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1843.

been made, or hereafter may be granted, under the provisions of the Act for rebuilding Charleston, to applicants who have not made application for the said loan or any part thereof, until after their improvements and buildings have been commeneed or completed; such applicants being the parties who were the owners of the land at the time of the erection of such improvements, and their applications for the said loan having already been made: Provided, that every such appli- Duty of Apcant shall substantially comply with all the conditions requir- plicants. ed of an original applicant, who shall have received the same number of instalments, and shall substantially give to the Bank security equal to that which would have been required of such original applicant: And provided also, that every applicant after the passage of this Ordinance, shall strictly comply with all the conditions of the Act of June 1838, and that the Bank enforce the same. And the said City of Charleston hereby binds itself to make good to the State of South-Carolina any and all loss upon loans comprised in this Ordinance.

Ratified in City Council, the 11th day of May, 1840. (Signed,) HENRY L. PINCKNEY, Mayor.

AN ORDINANCE TO MAKE SUCH PROVISIONS AS ARE RE-
QUIRED OF THE CITY COUNCIL OF CHARLESTON, TO CARRY
INTO EFFECT THE ACT TO ALTER AND EXTEND THE TIME
AND TERMS FOR THE REPAYMENT OF LOANS MADE BY THE
BANK OF THE STATE OF SOUTH-CAROLINA, PURSUANT TO THE
ACT FOR REBUILDING THE CITY OF CHARLESTON, AND A
SUBSEQUENT ACT TO AMEND THE SAME.

1. Be it ordained by the Mayor and Aldermen of Charleston, in City Council assembled, and it is hereby ordained by the Assent to the authority of the same, That the City Council of Charleston do provisions of hereby signify their full assent to the terms and conditions of the Act of '42. an Act of the General Assembly of the State, ratified on the twentieth day of December, in the year of our Lord one thousand eight hundred and forty-two, entitled "An Act to amend an Act entitled an Act for rebuilding the City of Charleston, and to alter and extend the time and terms for the repayment of loans made by the Bank of the State of South-Carolina, pursuant to the provisions of the said Act, and of a subsequent Act to amend the same," and to the indulgence proposed to be granted in and by the said Act, to the debtors on the loans made by the President and Directors of the Bank of the State of SouthCarolina, under the said Acts; and that the City Council of Charleston do also assent to the alteration and extension of the times and terms of payment of any of the bonds entered into to secure the said loans, to the times and upon the terms and conditions expressed and contained in the said Act first above mentioned.

1843.

the State.

2. And be it further enacted by the authority aforesaid, That the faith and funds and other property of the City of CharlesGuaranty ton be, and the same are hereby, pledged to guaranty the State against loss by of South Carolina against all loss and losses which may be incurred by the said State, or may arise from any loan or loans made by the President and Directors of the Bank of the State of South Carolina, under the said Act for rebuilding the City of Charleston, and all Acts amendatory of the same; or by or from the extension of the time and alterations of the terms for

the payment of any bond or bonds entered into to secure said loan or loans; or by or from the credit which may hereafter be allowed on any sale or sales of property mortgaged to the said President and Directors of the Bank of the State of South Carolina, to secure any of the said loans, as provided for in the said Act of the General Assembly, ratified on the twentieth day of December, Anno Domini eighteen hundred and forty

two.

Ratified in City Council, the 23d day of Jan. 1843.
JOHN SCHNIERLE, Mayor.

(Signed,)

Terms of ex

dit.

RULES AND REGULATIONS FOR CARRYING THE FOREGOING ORDINANCE, AND THE ACT OF 1842, INTO EFFECT.

1. Original borrowers, and purchasers, or other assignees tension of cre- from them, of the property mortgaged to secure such loans, shall be entitled to the extension of credit provided by said Act, on their compliance with the terms therein prescribed; but before any such purchaser, or other assignee, shall be entitled to the benefit of the said Act, he shall make proof of his interest by a regular conveyance, or conveyances, of the premises from the original borrower, all of which conveyances must have been duly recorded-which proof shall be by certificate of the Recording Officer.

All arrears of 2. Before any extension of credit on such loans is allowed; interest, insur- the borrower, or purchaser, or other assignee from him, must ance, taxes, pay, in full, all arrears of annual interest due on such loans, &c. to be paid and all premiums of insurance, taxes, and other incidental expenses, which have been incurred up to the time when such extension of credit is applied for; and shall also subscribe an indorsement on the bond, and on the mortgage, to the followIndorsement ing effect: "I, the within named A. B. (or C. D., assignee of the within named A. B.) do hereby give notice to the President and Directors of the Bank of the State of South Carolina, that I claim the benefit of the Act of the General Assembly, entitled "An Act to amend an Act for rebuilding the city of Charleston, and to alter and extend the time and terms for the repayment of loans made by the Bank of the State of South Carolina, pursuant to the provisions of the said Act, and of a

on bond.

subsequent Act to amend the same," which was ratified on the
20th December, A. D. 1842; and I do hereby assent and
agree to and accept all the terms and conditions thereto an-
nexed, and by the said Act provided and required of all per-
sons claiming the benefit of the same.

IN WITNESS WHEREOF, I have hereunto subscribed my
name, this
A. D. 184.
A. B."

Witness,

E. F."

day

1843.

