goods, &c.

Penalty for ther of them, or any person or persons, for or to buying the use of either of the said corporations, shall deal of selling or trade in buying or sching any goods, ware, merchandize or commoditics whatsoever, contrary to the provisions of this act; all and every person and persons, by whom any order or direction for so dealing or trading, shall have been given; and all and every person or persons, who shall have been concerned (after the pasting of this act) as partics or agents therein, shall forfeit and lose treble the value of the goods, warcs, merchandize and commodities in which such dealing and trade shall have been; one half thereof to the use of the informer, and the other half thereof to the use of this state, to be recovered with costs of suit.

And be it enacted by the authority aforesaid, That Condition the South-Carolina bank, hereby intended to be on which incorporated, shall not be so incorporated or deCarolina rive any benefit or advantage from any of the clauBank shall ses or provisions in this act contained, until it shall

the South

be incor

porated.

to sub

scribe to

Bank.

have paid into the public treasury, for the use of the state, the sum of fifteen thousand dollars; and that, unless it shall pay such sum on or before the first day of March next, this act shall be held and considered as null and void, in relation to the said bank; and in consideration of said payment, to be relieved from all taxes during the time for which they are hereby incorporated.

And be it further enacted by the authority aforeThe state said, That it shall and may be lawful for the comptroller, or in case of his death, resignation or abthe State sence from the state, for one of the treasurers, and he is hereby authorized and required to cause a subscription of three hundred thousand dollars to be made to the stock of the State Bank, as part of its capital; and that the said sum of three hundred thousand dollars so to be subscribed, be paid to the said bank, under and by direction of the comptroller or treasurers, as the case may be, in the six per cent. stock of the said state.

stock sub

be sold.

And be it further enacted by the authority aforesaid, That unless there shall be danger of bank- The six ruptcy by a run on the said bank, so as to make it per cent. absolutely necessary that the said stock should be scribed, sold, the same shall not be sold or disposed of by shall not the said bank, but be kept by them in sicu of the three hundred thousand dollars subscribed by the state: But it shall not be lawful for the directors of the said bank to scil and dispose of the stock, or any part thereof, on pretence of any impending danger of bankruptcy, without previously consulting the comptroiker, and procuring his consent thereto in writing; and the comptroller shall be bound to make a special report to the legislature of the particular circumstances which induced him to consent to such sale.

shall be

And be it further enacted by the authority aforesaid, That until the said six per cent. stock shall The intebe sold by the said bank, which they are hereby rest on it authorized to do in case of absolute necessity afore- long to said, and under the restrictions herein before men- the state. tioned, the interest of six per cent. annually accruing thereon, shall be, and the same is hereby consi,dered as belonging to the state, and not to the bank, or its assignce or assignees.

ler may redeem the

And be it enacted by the authority aforesaid, That if, in the opinion of the comptroller, the danger of Comptrolfailure is such as to justify a sale of the stock so subscribed, that in that case, he shall be, and he is hereby authorized to redeem the whole, or so much stock, as the cash then in the treasury, unappropriated, will enable him to do.

same, &c.

his death,

governor

And be it further enacted by the authority aforesaid, That in case of the death, resignation, inabi- In case of lity, or absence from the state of the comptroller, the governor or commander in chici for the time to commis being, shall be, and he is hereby authorized and sion a fit required to appoint and commission some fit and proper person, to perform all the duties enjoined on or entrusted to the comptroller, under and in pur suance of this act.

person.

rectors by

lature.

And be it further enacted by the authority aforeNominati- said, That the legislature shi anually nominate on of 3 di- three directors, who shall continue in office for the the legis. term of directorship as limited in and by the constitution of the said bank, so long as the connexion of the state with the said bank shadi continue to exist; and the legislature do hereby nominate the honorable Theodore Gaillard, William Stevens Smith, and Henry William Desaussure, directors of the said State Bank, until the next meeting of the legislature.

Comptrol

furnished

with stateiments.

