AN ACT TO PROVIDE FOR AN ADVANCE BY THE STATE ON ITS 1839. I. Be it enacted by the Honorable the Senate and House A. A. 1839, p. 129. p. 86. of Representatives, now met and sitting in General Assem- Comptroller bly, and by the authority of the same, That the Comptroller General to General be, and he is hereby, authorized and required to is- issue State sue and deliver to the Louisville, Cincinnati and Charleston stock; condiRail Road Company, six hundred thousand dollars of State tions, &c. stock, bearing an interest of six per cent. per annum, payable quarterly, from the first day of January next, redeemable by instalments of one-third on the first day of January, in the year of our Lord one thousand eight hundred and forty-eight, one-third on the first day of January, one thousand eight hundred and fifty, and the other one-third on the first day of January, one thousand eight hundred and fifty-two, as an advance to the State on its subscription to the said company: Provided the said stock shall not be sold under par: And provided also, that this advance of six hundred thousand dollars, on its said subscription to the said company, now made by this State, shall be taken and considered as a debt due by said company to the State, to the whole amount of such advance, beyond the proportional amounts which may be paid by individual stockholders, on the instalments now due from them, upon the calls for the same hereafter to be made, and that interest be allowed the State at the rate of six per cent. upon the amount for which it may be in advance, until corresponding instalment or instalments are called for by the company, and paid in by the other stockholders: Provided also, that no part of the said stock be issued until satisfactory evidence be produced to the Comptroller General, that arrangements have been made by the company to take up all the notes which are secured by a pledge of the shares in the stock of the South Carolina Canal and Rail Road Company, or that such pledges will be entirely removed on the issue of the said stock; and that the said notes and pledged certificates of shares, when taken up by the Louisville, Cincinnati and Charleston Rail Road Company, be delivered to the Comptroller General, to be held by the State as security for the advance now made, and other liabilities of the State on account of the Company: And provided also, that the advance herein directed is upon the express condition that the income which may be received by the Louisville, Cincinnati and Charleston Rail Road Company, from the road between Charleston and Hamburg, shall be applied, in the first instance, to pay the interest which shall become payable on the bonds of the said Company, guarantied by the State; and that the said condition, as well as all other conditions imposed by this Act, shall be carried into effect by the said Company, in such form as shall be required by the Comptroller General, under the advice of the Attorney General. 1839. Pledges for payment of stock and interest. II. And be it further enacted by the authority aforesaid, That the interest on the said stock shall be paid from the sinking fund, and that the faith of the State, the capital and dividends of the Bank of the State, and the balance of the surplus revenue which may remain on deposite in the Bank of the State, beyond the sum required to meet the four instalments not now advanced by this Act, on the subscription of this State to the Louisville, Cincinnati and Charleston Rail Road Company, are hereby solemnly pledged for the payment of the interest, and the final redemption of said debt; and that the form of the certificate to be issued shall substantially be the same as those heretofore issued for State stock. The Legislature shall annually appoint, by joint ballot of both Houses, five commissioners, each from a separate Judicial circuit, who shall have power, until a new appointment be duly made, to represent the State of South Carolina at all meetings of the stockholders of the Louisville, Cincinnati and Charleston Rail Road Company, and of the South-western Rail Road Bank, and of the South Carolina Canal and Rail Road Company-and a majority of such as may be present shall cast the vote of the State upon all questions and elections. In case of the necessary absence of any commissioner, he may, for that occasion, appoint some proper person to act in his stead. Until an appointment shall be made under the provisions of this Act, the commissioners now acting under the appointment of the Legislature, shall continue to serve according to the existing regulation. A. A. 1839, p. 131. S. L. vol. 11, p. 87. Banking priv AN ACT TO EXTEND THE CHARTER OF THE SOUTH-WESTERN I. Be it enacted by the Honorable the Senate and House ileges confirm of Representative, now met and sitting in General Assembly, ed, and term and by the authority of the same, That the Banking priviof charter lim- leges granted to the stockholders of the Louisville, Cincinnaited, &c. ti and Charleston Rail Road Company, by an Act of the General Assembly of this State, ratified the 21st day of December, one thousand eight hundred and thirty-six, entitled "An Act to confer Banking privileges on the stockholders of the Louisville, Cincinnati and Charleston Rail Road company, on certain terms and conditions," be, and the same are hereby, granted and confirmed to them within this State, for twenty years from the first day of January next, and that the South-western Rail Road Bank shall be and remain a body corporate during that period, upon the same terms and condition as are set forth in the said Act, except so far as they are altered by this Act: Provided, the capital of said Bank shall not exceed three millions of dollars, if the road be not extended above Columbia. II. That the said corporation shall be discharged from the 1839. conditions imposed by the 28th and 30th sections of said Act; and in lieu thereof, it is declared, that unless the stockholders Certain condiof the Louisville, Cincinnati and Charleston Rail Road Com- tions withdrawn, and pany shall finish the rail road, with a single track, from another added. Branchville to the town of Columbia, within three years 'from the first day of January next, then the grant hereby made shall cease and determine. Stockholders in other States continue may III. In case the charter granted to the said corporation by any other State shall be put an end to, the stockholders in that State may continue to be stockholders in the Bank, by allowing their subscriptions to the Louisville, Cincinnati and their subscripCharleston Rail Road Company to be used by the directors of tions. that company, in common with the subscriptions paid in South Carolina; in default thereof, an account shall be taken of their interest in the Bank, and their just proportions ascertained and paid over to them, and their shares extinguished from the capital of the Bank. books. IV. The Legislature shall have authority