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land in any election district, shall be certified by three or more of the said Commissioners; and the President and Directors shall have the power to fill up all vacancies, or to remove any such Commissioners at pleasure.

1812.

borrow on the

XXI. And be it further enacted, That the Directors, or a majority of them, be, and they are hereby, authorized, should Directors may they at any time deem it proper to borrow on the credit of credit of the the State, from any of the Banks or individuals, a sum not State. exceeding three hundred thousand dollars, for a period not exceeding, at any one time, ninety days: Provided, That an interest not exceeding the rate of six per cent. per annum shall be allowed for the same.

XXII. And be it further enacted, That in all cases where the interest to become due under the provisions of this Act, Mortgaged and the loans to be made in pursuance thereof, and in all ca- property may ses where the principal to be loaned under this Act, or any be sold. part thereof, shall be in arrear or due, the Directors of the said Bank shall be, and they are hereby, authorized and empowered, (if they shall so think fit) to advertize the mortgaged property for three weeks, in one or more of the gazettes in Columbia and Charleston, and in the different districts where the mortgaged premises lie, and on the first Monday in March, in each and every year, shall expose, or cause the same to be exposed to sale by the sheriff, at the Court Houses of the respective districts in which the mortgaged premises may be, and sold to the highest bidder for cash; and the President and Directors are hereby fully authorized and empowered to make conveyances for the same to the purchasers thereof, or to buy the same in, if they shall think fit, for the benefit of the institution.

FROM AN ACT TO MAKE APPROPRIATIONS FOR 1812."

A. A. 1812. p. 25. VII. And be it enacted by the authority aforesaid, That S. L. vol. 5 the Treasurer of the Lower Division of this State be, and he p. 690. is hereby, authorized and directed, on the application of the Funds allotted President and Directors of the Bank of the State of South for the Bank Carolina, to deliver over to them, or to any person duly au- of the State of thorized by them, all the certificates of stock of the United So. Carolina. States in the Treasury, together with all bonds, notes, and other securities due the State, and also the shares of the State and Planters' and Mechanics' Banks; and he is hereby further directed, when applied to for that purpose, to draw from the State Bank, under the warrant of the Comptroller General, all the public money therein deposited; and from time to time, and at all times hereafter, to deposit all monies received by him on account of the State, in the said Bank.

1813.

A. A. 1813. p. 33.

S. L. vol. 8. p. 31.

Interest money to be put in Bank.

Other money to be put in Bank.

to put money

in said Bank.

AN ACT TO EXPLAIN AND AMEND AN ACT ENTITLED 66 AN ACT
TO ESTABLISH A BANK ON BEHALF OF AND FOR THE BENEFIT
OF THE STATE."

WHEREAS, the Act entitled "An Act to establish a, Bank on behalf of and for the benefit of the State," requires sundry alterations and amendments:

Be it therefore enacted, &c. That the Comptroller be, and he is hereby, authorized and directed to transfer to the Bank, on account of capital, all sums which may be received from the United States on account of the principal of their debt, and all sums which, though received nominally as interest, may operate to extinguish the principal of their debt.

II. And be it further enacted. That the Comptroller be, and he in hereby, authorized and directed to transfer to the Bank, on account of capital, on the second day of April, 1814, all monies received in the course of the preceding year, and remaining in the Treasury on the second of April, in each and every year.

III. And be in further enacted, That all officers directPublic officers ed by the Act establishing the Bank of the State of SouthCarolina, to deposit in the said Bank the public monies which they may respectfully receive, shall in like manner deposite in the Bank of the State of South Carolina each and every sum of money which may be received by them in virtue of their office, either in suits actually depending, or in consequence of the decrees of the courts of law and equity in this State, and until the actual investment of such funds, in cases where the courts of law and equity shall order sums of money to be invested in funds of a particular description. And all such officers are moreover enjoined and directed to deposite each and every sum deposited by them under the provisions. of this Act, or the Act to which this is an amendment, in their names as public officers, distinctly from any deposit made by them in their own names and on their own account as private individuals, and to specify the amount of each sum so deposited, and on what account such deposit is made.

