A. A. 1810. TIT. 13. ing after each election, if practicable, or as soon thereafter as may be convenient, choose one of their members as president, and in case of the death, resignation, or absence from the state, or removal of a director by the stockholders, his place may 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 day aforesaid, 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 shall have been, or may be thereafter regulated by the laws and ordinances of the said corporation. Directors to sident and other officers. 327. And be it further enacted, That the directors for the appoint a pre- time being shall have power to appoint a president, cashier, treasurer, and such other officers, clerks and servants under them, as shall be necessary for executing the business of the said corporation, and to allow them such compensation for their services as shall be reasonable, and shall also have power to remove such officers from time to time at their will and pleasure, and be capable of exercising such other powers and authorities for the well governing and ordering of the affairs of the said corporation, as shall be described, fixed and determined by the laws and regulations of the said company. Number of holder. 328. And be it further enacted, That the number of votes votes allowed to which each stockholder shall be entitled, shall be in such to each stock. proportions as by the said company shall have been, or may hereafter be established: Provided always, That no person, co-partnership, or body politic, shall be entitled to a greater number than sixty votes; and no share or shares shall confer a right of suffrage, which shall not have been holden three calendar months previous to the day of election. Stockholders actually resident within the United States, and without the limits of the parishes of Saint Philip and Saint Michael, and females, whether in or out of said parishes, and none other, may vote in elections and on all questions on which the stockholders may be called to give their votes by proxy, provided the person voting for them be a stockholder. What number the succeed 329. And be it further enacted, That not more than threeof directors in fourths of the directors in office, exclusively of the president, office eligible shall be eligible for the next succeeding year; but the director who shall be president at the time of an election, may always be re-elected. No director of any other bank, or co-partner of any such director, shall be eligible as a director of the corporation; and no person but a stockholder, being a citizen of the United States, shall be eligible as a director. ing year. Said bank to 330. And be it further enacted, That the said bank shall receive money receive money on deposit, and pay away the same to order, on deposit. discount promissory notes and bills of exchange, accepted and payable in the city of Charleston, with two or more good names thereon, or secured by a deposit of bank or other public stock: Provided the said bills and notes have not more than ninety days to run: And provided also, That the said corporation shall not take more than the rate of six per centum per annum, for or upon such loans or discounts. 331. And be it further enacted, That the Union Bank hereby TIT. 13., intended to be incorporated, shall not be so incorporated, or derive any benefit or advantage from any of the clauses or A. A. 1810. provisions in this act contained, until it shall have paid into Twenty thou the treasury of the lower division, the sum of twenty thousand sand dollars dollars, for the benefit of the state, on or before the first day the state. to be paid to of September next; and in case the said bank shall, on or before the day aforesaid, pay, or cause to be paid, the aforesaid sum of twenty thousand dollars, the said bank shall be, and it is hereby declared to be exempt from all taxes during the time for which it is hereby intended to be incorporated. 332. And be it further enacted, That no person hereafter No director to be appointed a director of said corporation, shall be autho- to continue to rized to continue and act as such, after he shall be entered act as such after having up on the books of said bank under protest, either as drawer his name enor endorser on any paper which the said bank may hold, ei- tered up unther for discount or collection, unless he shall prove to the der protest. 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. of said bank. 333. And be it further enacted, That in case of the failure How to proof the said bank, each stockholder, co-partnership or body po- ceed in case litic, except as herein after excepted, having a share or shares of the failure therein at the time of such failure, or who have been interested therein at any time within twelve months previous to such failure or bankruptcy, shall be liable and held bound for any sum not exceeding twice the amount of his, her or their share or subscription; and that the stock of the said corporation shall be assignable and transferable according to such rules as shall be instituted in that behalf by the laws and regulations of the said corporations, and that no loan shall be made by the said