The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-09

An AoT to Incorporate the Sumter Land Joint
Stock and Loan Association, Of Sumter
South Carolina.
SECTION i. 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 Wesley Wessbury, W. q. Gardner, A.
L. Singleton, Richard CAVITY, Monday Douglas,
Hamp Spencer, J. M. Tindal, Butler Spears,
Samuel Lee, B. A. Wilson, Frank Washington,
Mat. Brooks, Enoch Archey, James Jackson,
Henry Cain, W. W. Ramsey, Hannibal Bennett.
James Smiley, Jackson Simmons, WE. John.
ston, F. J. Moses, u; David Boyd, b. NJ.
Andrews, Jack Bowen, BurreII James and Ben
iamin Lawson, together with such other per-
SONS as now are or hereafter msy be associated
with them, be, and they are hereby, declared
q body polite and corporate, for the purpose
Of buying and holding real estate in the Coun-
ty Of Sumter, or at any point within the county
or State OF South Carolina, and making loans
OF money, secured by mortgages OF real es'
tate, and by the hypothecation OF bonds n
stocks, and other chooses in action and per-
sonal. property, to its members and stock
holders, by the name and style of the Sumter
Land Joint Stock and loan Association, OF
Sumter, South Carolina. The capital stock OF
said association to consist Of twenty-five hun
dred shares; but as soon as one Thousand
shares shall have been subscribed thereto, the
said association shall organize and commence
operations; said shares to be paid by success
siye monthly instruments Of ono dollar on each
share, so long as the said association shall
continue; the said shares to be held, trans
ferred, assigned and pledged. and the holders
thereof to be subject TO such Gnes, penalties
and fo~rieitures for default in their payments as
the regulations and bylaws Of said association
may prescribe.
SEQ. q. That the said association shall have
number and succession OF officers and mem
bers 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
ara not ~repuensnt to the constitution and the
laws Of the land; to have and keep q common
seal, and to alter the same 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 incl
dent and belonging to corporate bodies, &C
cording to the laws Of the land.
SEQ. g.. That the funds Of said association
shall be invested either in the purchase OF
real estate in the County OF Sumter, South
Carolina, or in any county or subdivision OF
the State Of South Carolina, which shall be
rented out or leased, or sold and conveyed to
the members and stockholders Of said sssocia'
ton. upon such terms and conditions as from
| Tina to time may be prescribed by It's rules
and bylaws, or be loaned out and advanced to
the members and stockholders thereof upon
the security, and by hypothecation OF real e.
tate in the County Of Sumter, or any other
subdivision Of the State aforesaid, or bonos'
stocks or chooses in action on personal proper
tv on such terms and conditions as from time
TO time may be prescribed by the rules and oy-
laws aforesaid. And it shall and may be law
f,l for the said association to hold and enjoy,
FAR the mutual benefit Of its members and
.,stockholders, all such lands, tenements ano
Embellishments as may be bona tide purchased
by and conyeyedto it; or % may be mortgagec
to it by way Of security upon it's loans and ad
yances: or as may be purchased by, or trans
ferred and conveyed to it, at sales under judg
ment or DEGREES at law or equity for securing
or recovering, or in compromise settlement o
any debt or debts due to it; and to soil, alien
barter, exchange, convey, mortgage, or other
yise DISPOSE of The same, from time 10 lime
and whenever deemed expedient.
sEo. 4. That if any of the funds OF the saie
association shall remain unproductlVe' or
;nvested. or uuneoded, or uncalled for, for tn
anace of Two months, by its own members am
stockholders, it shall BIO lawful for the SAID as
ISOLATION to lend out what moneys may be OF
hand to others than stockholders, at such rate
Of interest, ION such security, whether Q
mortgage or real estate, chooses in action, o
other personal property as may be agreed On
to be safely invested, to be repaid within on
year.
SEC. 8. That, whenever the funds and asset
of the said association shall have accupulate
to such an amount that, upon a fair divisio
thereof, such stockholders, for each and ever
share of stock held by him or her, shall hay
received, or be entitled to receive the sum
two hundred dollars, or the value thereof !
property or assets, and such division and di
tribution shall have been made, then the SUI
association shall cease and determine: Prov