day of demption before the 1820. XX. And be it enacted, That any certificate of stock issued To be counterunder the authority of this Act, shall be countersigned by the signed by the Comptroller General for the time being. Comptroller. redeemable. XXI. And be it enacted, That the stock to be issued under the authority of this Act, shall not be redeemable by the State Stock, when before the first day of January, 1840. And the faith of the State, and the capital of the Bank of the State of South Carolina, are hereby solemnly pledged for the redemption thereof. XXII. And be it enacted. That the Comptroller do, and he Comptroller to is hereby required to, report to the Legislature, at their next report the session, the amount of stock which may be issued under this stock issued. Act. amount of may be XXIII. And be it enacted, That it shall be the duty of the Stock President and Directors of the said Bank, and they are hereby purchased by required, whenever the stock hereby authorized to be issued the Bank. shall be upon the market at par, to purchase annually of the said stock, a sum not exceeding fifty thousand dollars; and the future annual profits of the said Bank is hereby declared to be a fund for that purpose. FROM "AN ACT MAKING APPROPRIATIONS FOR THE YEAR 1821." A. A. 1821, p. 34. Part of a former Bank law repealed. XIV. And be it further enacted, That so much of the Act S. L. vol. 6, p. entitled "An Act to make appropriations for the year one 177. thousand eight hundred and nineteen, and for other purposes therein mentioned," as explains and amends "An Act to establish a Bank in behalf of and for the benefit of the State," shall be, and the same is hereby, repealed; and that the Comptroller General shall transfer to the Bank of the State, on account of Monies in the capital, on the second day of April, in each and every year, all treasury to be monies received through the course of the preceding year, transferred to then remaining in the treasury unappropriated. and the Bank. REDEMP-A. A. 1821, p. 27. AN ACT TO PROVIDE A SINKING FUND FOR THE S. L. vol. 6, p. Whereas, it is necessary to create a permanent fund for the 165. redemption of the Six per cent. Stock of the State. 1821. Books to be opened by Bank, showing the state of the fund. Checks drawn I. Be it therefore enacted by the Honorable the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That from and immediately after the passing of this Act, it shall be the duty of the President and Directors of the Bank of the State of South Carolina to cause to be opened, in the books of the said Bank, an account in which they shall debit themselves with the profits of the Bank for the year ending the first day of October, in the year of our Lord one thousand eight hundred and twenty-two, and with all the future profits of the said Bank, as the same shall hereafter be annually declared; which said fund, with its annual accumulations, shall be considered solemnly pledged and set apart for the payment of the quarterly interest on the said six per cent. stock, and the final redemption thereof. And it shall be the duty of the President and Directors of the said Bank annually to report to both branches of the Legislature the exact state of that fund. II. And be it enacted by the authority aforesaid, That all by Treasurer. checks drawn by the Treasurer of the Lower Division, on account of the interest on the six per cent. stock of this State, shall specify that it is for such interest, and shall be charged to the said fund. be used. III. And be it enacted by the authority aforesaid, That the How fund to fund hereby created shall not be considered a part of the capital of the said Bank, but shall be banked upon and employed like the capital of the said Bank. And it shall be the duty of the President and Directors of the said Bank, at any time when the stock hereby intended to be provided for and redeemed shall be at par in the market, to redeem as much thereof as the fund hereby created shall at such time enable them to do. AN ACT TO PROTECT THE BANKS AND THE HOLDERS OF A. A. 1822, p. BILLS AND NOTES FROM FRAUDS. 17. S. L. vol. 6, p. 181. No Bank to pay bills cut or divided. Protests of I. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That from and immediately after the passing of this Act, no Bank now, or hereafter to be, incorporated in this State, shall be compelled by law to pay any of their bills which have been, or may be hereafter, cut in half or divided, unless both halves of said bill or bills is presented, or unless the person producing one-half, and demanding payment as of the whole, shall first give bond and sufficient security to the said Bank, as an indemnity against any loss or damage that may be sustained by the said Bank, by paying the whole of said half bills to said person. II. Be it further enacted by the authority aforesaid, That whenever a notary public who may have made protest for noned in evidence payment of any inland bill or promissory note, shall be dead, or shall reside out of the district in which said bill or note is sued, his protest of said bill or note shall be received as sufficient evidence of notice in any action by any person whatsoever, against any of the parties to such bill or note. 1822. FROM "AN Аст то RAISE SUPPLIES FOR THE YEAR 1822." 198. A. A. 1822, p. 4. IV. And be it further enacted, That the Attorney General, S. L. vol. 6, and each of the Solicitors of this State, respectively, shall, on pp. 196 and or before the first days of January and August in each and Duty of Atevery year, make to the President and Directors of the Bank torney Geneof the State of South Carolina, or to the President and Direc-ral and Solicitors of its branches, (as the case may require) a full and particu- tors. lar return of the business or suits placed in his hands by any of the officers of the said Bank or its branches; and in default of such return, such defaulter shall forfeit the sum of five hundred dollars; and the Comptroller General is hereby directed to withhold such defaulter's salary till such return be made. XXII. Whereas, the fund created by the Act to raise sup- Five per cent. plies for the year 1820, for the payment of the interest on and stock of this final extinguishment of the stock thereby authorized to be is-State to be sued, is more than sufficient to answer that purpose: Be it en- sold. acted by the authority aforesaid, That