings Bank,
of Columbia, South Carolina" and
by this name and style shall be,
and is hereby, made capable in
law to have, purchase, enjoy and
retain, to it and its successors,
lands, rents, tenements, goods,
chattels and effects, Of what kind
or quality soever, and the same to
sell, alien or dispose of, to sue and
be sued, plead and be impleaded,
answer and be answered, defend
and be defended, in Courts of re-
cord, or any other place whatso-
ever; and also to make, have and
use a common seal, and the same
to break, alter and renew at their
pleasure, and, also to ordain and
put in execution such bylaws and
Regulations as may seem necessa-
ry and convenient for the govern
ment Of the said corporation, not
being contrary to the laws of the
State or the Constitution thereof.
Sec. 2. The capital stock of said
corporation shall not be less than
twenty thousand dollars, which
may be increased from time to time
to sum not exceeding FIVE hundred
thousand dollars, and shall be paid
N and accumulated as hereinafter
provided.
SEC. 3. 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 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 dis
count bonds, notes and bills of
exchange, and to- guarantee the
payment Of notes, bonds, bills OF
exchange, or other evidences OF
debt.
Sec. 4. The said corporation
shall receive deposits from any
person or persons, and all such de-
poslts shall be invested as the
Board Of Directors may deem
most advantageous, and in accord,
ance with Section 3; and interest
shall be allowed to the depositors
thereof as may be directed or pro
yided for by the bylaws Of the in
stitution.
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 one dollar
per share of his or her subscrip-
tion; and any subscriber failing
to do so, shall be fined Eve cents
per share for such delinquency,
and for each succeeding ten days
of such delinquency ten cents per
share additional; and if, at the
expiration Of two months, such
delinquency shall still exist, the
stock shall be sold at public auc
ton, the proceeds of which shall
be paid to such delinquent stock
holder, after deducting all fines
that may be charged against him
and his proportion of all losses
sustained and expenses incurred
bv the institution in the course o1
his business.
SEC. 6. AS soon as the stock be-
comes of the value Of one hundred
dollars per share, scrip shall be is
sued to each stockholder for the
number of shares standing in his
or her name on the books Of the
institution, signed by the Presl
dent and Cashier, with the corpo
rate seal of the bank affixed, from
which time the payment Of month
ly instalments shall cease.
Sec. Z. Any stockholder, at any
time prior to the stock becoming
of the value of one hundred dol
lars per share, may withdraw from
the institution, upon written no
tice being given at any regular
meeting Of the Board of Directors
and, at the expiration Of ninety
days, the institution shall pay to
said stockholder the actual value
of his or her stock at the date o1
notice of vlthdrawal-the month
" instalment Of such stockholdel
ceasing from date Of said notice
or said stockholder may sell OF
transfer his or her interest to any
other person. the purchaser being
placed on an equality with the
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