The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-08-21

his or her proportion of any pro
fits, and deductipg thcrefrom his
or her proportion Of any losses
that have occurred, and withhold
ing his or her proportion Of any
investment about which the Board
Of Directors may be doubtful, un-
til they are satisfied.
Sec. 9. AS soon after the stock
becomes of the value of one hum
drcd 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 as the corporators and
subscribers may deem advisable,
and annually thereafter, seven Di-
rectors from their number, who
shall appoint one of their number
President, and may fill any vacan-
cy 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 Ito hold at it's pleasure)
the subordinate officers and agents,
prescribe their duties and compcn-
sation, and take from them such
bonds, with security: as it may
deem advisable.
SEC. II. 1t shall be competent,
at any general meeting of stock.
holders, to change the time Of
holding the annual meeting: and
extra meetings may be called at
any time, upon written applica-
ton to the Board Of Directors,
signed by stockholders represent
ing not less than one-half of the
capital stock and, at all meetings
of stockholders, each share shall
entitle it's holder to one vote, and
a representation Of a majority OF
the entire stock by the holders in
person, or by their proxies. shall
be requisite to constitute a quo
rum.
SEC. 12. The said company is
hereby declared to be capable in
law Of holding and exercising the
| Office Of Executor by appointment
of any testator, the office of ad-
ministrator Of the testator OF in
testate by appointment OF the
| Court of Probate, the Office Of
guardian, or other trustee, of any
estate which may be held in trust
by appointment Of any person or
Court Of competent authority to
make such appointment; and the
office of trustee under any mort
gage. And, in any such case, the
said company, as executor, admin
istrator or trustee, shall be sub
| iect to the same measure Of ac-
countability, and to the same rules
and regulations of law, which per-
tain to such trusts when held and
exercised by natural persons, ex-
cept that, in lieu Of any bond to
be required Of said company for
the administration Of any trust,
the capital stock and other assets
of the company shall stand pledged
for the faithful discharge of any
such trust.
SEC. 13. The said corporation
shall have authority to establish
branch Offices at such points in
this State as the Directors may
elect: Provided, That the business
transaction at such branch Offices
shall constitute part Of the gene
raj business Of the bank, and shall
| be reported to the Office in Colum-
bia, at least once q month.
SEC. Il. This Act shall be deem,
ed I. public Act, and shall be judi,
cially taken notice Of without spe,
cial pleading; and the charter
granted shall be in force from its
passage, and continue in force for
a period Of thirty years.
Approved March l3, 1872.