Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-04-25

dWdrQ SuCu ueSLlnCtlOu, uOuOES, uCcuScS
and degrees as are usually conferred by
similar colleges of the United States.
Sec. 6. That this act shall be deemed
and taken to be public act, and to con-
tinue in force until repealed.
Approved March 4, 1872.
An Act to Incorporate the Land Joint
Stock and Loan Association, of Sumter,
South Carolina.
Section /. Be it enacted by the Senate aud
House of Representatives Of the State of
South Carolina, now met and sitting in Gen
eral Assembly, and by authority of the same:
That Wesley Westbury, w. H. Gardner,
A. L. Singleton, Richard Canty, Monday
Douglas, Hamp Speucer, ]. M. Tindal But
lei Spears, Samuel Lee, r. A. Wilson, Frank
Washington, Mat. Brooks, Enoch Archey,
James Jackson, Henry Cain, w. w. Ramsey,
Hannibal Bennett, James Smiley, Jackson
Simmons, w. T.. Johnston, F. j. Moses, Jr,
David Boyd, r. M. Andrews, jack Bowen,
Burrell James and Benjamine Lawson, togeth-
er with such other persons as now are, or
hereafter may be, associated with them, be,
and they arc hereby, declared body polite
anc corporate, for thetpurpose Of buying and
holding heal estate in the County of Sumter,
or at any point within the Comfy or State Of
South Carolina, and making loans of money,
secured by mortgages of real estate, and by
the hypothecation of bonds and stocks, and
other choser IN action and personal property,
to its mem bers and stockholders, by IN name
and style of the Sumter Land Joint Stock and
Loan Association, Of South Carolina. The
capital stock of said association to consist Of
twenty-f hundred shares but as soon as
one thousand shares shall have been prescrib-
ed thereto, the said association shall organize
and commence operation said snares to be
paid by successive monthly installments of
one dollar on each share, so long as the old
association shall continue; the said shares to
be held, transferred, assigned and pledged, and
the holdeds thereof to be be subject to such
fines, penalties and forteitures for, default in
their payments, as the regulation anb bylaws
of said association pay-prescribe.
Sec. 2. Thit the Said association<sfiaN have
number andkuccessionof officers and men,
bers as shf be ordajned and chosen accord
by them/ their government; froff~-time TO
time, asd at all times; to-make such rules and
bylaws as are not repugnant to the Constita-
tion and the law Of the land; to have and keep
common seal, and to alter sama at will; to
sue and be sued, implead and be impleaded, in
any Court of law or equity in this State; and
shall have and enjoy every right and privilege,
incident and belonging to corporate bodies,
according to the laws Of the land
Sec 3. That the funds of std ASSOCIATION
shall be invested in the purchase Of real estate
in the County Sumter, South Carolina, or in
any subdivision of the outh Carolina, which
shall be rented out, or leased, or sold and
conveyed to the members and stockholders of
said association, upon such terms and condi-
tions as, from time to time, may be prescribed
by its rules and bylaws, or to be loaned and
and advanced to the members and stockholders
thereof, upon the securito, and by hypOtheca-
ton of of real estate in the County of umter,
us any othed subdivision of the tate afore-
orid or bonds, stocks, or chooses in action or
personal property, on such terms and condi-
ton as, from time to ttae, may be prescribed
by the rules and bylaws aforesaid. And it
shall and may be lawful for the said associ-
alton, to hold and enjoy for the muturl benefit
of its members and stockholders all such
lands, tencments and herediiamcnts, as may
be bona tiide purchased by, and conveyed to
it; or as may be mortgaged to it by way of
security upon its loans and advances; or as
may be purchased by, or transferred and con-
veyed to it, at sales under judgemeet or de-
crees, at Law or Dquity, for securing or re-
covering, or in compromise settlement of any
debt due to it; and to sell, alien, barter cx-
change, convey, mortgage, or otherwise dis
pose of same, from time to time, and when.
ever deemed cxpedient.
eel t. That if any of the fun ms of the said
association shall semain unprOductive or un-
invested, or unneeded, or uncalled for for
the space of two month, by its owners and
stockholders, it shall be lawful for the said rs
sociatiOn to lend out what moneys be on hand
to others than stockholders, at such rates of
interest Con such security, wheter of mort
gage or real estate, chooses in action, or other
personal property as may be agreed on, to be
safely invested, to be repaid within one year.
&C. j. That, whenever the funds and as
sests Of the said association shall have accu
mul ated to such amount that, upon a far
division thereof, such stockholders, for each
and every share of stock held by him or her,
shall have received, or be entitled to receive
the sum OF two huRdred dollars, or the value
! thereofin proparty or rssests, and such dlyi
! soins and distribution shall nave been maed,
then the said ass ciati shall cease and de.
termine; Provided, however, that in case the
said association shall not have closed its ope-
rltions und affairs, as above provided for,
within in shorter period, then this Act shall
continue in force until repealed. I5Ja e.
Approved March l3, 1872.