Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-05

innate Of each and all. which certificate
must be signed and sworn to before Judge
or magistrate. or some one authorized to adj.
minister oaths, by said commissioners or a
majority of them,
SEC. IL. Be it further enacted. That SC
soon as five thousand shares shall have been
subscribed, in the manner herein prov ided
for, the Governor of the State shall provis-
ionally appoint thirteen directors, who shall
serve for twelve months and it shall be
the duty ofthe said directors to choose Presi
dent Of the said Mississippi Union Bank and
who shall be chosen from among themselves;
and the president thus chosen, shall remain
in Office twelve months following their ape
! pointmeHta and that so soon as the directors
are appSueed and the president chosen, the
power If he 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 of directors.
SEC. IS. Re it further enacted, That
AFTER the the tirst APPOINTMENT, an annual cleo.
tion 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,
or their attorneys, with the restrictions be-
fore recited, after public notice of the same
is given in the newspapers published at Jack
| son, Vicksburg, Natchez, Woodville, Port
Gibson, Columbus and Manchester, there
| by designating the time and place of said
election, when the stockholders shah meet
for that purpose the time thus fixed shall
be at least two months afterthe publication
of such notice and law; and said directors
shall be elected by a plurality of votes !;
Provided, the said shares shall have been
held three calender months previous to the
| election; otherwise the holders thereof shall
not be entitled to vote; and the directors
shall remain in Office from the second Mon
| day of March, to the same month in the
| year following; and the board of directors
shall every year, at the first meeting after
| their election, elect ore of the directors to
be president of said institution, and who
shall remain in Office during the term for
which said directors we're elected as above
| stated Provided atgvayS, That if an cleo
zion or appointment Of directors, or of a
president, shall not take place at the period
fixed 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, OF make new nominations as
the case may be: aud the manner and place
OF holding the elections, shall be fixed by
the by laws and ordinances of the board Of
directors, and until such elections, the pres
Ident and directors of the said Union Bank
shall be continued in office ind hroUided
also, That in case of vacancy arising from
death, resignation, absence from this State
for the term of six months, non acceptance,
refusal 20 qualify. or removal from Office
Of any directprs tue vacancy shall be filled
j - 81 q sAa
| SEC. i6. Be IL further enacted, That
the cashier, telIers, book-keepers, and all
other officers, and servants of the bank shall
give bonds, with security to be approved Of
/ by the president and directors of said insti-
tuition, for the faithful discharge of their du-
ties; and that their appointment shall be
made by Abe direction of the bank; and they
may be removable at the pleasure of said
direction, and their salaries be fixed ~ the
said board of directors, who may be in
creased or diminished, as may be deemed
necessary by said board.
SEC. II. Be il further enacted, That ne
individual can be a director of said bank
who is not citizen, domiciliated in the
State, and who does not at the time of hi.
election, in his own right, hold at least thir
ty shares of the capital stock OF said bank
and no emolument, privilege or compensa
director, exceed
ting he president, as herein provided for
nor any one be a director, who is director
OF any other bank, nor his partner, nor twt
persons in partnership or having a joint in
tcrest in trade, be at the same time director
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, a
herein provided for, with this provision
that If the director, who shall become inca
pable of holding his office, or shall resign
or refuse to act, the vacancy shall be file,
by the board of directors; or if directo
upon the part of the State, shall be appoin
: ted by the governor
I SEC. Is. Be il further enacted, Tha
said corporation shall not Issue any note, bi
; or check, for a less sum than ten dollar,
and If payable to order, they shall be tran:
: ferable by endoI sement, and it payable I
bearer, they shall be transferable by delivery
D SEC. 10. Be it further enacted, TIL;
e the whole Of the profits Of the said Unio
5 Bank shall remain with, and be employe
3 ny the directors, as part of its capital, uT
: til the full payment of that portion of tn
! bonds of the State specified 10 the fifth SEE
ton, which will be payable in twelve year
t after which, one fourth of the profits the
d realized, shall he divided among the stocl
e holders, in the proportion to which the
o shall be entitled espectiveiy; and the who
o OF the remaining and subsequent profits
i the bank, shall be employed by the ban
d until the full payment Of the bonds
: the State, which will be payable in f
teen years: after which, one-fourth of Il
f. profits then realized shall be divided o.
it among the Stockholders, as before provide
l. for and mentioned, and the whole of the r
ID manning and subsequent profits shall be en-
al ployed by the bank, until the full payne
4 sf the bonds Of the State, which will be pa
s. able in eighteen years; after which on
fourth Of the profits then realize
le shall be divided as aforesaid; aud the who
8 amount of the remaining and subseqae
le profits shall be employed by bank, an
il the final payment, and extinguishment OF
D. the bonds of the State in favor OF this ms
a. tuition; aud after which, the whole OF I
ho profits shall be divided as aforesaid, and
Z subsequent profits be divided annually, vi
10 this provision /: that in consideration Of
D. bonds made by the State, in addition TO
of voice in its direction, the Safe shall be I
CHI titled 10 ne-tenth part Of the whole pro-
IN Of the bank, which one-tenth part shall
Sic paid int0the Treasury, atthe times and
i the proportions provided for BY this sect
Of to the stockholders.
nd SEC. 20. Be il further enacted ~