The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-08-28

AN ACT TO INCORPORATE THE SUM-
TER LAND JOINT STOCK AND LOAN
ASSOCIATION OF SUMTER, 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 Wesley Westbury, W. H.
Gardner, A. L. Singleton. Richard
Canty, Monday Douglas, Hamp
Spencer, J. NJ. Tlndal. Butler
Spears, Samuel Lee, R. A. Wilson,
Frank Washington: Mat. Brooks,
Enoeh Archey, James Jackson,
Henry Cain, W. W. Ramsey, Han
nibal Bennett, James Smily, Jack
SON Simmons, W. E. Johnston, F.
!. Moses, Jr., David Boyd, R. NJ.
Andrews, Jack Bowen, Burrell
James and Benjamin Lawson, to-
gether with such other persons as
now are or hereafter may be asso-
ciated with them, be and they are
hereby declared body polite and
corporate, for the purpose Of buy
ing and holding real estate in the
county Of Sumter, or at any point
within the county or State of
South Carolina, and making loans
Of money secured by mortgages of
real estate, and by the hypotheca-
ton of bonds and stocks, and 9TH
er chooses in action and personal
property. to its members and
stockholders, by the name and
style of the Sumter Land Joint
Stock and Loan Association Of
Sumter, South Carolina. The cap
ital stock Of said association to
consist of twenty-five hundred
shares; but as soon as one thous-
and shall have been subscribed
thereto, the said association shall
organize and commence operations;
said shares to be paid by success
sive monthly instalments Of one
dollar on each share. 80 long as
the said association shall continue;
the said shares to be held, trans
ferred, assigned and pledged, and
the holders thereof to be. subject
TO such fines, penalties and forfeit
urcs for default in their payments,
as the regulations and bylaws of
said association may prescribe.
Sec. 2. That the said association
shall have number and succession
of officers and members as shall be
ordained and chosen according to
the rules and bylaws made, Or to
bo made by them, for their gov
ernment; and shall have power
and authority, from time to time,
and at all times, 20 make such
rules aud bylaws as are not re-
pugnant to the Constitution and
the laws of the land to have and
keep a common seal, and to alter
the same at will; to sue and be
sued, i,nplead and be implicated,
in any court Of law or equity in
this State; and shall have and en-
Joy every right and privilege, Incl
dent and belonging to corporate
bodies, according to the laws Of
the land.
SEC. 8. That the funds of said
association shall be invested either
in the purchase of real estate in
the county Of Sumter, South Car
olina, or in any county or sub-dl-
vision of the State of South Caro-
lima. which shall be rented out or
leased, or sold and conveyed to
the members and stockholders Of
said association, upon such terms
and conditions US from time to
time may be prescribed BY its
rules and bylaws, or be loaned
ont and advanced to the members
and stockholders thereof, upon
.he security and by hypotheca:ion
of real estate in. the county OF
Sumter, or any other subdivision
Of the State aforesaid, or bonds,
stock, chooses in action on person
al property, On such terms and
conditions as from time to time
may be prescribed by the rules
and bylaws aforesaid. And it
shall and may be lawful for the
said association 10 hold and enjoy
for the mutual benefit Of it's MEM
bers and stockholders, all such
lands, tenements and heredita-
ments, as may be bona fde pur-
chased by, and conveyed to it; or
as may be mortgaged to it by way
of security upon its loans and ad,
vances; or as may be purchased
BY, or transferred and conveyed
to it, at sales under judgment or
DEGREES, at Law or Equity. for Sc
curing or recovering, or in COM
promise settlement Of any debt or
debts due to it: and to sell, alien,
barter, exchange, convey, mort
gage, or otherwise dispose Of the
same, from time to time, and when
ever deemed expedient.
Sec. 4. That if any Of the funds
of the said association shall remain
unproducti7e, or uninvested, or
upneeded, or qncalled for. for the