And be it further enacted by the authority aforesaid, That the president and directors of the State ler to be Bank shall furnish the comptroller, annually, with statements of the amount of the capital stock of the said corporation, and the amount of the debts due to the same, of the monies deposited therein, of the notes in circulation, and of the cash in hand; and that the said comptroller shall have a right to inspect such general account in the books of the bank as shall relate to the said statements, and that it shall be his duty to report thereon to the legislature annually. Provided, That this shall not be construed to imply a right of inspecting the account of any private individual or individuals, or any body politic or corporate, with the bank.

And be it further enacted by the authority aforeWhen the said, That from and after the first day of January, corporati one thousand eight hundred and twenty-three, the be dissol- said corporations shall be, and the same are hereby

ons shal

ved.

dissolved; and that any monics or profits, which, on such, (or any other dissolution) of either of said corporations, may at the time, be owned or possessed by them, shall be held by the directors of the said corporations respectively, for the use and benefit of all persons holding shares in said corporations, in average and proportion to the number or amount of said shares.

And be it further enacted by the authority aforesaid, That unless the directors of the said State

the State

Bank shall accept the terms herein offered, and re- Condition ceive the subscription on the part of the state, in on which the manner herein directed, in the six per cent. Bank shall stock of this state, then, and in such case, the char- be incorter herein and hereby granted to the said State porated. Bank, and every regulation of this act, shall be, and the same are hereby declared null and void, and of none effect; any thing herein contained to the contrary hereof, notwithstanding.

In the Senate House, the nineteenth Day of December,
in the Year of our Lord one thousand eight hundred
and one, and in the twenty-sixth Year of the Indepen-
dence of the United States of America.

JOHN WARD, President of the Senate.
THEODORE GAILLARD, Speaker of
the House of Representatives.

An ACT to repeal an act, entitled, "An act to establish a company for opening the navigation of Broad and Pacolet rivers."

W

HEREAS a large majority of the persons composing the said company, have relinquished to the state, all their right, interest and claim in and to the said act of corporation. And whereas, the said company have altogether failed and neglected to carry into execution, the great and beneficial objects for which they were incorporated:

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 the said act, and every clause and provision thereof, be, and the same is hereby repealed.

And be it further enacted by the authority aforesaid, That three commissioners be appointed by his excellency the governor, in behalf of the state, and three commissioners by such persons as have not relinquished their shares in the said company, which six commissioners shall appoint a seventh, and they, or a majority of them, shall have power to determine whether the above resumption of

the charter be injurious to the said persons, considering their laches and non user of their charter; and if they, or a majority of them, shall determine the said resumption to be injurious, that they, or a majority of them, may determine what compensation it would be proper to make such persons, and report the same to the legislature.

And be it further enacted by the authority aforesaid, That Warren Buford, William Hill, Arramcnas Lyles, Joseph Brown, John Pearson, Joseph Hughes, Thomas Taylor, Robert Stark, and John A. Summers, be, and they are hereby appointed commissioners, to superintend and contract for the opening the aforesaid rivers; and they are hereby authorized to draw on the treasury of this state for any sum not exceeding ten thousand dollars, towards defraying the expense that may arise in making the said Broad and Pacolet rivers navigable.

In the Senate House, the nineteenth Day of December, in the Year of our Lord one thousand eight hundred and one, and in the twenty-sixth Year of the Independence of the United States of America.

WH

JOHN WARD, President of the Senate. THEODORE GAILLARD, Speaker of the House of Representatives.

An ACT to establish a court of inferior jurisdiction in the city of Charleston, and to extend the jurisdiction of magistrates throughout the state, except those resident in the city of Charleston. HEREAS great inconveniencies have arisen from the abolition of the jurisdiction of the court of inferior jurisdiction in the city of Charleston, as well to the citizens of Charleston, from the peculiar modes of doing business in the city, as to the suitors and persons having business in the district court, by reason of the great accumulation of causes therein. And whereas, the citizens of Charleston have, by their memorial, stated divers grievances, and prayed the interference of the legislature on this behalf: