The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-04-10
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Sc. 8. AS soon * attear: the stock Be.
comes Of the value or ono hundred
dollars per share, andiscsip is used
therefor, the Directors. may make
dividends, at, such, times and of 30
much of the profits Of the Bank "a
shall appear to them advisable. y
Src. 10. There shall beeleeted, aa
soon after the ratification Of, this Act
|as the corporators and Subscribers
NAY deem advisable, and annually
thereafter, seven Directors 6om their
number, who shall appoint one Of
their number President, and may fill
any vacancy occurring iq tho Board,
unless it be by removal in which case
the members shall fill the same in
general meeting. The Board shall
appoint to hold at its pleasure) the
subordinate officers and agents. pre-
scribe their duties and Compensation,
and take from them such bonds, with
security, s,it may deem advisables1
q SEC. II. 1t shall be, competent, !, at
any general meeting of stock lders,
to change the time Of holding the
annual meetings; and extra meetings
may be called ataany time upon d
wr:Sten application to. the Board Of
Directors, signed by stockholders rep,
rssenting not less than one,halfof the
capital stock and at all meetings OF
stockholders each share shall entitIe
its holder to one vote, and q represen-
tation of a majority of the entire
stock, BY the holders in person, rTby
their proxies, shall be requisite to
constitute q quorum. - @'' "
' SEo.l2.. The said company is hereby
declared capable in. law Of holding and
exercising the Office of Executor, by
appointment of any; testator;, the
Office Of Administrator of, the testator
or intestare, by appointment Of the
Court Of Probate; the Office Of Guar
dian, or other trustee of any estate
which /, may, be held in trust by ap-
pointment of any person. or Court Of
competent authority to make such
appointment, and the office Of Trustee
undcr any mortgage; and, in. .such
case. the said company or-executor,
administrator or trustee shall be sub
ject to the same measure Of account
ability and to the same rules and reg
ulations Of law which pertain to such
trusts when held aud exercised By
patural alipersons, except that, in lieu; OF
any bond to- be required Of said COM
pany for the administrator. Of any
trust, tie capital stock and other as:
sets Of the company shall. Be pledged
for 1.-The faithful discharge aof any
trust - :. 81 b ss ds.et.-gyts.. ai!is5.e,
Sec: 13. That the stockholders ..oi
said corporation, shall be liable to tho
amount of. their respective share or
shares of stock in said corporation,
for all it's debts and liabilities upon
note, bill Or. otherwise; and further,
no Director, or ether officer Of isaid
corporation, shall borrow any money
from said corporation, and if any
Director, or other officer shall be con
victed, upon indictment,' Of directly
or indirectly violating this Section, he
shall be punished by fine, or imPrison-
meDt, at the discretion of the Court.
The books and accounts of said cor:
poration shallbe opened.to inspection
under such regulations as may be pre-
scribed by Law, II qa.E.,sz I'd
SEC. IA. This Act shall be deemed q
public Act. and shall be judicially
taken notice of without special plead
ing; and the charter hereby granted
shall be in force from its passage, and
continue in force for q period Of thir.
ty years. r,.. asy
AN ACT Relating to the Bonds Of
the State Of South. Carolina. ""''
Whereas bonds or obligations Of
this State have been issued, from
time to time, to large amount in &C
cordance, as was supposed by the
officers issuing the same, with the au-'
thority and provisions of certain acts
of the General Assembly, including
"an act authorizing q loan to redeem
the obligations known as the, Bills
Receivable of the State of South Car
olina," approved August 26. 1868;
also, 'san act to authorize State loan
to. pay interest on, the public debt"
approved August 26, 1858; also, "an
act IN nrovide for the annointment of