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Be it therefore 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 all releases of the equity of redemption made since the passing of the said act, or hereafter to be made, shall have the same force and effect in law as if the said act had not been
passed. - In the Senate House, the sixteenth Day of December, in the Year of our Lord one thousand seven hundred and ninety-seven, and in the two nty-second Year of the Indefendence of the United States of America.
DAVID RAMSAY, President of the Senate
ROBERT BARN WELL, Sheaker of the
* An ACT to incorporate the Charleston Insurance Company.
"HEREAS it is conceived that if a corporation, with a competent capital, were established in this state, for the purpose of effecting marine insurances, and transacting business connected therewith, advantages would result therefrom to the community in general, and to the mercantile interest in particular, by retaining in the state, as well the capital necessary for such purpose, as also large sums of money which would otherwise be drawn from the country, for premiums and commissions to foreign correspondents, for effecting insurances; and also by more effectually securing the assured from the risques and dangers incident to the policies and assurances of private and particular persons, for the most part in foreign countries; and also that domestic insurances tend to place the interests of the mercantile class of citizens more under the guardianship of the laws of this country, and thereby to secure a strict adherence to the true principles of insurance: And whereas a number of the citizens of this state have already associated together for the said purposes
of marine insurance, and have been doing business since the tenth day of June last, and have petitioned the legislature to be incorporated, by the name of The Charleston Insurance Company, for the purposes aforesaid: Be it therefore 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 Daniel Desaussure, Thomas Charles. Corbet, William Crafts, John Splatt Cripps, ...". ----- ance ComGeorge Forrest, John Geyer, William Green-pinyin. wood, James Gregorie, James Hamilton, Joshua Porated. Hargreaves, James Miller, Thomas Morris, Thomas Ogier, William Presstman, William Price, John Price, Nathaniel Russell, James Theus, Adam Tunno, Thomas Tunno, James Bulgin, James Gairdner, Robert Hazlehurstand Casper C. Schutt, who have already formed an association or copartnership, under the said firm or name of The Charleston Insurance Company, and their successors and assigns, according to the rules by them established and to be established for the purposes aforesaid, shall be, and they are hereby created into a corporation, or body politic, in law and in fact, under the name, style and title of The Charleston Insurance Company, and by the said name, style and title, shall have perpetual succession, and all the powers, privileges and franchises incident to a corporation; and shall be capable of taking, holding and disposing of their capital stock to whatever amount they shall, according to their own rules, regulations and institutions, judge proper: Provided the same be not limited at less than three hundred thousand dollars; and also of taking, holding and disposing of or investing, as the said corporation shall, from time to time judge fit, the increase, profit and emolument of their said capital stock, to their own proper use; and shall have full power and authority to make, have and use, a common seal, with such device and inscription as they
shall deem proper, and the same to break, alter and renew, at their pieasure; and by the name, title and style aforesaid, shall be able and capable at law and in equity, to sue and be sued, implead and be impleaded, answer and be answered unto, in all or any of the courts or tribunals of this state, in all manner of suits, pleas and demands whatsoever: And they are hereby authorized and empowered to appoint a president and other officers and directors, in such numbers, at such periods and with such duties as they shall see fit; and also to make rules, by-laws and ordinances, and to do every thing needful for the good government and support of the affairs of the said corporation: Pro
vided always, That the said ules, by-laws and or
May hold real estate.
In what manner they may Inn ae contracts, &c.
dinances, shall not be repugnant to the constitution and laws of the United States, and of this state.
...And be it further enacted by the authority aforesaid, That the said corporation shall have a right and power to purchase, acquire, take and hold, in their said corporate name, lands and real estate, and the same to demise, grant, sell, assign and
convey, in fee-simple or otherwise: Provided the
clear yearly income of the real estate so to be held, shall not, at any time, exceed ten thousand dollars.
...And be it further enacted by the authority afresaid, That the said corporation shall have a right and power, by their said nome, and by the signature of their president for the time being, or by the signature of such other person or persons, and with such ceremonies of authenticity as they shall, from time to time, in and by their rules and bylaws, ordain and appoint, to make contracts and underwrite policies of assurance and indemnity upon marine risques, whether of vessels or of goods and merchandizes, in whole or in part, foreign and domestic, whether lying in foreign ports or shipped upon the high seas, or in any of the ports of the United States, or within any of the rivers, bays, creeks, calls or watcis of this state, lying or being, or laden or to be laden; and also to lend and advance money upon bottomry or respondentia, and generally to transact and perform all the business relating to the objects aforesaid, according to the usage and custom of merchants; and Ly such contracts effectually to bind and pledge their said capital stock. +
And be it further enacted by the authority asbresaid, That the said corporation shall, and they arc Mayenhereby invested with full power to eniorce upon o their own members the dic oliservance of all legal.” by-laws, lules and regulations for their better go- their own vörnment, under such penaltics as they shall, in aid "“” by such by-laws, limit and prescribc; and to that end, if need be, shall and may institute and maintain, in their said corporate name, against any cre or more of their members, either at law or in equity, all just and necessary suits, actions and pleas, for the recovery of all and any sum and sums of money, to the use of the said corporation, in as ample a manner as such suits might be maintail.cd against persons not members of the said corporation, any law, usage or custom to the contrary thereof in any wise, notwithstanding.
...And be it further enacted by the authority afre. said, That this act shall continue and be of force This actin for and during the term of fourteen years, and to from thence to the end of the next session of the “” legislature of this state thereafter; and this act shall be deemed a public act, and the judges in the courts of this state shall be bound to take judicial notice thereof, without the same being specially pleaded.
In the Senate House, the sirteenth Day of December, in
the Year of our Lord one thousand seven hundred and .
ninety-seven, and in the twenty-second Year of the Indefendence of the United States of America.
DAVID RAMSAY, President of the Senate.
ROBERT BARNWELL, Sheaker of the
An ACT to establish an Inspection of Tobacco in the Town of Columbia, and to add two Commissioners for the Inspection at Camden. HEREAS it has been represented to the legislature, by the inhabitants of the town of Columbia and its vicinity, that it would be very much for the convenience of the inhabitants of the said town, and the planters of the interior country, that an inspection of tobacco should be established in the said town: Be it enacted therefore by the honorable the Se mate and House of Representatives, in general assembly now met and sitting, and it is hereby enacted by the authority of the same, That an inspection and ware-house, for the inspection and reception of tobacco, shall be established and erected in the said town of Columbia; which shall be subject to all regulations, restrictions and conditions, mentioned, set forth and expressed in and by an act of the legislature of this state, entitled, “An act for regulating the inspection and exportation of tobacco,” passed on the thirtieth day of March, in the year of our lord one thousand seven hundred and eighty-nine. Be it further enacted by the authority aforesaid, That Timothy Rives, Alexander Purvis, George Wade, Benjamin Waring and Swanson Lunsford, be, and they are hereby appointed commissioners to fix upon the most convenient place in the said town for the said inspection and ware-house; and that the said commissioners, or a majority of them, shall have the power to choose an inspector for the said inspection and ware-house, and to make such regulations for carrying into effect this act, as they, or a majority of them, shall deem necessary. Be it further enacted by the authority aforesaid, That James Kershaw and John Kershaw, be, and they are hereby appointed commissioners, (in addition to those already appointed,) to fix on proper places for tobacco ware-houses, on the