1812.

Oath.

Name and style of the

than twenty thousand dollars, conditioned for his good behavior; and the Tellers and Clerks shall give security in a sum not less than five thousand, nor more than fifteen thousand dollars.

15th. The President, Directors, Cashier, and all other officers and servants, shall take the following oath, on entering on the duties of their respective offices: I, A. B., do solemnly swear, that I will faithfully discharge the trust reposed in me of the Bank of the State of South Carolina.

as

16th. This Bank is hereby incorporated and made a corporation and body politic, by the name and style of "The Presicorporation. dent and Directors of the Bank of the State of South Carolina,"

and so shall continue until the first day of May, one thousand eight hundred and thirty-five, and by that name shall be, and May hold real are hereby made, able and capable in law, to have, purchase, and personal receive, possess, enjoy and retain, to them and their successors, property, &c. lands, rents, tenements, hereditaments, goods, chattels, and ef

Notes to be issued.

fects, of what kind, nature, or quality soever, 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 of record, or any other place whatsoever; and also to make, have, and use a common scal, and the same to break, alter and renew at their pleasure; and also to ordain, establish, and put in execution, such bye-laws, ordinances, and regulations as shall seem necessary and convenient for the government of the said corporation, not being contrary to law or the constitution thereof; 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 pre

scribed in this Act.

17th. The President and Directors shall have power to issue notes, signed by the President and countersigned by the Cashier, not under the denomination of one dollar, 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 interest and its credit; any law, usage, or custom to the contrary notwithstanding. Value of proII. And be it further enacted, That the value of the property perty mortga mortgaged under this Act shall be ascertained, to the satisfacged, how to be tion of the President and Directors, who shall be answerable to the State in an action at law, or a suit in equity, wherein the damages incurred by taking insufficient security shall be assessed by the jury, or by the decree of the Court, unless the Judges of law or equity, as the case may be, shall be of opinion, and certify, that every necessary precaution was used, and no manner of neglect, on the part of the President and Directors Provided, nevertheless, that in order to secure the President and Directors more effectually from imposition, any person or persons who shall apply to them for monies on loan, shall produce a just and true account of the property proposed

ascertained.

to be mortgaged, which said property shall be valued on oath, by commissioners hereinafter to be appointed.

1812.

III. And be it further enacted, That all and every person Application or persons who may apply to the President and Directors of for money on the Bank of the State of South Carolina for any sum or sums loan, how to be made. upon loan, which is to be secured by any mortgage or mortgages, he, she, or they shall submit their titles to the lands intended to be mortgaged, to the inspection of the said Board of Di rectors, before the obtaining of such loan.

,

IV. And be it further enacted, That the mortgage shall be Form of morttaken in the following form: I, A. B., do assign over to the gage. President and Directors of the Bank of the State of South Carolina, my [here describe the estate particularly] which estate I declare to be in mortgage for the repayment of with the legal interest of seven per cent. per annum, from the date hereof; and I do agree that the same may be exposed to sale according to an Act entitled "An Act to establish a Bank in behalf of and for the benefit of the State," if I do not repay the principal and interest at the several and respective times on which they shall be lawfully due and payable. Witness my hand and seal, this day of one thousand eight hundred and Which mortgage shall be accompanied with a bond for the sum so borrowed, and shall be valid to all intents and purposes.

V. And be it further enacted, That all mortgages taken for Mortgage to loans of money under this Act, shall be considered as being be considered recorded from the date thereof, and shall have priority of as on record mortgages of the same property, not previously recorded in the proper offices.

any
from date.

and Colum

VI. And be it further enacted, That the principal Bank Banks at established by this Act shall be fixed and established at Charleston Charleston; and the President and Directors shall establish bia. a Bank at Columbia, for the purposes of discount and deposite, and to appoint the Directors and Officers of such branch, and to fix their salaries and prescribe their duties; and may allot the said branch any portion of the active capital of the said Bank, as may to them seem advantageous.

to be appor

VII. And be it further enacted, That the sums of money Money loaned loaned out on mortgage of real property, shall be apportioned on mortgage among the election districts throughout the State, in propor- tioned among tion to the number of representatives of the State Legisla- the districts. ture in each election district-and wherever the sum allotted for any district cannot be loaned on good terms to the inhabitants of such district, in a reasonable time, it shall then be loaned to the inhabitants of any other district, who may apply for the same.

VIII. And be it further enacted, That the bills obligatory and Bills how asof credit under the seal of the said corporation, which shall be signable. 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 ena

1812.

No Director to loan out

money at an illegal rate of interest.

Legislature to be furnished with a state

ment of the transactions

of the Bank.

ble 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 principal Cashier or Treasurer thereof, promising the payment of money to any person or persons, his, her or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in the 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 are or shall be payable to any person or persons, his, her or their order, shall be assignable by indorsement, in like manner and with the like effect as foreign bills of exchange now are; and those which are or shall be payable to bearer, shall be negotiable and assignable by delivery only.

IX. And be it further enacted, That no director, officer, clerk or servant of the said corporation, shall be concerned, either directly or indirectly, in the practice of advancing or loaning out monies at an illegal rate of interest, whether the same be done or effected under the form and color of a purchase or exchange of notes, acceptances, due bills, checks on banks, acknowledgments, or in any other way or manner whatsoever; and all and every such director, officer, clerk or servant of this Bank, who shall be concerned as aforesaid in any such practices, shall, in addition to the usual penalties imposed by law, forfeit and pay for each offence the sum of two thousand dollars, to be recovered by action of debt in any court of record in this State; one-half to the use of the informer, the other half to the use of State-and to be levied of the goods and chattels, and houses, lands, tenements, and other hereditaments and real estates of the person or persons so offending, if any he or they shall have; and on failure of any property to answer the said penalty by a return of nulla bona, the person or persons so offending shall and may be taken on execution, upon a capias ad satisfaciendum, and being so taken, shall not be entitled to the benefit of any Act made for the relief of insolvent debtors, until he or they shall have remained and been confined in prison for the term of six months at least. And any such person being convicted by the verdict of a jury of any of the practices aforesaid, whether he be a director or officer or servant of this Bank, shall, on motion of any director, be dismissed from the service of the said Bank.

