The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1872-02-29
DOWN HEARTED.
The State Savings and Insurance Bank
Of Anderson.

The annexed bill to incorporate the State
Savings and Insurance Bank of Anderson has
passed both Houses. of the General Assembly,
and was duly ratified on Monday last:
A BILL TO CHARTER THE STATE SAVINGS AND
INSURANCE BANK OF ANDERSON, SOUTH CAR
OLINA. ti@
+ Be it enacted by the Senate and House of
Representatives Of the State of South Carolina,
now met and sitting in General Assembly, and
by the authority Of the same:
SECTION l. That James L. Orr, Jesse w.
Norris, O.. 81. P. FAINT, D. Al. Watson, VIM.
Perry, Jacob Burriss, W. s. Sharpe, B, F. Cray
ton, John Martin, John R. Cochran, John B.
Dean, John Wilson and J. w. Harrison, to-
gether with such persons as are now or may
hereafter be associated with them, shall be,
and they are hereby, constituted and made q
body polite and corporate by the name and
style Of ''The State Savings and Insurance
Bank of Anderson, South Carolina," and by
that 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
ever kind or quality soeyer, and the same to
sell, alien or dispose of, to sue and be sued,
plead and be impleaded, answer and be an
swered defend and be defended, in Courts of
Record or any other place whatsoever, and
have perpetual succession, to have and exercise
the rights and privileges of other corporations
now existing, or that may hereafter be enacted,
and also to make, have and use a common seal
and the same to break alter and renew at their
pleasure, ard also to ordain ahd put in execu-
tion such y-laws and regulations as may seem
necessary and convenient for the government
of the said corporation.
Sec. 2. That the capital stock of said corpo-
ration shall be twenty-five thousand dollars, to
be divided into shares of one hundred dollars
each, and may be increased, from time to time,
to sum not exceeding FIVE hundred thousand
dollars, as may be deemed necessary by the
Board of Directors.
Sec g. The persons named in the first Sec
ton of this Act shall be the Directors of this
Company until others are appointed by the
stockholders, and they may, as soon as proper,
appoint President from among their number,
or from among Others who may hereafter be
associated with them, and the said President
shall continue in Office for the period of one
wear, from the day of his election, or until his
successor is appointed; in case of q vacancy in
the office of President or Director, from any
cause, the remaining Directors may elect others
to supply their places until meeting of the
stockholders shall be held. There shall be five
or more Directors, who, with t],e President,
shall manage the affairs of the Cor any Three
of said Directors shall constitute i, quorum for
any and all business purposes of said Company.
The meetings of the stockholders shall be held
in the princi pal office of the corporation, which
shall be esignated by the Board of Directors.
SEC. a. Tho President and Directors shall
appoint such clerks and other officers as they
may find necessary, properly to conduct the
business of said Company, and allow them
suitable compensation, all of which clerks and
officers shall hold their places during the pleas
ure of said President and Directors.
SEC. 5. The President and Directors shall
have power to appoint agents in any part of
the State or elsewhere, and at their discretion
may take from them bonds, with security, con-
ditioned for the faithful performance of their