The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-04-10

have such number and succession OF Of. |
fcers and members 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 at all times, to make such rules and
bylaws as ore not repugnant to the Con-
stitution and the laws Of the land, to
have and keep common seal. and to
alter the same at will; to sue and be
sued, plead 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 cor
porate bodies, according to the laws Of
the land.
Sec. 3. That the funds of the said as
sociation shall be invested either in the
purchase of real estates in the County OF
Charleston, South Carolina, or in any
County or subdivision of the State of
South Carolina, which shall be rented
out or lensed, 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 pre-
scribed by its rules and bylaws, or be
loaned out and advanced to the members
and stockholders thereof, upon the Sc
curity aud by hypothecation of real es-
tate in Charleston, or the State afore-
said, or bonds, stocks or chooses in action,
or personal property, on such terms and
conditions as, from time to time, may be
prescribed by the rules and bylaws
aforesaid. And it shall and may be law
full for the said association to hold and
enjoy, for the mutual benefit of its mem
bers and stockholders, nll such lands,
tenements and hereditaments as may be
bona Jstle, 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 by or transferred and con-
veyed toit at sales under judgments or
DEGREES ut law or equity, for securing or
recovering, or in compromise settlement
of any debt or debts due to it; and to
sell, alien, barter, exchange. convey,
mortgage or otherwise dispose of the
same, from time to time. aud whenever
deemed expedient.
SEC. 4. That if any of the funds of
the said association shall remain unpro-
ductive, or uninvested and unneeded, or
unoalled for, for the space of two
months, by its own members and stock
holders, it shall be lawful for the said
association to lend out what moneys may
be On hand to others than stockholders,
at such rates Of interest Ton such secu-
rity. whether of mortgage or real estate,
chooses in action, or ether personal pro-
perty.) as may be agreed upon, to be
safely invested, 70 be repaid within one
year.
Sec. S. That whenever the funds and
assets of the snid association shall have
accumulated to such an amount that,
n fol IL
holders, for each and every share of
stock held by him or her, shall have re-
ceived, or be entitled to receive the sum
of two hundred dollars, or the value
thereof in property or assets, and such
division and distribution shall have been
made, then the said association shall
cease and determine: Iroridca, hotcerer,
That in case the said association shall
not have closed its operations and affairs,
as above provided for, within q shorter
period, then this Act shall not continue
IN force beyond ten years.
SEC. 6. That this ACT shall be deemed
public Ac', aud be given and received
i'll evidence without being specially
pleaded.
Approved lIarch -, 1872.
AN ACT TO INCORPORATE THE SUMTER
AcADEMIcAL SOCIETY.
SECTION /. BE ii enacted by lie .S-note
and House If Representatives. Of he S,ae
Of So,.h Carolina, no,c met and siuimq in
General assembly, and By TIE authority Of
Tie same, That Franklin j. Moses, *,
Samuel Lee, Il. L. Johnson. y. L. 5! i.
glcton, j. y. Corbett, w. j. Andr, IS,
together with such other person or per-
sons, as are now. or may hereafter
be, associated with them, shall be, and
they are hereby. constituted and made
body polite and corporate, by the name
of 1.-The Sumter Acldcmical Society,""
with power to sue and be sued, to plead
and he impleaded, to possess and hold,
subject to former grants, eschcated and
other property within the County of
Sumter, to an amount not exceeding
twenty thousand dollars.
SEC. 9, That oil property heretofore
vested in the trustees of The Sumter
Academical Society,"" Incorporated by
an ACT entitled "Au Act to incorporate
certain companies and societies." passed
on the twentieth day of December, \.
ID. 1887, be, anu the same is hereby,
vested in tho incorporators named III
this Act, and such incorporators shall be
deemed and held in law to be the proper
n mi lnrol Of c,,nl, tr,,.