1824. thorized to make such investigation in the absence of the Comptroller General. IV. And be it further enacted by the authority aforesaid, Repeal of con- That all clauses, or parts of clauses, in any Act of the General flicting clauses Assembly of this State, which may prohibit the said Committees and the Comptroller General from investigating fully the books, accounts, and other documents of the said Bank or its branches, be, and the same are hereby, repealed. A. A. 1824, p. 6. S. L. vol. 6, p 253. cent stock to be sold. FROM "AN ACT TO RAISE SUPPLIES FOR THE YEAR 1824." XII. And be it further enacted by the authority aforesaid, That the President and Directors of the Bank of the State of More five per South Carolina 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 and fifty 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. Treasurer to XIII. And be it further enacted by the authority aforesaid, make out cer- That the Treasurer of the Lower Division, under the direction tificates. of the Comptroller General, shall, from time to time, as he may be called on by the 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 above mentioned sum of two hundred and fifty 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 Acts of eighteen hundred and twen ty, and eighteen hundred and twenty-two. 1845. XIV. And be it further enacted by the authority aforesaid, That the stock hereby ordered to be issued shall not be reRedeemable in deemable by the State before the year one thousand eight hundred and forty-five; and that the faith of the State, and the capital and dividends of the Bank of the State, are hereby solemnly pledged for the payment of the interest and final redemption of said debt; and that the form of the certificates authorized to be issued, shall be substantially the same as those heretofore issued. FROM "AN ACT TO RAISE SUPPLIES FOR THE YEAR 1826." 6. 1826. be sold. $300,000. Redeemable in 1846. XIII. And be it further enacted, That the President and A. A. 1826, p. Directors of the Bank of the State of South Carolina be, and S. L. vol. 6, p. they are hereby, authorized and empowered to sell for ready 295. money, after due notice given in some of the gazettes of the More five per city of Charleston, a sum not exceeding three hundred thou- cent. stock to sand dollars, if so much be necessary, of stock of this State, bearing an interest of five per cent., redeemable in the year one thousand eight hundred and forty-six, at such times, in such sums, and at such places, as they may think advisable : Provided the same shall not at any time be sold under par. XIV. And be it further enacted, That so much of the char- Repeal of mater of the Bank of the State as fixes the maximum value of the ximum value six per cent. and three per cent. stock of this State be repeal- of stock, with ed: and that the President and Directors of the Bank of the further powers State of South Carolina be authorized, at their own discretion, and Directors. to President to purchase the said stock, at such times, and in such quantities. and upon such terms, as may appear most expedient to them, and most beneficial to the interests of the State. FROM AN ACT TO MAKE APPROPRIATIONS FOR 1826." THE YEAR A. A. 1826, p. for Mrs. Ran XV. Be it further enacted by the authority aforesaid, That PP. 301-2. the Treasurer of the Lower Division be, and he is hereby, di- Appropriation rected to issue ten thousand dollars, six per cent. stock, inter- dolph. est payable semi-annually, redeemable in 1850; which stock shall be in the name of any person or persons whom Mrs. Randolph, the daughter of the late Thomas Jefferson, may appoint, to be held in trust for her sole and separate use and benefit, and to be subject to her disposition by any writing under her hand. AN ACT TO ADMIT AND INCORPORATE PRIVATE STOCKHOLD- A. A. 1826, p. ERS IN THE BANK OF THE STATE OF SOUTH CAROLINA." 21. S. L. vol. 8, p. I. Be it enacted by the Senate and House of Representa-1 tives of the State of South Carolina, and by the authority of Private stockthe same, That individuals, citizens of this State, or of the ho ders admitUnited States, shall be permitted to become stockholders in ted. the Bank of the State of South Carolina, and partners in the same, and shall be entitled to share in all the privileges and Repealed in 1827—p. 33. 1826. Funds of the ceived as stock. emoluments granted to the said Bank by its charter, and by the several laws passed heretofore to explain and amend the said charter, upon the following conditions, which conditions shall be considered as the fundamental articles of agreement between the respective parties, and shall continue of force until the time hereinafter specified, and shall not be altered but with the mutual assent and concurrence of the State and of the private stockholders. 1st. The Bank of the State of South Carolina, with its Bank to be re- debts, funds, claims and possessions, real and personal, of whatsoever nature and description, as they shall exist on the thirty-first day of March next, shall be received as a portion, on the part of the State, of the said joint stock company or Bank. And if, upon a fair estimate of debts and credits by the commissioners hereinafter appointed, the balance in favor of the State shall not amount to one million two hundred thousand dollars, the State shall have the power of increasing it to that sum, whenever it shall think proper. Commissioners to be appointed. Capital may be increased. Individuals admitted. Losses to be divided. Books to be opened. 2d. The Comptroller General, the President of the Bank, and William Stephen Smith, shall be commissioners on the part of the State to adjust, with a committee appointed by the stockholders, the capital stock of the Bank on the said thirtyfirst day of March next. 3d. The State shall, at any time hereafter, when it may think proper, have the power of increasing its share of the capital to two millions of dollars, but shall not at any time be responsible beyond the amount of capital vested. 4th. Individuals shall be permitted to subscribe to the capital stock of the Bank, any sums to an amount not exceeding one million six hundred thousand dollars, in shares of one hundred dollars each. 5th. And be it further enacted, That the said private stockholders shall be liable for the debts, losses, and liabilities of said Bank, in proportion to the capital owned by them. 6th. Books shall be opened on the first day of February next, at Charleston, Georgetown, Cheraw, Camden, Columbia, Hamburg, and Beaufort. In Charleston, by John Fraser, Charles M. Furman, George Chisholm, James Ross, and Ker Boyce; at Georgetown, by W. W. Trapier, Moses Fort, and Peter Cuttino; at Cheraw, by John Taylor, Jun., James Coit, and Augustin Averil; at Camden, by Thomas Salmond, Jas. S. Murray, and James K. Douglass; at Columbia, by David Ewart, J. A. Crawford, William Law, and James A. Black; at Hamburg, by B. M. Rogers, Samuel L. Watt, and Paul Fitzsimons; at Beaufort, by Robert Means, William Bold, and Henry Stewart. And at the time of subscribing, ten per cent. shall be paid on each share subscribed; fifty per cent. shall be paid on each share on the first day of April; twenty per cent. on the first day of October next, and the remaining twenty per cent on the first day of January, one thousand eight hundred and twenty-eight; all the said instalments payable in gold or silver coin, in bills of the Bank of the United States, or of the specie paying Banks of this State: Provided, that all shares on which the payment due shall not be punctually made on the days above mentioned, together with whatever sums may have been paid thereon, shall be forfeited to the said Bank; and no new business shall be done, founded on this increase of capital, until the two first payments have been made. 1826. 