A. D. 1893.

business.

or notes secured thereby, at any one time, as may be deemed by the management of said corporation safe and desirable; to buy Brokerage and sell on commission bonds, stocks, real estate, manufactories, mines, timber and mineral lands and all kinds of real and personal property; to negotiate loans on commission; to receive Trust funds. deposits of trust moneys, securities and other personal property from any person or corporation, and to erect and mainDeposit vaults. tain safety deposit vaults or boxes for the same; to act as Act as Trustee. trustee under any mortgage, deed of trust, bond or order

married women

trustee.

instrument in writing issued by any municipality, or body politic or corporate, or individual, firm or agency, and to accept deed 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 agents. fiscal or transfer agent of any State or Government, municipality, body politic or corporate, or individual, firm or agency, 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 trusts for or on behalf of married women in respect to their separate property, whether real or personal, and to be their agent or trustee in the management of such property or to transact any business in relation thereto consistent with law; to act under Guardian and the appointment of any Court of record as guardian or trustee of the estate of any minor or other person under disability of any kind and the depository of any moneys paid into Court, whether for the benefit of any such minor or any other person, corporaExecutor or tion or party; to be appointed and accept the appointment of executor or trustee under the last will and testament of any person or persons whomsoever, or administrator with or without the will annexed of the estate of any deceased person; and to be appointed and to act as the committee or trustee of the estate of lunatics, idiots, persons of unsound minds and habitual drunkards; Accept and to take, accept and execute any and all of such legal trusts, duties by order of and powers in regard to the holding, management and disposition of any estate or property, real or personal, and the rents and profits thereof or the sale thereof as may be granted or confided to it by any Court of record in this or any other State, or by any person, corporation, municipality or other authority; to Or by any per- take, accept and execute any and all such trusts and powers, of whatever nature or description, as may be conferred upon or entrusted or committed to said corporation by any person or persons, or any body politic, corporation or other authority, by grant, as

administrator.

Committee.

execute trusts

Court.

son.

signment, transfer, devise, bequest or otherwise, or which may be entrusted, committed or transferred to or vested in said corporation by order of any Court of record, and to receive, take and hold any property or estate, real or personal, which may be the subject of such trust, and generally to do and perform all acts connected with its said business.

A. D. 1893.

security.

SEC. 4. That in all cases where any bond may be required of Bonds the said corporation in the exercises of any of the powers or franchises conferred upon it by this Act, it shall be lawful, in the discretion of the Court before whom such matter shall be pending, or of any Judge thereof, to allow such bond to be given with or without security, which bond shall be executed by said corporation in such manner as may be stipulated by its Board of Directors: Provided, That at any time thereafter during the subsequent recontinuance of such bond, any party in interest on sufficient cause shown may move such Court to modify such order, and require sureties on the bond of said corporation.

SEC. 5. No person shall be a Director of said corporation unless he be a bona fide stockholder therein.

quirements.

Who may be
Director.

holders.

SEC. 6. Each stockholder shall have one vote for each share of Vote of stockthe capital stock of said corporation he or she may own or represent at all elections and all meetings of the said corporation, and the Board of Directors of 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 any meetings Proxies. or elections.

SEC. 7. The capital stock of said corporation shall be deemed Capital stock. personal property; another said corporation shall have authority 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 and transfer of such stock or for the collection or enforcing by sale or otherwise of all subscriptions made thereto.

Issue and transfer.

1

Enforcement of by-laws.

SEC. 8. Said corporation shall have power to enforce upon its members the due observance of all its rules and by-laws for the government and management of the affairs of the corporation, and to this end, if need be, shall and may institute and maintain in its corporate name against any one or more of its members all necessary suits, actions and pleas for the recovery Actions. of any sum or sums of money to the use of said corporation in as ample manner as such suits might be maintained against persons not members of said corporation.

SEC. 9. That the said corporation shall have power to increase its Increase of capital stock, now fixed at forty thousand dollars (40,000), in the

capital stock.

A. D. 1893.

manner and to the amount limited in Section 9 of an Act entitled "An Act to provide for the formation of certain corpora19 Stat., 542. tions under general laws," aforesaid, approved December 23rd, 1886; and the notice to be published in accordance with said Section shall be published but once a week for four successive weeks previous to the meeting therein provided for.

Notice.

Liability of stockholders.

den to borrow.

SEC. 10. The stockholders of said bank shall be liable to the amount of their respective share or shares in the same for all its Officers forbid- debts and liabilities upon note, bill or otherwise, and no Director or other officer of said corporation shall borrow any money from said corporation. If any Director or other officer shall be convicted on indictment of directly or indirectly violating this Section, he shall be punished by fine or imprisonment, at the discretion of the Court.

Penalty.

Public Act.
Duration.

SEC. 11. This Act shall be deemed a public Act, and shall continue of force for fifty years and until the final adjournment of the General Assembly next after the expiration of said term. Approved December 22d, A. D. 1893.

