The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1872-10-16

, consist OF TWO thuu>anI five hun
dred shares. bat is soon rs Oh,
thou>and shares shall have beer
: subscribed thereto. the said a>so
I citation shall organize and com
menve operations, said shares Il
be paid by SacresSive monthly in
!: StaimeutS Of one doij;lr on cacl
share, so Iung rs the said asSoc;a
ton shall continue; the said share:
to he held, transferred, assigned
and pledged, and the hoiders there
Of to be Suhjcct to slich flies. pen
allies ard torfeiturcS for default in
their payments as the regulations
and bylaws of the said -Associ;l
tion may prescribe.
SEC. 2. That the said ASs0cia.
ton shall have Snch nUmbcr and
succession Of officers and mcmherS
as shall be ordained and chosen.
according to the rules and bylaws
made, or to be made by them for
their government; and shall have
power and authority, from time to
time, and ut all times, to make
such rules and bylaws as arc not
repugnant to the Constitution and
the laws Of the land to have and
keep 4 common seal. and to alter
the same at will; to sue AMI be
sued, impicad 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 3. That the funds Of the
said Association shall be Invested
either in the purchase Of real cs-
tate i'll the County Of Charleston,
South Carolina, or in any County
; or sub division Of the State Of
| South Carolina, which shall he
rented out or leased, or sold and
| conveyed to the members and
stockholders Of said Association,
upon such terms ami conditions
as, from time to time. may be pre-
scrihcd by its rules and bylaws,
or be loaned out and advanced to
the members and stockholders
thereof. upon the security au'I hv
hypOthecation Of real estate in
Charleston or the State aforesaid.
Or bonds, stocks or chooses in &C
ton On personal property. on snch
terms and conditions a>. from time
to time may be prescribed by the
rules and bylaws aforesaid. And
it shall and may be Lawful for the
said association to held and enjoy,
for the mutual benefit Of its lurn.
bers and Stockholders. all such
lands, tencmcnts and hrrcdi!a-
ments as may he Jana fie pur.
chased by and conveyed to it; or
rs may be morlgaged to it iy way
OF security upon its loans aud al
vances; or as may be by or trans
terred and conveyed 20 it 1T sales
under indgn enlS or dccrcc> 1T law
or equity, for securing 0: recover
ing, or in compromise settlement
Of any debt or dents due to il:
and TO sell. alien, barter, exchange,
convey, mortgage, or otherwise
dispose Of the same: from time to
time, and whenever deemed expc-
dient.
SEC. I. That if any of the funds
Of the said association shall remain
unproductlvc, or uHinvesled and
unneeded, or uncaIied for, for the
space OF two mouths, by its own
members and stockholders, it shall
be for the said association to lend
out what moneys may he on hand
to others than ockhoIders, at
such rates Of interest Con such Sc.
curity, whether Of mortgage or
real estate, chooses in action, or
other personal property J as may
be agreed on, 10 be safely invest.
ed, to be repaid within one year.
SEC. 5. That whenever the funds
and assets Of the said association
shall have accumulated to such an
amount that, upon L fair division
thereof, such stock holders, for each
and every share OF stock held By
him or her, shall have received, or
be entitled to receive the sum of
two hundred dollars, or the value
thereof in property or assets, and
soch division and distribution shai!
have been made then the said as
sociarion shall cease and deter
mine: P0riiel honecrr. That in
case the said association shall not
have closed its operations and af-
fairs, as above provided for, within !
a shorter period, then this Act |
shall not continue in force beyond |
ten years.
Sec. 6. That this Act shall be |
deemed 4 public Act and be given |
and received in evidence, without |
!