3. Where the credit on any fire loan has been extended, On default of pursuant to the provisions of the said Act, if default shall be interest, insumade in the payment of the annual interest, or of any pre-rance, taxes, mium of insurance, taxes, or other incidental expenses, or of &c., the proany of the instalments of the principal, at the times respective-perty to be ly provided therefor by the said Act, the property mortgaged to secure the same will be sold, after notice, as provided by the Fire Loan Acts of June and December, 1838, in the same manner as in cases where the credit has not been extended.

on foreclosure

4. All sales for foreclosure of Fire Loan mortgages shall, Terms of sale, in all cases, whether the credit has or has not been extended, be made upon the following terms, to wit: So much of the of mortgage. price bid, to be paid in cash, as is sufficient to satisfy the sum then actually due on the loan secured by the said mortgage, whether for principal, annual interest, insurance, taxes or other incidental expenses; the residue on such credit as the debtor would have been entitled unto, for the residue of the loan, if the sum then due had been actually paid; to be secured, by bond, with one or more good and sufficient sureties to be approved by the Commissioners appointed for the purpose, and by mortgage of the property, as provided by the second section of the Act of December, 1842. The bond and mortgage to be examined by the Attorney General and his approval indorsed on the same, and the expenses of the conveyance, as well as of the bond and mortgage, to be defrayed by the purchaser.

LIBRARY

UNIVERSITY

OF

REGULATIONS BY THE BANK, FOR PANIA

UNDER THE ACTS FOR REBUILDING

TY OF CHARLESTON.

The Applicant must state,

Building, and

Abstract of Title required.

1st. The dimensions and situation of the Lot on which the Description of loan is to be made. The plan and estimated cost of the build- Lot, place of ing to be erected, and he must furnish an abstract of his title to the land. The abstract must show a perfect chain of title for at least twenty years last past. It must contain the names of the parties, and the dates of any deeds, wills, or other muniments of title, under which the applicant claims; and so much of the substance and effect thereof, as may be necessary. All deeds, &c., in possession of the party, must be submitted for

1840.

examination; and if not in possession, the office, book, and page where it is recorded, must be stated. If the property has been acquired, or transmitted, on a trust, or other incumbrance discharged, by descent, marriage, or other extrinsic fact, or facts, such facts must be set forth, and verified by affidavits. There must be affidavits of disinterested witnesses, showing possession, according to title, for twenty years.

2d. Annexed to the abstract there must be certificates, that Certificates re- there are no encumbrances affecting the title of the applicant, quired. from the Clerk of the Court of Common Pleas, Clerk of City Court, Clerk of Council, District Court of the United States, Register in Equity, and Register of Mesne Conveyance, Sheriff of Charleston District, and Secretary of State.

1st Loan, Bond, Mortgage, &c.

2d and 3d Loans, &c.

Insurance.

Receipts.

Certificates

prior to 2d or 3d Loans.

3d. When the land has been valued, and the title approved, a loan to the amount of one-half of the value of the land, will be made. All parties must join in proper form in executing the mortgage, and dower must be renounced. The borrower may either execute a bond and mortgage, for each separate loan, or for the whole amount that can be borrowed under the Act.

4th. Where the borrower has executed a bond and mortgage, covering all the loans, upon application, the second loan will be made to the amount of one-half of the value of the land, provided the Commissioners for valuing lands are satisfied that the previous loan has been expended in the erection of buildings on the premises, in conformity with the Ordinance of Council. And upon application, a third loan will be made of equal amount with the first, provided the Commissioners for valuing the lands are satisfied that the two first loans have been expended on the premises, in conformity with the Ordinance of Council: and provided, also, the said Commissioners do certify that the third loan is necessary to complete the improvements.

As soon as the second loan is made the buildings must be insured, and the policy assigned to the Bank.

Receipts for the amounts of the second and third loans are to be indorsed on the bond by the borrower.

5th. Where the borrower prefers executing a separate bond and mortgage for each loan, it will be necessary to procure certificates that there are no intervening liens.

6th. In case of the death of a borrower, or of a transfer of Privileges of the property by him, before all the loans are taken up, his heirs Heirs, Repre- at law, or legal representatives, or assigns, will be entitled to sentatives, or take Assigns. up the remaining loans, upon due proof of their title or authority. Expenses to be paid.

7th. The expense of preparing the abstract of their title, and procuring certificates, and the fee for recording mortgages, must be defrayed by the borrower, and the last item must be paid before the bond and mortgage are prepared. But there will be no charge for bond and mortgage, and other professional services, in the arrangement of the loan.

RESOLUTIONS.

1813.

RESOLUTION

OF THE HOUSE OF REPRESENTATIVES.

In the House of Representatives, Sept. 15, 1813. A. A. and Resolved, That this House do consider that the acceptance Reps. & Res. or exercise of the office of Bank Director of the Bank of the 1813, p. 13. State of South Carolina, by any member of this House, is one of the disqualifying offices contemplated by the Constitution of this State, as vacating the seat of any such member.

Office of Director.

RESOLUTIONS,

ADOPTED BY BOTH BRANCHES OF THE

GENERAL ASSEMBLY.

Loan to dis

In the House of Representatives, Sept. 24, 1813. Resolved, That the Comptroller be, and he is hereby, re- A. A. and quired to ascertain whether a loan can be negociated with Reps. & Res. either or all of the Banks of the City of Charleston, for the 1813, p. 13. sum of one hundred and thirty four thousand dollars, and for charge tax asa period not exceeding six months from the tenth day of sessed by U.S. January next, for the purpose of discharging the direct tax assessed by the United States; and to report to the Legislature, at their next meeting.

A. A. and

Reps. & Res.

In the House of Representatives, Dec. 11, 1817. The Committee of Ways and Means, to whom was referred 1817, p. 90. the petition from the inhabitants of Camden, praying the es- Establishment tablishment of a Branch Bank in that place, beg leave to have sanction Report, That although the President and Directors of the of Legislature.

of Branches to

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