No. 400. AN ACT TO AMEND THE CHARTER OF MAGNOLIA CEMETERY.

Magnolia Ceme

Amended.

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 Charter of the charter of Magnolia Cemetery, originally incorporated as the tery Company. Magnolia Cemetery Company by Act Number 4005 of the Legislature on the 20th December, 1850, (12th Statutes at Large, pp. 14 and 15,) and revived and amended by the Act Number 320, approved 14th February, 1878, (16 Statutes at Large, p. 340,) under the name of the Magnolia Cemetery, be amended by striking out the words "that the members of said corporation shall be jointly and severally liable for all debts and contracts made by said corporation during the period of their membership,” Liability of and substituting the following words: "That each stockholder in said corporation shall be jointly and severally liable to the creditors thereof in an amount, besides the value of his share or shares therein, not exceeding five per cent. of the par value of the share or shares held by such stockholder at the time the demand of the creditor was created: Provided, That such demand shall be payable within one year, and that proceedings

stockholders.

Provisoes.

A. D. 1893.

to hold such stockholder liable shall be commenced within two years after the debt becomes due, and while he or she or it remains a stockholder therein, or within two years after he, she or it shall have ceased to be a stockholder: And provided, further, That persons holding stock in said Magnolia Cemetery Trustees, &c. as trustees or executors, administrators, or by way of collateral security, shall not be personally subject to the liabilities of stockholders under the foregoing provisions, but the persons pledging such stock shall be liable as stockholders, and the estates and funds in the hands of such trustees, executors or administrators shall be liable in their hands in like manner and to the same extent as the deceased testator or intestate or the ward or person interested in said trust estate would have been if they had respectively been living and competent to act and hold the stock in their own names." That the charter so amended be revived and continued for the period of fifty years, and this Act be Public Act. deemed a public Act.

Approved December 20th, A. D. 1893.

Renewal of charter.

AN ACT TO INCORPORATE THE MERCHANTS MUTUAL FIRE No. 401. INSURANCE COMPANY OF CHARLESTON, SOUTH CAROLINA.

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. Lee Leob, P. F. Murray, John H. Wellbrack, G. Charles Wellbrack and J. H. Bruming, Jr., together with such other persons firms or corporations as may hereafter, from time to time, by becoming members in the manner hereinafter prescribed, be associated with them, be, and they are hereby, declared a body Incorporation politic and corporate, under the name and style of "The Merchants Mutual Fire Insurance Company of Charleston, South Carolina."

and name.

members.

SEC. 2. That every person, firm or corporation whose goods, Assured to be wares, merchandise, buildings and other property is insured by or with the said company from destruction or damage by or from fire or the effects thereof shall, by virtue thereof, be a member of said company, and shall continue as such member thereof during the continuance of such insurance, in pursuance with the rules and regulations of said company, and shall be

A. D. 1893.

When to organize.

bound by all legal actings and doings of said company or the Directors thereof.

SEC. 3. That as soon as fifty persons, firms or corporations shall subscribe their names to an agreement to insure their goods, wares, merchandise, buildings or other property liable to destruction or damage by fire, or the effects thereof, aggregating in value not less than one hundred thousand dollars, by or with said company or organization, the said company shall go into operation; a copy of said agreement to be filed in the office of Limit of in- the Secretary of State: Provided, That a greater amount than twenty thousand dollars shall not be taken on any building and contents, or contents of any building, or on any one risk.

surance.

Succession and powers.

Directors.

By-laws.

Officers.

Property rights.

SEC. 4. That the said company, under its name, shall have succession of officers and members, all the powers, privileges and franchises incident to a corporation; and shall be capable of holding and disposing of their capital stock, together with the increase, profits or emoluments thereof, according to such rules, regulations and institutions as the said corporation may from time to time direct; and shall have a common seal, and the same from time to time at their pleasure to break, alter and renew; and by its corporate name shall be able and capable at law or in equity to sue and be sued, implead and be impleaded, answer and be answered unto, in any or all the Courts or tribunals of this State, in any manner of suits, pleas and demands whatsoever; and they are hereby authorized and empowered to appoint a Board of Directors from among themselves, of not less than five nor more than nine members, to manage the business and affairs of the company at such periods, for such time and with such duties as they shall see fit; and also to make such rules, by-laws and ordinances, and do everything needful for the good government and support of the affairs of the said company, and for restoring their capital or reserve when diminished by losses or, otherwise, not repugnant to the Constitution and laws of the United States or of this State.

SEC. 5. That the officers of said company shall be a President, Vice-President, and Secretary and Treasurer, and such others as may be deemed necessary to carry on the business of said company. All officers and employees of said company shall be elected by the Board of Directors and subject to their control. SEC. 6. That the said company, by its corporate name, shall have the right and power to purchase, acquire, take and hold lands and real estate, bonds and stocks, and the same to grant, sell, lease, assign, transfer, exchange, sell, alien and convey in fee simple, or otherwise.