less, there shall be no examination or scrutiny of individual accounts, saving and excepting the accounts of officers of the same. 1826. IX. Be it further enacted by the authority aforesaid, That No otherBank the charters of all private banks in this State, which may here- to be charterafter expire, shall not be renewed; nor shall the State granted. any charter, creating a new Bank, prior to the first day of January, one thousand eight hundred and forty-eight; but upon the request of the Bank hereby established, it shall be in the power of the Legislature to extend the capital of this Bank. X. And be it further enacted, That the private stockholders Bonus to be shall pay to the State, as a bonus for the privileges here grant-paid. ed, at the rate of twenty thousand dollars upon every million of stock subscribed and held by them. Stockholders XI. And be it further enacted, That during the existence of the charter hereby created, the said corporation shall not be not liable to liable to taxation; nor shall individuals be liable to taxation on taxation. account of their interest in the institution. XII. And be it further enacted, That the President and Bills, where to Directors, in issuing bills or notes of the said Bank, drawn in be payable. favor of any person or persons, or his or their order, or bearer, shall have power to make the same payable either at the principal Bank, or at any one of its branches, as they may deem most advisable. Provided, that all such bills or notes shall, at all times, be taken and received in payment of any debt or demand due to the said Bank, either in Charleston or at any of its branches. count to be XIII. Be it further enacted, That after the first day of Ja-. Interest acnuary, eighteen hundred and twenty-eight, the Bank shall be authorized to open an interest account with the State, charg- opened. ing it with interest on all advances made to the public treasury, and crediting it by interest on all surplus deposits made by the public treasury. FROM "AN ACT TO MAKE APPROPRIATIONS FOR THE YEAR 1827." A. A. 1827, p. 10. S. L. vol. 6, p. II. And be it further enacted, That the President and Di-350. Indulgence rectors of the Bank of the State be, and they are hereby, digranted to Gerected to grant indulgence, free of interest, to General Thomas neral Sumter. Sumter, upon his debt to the Bank, during his life, taking such steps as may appear expedient to them to secure the ultimate payment of the debt. 1827. A. A. 1827, p. 38. AN ACT TO ADMIT AND INCORPORATE PRIVATE STOCKHOLD- I. Be it enacted, by the Senate and House of RepresentaS. L. vol. 8, P. tives of the State of South Carolina, and by the authority of the same, That individuals or corporate bodies shall be per 53. Private stock holders to be admitted. Funds of the as stock. mitted to become stockholders in the Bank of the State of South Carolina, and partners in the same, and shall be entitled to share in all the privileges and 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. 1. The Bank of the State of South Carolina, with its funds present Bank and debts, claims and possessions, real and personal, of whatto be received soever nature and description, as they shall exist on the thirtieth day of April 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. 2. The Comptroller General of the State, the President of Commission the Bank of the State of South Carolina, and William S. ers appointed. 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 thirtieth day of April next. 3. The State shall, at any time hereafter, when it may think Capital may be increased. proper, have the right of increasing its share of the capital stock of the Bank to two millions of dollars, but shall not at any time be responsible beyond the amount of capital vested. Individuals admitted. Losses to be divided. 4. Individuals or corporate bodies 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. 5. The private stockholders shall be liable for the debts, losses, and liabilities of said Bank, in proportion to the capital owned by them; but no stockholder shall be responsible beyond the amount of capital actually vested and owned by him. 6. The private stockholders shall have the right of extending Amount of pri- the amount of stock held by private stockholders to three milvate stock may be extended. lions.of dollars, whenever they shall deem it advantageous to the institution; and such addition shall be made, either by opening books for new subscriptions, or by a public sale of new stock, as the President and Directors of the Bank for the time being shall think proper. *Repealed in 1828-p. 34. 1827. 7. The number of Directors to be appointed shall be apportioned between the State and the private stockholders, in proportion to the stock they shall respectively hold, and shall be Directors to in the ratio of one director for every sum of two hundred thou- be appointed. sand dollars actually held, until the joint capital of the Bank shall amount to three millions six hundred thousand dollars; after that time there shall be one director for each sum of two hundred and fifty thousand dollars. 