South Carolina - Acts on Education Topics

An Act to Establish the Charleston Charitable Association, of the State of South Carolina, for the Benefit of the Free School Fund.

March 8, 1871

Acts and Joint Resolutions of the General Assembly of South Carolina 1870-71, Pages 618-619.

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 R. H. Willoughby, F. H. Frost, J. P. Horbach, M. J. Hirtch and Oscar B. Little, of South Carolina, and their associates or partners, shall have the full right, and are hereby authorized, to form themselves into a partnership association, to be known under the name and style of R. H. Willoughby and Company, or such other names as they may now or hereafter assume.

Sec. 2. That all the rights of corporations known as banks be, and the same are hereby, vested in the said firm, for the purpose of loaning out money on interest, purchasing and mortgaging real estate, buying personal property; and they shall have the same rights and privileges now enjoyed by the banking institutions of this State; they shall also have the right to dispose of any and all such property, real, personal or mixed, that they may become possessed of, in any manner, and on such conditions, as the said firm or association may deem fit and proper and to the advantage of said firm, and to promote the interest of the said School Fund of the State of South Carolina.

Sec. 3. Be it further enacted, That, before commencing business under the provisions of this Act, said firm shall pay, or cause to be paid, into the hands of the State Superintendent of Education, the sum of one thousand dollars, ($1,000,) to be used for the benefit of the free schools of South Carolina, and annually thereafter a like amount, for the term of ten years, or so long as said partnership shall choose to do business, it being understood and agreed that said payment of one thousand dollars per annum by said association is the consideration upon which the privilege of incorporation herein is granted; and whenever said company, or, firm, or association, shall fail to pay said consideration, then their right to transact business shall cease.

Sec. 4. That the association, company or firm incorporated and established by this Act shall have full power, and are hereby authorized, to establish agencies throughout the State.

Sec. 5. That this Act shall be of force immediately on and after its passage.

Alonzo J. Ransier, President of the Senate.
Franklin J. Moses, Jr., Speaker of the House of Representatives.
Robert K. Scott, Governor.

Approved: March 8, 1871

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