South Carolina - Acts on Education Topics

An Act to Incorporate the Charleston Joint Stock Company, of the State of South Carolina, for the Benefit of the State Orphan Asylum.

March 5, 1872

Acts and Joint Resolutions of the General Assembly of South Carolina 1871-72, Pages 103-104.

Section 1. Be it enacted hy the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That G. W. Rouse, A. A. Aspinwall, Robert Smalls, Joseph Brown, Thomas B. King, John L. Little, Charles W. Sumner, David Green, Lewis Wilson, Jesse Bowsher, Stephen J. Maxwell, Lucius Wimbush, Thomas H. Blackwell, O. R. Levy, Chapman B. Thomas, James W. Elmore, Y. Sands, John Douglass, Benjamin Simons, James Gregory, and such other persons as may now, or hereafter, be associated with them, are hereby made and declared to be a body politic and corporate, under the name and style of the Charleston Joint Stock Company, of the State of South Carolina, or such other name as they may now or hereafter assume.

Sec. 2. That all the rights of corporations, known as banks, be, and the same are hereby, vested in said company, for the purpose of loaning out money on interest, purchasing and mortgaging real estate, buying personal property, and they shall have the same rights and privileges now enjoyed by the banking institutions of this State; they shall, also, have the right to dispose of any and all property, such as real estate and personal or mixed, that they may become possessed of, in any manner, and on such conditions as the said company may see fit and proper to the advantage of said company, and to promote the interest of the said Orphan Asylum.

Sec. 3. That, before commencing business under the provisions of this Act, the said Company shall pay, or cause to be paid into the hands of the State Treasurer, the sum of two thousand (2,000) dollars, to be used for the benefit of the State Orphan Asylum of South Carolina, and, annually thereafter, a like amount for the term of ten years, or so long as the said company shall choose to continue to do business, it being understood and agreed that said payment of two thousand dollars per annum by said company is the consideration upon which the privileges of incorporation herein is granted; and whenever said company shall fail to pay said consideration, then their rights to transact business shall cease.

Sec. 4. That this company, incorporated and established by this Act, shall have full power, and are hereby authorized, to establish agencies throughout the State.

Sec. 5. That this Act shall be of force iminediately on and after its passage.

Alonzo J. Ransier, President of the Senate.
Franklin J. Moses, Jr., Speaker of the House of Representatives.

Columbia, S. C, March 5, 1872.

This Act, having been presented to the Governor of this State for his approval, and nut having been returned by him to that branch of the General Assembly in which it originated within the time prescribed by the Constitution, has become a law without his approval.

(Signed) F. L. CARDOZO,
Secretary of State.

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