8. Books shall be opened on the fourth Monday in February next, at Charleston, Georgetown, Cheraw, Camden, Columbia, Hamburg, and Beaufort. In Charleston, by John Frazer, Charles M. Furman, George Chisholm, James Ross, and Ker Boyce; in Georgetown, by W. W. Trapier, Moses Fort, Peter Cuttino; in Cheraw, by John Taylor, Jr., Samuel W. Gillespie, and William Chapman; in Camden, by Thomas Salmond, James S. Murray, and John D. Winn; in Columbia, by David Ewart, J. A. Crawford, William Law, and James A. Black; in Hamburg, by B. M. Rogers, Samuel L. Watts, and Paul Fitzsimons; in Beaufort, by Robert Means, William Bold, and Henry Stewart; and they shall be kept open for three or four days, if necessary. And at the time of subscribing, ten per ct. shall be paid on each share subscribed, thirty per cent. shall be paid on each snare on the first day of May, twenty per cent. on the first day of October next, and the remaining forty per cent. on the first day of January, one thousand eight hundred and twenty-nine; 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. 9. If the sum of one million six hundred thousand dollars shall not be subscribed when the books are first opened, the directors 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, unless the same be necessary to reduce the sum subscribed within the limits fixed in the charter. 10. As soon as the number and names of the subscribers Books to be opened. Books may be again opened. elected by the shall be known, and the proportions of stock adjusted, the stock- Directors to be holders shall be called upon to elect, after twenty days' notice, stockholders. 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 of January, one thousand eight hundred and 1827. May appoint Sinking fund may be vested in stock. State divi dends, how to be applied. Other branch lished. twenty-nine, 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, according to the provisions of the seventh article. 11. The Directors shall have the power of appointing all their officers, and of making all rules and by-laws necessary for the management and government of the institution. II. And be it further enacted, That the funds now in the Bank, on account of the Sinking Fund, shall be vested either in the new stock created by this Act, or in the funded debt of this State, or of the United States, or in Bank stock of some other Bank of 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. III. And be it further enacted, That the dividends from the stock owned by the State shall be applied to the payment of the interest on the three per cent., 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. IV. And be it further enacted, That as soon as the sum of es to be estab- one million of dollars shall have been subscribed and paid into the 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. Duration of V. And be it further enacted, That the individuals or corpoindividual pri- rate bodies who shall become stockholders, in conjunction with vileges. 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 this Act, until the first day of January, one thousand eight hundred and fifty: Provided, nevertheless, that from and after the first day of December, one thousand eight hundred and forty, the Legislature of the State shall have the right to sell out all or any portion of the stock held by them in this Bank. Manner of voting. VI. And be it further enacted, That the number of votes to which 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. 1827. VII. And be it further enacted, That none but a stockholdWho may be er, a resident citizen of the United States, shall be appointed directors. by the stockholders as a director. VIII. And be it further enacted, That the President and President and Directors for the time being shall have power and authority to Directors may locate branches of this Bank in such parts of this State as they locate Branchmay deem proper and advisable. es. IX. And be it further enacted, That the Legislature shall Legislature have the power of examining, at any and all times, into the con- shall have the cerns of the Bank hereby established; and it shall be the duty Bank examinof the officers of the Bank to facilitate such examination. ed. Provided, nevertheless, there shall be no examination or scruti ny of individual accounts, saving and excepting the accounts of officers of the same. X. And be it further enacted, That the private stockholders Bonus to be shall pay to the State, as a bonus for the privileges hereby paid. granted, at the rate of twenty thousand dollars upon every million of stock subscribed and held by them, which sum shall be added to the capital held by the State. XI. And be it further enacted, That during the existence tax. Bills and notes, where payable. of the charter hereby created, the said corporation shall not be Exempt from liable to taxation on account of their interest in the institution. XII. And be it further enacted, That the President and Directors, in issuing bills or notes of the said Bank, drawn in favor of any person or persons, or his or their order, or bearer, shall have power to make the same payable either at the principal Bank, or at any one of its branches, as they may deem most advisable. Provided nevertheless, that all such bills or notes shall, at all times, be taken and received in payment of any debt or demand due to the said Bank, either at Charleston or at any of its branches. XIII. And be it further enacted, That after the first day of Interest acJanuary, eighteen hundred and twenty-nine, the Bank shall be count to be authorized to open an interest account with the State, charging opened. it with interest on all advances made to the public treasury, and crediting it by interest on all surplus deposites made by the public treasury. Repealing XIV. And be it further enacted, That an Act passed in December, one thousand eight hundred and twenty-six, enti- clause. tled "An Act to admit and Incorporate private Stockholders in the Bank of the State of South-Carolina," be, and the same is hereby, repealed. |