The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-05-07
ACTs or THE GENERAL ASSEMBLY
-'i15f OF SOUTH GAROLINA.t itj->a
PubIished by Authority,
AN ACT to establish the Charleston Land ana
Joint Stock Company. ~, ,,,..;, ;.r,y,7

AN ACT to establish the Charleston LanQ aLsc
Joint Stock Company. ~ r,,:s;.. ;! ~
SECTION 1. Be 1T enacted, by the Senate and
House OF Representatives of Z. the State OF
South Carolina, now met and sitting In Gene
raj Assembly, and BY the authority Of the same:
j That Charles Slmonds, Thomas Mathews, l..
E. Campbell, Samuel Porcher, James Porcher.
z. Patton, W. Fields j. Proctor, J. Simmons,
s. Poreher, a. Campbell and G. Zines, and
other persons who are, or hereafter may be-,
associated with them, be, and they are hereby,
declared body polite and corporate for the
purpose of making losus' of money, secured
by mortgage on real estate or personal prop.
erty, or by conveyance Of the same to their
members and stockholders, by the name and
style OF the Charleston Land and Joint Stock
Company, the capital stock of which shall con-
sist of one thousand; shares, to be paid In by
successive monthly instalments Of one dollar
on each share, 30 long as the corporation shall
continue; the said shares to be held, trans .
ferred, assigned and pledged; and the holders Ter
thereof to be subject to such fines and forfeit
urea, for defaults in their payments, according
to such regulations as may be prescribed by
the constitution and bylaws Of said corporn-
tion; and, moreover, the said shares shall be
disposed of. at the death, resignation or re-
moval from the State of any shareholder, In
such manner as may be prescribed by the sasd
constitution, rules and bylaws. .a5 49, ~.
SEC. 2. That the said corporation shall have:
power and authority to make any such rules
and bylaws for Its government as are not re..
pugnant to the constitution and laws Of the
land; shall have such members and succession
OF members and officers as shall be ordaineds
and chosen, according to their said rules and
bylaws, made or to be made by themf shall
sue and be sued, plead and be lmpleaded, In
any court of law or equity In this States and
shall have and enjoy all and every right ahd
privilege incident and belonging;to corporate
bodies, according to the laws Of the hnd.g .
SEC. 8. That the funds Of the said corpora:
ton may be invested in such property, real or
personal, and securities, public or private,
loaned to shareholders and members, or other
persons or corporations, on such securities, IN
such node, on such terms, under such condi-
lions and subject to such regulations as may
be, from time to time, prescribed by the con.
stItutlon, rules aud bylaws of the said corpo'
ration; and that 1t shall and may be lawful fol
said corporation to take and hold such lands,
tenements, beredltaments and personal prop,
erty, bonds, stocks, public and private, and
chooses In action as they shall acquire by pur,
chase, devise, bequeatb, gift, assignment Of
otherwise, to take and hold such lands, tene
ments, heredItament, and personal property
and such stocks and bonds, public or private
or chooses In action as shall be mortgaged
conveyed, assigned or pledged to IL by way o
security upon it, loans or advances, or 'pur
chased at sales thereof; and to sell, allen
transfer or otherwise dispose OF the same, a
from time to time the said corporation ma l9
deem, expedlenk;- Provided, That the. rea re
estate held by said corporation shall not
any time exceed the value of two hundres
thousand dollars. That the real and persona
property OF each stockholder and assigns shal
be- liable for the debts of said corporation II
any amount not exceeding the par value OF tn
stock held by him.
SEC. 4. That semi.annually, on the frat day
of January and July, there shall be divided
amongst the stockholders Of the said corpora
tlon, the profits accrulng from the investment
SEC. S. That this act shall be taken an
deemed public aot, and that the same ma.
be given In evidence without being speciall
pleaded.
Approved March Is, 1872. ,tr.