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An Act to incorporate the new Building and Loan Association. 1860-1861 941 (1860)

handle is hein.slavery/ssactssc0440 and id is 1 raw text is: OF SOUTH CAROLINA. AN ACT TO INCORPORATE TiE Niw BUILDING AND LOAN A. D. 1861. ASSOCIATION. _Y_1 No. 4554. I. Be it enacted by the Senate and House of Iepresentatives, now met and sitting in General Assembly, and by the authority of the same, That Corporators. Jaies G. Gibbes, William B. Griffin, John Alexander and Jacob N. Feaster, together with such other persons as now are, or heroafter may be, associated with them, be, and they are hereby, declared and constituted a body politic and corporate, for the purpose of making loans of mioney, secured by mort- gage of real and personal property, to their inembers and stockholders, by the name and style of The New Building and Loan Association ; the capital Cupital. stock of said Association to consist of eight hundred shares, with the priv- ilege of increasing the same to one thounnd shares, to be paid by successive monthly instalnents of one dollar on each share, so long as the said association shall continue; the said shares to be hold, transferred, assigned and pledged, and the holders thereof to be subject to such fines and forfeit- ures for defaults in their payments, as the regulations and by-laws of the said association miay prescribe. II. That the said association shall have such number and succession of Officers and officers and members as shall be ordained and chosen, according to the rules mejuliers. and by-laws made, or to be made, by then for their government; and shall Privileges and 0 liabilities. have power and authority to make such rules and by-laws as are not repug- nant to the Constitution and laws of the land; to have and keep a common seal, and the same to alter 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 all and every right and privilege incident and belonging to corporate bodies, according to the laws of the land. III. That the funds of the said association shall be loaned and advanced Funds. to their members and stockholders, upon the security of real and personal estate, on such terms and conditions, and subject to such regulations, as may from time to time be prescribed by the by-laws of the said association; and it shall and may be lawful for the said association to hold such lands, tene- ments and hereditaments, and such slaves or other personal property, as may be bona fide mortgaged and conveyed to it by way of security upon its loans and advances, or purchased at sales made according to law, upon judg- ments or decrees at law 'or equity for'the recovery of their debts; and to sell, alien or otherwise dispose of the same, as they may from time to time. deem expedient. IV. That whenever the funds of the said association shall have accumu- corporate ex- lated to such an amount that, upon a fair division thereof, each stockholder, istence. for each and every share of stock by him or her so hold, shall have received, or be entitled to receive, the sum of two hundred dollars, or the value thereof 95 941.

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