AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO INCORPO- No. 352. PRESBYTERIAN SYNOD OF THE SOUTH," APPROVED THE 17 Stat., 446, SECTION 1. Be it enacted by 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 an Act entitled "An Act to incorporate the Board of Trustees A. A. 1880, of the Associate Reformed Presbyterian Synod of the South," ap- amended. proved the 24th of December, 1880, be, and the same is hereby, amended by adding the following thereto as Section five, to wit: SECTION 5. That it may be lawful for said Board of Trustees and for the said Associate Reformed Presbyterian Synod to meetings, keep all the record of their meetings and minutes in a printed Record of A. D. 1893. Certified copy. pamphlet or book, and each copy thereof, when duly certified by the Secretary of said Board or Stated Clerk of said Synod, shall To be official be the official and legal records of said Board or Synod in all things relating to the proceedings and acts of said Board' or Synod, and shall be competent evidence thereof. and evidence. Approved December 20th, A. D. 1893. No. 353. AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO INCOR- SECTION 1. Be it enacted by 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 AA. 1891, an Act entitled "An Act to incorporate the South Carolina Land amended. and Immigration Agency," approved December the 22nd, 1891, be, and same is hereby, amended by adding after Section 7 of said Act the following, to be designated as Section 8: 20 Stat., 1134, May act as agent or trustee Change in numbering. SECTION 8. That the said corporation shall have the right and power to act as the agent of any individual or corporation and as the trustee under any mortgage or deed of trust of any individual or corporation. SEC. 2. That Section 8 be amended so that the same shall be designated Section 9. Approved January 4th, A. D. 1894. No. 354. AN ACT TO INCORPORATE THE SOUTHERN TRUST COMPANY. SECTION 1. Be it enacted by 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 Corporators. George J. Marsh, Charles K. Oliver, George Wallace and B. L. Abney, together with such other persons as now are or hereafter may be associated with them, and their successors, shall be, and they are hereby, constituted and made a body politic and corporate under the name of the Southern Trust Company, and by that Incorporation and name. Powers. name shall have succession; may sue and be sued, plead and be A. D. 1893. impleaded, in any Court in this State; may adopt and use a corporate seal and may alter the same at pleasure; may adopt all Seal. such by-laws for the general management and direction of the By-laws. business and affairs of the corporation, not inconsistent with the laws of the United States and of this State, as may be deemed proper, and may add to, alter or amend the same from time to time as may be desired; and shall have also such powers and privileges as are hereinafter provided. Proviso. SEC. 2. The capital stock of said corporation shall be one hun- Capital stock. dred thousand dollars, to be divided into shares of one hundred dollars each, and to be paid for at such times and in such manner as the Board of Directors shall decide: Provided, That no business shall be transacted until fifty thousand dollars shall have been subscribed. The said corporation may increase its capital stock from time to time until the same amounts to one million dollars; and the said corporation shall by its by-laws or Board of Directors provide for the manner of raising and distributing such additional capital stock. Increase. and hold in SEC. 3. The said corporation shall have power to receive and May receive hold moneys or property in trust or on deposit from Courts of trust. law or equity and Courts of Probate, executors, administrators, assignees, corporations, or individuals, upon such terms or conditions as may be obtained or agreed upon; any Court of law or equity and Courts of Probate may, by decree or otherwise, direct any moneys or property under its control, or that may be paid into Court by the parties to any legal proceedings, to be deposited with said corporation upon such terms and subject to such instructions as may be deemed expedient by said Court: Provided, Proviso. however, That said corporation shall not be required to assume or execute any trust without its own assent. The said corpora tee under deeds, tion shall have power also to act as trustee under any mortgage, To act as trusdeed of trust or bond, or other instrument in writing issued by &c. any municipality or body politic or corporate or individual, and to accept and execute any other municipal or corporate trust, not inconsistent with the laws of this State or of the United States; to act as the fiscal or transfer agent of any State or municipality, And as fiscal body politic or corporate, or individual, and in such capacity to receive and disburse money and to transfer, register and countersign certificates of stock, bonds or other evidences of indebtedness; to accept trusts from and execute trusts for or on behalf