at any time by a Authority to committee to examine the books and proceedings of the Bank. examine V. The dividends which shall hereafter be declared by the said Bank upon that portion of its capital stock held by the Dividends, State, shall, under the direction of the Comptroller General, how paid and be paid over to the Bank of the State, and shall become a part applied. of the sinking fund, and, in common with the said fund, shall be applied to pay the interest and principal of the stock issued by the State for its said subscription: Provided, however, that the South-western Rail Road Bank may at any time pay the said dividends by any equal portion of the said stock at par; and that the third section of the Act of December, 1838, en- 3d section of Repeal of the titled "An Act to authorize a subscription, in behalf of the Act of 1838. State, to the South-western Rail Road Bank," be, and the same is hereby, repealed. AN ACT TO EXTEND THE TIME DURING WHICH LOANS MAY BE A. A. 1839, GRANTED, UNDER THE ACT TO RE-BUILD CHARLESTON. p. 137. S. L. vol. 11, p. 92. I. Be it 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 the time during which applications may be made for loans, under the provisions of the Act to rebuild Charleston, be extended to To June 1, the first day of June, eighteen hundred and forty-one, (1841) instead of the first day of June, 1840, as provided by that Act. 1841. 1840. A. A. 1840, p. 97. S. L. vol. 11, p. 97. State divi dends in R. Bank, how applied. FROM "AN ACT TO RAISE SUPPLIES FOR THE YEAR 1840." XVIII. The dividends upon the shares held by the State in the South-western Rail Road Bank, shall be applied, in the first place, to extinguish the interest upon any stock of the State which may be held by the Bank, and the balance of such R. dividends remaining after such extinguishment, may be paid to the State by an equal portion of State stock, valued at par. A. A. 1840, p. 113. S. L. vol. 11, p. 113. Master and Commiss'rs in Equity to deposit in Bank or branches, &c. FROM "AN ACT TO ASCERTAIN AND DEFINE THE POWES, DU- XVI. That the Master in Equity for Charleston district, and the Commissioners in Equity in every district, respectively, where a branch of the Bank of the State of South Carolina is, or may be, established, shall deposit in the said Branch all monies officially in their hands, respectively, which have been received by them, by virtue of their said offices, or of any order or decree of the court; and the Commissioners in Equity in those districts where no branch of the said Bank is, or may be established, shall likewise, annually, within one month after the adjournment of their respective courts, deposit in the said Bank, or in some one of its branches, all monies officially in their hands, as aforesaid, and which have remained in their hands, unclaimed, for twelve months. And all monies deposited in Bank by any Master or Commissioner in Equity, or invested by him under any order or decree of the court, in bonds, notes, stock, or in any property whatsoever, for or in behalf of any person or persons or estate, shall be deposited or invested by the said Master or Commissioner, not in his private name, but, unless otherwise directed by the order of the court, in his official name as Master or Commissioner, as the case may be, and the same shall be transmissible to his successor in office, in trust for the said person or persons or estate. And if any Master or Commissioner in Equity shall be ordered by the court to invest the funds in his hands, and the accumulation of interest thereof, when received by him, as fast as received, in stock, or other funds yielding interest, and he shall neglect to do so, he and his sureties shall be chargeable with compound interest upon all such sums, to be calculated at half yearly periods, from the time when such sums, and the interest thereon, were received, respectively. And every Master and Commissioner shall exhibit his Bank book, containing the entries of all deposits made by him, as aforesaid, whenever required by any of the parties interested therein; but it shall not be necessary, hereafter, for any Master or Commissioner to make monthly returns to the said Bank, of the monies officially received by him, as now required by law. AN ACT TO AMEND THE CHARTER OF THE BANK OF THE STATE 1840. OF SOUTH CAROLINA. A. A. 1840, P I. Be it enacted, by the Senate and House of RepresentaS. L. vol. 11, tives, now met and sitting in General Assembly, That the p. 123. President and Directors of the Bank of the State of South Presidents Carolina be authorized to cause bills of and under the domi- and Cashiers nation of ten dollars, to be signed by the Presidents and of branches to Cashiers of the branches. sign bills. II. The said President and Directors shall also have pow-To establish er to establish agencies of the said Bank, at such places as Agencies. they may deem expedient. III. The said President and Directors shall, from the pro- To restore to fits of the ensuing year, restore to the capital of the Bank the capital of sum of two thousand eight hundred and sixty-one dollars, eigh- Bank the sum ty-nine cents, released by the Legislature to the Columbia Fe- of $2,861 89. male Academy, in December, A. D. 1833. IV. The President, Cashier, and Clerks employed in the Officers ex. Bank of the State of South Carolina, shall be exempt from empted from serving on juries. jury duty. AN ACT TO PROVIDE AGAINST THE SUSPENSION OF SPECIE A. A. 1840, p. PAYMENTS, BY THE BANKS OF THIS STATE. 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 the provisions of this Act shall be and become parts of the charter of every Bank already incorporated within this State, which shall accept the same; and also of every Bank which shall, at the present or any succeeding session of the General Assembly, receive a grant of a charter, or any renewal, amendment, or modification thereof, unless the Act granting such charter, renewal, amendment or modification, shall, in express terms, dispense with the said provisions. 100. p. 100. Banks to pay their circula II. Every Bank which shall suspend the payment of current coin for its notes, or which shall declare a determination to sus- Suspended pend or refuse payment of its notes according to their legal obli-monthly, at gation, in current coin, shall become liable to pay the State of the rate of 5 South Carolina, at the expiration of every month after such per cent. per suspension or declaration, a sum of money at the rate of five annum, on per centum per annum, upon the whole amount of its notes, tion. which shall have been issued, in circulation at the commencement of the said month, and shall continue to pay at the same rate at the end of every month, until the said Bank shall revoke its declaration, and shall lawfully redeem its notes when demanded, according to their legal obligation; the said sum of money to be recovered by action of debt, in any court of competent jurisdiction. |