The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-07-10

ssemblg Of SaRta5 Carolina,
Regular Session, 1871 and
1872. -.. ~-. -.
-S.sv,.-.f- - =. '--'
An ACT TO 1ScoRPcRxTE THE MER-
CHANTS BUILDING, TRUST AND
szoaE ASSOCIATION, ! AIKEN,
SOUTH CAROLINA.
.-SEegroSe1. Be it enacted by the
Senate and House Of Represents
tives Of the State Of South Carroll
ma, now met and sitting in Gene
raj Assembly, and by the suthorl'
ty- OF the same:
That ". q. Jones, q. J. Max
well, J. A. Bowley, P. r. Rivers,
E. P. Stoney, James Major, Joseph
Quash, N. J. Hir:ch, c. D. aayne,
John G. Ford, E. Ferguson, James
johnson, J. B. Bascomb, }. S.
Mobley and z. n. Sumter, togeth-
er With such other persons who
are now or. may hereafter be
associated With them, be, and they
are hereby declared a body poll.
tic and corporate, Cor the purpose
Of making loans of money, BY
certificate or otherwise, secured
by mortgage on real estate and
personal property, Of any and all
DESCRIPTION, or by conveyance OF
the same to their members and
stockholders or other persons,) BY
the name and style Of the "Merch-
ants. Bailding, Trust and Loan
Association, Of Aiken, South Caro-
lima" The capital stock Of said
Association shall consist oftwenty-
Eve hundred shares, to be paid in
by Successive monthly instalments
ofope dollar on each share, so
long as the corporation shall con-
tinue;c and the said shares to be
held, transferred, assigned and
pledged, and the holders thereof
to be subject to such regulations,
for defaults in their payments, IS
may be prescribed BY the bylaws
created for: the government Of the
corporation.
SEC. 2 That thesaid corporation:
shall have power and authority to
make any such rules and bylaws
for .its,s government as are not
repugna1t tothe Constitution and
laws Of the land; and shah have
such succession and number Of
members and officers as shall be
ordsined and chosen, according to
thesruassor bylaws made, or to
be- made, BY them; shall have and
keapSa commensseal, and alter the
same at will; may sue and be sued,
plead and beimpleaded, many Court
of law or equity. in this State; and
ahaM have and enjoy every right,
privilege and immunity belonging
to corporate bodies, ss guaranteed
bythe laws Of the land.
SEE. B. That the said corpora
ton shall. have power to take,
purchase, hold and enjoy real
estate, and to sell and transfer the
same, as may be deemed proper,
70 its members and others, on such
terms and on snch conditions, and
subject to such regulations as may
be prescribed the rules and by
laws of said corporation.
Sec 4: That the funds Of ssid
corporation shalt be loaned and
advanced to its members and
stockholders or others, upon the
security of real and personal pro.
rsrty, and used in the purchase
Of real estate, for the benefit OF ite
members and stock holders, on such
terms, and on such conditions, and
subject to such regulationsas as may:
from time to time, be prescribed
by the rules and bylaws Of said
corporation; and it shall be Lawful
for the said corporation to hole
such lands, tenements heredita
ments and personal property a:
shall be mortgaged or conveyed
to them in good faith by way o
security, upon its loausand advan
ces and may sell alien or otherwise
dispose of the same to It's mem
bers, stockholders or others, a
they, from time to time, may deen
expedient.
Sic. 5. That all the privileges
rights, and immunities conferre'
upon any and all chartered bank
ing corporations in this State be
and the same ere. hereby, conferr
ed upon the Association hereb.
Incorporated, and they shall be
and are hereby, authorized an.
empowered to adopt any and al
such charters to facilitate then
;n carrying on the business COZ
templated by the Associations.
SEQ. s. That this Act shall b
deemed q public act. and continu
in force for. the term Of fourtee
years; and the same may be give
in evidences without being special
pleaded.
Approved March 13, 1872.
AN lcTTo INcoRPoRATE THE GRAN
LODGE OF FREE AND ACcEPTR