the President and Directors of the Bank of the State shall be, and they are hereby, authorized and empowered to sell for ready money, after due notice given in some of the gazettes of the city of Charleston, a sum not exceeding two hundred thousand dollars of stock of this State, bearing an interest of five per cent., at such times, and in such sums, and at such places, as they may think advisable: Provided, the same shall not at any time be sold under par. XXIII. And be it further enacted, That the Treasurer of Certificates of the Lower Division, under the direction of the Comptroller Ge- stock to be neral, shall, from time to time, as he may be called on by the made out. Bank of the State, make out certificates of stock, bearing an interest of five per cent., payable quarter yearly, in the names of such persons and for such sums as the President and Directors of said Bank, by resolution of the Board thereof, may require, not exceeding in the whole the aforementioned sum of two hundred thousand dollars; and it shall be the duty of the Treasurer of the Lower Division to conduct the business in relation to the stock hereby directed to be issued, in the same manner as he now does the stock issued under the Act of eighteen hundred and twenty. XXIV. And be it enacted by the authority aforesaid, That Form of certithe following shall be the form of the certificates authorized to ficate. be issued: 1822. Comptroller State of South Carolina. No., Charleston. Be it known, that there is due from the State unto day of one or assigns, the sum of XXV. And be it further enacted, That every certificate of stock issued under this Act, shall be countersigned by the countersign Comptroller General for the time being. certificates. redeemable until 1842. XXVI. And be it further enacted, That the stock to be isThis stock not sued under the authority of this Act, shall not be redeemable by the State before the first day of January, one thousand eight hundred and forty-two; and the faith of the State, the capital of the Bank of the State of South Carolina, and the annual dividends of the said Bank, are hereby solemnly pledged for the payment of the interest and the final redemption of the said debts. Comptroller General to report amount of stock sold. XXVII. And be it further enacted, That the Comptroller General do, and he is hereby required to, report to the Legislature at their next session, the amount of stock which may be issued under this Act. A. A. 1822, p. 44. S. L. vol. 8, p. 39. The Commis THE STATE FROM "AN ACT TO RENEW THE CHARTER OF IV. And be it further enacted by the authority aforesaid, sioners of Dor- That immediately after the passing of this Act, the Commischester Free sioners of the Dorchester Free School shall be permitted to School to pay pay over to the President and Directors of the Bank of the over all funds. State of South Carolina, all the funds of the said school; and Attorney General's duty. the profits arising from the same shall be paid over, by the President and Directors of the said Bank, to the Commissioners of the Free Schools for the parish of St. George's, Dorchester, to be applied by them in such manner as is directed by the laws now in force in this State for the regulation and government of free schools. [Not acted on.] V. And be it further enacted by the authority aforesaid, That when information shall be given to the Presidents of the Banks hereby incorporated, the Attorney General, or either of the Solicitors of this State, that any person has been apprehended, and is to be tried in any district in this State, for counterfeiting any of the notes of the said Banks, or for passing such forged and counterfeited note, knowing it to be false, or for 1823. stealing any note of the said Bank, it shall be the duty of the Cashier of the said Bank to attend in person, and to give evi- Banks to furdence on such trial, or to furnish some competent witness to nish compegive evidence on such trial, on pain of the forfeiture of one thou- tent witness at sand dollars, for the use of the State, to be recovered by in- terfeiters. dictment. trial of coun VI. And be it further enacted, That the President and Branch of the Directors of the Bank of the State of South Carolina shall, Bank to be eswhenever they may deem it expedient, establish a branch of tablished at the said Bank in the town of Cheraw, with like powers and Cheraw. authority, and in like manner, as the branches now established at Columbia and Camden. [Never acted on.] FROM "AN ACT TO RAISE SUPPLIES FOR THE YEAR 1823." A. A. 1823, p. 9. President of XXV. And be it further enacted, That hereafter it shall not S. L. vol. 6, p. be required of the Comptroller General to countersign the 227. transfers of the five and six per cent stock of this State; but the Bank to the same shall be done by the President of the Bank of the countersign State of South Carolina. State stocks. AN ACT TO AMEND THE CHARTER OF THE BANK OF THE A. A. 1824. p. STATE OF SOUTH CAROLINA. 69. S. L. vol. 8, p. 48. I. Be it enacted by the Senate and House of Representa- A Committee tives, now met and sitting in General Assembly, and by the of inspection authority of the same, That there shall be appointed, at the to be appointfirst session of every new Legislature, by a joint resolution of ed by the Leboth branches of the Legislature, a committee of inspection for gislature for the Principal the principal Bank of the State of South Carolina, in Charles- and Branches. ton, and a committee for each of the said branches of the said Bank. The said committees shall respectively consist of five persons each. II. And be it further enacted by the authority aforesaid, Comptroller That it shall be the duty of the several committees, with the General to aid Comptroller General, to examine minutely into the affairs and committee. situation of the principal Bank and its branches, for which they are respectively appointed, and to report to the Legislature, at their next session, the result thereof, and particularly all mismanagement in the affairs of the said Bank, or its branches, if any such have occurred. III. And be it further enacted by the authority aforesaid, Committees to That in case the Comptroller General should not attend at proceed in abany of the investigations authorized by this Act, the said com- sence of Comp. mittees, or a majority of each, shall be, and they are hereby, au General. |