No other bank to issue bills under $5.

Directors may be expelled.

President and

IV. And be it further enacted, That no Bank or Banks, other than the Bank of the State of South Carolina, shall issue or put into circulation bills of a lower denomination than five dollars; any Act or clause of any Act, to the contrary notwithstanding.

V. And be it further enacted. That a majority of the members present at any regular meeting of the Directors of the Bank of the State of South Carolina, may suspend any Director with a view to his expulsion; and any member may be expelled at a meeting of the Board of Directors, specially convened by the President for that purpose, as soon after such suspension takes place as may be practicable: but such expulsion shall not be made by a majority of less than two-thirds of the whole number of the Directors.

VI. And be it further enacted, That from and after the Directors to be passing of this Act, the legislature shall annually elect, by elected annu- joint ballot of both branches, a President and twelve Direc

ally.

tors, whose services shall commence on the first day of Feb- 1813. ruary next ensuing such election, and continue for one year.

VII. And be it further enacted, That the Comptroller Comptroller to General shall be furnished, as often as he may require, not ex- be furnished ceeding once a month, with statements of the amount of the with statecapital stock of the Bank, and of the debts due to the same, ments of of the monies deposited therein, of the notes in circulation amount of the and of the cash in hand: and he shall, under the injunction of of the Bank. capital stock secrecy, have a right to inspect all the accounts and books of the Bank: Provided, that this right shall not be construed to imply a right of inspecting the account of any private individual or individuals with the Bank. And it shall be the duty of the Comptroller General to make an annual report to the Legislature on the subject of the Bank; and if in his opinion the transactions of the Bank, or any particular circumstance relating thereto, shall require it, he shall apply to the house for a select committee of three members to be appointed, who shall, under a like injunction of secrecy, take into consideration any matters relating to the said Bank, submitted to them by the Comptroller General, and report thereon at their discrétion to the Legislature.

Loans to be made at Co

VIII. And be it further enacted, That the Comptroller Comptroller General for the time being shall not be a Director, nor hold not to be a Diany office of trust or profit in or under any Bank whatsoever. rector. IX. And be it further enacted, That the President and Directors of the Bank of the State of South Carolina are hereby immediately authorized and required to make loans at lumbia. Columbia, to the citizens of this State, on mortgage, in the same manner, on the same principles, terms, and conditions, and under the same restrictions, as money is loaned from the said Bank in Charleston on mortgage.

X. And be it further enacted, That the assessors appointed by the President and Directors of the said Bank to value lands and other property to be mortgaged to the said Bank, shall receive each for their services, not exceeding one dollar per diem, to be paid by those who may borrow money from said. Bank.

Compensation

to Assessors.

XI. And be it further enacted, That the President, Cashier Officers exand all other officers of the Bank of the State of South Carolina, empt from miand the branch thereof, shall be exempted from the perform- litary duty. ance of ordinary militia duty.

FROM "AN ACT TO RAISE SUPPLIES." &c.

A. A. 1814.

p. 11.

XVIII. And be it enacted, by the authority aforesaid. That Also 1815,p.7. in all cases where the Legislature shall omit or neglect to fill S. L. vol. 5, up the Board of Directors of the Bank of the State of South P. 732.

Carolina, the Directors appointed by such Legislature shall, S. L, vol. 6. with the President, fill up such vacancies as shall occur by

p. 9.

1814.

The Board to

fill all vacancies and deficiencies in the Direction.

such pmission on the part of the Legislature to appoint a full
Board of Directors, in the manner they are now authorised to
do, where vacancies occur by death or resignation; and if at
any
time the Legislature should appoint any number of Direc-
tors less than seven, the existing Board of Directors may ap-
point such number of Directors as, with those appointed by
the Legislature, shall make up the number of seven, and these
seven, with the President, shall appoint the remaining five
directors; and where the Legislature shall wholly omit, at any
session, to appoint a President or Directors, those then in
office shall continue until a new appointment shall be made
by the Legislature.

A. A. 1814, p. 20.

S. L. vol. 8, p. 33.

less denomi

nation than one dollar.