X. And be it further enacted, That the Legislature of the State shall be furnished with a general statement of the transactions of the Bank, signed by the Cashier, and counter signed by the President, as often as they may require the same; and it shall also be the duty of the Comptroller General to inspect such general account in the books of the Bank, as of ten as he may please-and it shall, and is hereby declared to

be his duty, faithfully to report all' and every violation of the fundamental rules of this corporation to the Legislature: Provided, however, that nothing in this clause shall imply a right of inspecting the account of any private individual or individuals, or any body politic or corporate with the Bank.

1812.

revenue of the

XI. And be it further enacted, That all the interest which Income of may be paid on the stock due this State by the United States, Bank to be and now becoming a part of the capital of this Bank, and all part of the the dividends on the bank shares of the State Bank, and State. Planters and Mechanics' Bank, which this Bank may hold, and all the interest arising from the loans and discounts which may be made by this Bank, after its necessary expenses shall have been paid, shall constitute and be considered as a part of the annual revenue of this State, subject to the pleasure of the Legislature. But whatever part of this sum shall at any time remain unexpended by the Legislature, and all the principal which shall be paid on the stock of the United States, and all sums arising from the sale of Bank stock, shall be considered and become a part of the capital stock of this Bank.

XII. And be it further enacted, That the President and Di- Corporation rectors of the corporation hereby intended to be incorporated, to apply to U. shall apply to the United States for stock of a transferable S. for transfernature, in lieu of that which the State now holds, which is not

of a transferable nature.

able stock.

XIII. And be it further enacted, That the President and Stock in other Directors shall have full power and authority to sell out, at Banks may be their discretion, any share or shares which the State now sold. holds, or may hereafter hold, in any bank within this State, or

to negotiate foreign bills of exchange.

credit of the

XIV. And be it further enacted, That the Treasurer of the Six per cent. Lower Division, under the direction of the Comptroller Gen- stock to be iseral, shall, and is hereby authorized, at the instance of the sued on the President and Directors of the said Bank, to issue six per State. cent. stock on the credit of this State, and on the faith and credit of the stock of the United States, vested in them by this Act, to an amount not exceeding three hundred thousand dollars, redeemable at the pleasure of the State; and it shall be their duty, from the quarterly and annual payments received on the aforesaid stock of the United States, to pay the holders of the present State debt, and the holders of the stock to be issued under authority of this Act, the quarterly interest due on the said stock; and shall, from the aforesaid quarterly and annual receipts on the said stock of the United States, apply such a sum annually towards the redemption of the present outstanding State debt, as shall, on or before the last day of December, one thousand eight hundred and twenty-four, finally redeem and extinguish the same; and the said President and Directors are hereby authorized and empowered to sell and dispose of the said three hundred thousand dollars of six per cent. stock created under the authority of this Act, from time to time, for the purpose of increasing the capi

1812.

Three per cent. stock

how to be redeemed, and

annual report to be made.

tal of the Bank hereby established, provided the same is not at any time sold under par.

XV. And be it further enacted, That the three per cent. stock of the State now outstanding, shall not be redeemed or paid off at a higher rate than fifty-five per cent; and the President and Directors shall report annually, on the first day of October, to the Comptroller, to be by him submitted to the Legislature, the amount of the stock issued under the authority of this Act, and of the sum annually redeemed. Bills or notes, XVI. And be it further enacted, That the bills or notes of the where receiva- 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.

ble.

XVII. And be it further enacted, That not only the Treasurers, but also the Tax Collectors of the Parishes of St. Phillip and St. Michael, the Sheriff of Charleston district, the Prothonotory of the Court of Common Pleas and General Sessions, and the Master in Equity, shall, weekly or monthly, deposit, for safe keeping, the monies which they may respectively receive, in the said Bank only; and on failure thereof, or on such persons depositing public monies in any other Bank, he or they shall respectively forfeit, for each offence, the sum of one thousand dollars, to be recovered as other penalties by this Act are directed to be recovered; and all Acts and clauses of Acts repugnant to this Act, be, and the same are hereby, repealed.

XVIII. And be it further enacted, That for the purpose of erecting suitable buildings for the accommodation of the Bank, any lot or square in the town of Columbia belonging to the State, and not heretofore appropriated, which the President and Directors may deem suitable for this purpose, is hereby granted to and vested in the said corporation; and until such building shall be erected, the President and Directors are hereby authorized to use any part of the State House at Columbia, which may not be wanted for, or applied to, the immediate use of the State.

XIX. And be it further enacted, That the persons who shall be approved of and joined as securities in the bonds prescribed by this Act, shall severally be held and deemed liable, each one for his equal part of the whole sum in which the bond is given, the said sum to be divided into as many equal parts as there shall be securities in the bond, and no more than such equal part shall be in any court recoverable of or from any one of the said securities, his heirs, executors or administrators but nothing in this Act contained shall operate to prevent the securities from having and obtaining, amongst one another, just and equitable aid and contribution, as in other cases of securityship, where there are several securities.

XX. And be it further enacted, That the President and Directors shall have power to appoint five Commissioners in each election district, to value and appraise the lands which may be offered in mortgage to the Bank; and every valuation of