7th. If one million six hundred thousand dollars shall not be subscribed when the books are first opened, the directors $1,600,000 to be subscribed, shall have the power of opening them again, at such times and places as they may deem expedient, until such amount be subscribed-giving always sixty days' previous notice. And if more than one million six hundred thousand dollars be subscribed. the surplus shall be deducted from each subscriber who shall subscribe more than six shares, in average and proportion: Provided, nevertheless, that the proportion of no subscriber shall be reduced below six shares: Provided, also, that this Act shall not go into operation unless stock to the amount of one million of dollars shall be subscribed, and the two first instalments paid. Directors to 8th. As soon as the number and names of the subscribers shall be known, and the proportions of stock adjusted, the be elected, stockholders shall be called upon to elect, after twenty days' notice, one director for every two hundred thousand dollars subscribed; and on the first Monday in each succeeding February, the private stockholders shall elect their directors, who shall serve for one year from such first Monday in February in each year; and after the first day of January, one thousand eight hundred and twenty-eight, the directors on the part of the State, and on the part of the stockholders, shall be apportioned according to the stock actually held by the respective parties, so that the number of directors shall not be less than eleven nor more than fifteen. 9th. The directors shall have the power of appointing all their Officers to be officers, and of making all rules and by-laws necessary for the elected. management and government of the institution, in the same manner, and with the same powers, as are now granted to the Bank of the State of South Carolina. to be vested in 10th. The funds now in the Bank, on account of the Sinking Fund, shall be vested in the stock of this State, or of the Sinking fund United States, or in Bank stock of this or some other Bank of State stock. this State, or of the United States. as the Comptroller General and the President of the Bank may deem most advantageous, until it can be employed in the purchase or redemption of some part of the public debt of this State. II. And be it further enacted by the authority aforesaid, State diviThat the dividends from the stock owned by the State shall dends, how to be applied to the payment of the interest on the three per ct., be applied, five per cent., and six per cent. stock of the State; and that any surplus from such dividends, after paying the said interest, shall be invested as a sinking fund, under the direction of the Comptroller General, to pay off the principal of the debt of the State. III. And be it further enacted, As soon as the sum of one Branch Banks million of dollars shall have been subscribed by individuals, to be estaband sixty per cent of the same shall have been paid into the lished, 1826. possess corporate rights. Bank, branches of the said Bank may be established in the towns of Hamburg, Cheraw, and Beaufort, with a suitable apportionment of capital; and that no branch now authorized by law shall be discontinued, unless by sanction of the Legislature. IV. And be it further enacted by the authority aforesaid, Individuals to That the individuals who shall become stockholders, in conjunction with the State, in the Bank of the State of South Carolina, by virtue of this Act, shall possess and enjoy all the corporate rights and privileges granted by the first section of this Act, until the first day of January, one thousand eight hundred and forty-eight: Provided, nevertheless, that from and after the first day of December, one thousand eight hundred and forty, the Legislature of this State shall have the right to withdraw from the said Bank all or any portion of the capital stock owned by the State. Manner of voting. Who eligible as directors. New branches may be established. V. And be it further enacted by the authority aforesaid, That the number of votes to which the stockholders shall be entitled, in voting for directors, shall be according to the number of shares, he, she, or they, respectively, shall hold, in the proportion following, that is to say for one share, and not more than two shares, one vote; for every two shares above two, and not exceeding ten, one vote; for every four shares above ten, and not exceeding thirty, one vote; for every six shares above thirty, and not exceeding sixty, one vote; for every eight shares above sixty and not exceeding one hundred, one vote; and for every ten shares above one hundred, one vote; but no person, partnership, or body politic shall be entitled to a greater number than thirty votes. And after the first election, no share or shares shall confer a right of voting, which shall not have been holden three calendar months previous to the day of election; and stockholders actually resident within the United States, and none other, may vote in elections by proxy. VI. And be it further enacted by the authority aforesaid, That none but a stockholder, a resident citizen of the United States, shall be appointed by the private stockholders as a di rector. VII. Be it enacted by the authority aforesaid, That the President and Directors for the time being shall have power and authority to locate branches of this Bank in such parts of this State as they may deem proper and advisable. And if the said direction shall refuse, upon the reasonable request of a respectable portion of the citizens of this State, to establish a branch of the same, at any place or places not before mentioned, the Legislature shall have power and authority to pass a law requiring the said Bank to establish such branch or branches, as in their wisdom they may deem proper. VIII. Be it further enacted by the authority aforesaid, That Legislature to have the con- the Legislature shall have the power of examining, at any and cerns of the all times, into the concerns of the Bank hereby established; Bank examin- and it shall be the duty of the officers of the said Bank and its branches to facilitate such examination: Provided, neverthe ed. |