The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-12

Az ACT to Incorporate the Charleston Loan
and Exchange Company.
SECTION l.. Be it enacted by the Senate and
House OF Representatives Of the State Of South
Carolina, now met and sitting in General AS
sembly, and by the authority OF the same:
That the persons and bodies corporate who
shall become stockholders in the manner here
matter described, and their successors, shall
be a body polite and corporate, under the
name, style and title Of the Charleston Loan
and Exchange Company.
Sec q. The capital stock Of the said company
shall be one hundred thousand dollars, to be
divided into shares of one hundred dollars
each, and shall be raised in the following
manner: The following persons are hereby ap-
pointed commissioners to receive subscrip-
lions to The capital stock, to wit: ST:sH. VII
liams, q. Bischoff, Wm. Quincy, IA. Bow
lev, ]. B. Dennis, G.. J. Lamb, W. q. Garde-
uer, Jr., s. A.. swails and J. q. Runkle. The
said commissioners, or a majority OF them
shall open books, at such places in Charleston
as they shall appoint within sixty days from
the passage of this act, and receive subscrip-
tions to the said stock: Provided, The said
commissioners shall have given at least three
days notice in two daily papers in the City OF
Charleston, Of the time and place Of receiving
the subscriptions, and shall require a payment
of twenty-five dollars on each share, to be
made at the time Of subscription therefor:
And provided further, That the board OF direc-
tors shall have power, in like manner, at such
time as they shall see fit, to increase the said
capital to the sum of five hundred thousand
dollars.
SEQ. 8. That If, after sixty days from the
time deepening the books for subscription one
tenth Of the capital stock be subscribed for,
then the shares to that extent be divided pro
rata among the stockholders, and the COM
pany empowered to business.
SEQ. 4. That the said company, under Its
name, shall have succession OF officers and
members, and all the powers, privileges and
franchises incident to- a corporation, and shall
be capable of taking, holding and disposing OF
their capital stock, according to such rules
and regulations as they shall, from time to
time, establish, and also, Of taking, holding or
disposing OF, or investing the increase, profits
or emoluments Of their said capital stock, and
shall have full power and authority to have
and use a common seal, and the same to alter
and renew at their pleasure, and, BY the name
aud title aforesaid, shall be able and capable,
at law and in equity, to ere add De sueo' 10
plead and be implicated, answer and be ans-
wered unto, in all manner of suits, pleas de-
mands and judicial proceedings whatever, aud
thew are further empowered to appolns o presi-
d ant. board Of directors, and such otner ON
GERS as they may deem e1pedient, for the
proper protection and transaction OF tner
business.
SEQ, S. That the said company is hereby su-
thorizei and empowered TO make contracts
and To make loans Of money, upon security OF
real estate, personal property and chooses IN
action. to barter in all KINDS Of merchantable
articles, to give and to hold in exchange upon
such rates OF interest as may be agreed upon
between the persons or parties borrowing, and
exchange at o rate agreed upon by the board OF
directors.
SEC. G. That the said company shall have
right and power to acquire, purchase, lake
and hold, in it's corporate lame, lanas apu
real estate, and the same to DEVISE Rfan''
sell, assign, exchange and convey IN zee SIMPLE
or otherwise, and that the sum OF 'ntee co.
dred dollars be yearly returnable 10 Inc e.a.'
ont of the net income derived by the COMPANY,
and that this act remain in force for the pefloa
of twenty years.
anproyed March Is, 1877.