The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-04-16

Carolina. The capital stock OF said 90.
sociation to consist of twenty-five hun
dred shares; but as soon as one thou
sand shares slnll have been subscribed
thereto, the said assoointion shall orga-
nize and commence operations; said
shares to be paid by successive monthly
instalments Of one dollar on ench share.
80 long as the said association shall con-
tinue; the said shares to be held, trans
ferred, assigned and pledged, and the
holders thereof to be subject to such
fines, penalties and forfeitures for de-
fault in their payments, as the regula-
tions and bylaws of said association
may prescribe.
SEQ. 2. That the said association shall
have number and succession of officers
and members as shall be ordained and
chosen according to the rules and by-
laws 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 by
laws as nre not repugnant to the Consti-
tuition and the laws of the land; to have
and keep common seal, and to alter
the same al will; to sue and be sued, i'm
plead aud be impleaded, in any court of
low or equity in this State; and shall
have and enjoy every right and privi-
lego incident and belonging to corpo-
rate bodies, according to the laws of the
land.
SEQ. 8. That the funds of said associ-
alton shall be invested either in the pur.
chose 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
association, upon such terms and contii
tlons as. from time to time. may be pre-
scribed by its rules md bylaws, or to be
loaned out and advanced to the mem
bers and stockholders thereof, upon the
security and by hypothecation of real
estate in the County of Sumter, or any
other subdivision of the State afore-
said, or bonds, stocks or chooses in action
on 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
members and stockholders, all such
lands, tenements and hereditaments as
may be bona Jide purchased by and con-
veyed 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 conveyed to it Of sales
under judgment or DEGREES, at law or
equity, for securing or recovering, or in
compromise settlement Of any debts due
to it; and to sell, alien. barter, exchange,
convey, mortgage, or otherwise dispose
of the same, from time to time, and
whenever deemed expedient.
SEQ. 4. That if any OF the funds of
the said association shall remain unpro-
ductive, or uninvested, or unneeded, or
uncalled 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 m opeys may
be on hand to others than stockholders,
at such rates of interest ION such secu-
rity, whether of mortgage or real estate,
chooses in action, or other personal pro-
perty) as may be agreed on, to be safely
invested. to be repaid within one year.
Sec. 5. That, whenever the funds and
assets Of the said association sEall have
accumulated to such an amount that,
upon fair division thereof, such stock
holders, for each and every share of
stock held by him or her, shall have re-
celved or be entitled to receive the sum
of two hundred dollars, or the value
thereof in property or assets, and such
divisions and distributions shall have
been made, then the said association
shall cease and determine: Provided,
ho0ecer, That in case the said assocla-
ton shall not have closed its operati ms
and affairs, as above provided for, within
o shorter period, then this Act shall con-
tinue in force until repealed
Approved March 13, 1872.
AN ACT TO AMEND AN ACT ENTITLED GAN
ACT TO GRANT. RENEW AND AMEND THE
CHARTERS OF CERTAIN TOWNS AND VII
LAGEs THEREIN MENTIONED.
SECTION /. BE ii enacted by tie Senate
and House Of Representatives Of HE State
of South Carolina, no,o met and sitting in
General Assembly, and BY The authority of
Tie same, That Section IL of all Aos en-
titled 'An Act to grant, renew and
amend the charters of certain towns and
villages therein mentioned" be amended
by inserting between the words ''of-
ficers," on the ninth line, and ''the," on
the tenth line, tho following: And the
said Intendant and Wardens shall have
the power to bring before them, when
sitting i'll Council, oil offenders against