Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1882-03-30
ACTS OF THE LEGISLATURE.
| YOUNG NEWS LOAN AND TRUST COMPANY,
| OFROCK HILL.

YOUNG NEWS LOAN AND TRUST COMPANY,
OFROCK HILL.
AN ACT to incorporate the Young Mems Loan
- and Trust Company of Rock Hill, 8. c..
SECTION l. 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 ID. Huthichison, f. l.. Keiseler, j. NJ.
Cherry, r. i. Johnston, r. T. Fewell. N. P.
Alexander, j. b. Johnson, E. r. Avery, w. b.
Wilson, Jr., together with such other persons
who now are, or hereafter may be associated
with them he, and they are hereby declared
body polite and corporate for the purpose OF
making loans of money, secured by mortgage
of real estate or personal property, or by con-
veyance of the same to their members and
stockholders or other persons, by the name
and style of the Young Mems Loan and
Trust Company, the capital stock OF which
shall consist Of not less than two hundred
shares, or more than two thousand shares of
the par value of one hundred dollars each, to
be paid in by successive monthly instalments
of one dollar on each share until the full
amount of one hundred dollars be paid there
on the said shares to be held, transferred, as
signed, and pledged, and the holders thereof
| to be subject to such fines and forfeitures for
default in their payment, according to such
regulations as may be prescribed by the by
laws of said corporation. -"., ..
SEC. 2. That said corporation shall have
power and authority to make such rules and
bylaws for it's government as are not repug-
nant to the Constitution and laws of the land
shall have such members and succession OF
members and officers as shall be ordained and
chosen according to their said rules and by
laws, made or to be made by them shall have
and keep common seal, and may alter the
| OF will hQ
and be impleaded in any Court of competent
jurisdiction in this State.
Sec. 3. That said corporation shall have
power to take, purchase and hold real estate,
and to sell and transfer the same from time
to time to it's members or others, on such
terms and under such conditions, and subject
to such regulations, as may be prescribed by
the rules and bylaws Of said corporation {:
Provided, That the real estate held by the
said corporation shall not at any time exceed
two hundred thousand dollars.
SEC. 4. That the funds of said corporation
shall be loaned and advanced to members
and stockholders or others, upon security Of
real and personal estate, and used in the pur-
bers and stockholders, on such terms and un-
der such conditions, and subject to such regu-
lations as may from time to time be prescribed
by the rules and bylaws Of said corporation !;
and it shall be lawful for said corporation to
hold such lands, tenements and hereditaments,
andpersonal property. as shall be mortgaged and
conveyed to them in good faith, by way Of
security upon it's loans and advances; and
may sell, alien or otherwise dispose OF. the
same to its members, stockholders, and others,
as they from time totime may deem expedient.
SEC. 5. That this Act shall be deemed apub-
lie Act and shall continue in force for thirty
years and until the next meeting of the Legis-
lature thereafter.
Approved February 8, 1882. gnu 4EtI,