Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-08-22

endorsmen; of,he President and of the Cash.
Ter Of said bank, to the order of anv-perSon
whomsOever, or.to the bearer. and the said
endorsement shall fi4 the place the said
principal and interest shall be paid and all
expenses incurred thereon, shall be defray-
ed from the funds Of the bank.
Section z. Be IL further enacted, That
both the capital and interest Of the said
bonds shall be paid by said bank, at the
times they shall severa;ly full due
Section 8. BE il further enacted, That to
secure the payment Of the capital and in
teresE Of said bonds. the subscribers shalt be
bound to give mortgage, to the satisfaction
OF the directors on property, to be in all
cases equal TO the amount of their respective
stock. which mortgage may bear on cult
/ waited lands. plantations and slaves: on town
lots with houses thereon;on uGher buildings,
Welding rent; on lands not under cultiva
tiOns but susceptible of being cultivated;
aud on vacant lots, capable ot being improv-
ed, with this provision, that not more than
me fifth of the stock 1t each stakeholder,
may he secured BY mortgage on unimprov-
ed lands mt included in any plantation, and
on vacant lots in town; no mar'gage OH
slaves alone shall be received; and that
when a mortgage shall 5e offered on lands
and slaves, the value Of the lands shall BIZ
equal to three forth~ of the stock for which
the mortgage shall be given; that houses or
other buildings, situated in any city or town,
shall ALWAYS be insured against the risk Of
fire, and the policy Of the insurance trans.
ferred to said Union Bank: but il shall not
be required to have the buildings on any
plantation insured; no mortgage shall be re-
ceiyed on brick building for more than one
| half Gifts value; and ON wooden building
/ for more than ORe-fourth. and that no one
shall be permitted 10 subscribe until he shall
deliver to the commissioners a valid act of
SALE or patents or certificates of cOnforma-
tion from the land commissioners of the
/ United States, or partition sales and adiAdi-
cation By decree Of court, Verifedaccor-
ding to law, or such other evidence Of title
to the property proposed as a guarantee to
| the bank, AS NAV be deemed satisfactory to
said commissioners or directors, that proper
ny already mortgaged NAV be received as
guarantee Provided, That the directors
shall first deduct from the whole value of
the property, at least twice the amonnt of
said mortgages, and then grant such, only
on the excess remaining after the deduction:
Pro Oided further, That the mortgage ex-
listing Of said property, shall not prevent
the board Of directors from receiving them
as security for stock, when the sum to De
loaned is to be employed in the extinguish.
lRent of said mortgage.
Section 9. Be il further enacted. That
the subscribers oil the SAID Union Bank be,
and they are hereby; created a corporation
and b dy polite, for and during the term of
forty years from the passage Of this act, and
shall be, and are hereby, made capable,
i'under the name and style of the Mississippi
i Union Bank to receivs and possess all kinds
of property, either movable or immoveable.
and to sell, ALLEVIATE, demise aud dispose of
the same; to loan, to negotiate, to take mort
cages and pledges; and to discount on such
l4erms. and such securities, as. they shall
judge proper: Provided, Plat the whole
amount Of their accounts and goods. of every
description, do not exceed double the
amO0nt of the capital actually receiVed-thr
profits realized, and in the posse sSion of the
. bank, being always considered As a part Of
their capitals: ind, provided also, That
the debts due by the bank, exclusive Of de-
posites. shall not exceed double the amount
of their capital; and. that they shall no. ex
Ceed double the amount of their capital;
and that they shall not take more than seven
per cent. interest per annnm, on any loan NJ
discount made on notes to order, payable
+ within six munthS from the time the loans or
discounts are made; and they may sue or
: and receive answers, in all courts having
competent jurisdiction; and to have a COM
mon seal, and the same to alter or renew at
pleasure; and to ordain and establish such
5 by laws, Tules and ordinances, AS they shall
deem necessary and suitable for the govern
ment of said corporation, not being contrary
to this act, nor to the constitution and laws
I Of the United States and the laws Of this
e State.
$ Sec. &c. Be IL further enacted, That
for the management IF the afftHS Of said
bank, there shall be thirteen directors, cho-
; sen from among the stockholders, five Of
2 whom shalt be elected and chosen by the
n Legislature, by joint vote of both houses, b-
: ennially and, upon the part of the stock
. hnIders, eight shall be annually chosen, at
Il the banking houSe of said bank, by the quail
+ flied stockholders of the capital OF said bank
each stockholder to have one vote, for eve
n ny share held by him; but n1persnn, cOpart-
r nership nor firm. shall be entitledsto grea-
I ter number than one hundred votes, and nc
!, one shall be entitled to vote by proxy, more
than six hundred votes. The appointment,
n ON the part Of the Safe, to be made during
: the FIRST term Of the meeting Of the Legs
d tlature, at their regular and constitutional
meeting. after the passage Of this act.
q SEC. IL. Be tt further enacted, Ina
!. those who shall hecOme, and he declared
d stockholders TO the Institution under thu
d provisions Of this act, shall be required Il
/, pay in cash, the sum If ten dollars over I,
r. the commissioners or directors, OF their a
ii gents on each aud every share subscribed
e for by them, at such times as may be re
> CURED by the said directors.
Isl SEC. 70. Be il further, e'saeteds hat g
ter the closing Of the books, and when
,e shall appear that 1t least Ave hundred thou
i. sand dollars shall have been subscribed, a!
In paid IN, on the original stock of the capits
n of sald bank. the said institution shall goiH
70 10 immediate operation under the provi'
s, ions hereinafter mentioned.
I'd SIC. Is. Be Il further enacted, That "a
Il Legislature shall. upon joint vote, appoint
n commissioners 10 each Of the districts OF IN
al State hercinafIer designated, whose duty
shall bp 10 ascertain, and appraise the PROF
III erty Of those who wish to bscnn,e stockhn
Inl deTs 81 the iHsEItalion, Is well IS those Rf
be are deslro0s % obtain loans on mortgage
he and the said commissioners shall deliver
q an peYs0ns whose property they shsll 81