The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-05-21
An Act to Charter the Union Savings
Bank, of Columbus. sc.

Carolina. no,o met and sitting in General AZ.
senoty. and 6y the authority Of the same, That
=: l.; Leaphsrt, John Meighan. J. P. South
y. b. Nash, VIM. Simons. James Davis and
George Symmers, together with sucll persons
as are now, or may hereafter be, associated
with them, shall be, and they are hereby. con-
rate. by the name and style Of the Union Saw
ings Bank. OF Columbia, South Carolina, and
by that name and style shall be, and is here
by, made capable in law to have, purohsb
enjoy and retain. to it and it's successors.
lands, rents. tenements, goods, chattels and
etocts. OF whatever kind or quality soeyer,
and the same to sell, alien or dispose Of; to
sue and be sued, plead aud be impleRded, an
aver and be answered, defend and be defended
IN Courts OF Record, or any other place what:
eoever; and, also. to make, have and use
common soal, and the same to break, alter
and renew at their pleasure; and, also, to
ordaln and put in execution such bylaws and
regulations as may seem necessary and con-
venient for the government OF the eaid cor
poraticn. not being contrary to the laws of
this State or the Constitution thereof
SEC: 2; The capital stock OF said corpora
ton shall not be less than twenty thousand
time to a sum not exceeding five hundred
thousand dollars, and sh all be paid in aud ac-
cumulated as hereinafter provided.
bRC. g.. Tho said corporation shall have
or otter funds, in bank or other stocks in the
purchase OF bonds of the United States, bonds
Issued by this or any other State OF the
United States, and in bonds Of any incorpo-
rated company, to lend money upon personal
or real security. to discount bonds, notes and
bills OF exchange, and to guarantee the pay
ment OF notes, bonds. bills OF exchange or
other evidences OF debt.
Sec. 4. The said corporation shall receive
oeposits from any. person or persons. and all
such deposits ahall be invested as the Board
OF Directors may deem most advantageous,
and in accordance with section third, and in
terest shall be allowed to the depositors
thereof as may be directed or provided for by
the bylaws OF the inetitution.
SEQ. 8. Each subscriber to stock in this
bank shall, on or before the fifth day Of each
month. pry at the Office Of the bank one dol
lar per share OF his or her subscription. and
any subscriber failing to do 30 shall be fined
for each succeeding ten days of such delin-
auency, ten cents per share additional; and
If, at the expiration Of two months. such de-
hn9uency shall still exist, the stock ehall be
sold at public auction, the proceeds OF which
shall be paid to such delinquent stockholder,
after deducting all fines that may BIO charged
against him, and his proportion Of all losses
sustained. and expenses incurred by the ineti-
tuition in the course OF it's business.
SEQ. 6. AS soon as the stock becomes OF the
value OF one hundred dollars per share, scrip
shall be issued to each etockholder for the
number OF shares standing in his or her name
on the books of the institution, signed by the
President and Cashier, with the corporate
seal OF the bank affixed, from which time the
payment OF monthly instalments shall cease.
SEC. 7. Any stockholdcr, at any time prior
to the stock becoming Of the value of one
hundred dollara per share, may withdraw
from the institEtion, upon written notice
Board Of Directors; and at the expiration of
ninety days, the institution shall pay to said
stockholder the actual value of his or her
stock et the date OF notice OF withdrawal, the
ceasiug from date OF said notice; or said
stockholder may sell or transfer his or her in
terest to any other person, the purchaser
being placed on an equality with the other
SEC. 8. By actual value Of the stock iu meant
the amount paid in by zach stockholder, to-
gether with his or her proportion OF any pro-
@ Of amy osses ha ms mny or haSe
occurred, and Withholding his or her proper
ton OF any investments about which the
Board OF Directors may be doubtful. until
they are Satisfied.
SEQ. 0. As soon after the stock becomes OF
tho value OF one hundred dollars per share,
and scrip is issued therefor. the Directors may
make dividends at such times, and of 30 much
OF the profits of the bank. as shall appear to
them advisa BILE.
SEC 10. There shall be elected, as soon
after the ratification OF this ACT as the corpo-
and annually thereafter, seven Directors from
their number, who shall appoint one Of their
number President, and may fill any vacancy
occurring In the Board, uniess it be by re-
Atio'oi Al WHICH, case tu0 H0uU6Ib bQRu HI
the same in general meeting. The B" .rd
shall appoint Ito hold at it's pleasure) he
subordinate officers and agents, prescribe
their duties and compensation, and take from
them such bonds, with security, as it may
deem advisable.
SEC. -. It shell be compel ent, at any gene
raj meeting OF stockholders, to change the
time OF holding the annual meetings; and
extra meetings may be called at any time,
upon written application to the Board Of
Directors, signed by stockholders represent
ing not less than one. half of the ptal stock;
and at all meetings OF stockholders, each
share shall entitle its holder to one vote, and
q representation OF majority Of the entire
stock by the holders in person, or by their
proxies, shall be requisite to constitute a
quorum.
SEC. IL. The said company ia hereby de-
clared to be capable in law of holding and e1-
ercising the Office OF executor by appointment
Of any testator, the Office OF administrators OF
the testator or intestate 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
ally mortgage. And in any such case. the
said company, as EXECUTOR, administrator or
trustee, shall be subject to the same meat re-
OF accountability, and to tho same rules and
regulations OF law which Dertaiu to sucb