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

1 IDuSG UG SikOGu dlkO SWOTu before a Judge
or magistrate, or some one authorized to ad /.
minister oaths, by said commissioners or a
majority Of them,
SEC. II. Be it further enacted. That 90
soon as 1--WE Thousand shares shall have been
subscribed, in the manner herein provided
for, the Governor of the State shall proviS-
ionallY appoint thirteen directors, who shall
serve for twelve months and it shall be
the duty 0fthe said directors ia choose Presi
dent of the said Mississippi Union Bank and
who shah be chosen from among themselves;
and the president thus cho%en, shall remain
in Office twelve months following their app
pOintment; and that so soon as the directors
are appointed and the president chosen, the
power of the commissioners appointed TO
receive the subscriptions, and the papers re.
lating thereto, and in the possession Of the
commissioners, shall be delivered over to
the board If directors.
SEC. Is. BE it further enacted, That
alter the FIRST APPOINTMENT, an annual cleo.
ton OF eight directors, for the stockholders,
J shall be held on the first Monday in March
OF each and every year: and the said direc-
tors. except those upon the part of the
State shall be elected by the stockholders,
OF their attorneys, with the restrictions be-
fore recited. after public notice of the same
| IS given in the newSpaperspubliSned at Jack
son, Vicksburg, Natche1. Woodville, Port
Gibson. Columbus and Manchester, there
by designating the time and place Of said
election, when the stockholders shall meet
for that purpose: the time thus fixed Shall
he at least two months after the publication
of such notice and law; and SAID directors
shall be elected by q plurality of votes /;
PROVIDED, the said shares shall have been
held three calen Ter months previous to the
election; otherwise the holders thereof shall
not be entitled to vote; and the directors
shalt remain in Office from the second Mon
day OF March, Ito the same month in the
year following; and the board of directors
shall every year, at the first meeting after
their election, elect one Of the directors to
be president Of said institution, and who
shall remain in Office during the term for
which said directors were elected as above
stated Provided Glgvays, That if an cleo
'lon or appointment of directors, or Of a
president, shalt not take place at the period
liked by the present act, the corporation
shall not on that account be dissolved, but
It may be lawful at any other period to hold
| said election, or make new nominations as
the case may be: aud the manner and place
OF holding the elections, shall be fixed BY
the bylaws and ordinances Of the board Of
directors, and until such elections. the pres
ldent and directors Of the said Union B INK
shall be continued in nffice .4nd provided
also, That in case of vacancy arising from
death, resignation. absence from this State
| fnr the term of six months, non acceptance
refusal "a SaAl'FyY removal '1Iirc
OF any Director the vacancy shall be filed
bv the board OF directors
SEC. is. Be il further enacted. That
the Cashier, tellerS, boOk-keeperS. and all
other officers, and servants If the bank shall
give bonds. with security To be approved Of
| by the president aud directors of said insti-
tuition, for the faithful discharge of their du-
ties; and that their appointment shall be
made by the direction Of the bank; and they
may be removable at the pleasure of said
direction, and their salaries be fixed by the
said board of directors, who may be in
creased or diminished. as may be deemed
necessary by said bhard.
SEC. IL. Be it further enacted, That no
individual can be director Of said bank.
who is not citizen, dOmiciliated in the
State, and who does not at the time of his
election IN his own right, hold at least thir-
~ shares OF the capital stock OF said bank I,
and no em0lument, privilege or compensa-
ton shall be allowed said director, exceP-
ting the preSideDt, as herein. provided for
nor any one be director, who is director
Of any other bank, nor his partner, nor two
persons in partnership or having joint in
tereSt in trade, be at the same time directors
of said Union Bank; and if after being cleo
ted or appointed, any director should fail,
he shall be incapable of holding his Office.
and another shall be elected in his place, as
herein provided for. with this provision /:
! that It the director, who shall become inca
Pable Of holding his Office. or shall resign,
or refuse to act, the vacancy shall be nlled
by the board of directors; or If a director
upon the part ofthe State, shall be appoin-
ted by the governor.
SEC. Is. Be 1t further enacted, That
said corporation shall not Issue any note, bill
or check. for less sum than ten dollars,
and If payable to order, they shall be trans
ferable by endoI sement, and If payable Il
bearer, they shall be transferable by delivery,
SEC. l9. Be il further enacted. That
, the whole of the pI offs Of the said Union
Bank shall remain with. and be employed
by the directors, As q part of its capital, un.
!. I'll the full payment Of that portion Of tn,
/ bonds IF the Stare specified in the fifth sec
ltiOn, which WILT payable in twelve years
/ after which, oHe-foursh Of the profits thev
! realized, shall.be. divided among the stock
: holders. in the. proportion to which theI
D shall be entitled respectively; and the Who'll,
d ii the remaining and subsequent profits 0
. the bank, shall be employed by the Lanl
! until the full payment Of the bonds 0
: the State, which will be payable in hf
Eteen years: after which, tue-iourth Of tn
: profits then realized shall be divided ou
ii among the stockholders, as before provide,
for and mentioned, and the whole of the re
d I.maining and subsequent profits shall Be en-
III blOyed by the bank, until the full paymeu
!. ls,f the bonds Of the State, which will be pay
!. able II eighteen years; after which one
fourth of the profits then realized
: shall be divided as aforesaid; and the Who'll
4 amount Of the remaining and aubsequen
: profits shall be employed by the bank, nRt
!, the 6nal payment and exlinguishmenl Of q
1.-the bonds nfthe State il favor offhis inst
!. lufion: and after which, the whole Of tl
i profits shall be divided IS aforesaid and Z
/. snbseuuens profits be divided annual e
~ this provision that IN consideration ct 81
honds made By the State. u addition 70
s. voice IA. its direction, the STATE shall be g
7, tilted 10 onc-tenlIl part 1T TIE Whole proh
\ ofthc bank, which one-ten1h part snall :
s paia INTO the Treasury s. the times ane
Ithe proportions provided tor ~ TINS seetlt
~ 10 the stockholders.