AN ACT TO ALTER AND AMEND THE CHARTER OF THE
BANK OF THE STATE OF SOUTH CAROLINA, SO FAR AS
RELATES TO THE ISSUING OF BILLS OF A LESS DENOMINA-
TION THAN ONE DOLLAR; AND FOR OTHER PURPOSES

THEREIN MENTIONED.

Authorised to I. Be it enacted, &c. That the President and Directors of issue bills of the Bank of the State of South Carolina shall be, and they are hereby, authorised and required to issue bills of a less denomination than one dollar, to be signed by a Deputy Cashier, to be appointed as hereinafter mentioned, and to be countersigned by either of the Directors, or by some person appointed by them for that purpose.

II. And be it further enacted, That immediately after the Deputy Cashpassing of this Act, the President and Directors shall elect a ier to be elected. His Deputy Cashier, whose duty it shall be, under their direction, duties, salary, to sign all bills of a less denomination than one dollar, to enand security. ter the same in the manner and in conformity to the existing rules of the Bank relative to its issues, and to note the mutilated bills when cancelled by the President and Directors: in addition to which he shall perform all such other services as may be required, and shall receive such compensation as the President and Directors may deem proper, and shall, before he enters on the duties of his office, give bond, with security, to be approved by them, in the sum of ten thousand dollars.

III. And be it enacted, That no body politic or corporate, No other body politic or corwithin this State, shall be allowed to issue any bills of credit porate to issue in the nature of a circulating medium, or other than such as bills of credit. answer the purpose of contracts, under the penalty of ten dollars for each and every dollar issued: Provided, nevertheless, that this clause shall not be so construed as to effect the chartered rights of any banking institution within this State, heretofore incorporated by an Act of the Legislature.

City Council of Charleston to call in bills of credit.

IV. And be it enacted, That the City Council of Charleston shall be, and they are hereby, allowed the time of twelve months, after the first day of January one thousand eight

hundred and fifteen, to call in all bills of credit issued by them in the name of a circulating midium.

1816.

AN ACT TO AUTHORIZE THE PRESIDNET AND DIRECTORS OF A.A. 1816, THE BANK OF THE STATE OF SOUTH CAROLINA TO CALL IN p. 19.

THE PAPER MEDIUM LOAN OFFICE BONDS, AND TO ESTABLISH S. L. vol. 8, A BRANCH IN GEORGETOWN.

p. 35.

I. Be it enacted, &c. That the President and Directors of Treasurer of the Bank of the State of South Carollna be, and they are Lower Division to call in hereby, authorized and empowered to require the Treasurer of and demand the Lower Division to call in and demand payment of the payment of bonds due to the Paper Medium Loan Office, or such part bonds, &c. thereof as they, the said President and Directors, shall think proper; and the said Treasurer is hereby authorised and directed, whenever so required, to give at least three months' notice, in one or more of the newspapers of this State, of the part or portion required to be paid; and in case of non-compliance with the requisitions in such notice contained, the Treasurer aforesaid is hereby required to sell, or cause to be sold, the land mortgaged for the payment of such bonds as shall not be paid according to the provision of the Act in such case made and provided: Provided nevertheless, the said President and Directors do not require the Treasurer to call in and demand payment of more than one-third, annually, of the amount of any bond so due to the Paper Medium Loan Office.

tablished at Georgetown.

II. And be it further enacted, That the President and Di- Branch of the rectors of the Bank of the State of South Carolina shall, Bank to be eswhenever they may deem it expedient, establish a branch of the said Bank at Georgetown, with like powers and authorities, and in like manner, as the Branch now established at Columbia.

FROM AN ACT TO MAKE APPROPRIATIONS FOR 1816."

A. A. 1816, 59.

L. vol. 6, 50.

III. Be it enacted by the authority aforesaid, That all payments hereafter to be made by the Treasurers of the Upper Treasurers to and Lower Divisions, shall be by drafts or checks upon the pay by checks

Bank of the State of South Carolina or its branches, and in on Bank. no other way; and such drafts or checks, as far as relates to the town treasury, shall be countersigned by the Comptroller General for the time being, or his agent or clerk, duly authorised by him for that purpose.

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