of married women; to act under the appointment of any Court of agents. Trusts for married women A. D. 1893. Guardian, trustee, &c. Executor, &c. Committee. Banking, &c., business. Deposits. Loans. guarantees. business. record as guardian or trustee of the estate of any minor or other SEC. 4. The said corporation shall have the power also of carrying on and transacting a general banking, savings and trust, and other like business. And in the conduct of the same shall have power to receive money on deposit, to allow interest thereon, and to invest such deposits, their capital stock and other funds, Investments. in bank or other stocks, in bonds, notes, bills, choses in action and other securities, and in the bonds or stocks of any city, in this or any other State of the United States, or the same to lend on real estate, secured by mortgage or otherwise, or on the pledge of gold and silver, bonds, notes, bills, stocks, choses in action Discounts and and securities of all or any kinds; to discount bonds, notes and bills of exchange, and to guarantee the payment of notes, bonds, Brokerage bills of exchange and other evidences of debt; to buy and sell, on commission, stocks, bonds, real estate, manufactories, mines, timbers and all kinds of real and personal property; to negotiate May issue re- loans upon commission; and in order to increase the capacity of said corporation to make loans upon the security of real estate, power and authority is hereby given said corporation to issue its own registered or coupon bonds, to be secured in such manner Property rights. as may be provided for by contract; and said corporation shall be capable of taking, holding and disposing of their capital stock and all other property of every kind, and also of taking, holding and dividing, disposing of or investing the increase, profits or emoluments of their capital stock or other property as aforeProperty rights. said; and shall have the right and power to acquire, purchase, take and hold in its corporate name lands, real estate or personal property, and the same to grant, sell, mortgage, exchange and convey in fee simple or otherwise. The business and property of the corporation shall be managed and disposed of and dividends of the profits of the business of the corporation shall be made and disclosed in such manner as may be prescribed by the rules and by-laws of said corporation. gistered bonds. Profits. By-laws. Voting by stockholders. SEC. 5. Each stockholder shall have one vote for each share of the capital stock of the said corporation he may own or represent at all elections and meetings of the company, and the Board of Directors of the said corporation are authorized to make such regulations as may be deemed proper for the representation by proxy of such stockholders as may be absent at such elections and meetings. A. D. 1893. Proxies. to be personal SEC. 6. The capital stock of said corporation shall be deemed Capital stock personal property, and the said corporation shall have authority property. in its by-laws or by the Board of Directors to make all such regulations as may be deemed necessary and proper for the issuing Issue and and transfer of such stock, or for collecting and enforcing, by sale or otherwise, all subscriptions made thereto. SEC. 7. The said corporation shall have power to enforce upon their members the due observance of all rules and by-laws for the government and management of the affairs of the corporation; and to that end, if need be, shall and may institute and maintain in their corporate name against any one or more of their members all necessary suits, actions and pleas for the recovery of any sum or sums of money to the use of the said corporation in as ample a manner as such suits might be maintained against persons not members of said corporation. transfer of stock Enforcem ent of rules. Actions. minors, &c. SEC. 8. When any deposit is made by a person being a married Checks by woman or a minor, the said corporation may pay to such person such sum or sums so deposited on the check, order or receipt of such depositor, which said check, order or receipt shall be lawful discharge therefor. liabilities. SEC. 9. That said corporation shall also have, and is hereby Rights and vested with, all the powers, rights and privileges, and is hereby subject to all the liabilities and restrictions, contained in the Act entitled "An Act to provide for and regulate the incorporation 19 Stat., 212. of banks in this State," approved December 24, 1885, except Exceptions. where the same provides that no more than an amount equal to one-half of the capital stock of said corporation and one-half of its deposits shall be invested in mortgages of real estate at any one time, and except in so far as the said Act or any part thereof is inconsistent with the provisions of this Act or any part thereof. SEC. 10. That the duration of the charter hereby granted Duration. shall be for the term of thirty years and until the final adjournment of the General Assembly next thereafter. Approved December 22d, A. D. 1893. |