corporation, to or for the use of any foreign prince, state or government, unless previously authorized by a law of this state. The bills obligatory and of credit under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by endorsement thereupon, under the hand or hands of such person or persons, and of his, her or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees successively, and to enable such assignee or assignees, to bring and maintain an action thereupon, in his, her or their own name or names; and bills or notes which may be issued by order of the said corporation, signed by the president and countersigned by the cashier or treasurer thereof, promising the payment of money to any person or persons, his, her or their order, or to the bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the said corporation on issuing the same, in like manner, and with the like force and effect as upon any private person or persons, if issued by him, her or them, in his, her or their private or natural capacity or capacities; and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons; that is to say, those which shall be payable to any person or persons, his, her or TIT. 13. A. A. 1810. their order, shall be assigned by endorsement in like manner and with like effect as foreign bills of exchange now are, and those which are payable to bearer, shall be negotiable and asDividends to signable by delivery only. Dividends shall be made at least once in each year by the said corporation, of so much of the profits of the bank as shall appear to the directors adviseable. be made at least once a year. Property to be held by the 354. And be it further enacted, That any real estates, monies or profits which may, on the dissolution of the said cordirectors for poration, be owned or possessed by it, shall be held by the dithe stockhold rectors of the said bank, for the use and benefit of all persons ers, at the dis- holding shares in said corporation at the time of its dissolusolution of the tion, and their legal assignees and representatives in average corporation. and proportion to the number or amount of said shares. Notes, how re- 335. And be it further enacted, That the bills or notes of the said corporation originally made payable, or which shall have become payable on demand in gold or silver coin, shall be receivable at the treasury of this state, either at Charleston or Columbia, and by all tax-collectors and other public officers in all payments for taxes or other monies due to the state, during the term for which said company is hereby incorporated. ceivable. Officers exempted from militia duty, and from sery ing as jurors. Duration of this act. The Protes tant Episcopal Society for the advancement of Christianity in South-Carolina, incorporated. Its powers and capaci ties. 336. And be it further enacted, That the president, cashier and clerks employed in keeping the books of the said bank, the State, and South-Carolina Banks, shall, and are hereby declared to be exempted from the performance of ordinary militia duty, and from serving as jurors. 337. And be it further enacted, That this act shall be in full force for twenty-one years, and no longer. 338. Whereas the reverend Theodore Dehon, president, and Keating Simons, vice-president, and Robert Dewar, William Doughty, Robert Hazlehurst, Charles Kershaw, Robert J. Turnbull, the Rev. James D. Simons, Rev. Christopher Gadsden, Rev. P. T. Gervais, John Dawson, jun. Theodore Gaillard, John Ball and Henry Deas, as trustees of the Protestant Episcopal Society, for the advancement of Christianity in South-Carolina, have prayed the legislature to be incorpora ted: Be it therefore enacted, That from and immediately after the passing of this act, all those persons who now are, or hereafter shall or may become members of the said society, shall be, and they are hereby incorporated, and are hereby declared to be a body corporate, in deed and in law, by the name and style of "the Protestant Episcopal Society for the advancement of Christianity in South-Carolina," and by the said name shall have perpetual succession of officers and members, and a common seal with power to change, alter and make new the same, as often as the said corporation shall judge expedient. 339. And be it further enacted, That the said corporation shall be capable in law to purchase, have, hold, receive, enjoy, possess and retain to itself, in perpetuity, or for any term of years, any lands, tenements or hereditaments, or other property of what nature soever, not exceeding the sum of fifty thousand dollars; and to sell or alien the same as the said 1 TIT. 13. corporation shall think fit, and by its said name to sue and be sued, implead and be impleaded, answer and be answered unto, in any court of law or equity in this state, and to make A. A. 1810., such rules and by-laws, not repugnant to the laws of the land, as for the order, rule, good government and management thereof may be thought necessary and expedient. 340. And be it further enacted, That this act shall be deemed a public act, and as such shall be judicially noticed in all the courts of this state. 