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of Representatives, now met and sitting in general assembly, and by the authority of the same, That the members of the said academy and societies, shall be, and they are hereby severally incorporated as bodies politic and corporate; and shall be known in deed and law by the names of the Marlborough Academy, Marion Philomatic Society, and the Jefferson Monticello Society.
And be it enacted by the authority aforesaid, That the members of the said corporations shall, by their names aforesaid, respectively, have perpetual succession of officers and members, to be elected in such manner, and after such form as may be prescribed by the respective laws and regulations of the said corporations, now existing, or hereafter to be made for the government of the same; and that they shall, respectively, have a common seal, with power to change and alter the same, as of ten as they, respectively, may deem it expedient.
And be it enacted by the authority aforesaid, That the said corporations, respectively, shall be able and capable in law, to purchase, hold, possess and enjoy, either in perpetuity or for a tem of years, any estate, real or personal. Provided the same do not exceed ten thousand dollars; and, to sell, alien, or otherwise dispose of the same, as they, from time to time, may deem expedient ; and by their name, respectively, to sue and be sued, plead and be impleaded, answer and be answered unto, in any court of this state.
And be it enacted by the authority aforesaid, That this act shall be deemed and taken to be a public act, and judicially taken notice of as suchi, without special pleading. In the Senate House, the eighteenth Day of December, in
the Year of our Lord one thou?and eight hundred
JOHN WARD, President of the Senate,
An ACT to incorporate the State Bank, and im
posing certain restrictions on the Directors, of: ficers and Servants of Banks in this State.
HEREAS John Blake, president, and
David Alexander, John Kirk, Micah Jenkins, Thomas Shubrick, John Dawson, jun. William Allan, Theodore Gaillard, jun. Wade Hampton, Daniel Doyley, Thomas Ogier, Robert J. Turnbull, and Morton Waring, directors of the State Bank, in the city of Charleston, have, on behalf of themselves and the other stockholders in the said bank, set forth in their memorial to the legislature, that they cannot accept of the charter heretofore granted unto them in and by an act of the legislature, passed the last session, for the reasons in their said memorial particularly set forth and contained: And whereas, the legislature, upon due consideration of the said reasons, have deemed the same satisfactory, and have accordingly deemed it expedient to repeal the said act as far as it relates to the said bank, and to associate with, and to incorporate the said bank, upon other terms more advantageous to the members or stockholders of the same:
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 so much of the said act, passed The act of on the nineteenth day of December, in the year of 1801 re. our Lord one thousand eight hundred and one, pealed.
entitled, “ An act to incorporate the South-Carolina and State Banks,” as relates to the said State Bank, be, and the same is hereby repealed.
And be it further enacted, by the authority aforeState Bank said, That the said John Blake, president, David incorpo- Alexander, John Kirk, Micah Jenkins, Thomas rated.
Shubrick, John Dawson, jun. William Allan,
sons who now are or hereafter may become stockholders in the said company, be, and they are hereby incorporated and made a corporation and body politic by the name and style of “ The President, Directors and Company of the State Bank,” and so shall continue, until the first day of January, one thousand eight hundred and twenty-three; and by that name shall be and are hereby made able and capable in law, to have, purchase, receive, possess, enjoy and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects of what kind, nature or quality soever, to an amount not exceeding, in the whole, two millions four hundred thousand dollars, including the amount of the capital stock of the said bank; and the same to sell, grant, demise, alien or dispose of; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts oi record, or any other place whatsoever; and also to make, have and use a common seal, and the same to break, alter and renew at their pleasure ; and also to ordain, establish and put in execution, such by-laws, ordinances and regulations as shall seem necessary and convenient for the government of the said corporation, not being contrary to law, or to the constitution thereof, (for which purpose general meetings of the stockholders shall and may be called by the directors, at such time or times as to them shall be deemed necessary,) and generally to do and execute all and singular such acts, matters and things, which to them it shall or may appertain to do; subject, nevertheless, to the rules, regulations, restrictions, limitations, and provisions, herein after prescribed and declared.
And be it further enacted by the authority aforesaid, That for the well ordering of the affairs of Fifteen die the said corporation, there shall be fifteen direc- rectors to
be appointors, three of whom shall be appointed by the le-ted. gislature, in the manner hereinafter mentioned; and
the remaining twelve directors shall be chosen annually on the second Wednesday in March in Each year by the private stockholders or proprietors of the capital stock of the said corporation, and by plurality of the votes actually given; and those who shall be duly chosen at any election, shall be capable of serving as directors, by virtue of such choice, until the end or expiration of the Wednesday next annually ensuing the time of such election, and no longer; and the said fifteen directors, at their first
mecting after each election, shall choose one of their How va
number as president. And in case of the death, cancies resignation, or absence from the state, or removal are to be of a director by the stockholders, his place may filled.
be filled up by a new choice, for the remainder of the year. But should it so happen that an election of directors should not be made on the said second Wednesday in March in each year, or any other day appointed by the stockholders, the said corporation shall not, for that cause, be deemed to be dissolved, but it shall be lawful on any other day to hold and make an election of directors in such manner as may be regulated by the laws and ordinances of the said corporation. And in case of the death, resignation, or absence from the state, or removal of all or either of the directors representing the state in said corporation, during the recess of the legislature, the vacancies shall be filled up by such proper person or persons as the governor for the time being, shall or may appoint to serve as director or directors of the said corporation, until a new appointment shall or may be made by the legislature.
And be it further enacted by the authority aforeDirectors said, That no person hereafter to be appointed a entered up director of said corporation, shall be authorized test, dis. to continue and act as such, after he shall be enterqualified ed up on the books of said bank under protest, eifor serving
ther as drawer or indorser, on any paper which the said bank may hold, either for discount or col.
Jection; unless he shall prove to the satisfaction of a majority of the other directors, that he hath just reason, and legal and sufficient cause for refusing payment of the demand on which such protest may be founded.
And be it further enacted, That the following Fundarules, limitations and provisions, shall form and be mental fundamental articles of the constitution of the said articles. corporation:
RULE 1st. The capital stock of the bank shall Amount consist of eight thousand shares of one hundred of capital
stock. dollars each, making the sum of eight hundred thousand dollars; three thousand shares whereof to be subscribed by the state, as herein after directed.
2d. The directors for the time being, shall have Directors power to elect and remove the cashier; and they to appoint
officers, shall also have power to appoint such officers, &c and to clerks and servants under them, as shall be neces- receive sary for executing the business of the said corpo- deposit. ration, and allow them such compensation for their services as may be reasonable. They shall receive money on deposit, and pay away the same to order, free of expense; discount bills of exchange accepted and payable in the city of Charleston, and notes with two or more good names thereon, or secured by a deposit of bank or other public stock, at a rate of interest not exceeding one per cent. discount for sixty days. Provided the said bills and notes have not more than sixty days to run. They shall have power to issue notes, signed by the President, and countersigned by the cashier, on behalf of the said corporation, for such sums, and with such devices as they may deem most expedient and safe. They shall also be capable of exercising such other powers and authorities as may be necessary for the well governing and ordering the affairs of the said corporation, and of promoting its interests and its credit, and of such as shall be authorized by the rules thereof, or by the direction of the stockholders.