The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-27


ture, moral and natural philosophy, history,
bookkeeping, military training and tactics, and
especially the application OF science and the
mechanical arts to practical agriculture in the
field.
Sec. ls. That the college shall not be con.
trolled to serve sectarian or political party In.
teresls, but shall be conducted for the promo.
ton Of the general good Of the State as pro-
vided for In this act, and the act of Congress-.
of which this forms part.
Sec. IA. For the current expenditures Of
said college, certain sums Of money shall be;
set aside in the hands of the treasurer by the
board of trustees, which shall be subject to the.
warrants Of the chairman OF the board, drawn
In pursuance Of the orders of the board Of
trustees. All Income resulting from labor, or
other sources, shall be paid into the treasury
Of the college. All moneys due 10 the institu-
tion, or received In lis behalf, shall be collect
ed and received by the secretary, and deposit
ed by him with the treasurer of the State
board of trustees, taking his receipt therefor.
The secretary shall, with bis annual report;
render q full and complete account of all
moneys received, and all warrants drawn on
the treasurer by him as secretary of,the board,
and shall file and preserve all vouchers, re-
ceipts, correspondence, and other papers re-
laling thereto.
SEC. is. The college shall have no connec.
tlon whatever, nor be 10 any way controlled,
By sectarIan denomination.
Approved March IL, 1872. 'af' :
-->'.a.c 800.
AN ACT to incorporate the Peoples Savings
Institution.
SECTION l. Be 1t enacted by the Senate and
House of Representatives of the Slate of
South Carolina, now met and sitting In Gen.
eral Assembly, and by the authority of the
same:
That Alva Gage, B. Thomllnson, G. I. Gun.
ningham, @. q. West, B. s. Bruins, s. 8. How
ell, B. c. Presley, ]. d. Wilson, W. U6ter.
hardt, J. B. Belts, G. L. Burckmyer, John
Hsnckel, John q. Devereux, w. McBurney,
W. z. Leitch, B. Adger. Zimmerman Davis,
Vim. A. Kelly, D. A. ANIME, Henry Gerdts,
Henry 8. Grigga, and o. B. Levy be, and
name and title Of the Peoples Savings Insti-
tuition; and that they and such others as shall
be duly elected members Of said corporation,
as in this act provided, Biall be body polite
and corporate, by the same name and title.
SEC. 2. That the said corporation shall be
capable Of receiving on deposit, from any
person or persons disposed to obtain and en-
Joy Its advantages, all sums Of money that
may be offered for that purpose; and, on re.
celpt of any deposit, 1t shall deliver to the de-
positor book In which shall be entered all
sums deposited. -
SEC. 8. That all deposits of money received
by the said corporation may be invested In
any public stock or bonds, created ~ virtue
of any law 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 stocks, 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 or any other State, or
loaned on promIssory notes, secured by pledge
OF gucn stocf.s; ar not moro thon -oovoniy:five
per centum ct their par value, or on bonds Sc
cured by mortgage of real estate, lying and
being within tho 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 representatives,
after making such reasonable deductions as
may be necessary for expenses, In proportion
to the sums by them deposited, and to the
length of time during which such deposits
may have rem mained in the institution; and the
principal of such deposits shall be repaid to
each deposition at such times, and under such
regulations as the said corporation shall pre-
scribe, the substance Of which regulations
shall be printed in the book OF deposit received
by each deposltor: Provided, That the corpo
rators In tho 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 other
wise; and provided further, that no director
or other officer of said corporation shall Dor
row any money from said corporation and
If any director, or other officer, shall be con-
yicted, upon indictment, of directly or indi-
reclly violating this section, they shall be pun
lshed by fine or imprisonment, at the discre-
ton Of the court.
SEC. 4. That the said corporation shall have
power to elect new members by ballot, at
their semi.annual meetings In January and
July, each year; and any member, upon filing
q written notice with the president thereof,
three months prior, may, at any such meeting
of said corporation, withdraw and forever dis
solve his connection with the same.
SEC. S. That the said corporation may have
common seal, which they may change and
renew at pleasure; and that all deeds, convey
ances. and grants, covenants and agreements
made by their treasurer, or any other person,
BIZ their authority and direction, according to
their rules, shall be good and valid; and the
corporation shall, at all times, have power to
sue and be sued, and may defend, and shall be
held to answer by the name and title afore'
said; and may acquire, take, hold, and convey
such real estate as may be deemed desirable
for it's place of business, or necessary for II
to purchase In foreclosiDg or settling such
mortgages as it may hold as security for loans
SEC. 6. That the said corporation shall
hereafter meet at Charleston, some time IL
the month of January, annually, and as muct
oitener as they may deem expedlent; and any
seven members Of the said corporation, the
president. vice-president, secretary or treasur