341. Whereas, it is deemed beneficial to the citizens of Planter's and this state, a bank under the name of the Planter's and Me- Mechanic's chanic's Bank, should be established in the city of Charles- Bank. ton, which shall also be authorized to establish branches in different parts of this state: Be it therefore enacted, That in order to enable the said Commissioncitizens to form the said bank, twelve commissioners be ap- ers appointed pointed for Charleston, to wit: Samuel Warren, Lewis Gro- and authoning, Andrew Charles, John Potter, John Gardener, Thomas rized to Bennett, Myer Moses, Thomas Blackwood, George Gibbs, William Aiken, Thomas Lehre and Joseph Otis-For Georgetown, five, to wit: Savage Smith, Anthony Toomer, John Shackelford, Thomas Chapman and William Murray-For Beaufort, five, to wit: Stephen Elliott, John Rhodes, Milton Maxcy, Charles J. Colcock and Robert Means-For Columbia, five, to wit: Thomas Taylor, sen. John Hopkins, Thomas Taylor, jun. Benjamin Haile and J. J. Chappell For Camden, five, to wit: Duncan M'Ra, Lewis Ciples, John Doby, James K. Douglas and F. S. Lee; a majority of whom shall, on the Monday and Tuesday before the fourth Wednesday in February next, open a subscription, from the hours of ten to two open a subo'clock in each day, in the above places respectively, for the scription, &c. purpose of raising the sum of one million of dollars: and that four weeks notice of the same shall be given in the gazettes of Charleston, Georgetown and Columbia; and the above named commissioners for Georgetown, Beaufort, Columbia and Camden, shall, on the first Monday in March next, forward to the above named commissioners in Charleston, a correct list of the shares subscribed, with the money paid on such shares at the time of subscribing, for the purpose of apportioning the same: the said commissioners in Charleston shall then forward to the aforesaid commissioners in Georgetown, Beaufort, Columbia and Camden, a scale of the said apportionment, and shall then give at least one months notice of their intention to proceed to the election of thirteen directors from among the stockholders, and that the directors so first The Planter's chosen, and all persons then being, or who hereafter may be- and Mechancome stockholders in the said company, be, and they are South-Carolihereby incorporated and held, deemed and taken as a body na, incorporapolitic and corporate, by the name and style of "The Planter's ted. and Mechanic's Bank of South-Carolina." ic's Bank of 342. And be it further enacted, That the said company shall Limitation of continue incorporated until the first day of January, one the Charter. thousand eight hundred and thirty-two, and by its name aforesaid shall be, and is hereby made capable in law, to TIT. 13. A. A. 1810. Corporate powers and capacities. Elections, when to be held. Directors to appoint offi cers. 1 have, purchase, receive, possess, enjoy and retain, to it and its successors, lands, rents, tenements, hereditaments, goods, chattels and effects, of what kind, nature or quality soever, to an amount not exceeding in the whole three millions of dollars, including the amount of the capital stock aforesaid, and the same to sell, alien or dispose of, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended in courts of 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 the laws of this state, 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 such regulations, restrictions, limitations and provisions as herein after shall be prescribed and declared. 343. And be it further enacted, That there shall be an election on the first Monday in May, in each year, by the said corporation, of thirteen directors, who shall be chosen by the stockholders or their proxies, from among themselves, and by plurality of votes actually given, and those who shall be actually chosen at any election, shall be capable of serving as directors, by virtue of such choice, until the end or expiration of the first Monday of May next ensuing the time of such election, and no longer; and the said directors, at their first meeting after such election, shall choose one of their number as president; and in case of the death, resignation or absence from the state, or removal of a director by the stockholders, his place may 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 any day, when pursuant to the constitution of the said corporation it ought to have been made, 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 shall have been regulated by the laws and ordinances of the said corporation. 344. And be it further enacted, That the directors for the time being, shall have power to appoint such officers, clerks and servants under them, as shall be necessary for executing the business of the said corporation, and to allow them such compensation for their services as shall be reasonable, and shall be capable of exercising such other powers and authorities, for the well governing and ordering of the affairs of the said corporation, as shall be prescribed, fixed and determined by the laws and regulations of the company hereby incorporated. 345. And be it further enacted, That the following rules, restrictions, limitations and provisions, shall form and be fun |