Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-10-10
N O. 4.

as may be required to be used. and n,v;nn
the usual interest annu 10y '"s
and each and every stakeholder shall ~
ehtiued to credit equal to ohe-half of the
totai amount OF their respective sbares
winch shall bear interest at the rate of sevcn
per cent per annum; four per cent of such
loans and interests shall be paid anruaII,,.
ana the individual notes of the stockboJderS
renewed annually, until the whole loan ebalI
be paid and extinguishcd,
DEC, 81. lie IL further enacted, That there
snail be established seven Offices of discount
and depostes as follows, to wit /:
FIrA One at Macon, in the county Of
N S.' lor the use and accommodation
" tIle Gouhtlcs OF Lowndes, Octibteha, Nox-
uoee' hemper, LauderdaIe and Ne,boh,
with capital of one million eight hundred
EthoHsand dollars.
Second. One at Augusta, in the countv
OF Ferry, for the counties of CLARK Jss,,er
CoVihgton' Jones, Wayne, Jackson. Han,
cock, Green, Perry and Marion win :,
capital OF one million of dollars
| Third. One at Aberdeen. in tbe count,
OF Monroe. for the county of Monroe. I,a-
wanda, Iishemingo, Tippah, Pontotoc
OhickaSaw and Marshall, with capital Of
one million of dollars. y
FoHrth, And one at the town of ,ey;n,
toh' IN the county of Holmes, for the conn.
I A OF 1azoo' Holmes, carroll, choctaw.
.t11;n anu heaKe' with capital of one
million nlne hundred thousand dollars
rpm: And one at the town of TIIa,o-
Da' IN the county of TalIahatchje. and g.
the counties of Yalabusha, TaIJaba,cb;o
Lafayette, De Soto, Ponola and Tnnica
with capital of one million three bundrei
| thousand dollars 'O''u
| SLEth. One IN the town of VicLl,,,ro. ::
the county of Warren, for the connt;e % Is
Claiborne, Warren, Washington. Boliyar
Coanoma, with a capital of one million 6vc
hundred thousand dollars.
oeVeHfh. One at Liberty, in the comfy
OF ANTE, and for the counties of P Ike. Amitc
WnEinSon, Adams, Franklin and Jefferson
WIN capital ottwO millions of dollars.
Inc counties of Madison, Kinds. coniab
oimpson, Rankin, Scott, Smith and law,
lene: 70 oe the eighth district, and to be
supplied by the mother bank,
Sec. So. Be il further enacted. That rho
parent bank of the Mississippi Union RAM,
shall be located in Jackson. in the comet, oe
Hinds WV N'ul'y u
=, SEC 81. BE it further enacted, That
mere shall be annually appointed bv the
BOARD OF directors of the mother bank. tn ad.
minister the affairs of said office of d;erorn,
and deposite, nine directors, citizens of the
state, residing 81 apd IfR6m Shall constitute
quorum to transact business; and said di-
rectnrs shall choose from among themselves
president, and shall be subject to all such
regulations and rules as may be adopted by
the said board of directors of the mother
bank. for the COVE rnment of said Offices.
not Inconsistent with the provisions of this
charter.
Sec. IS. Be K further enacted, That
there shall be appointed for each of the
aforesaid Offices of discount and deposite, a
cashier, teller, and clerk, and other officers
or servants that may be required. all of
whom shall enter into bond for the faithful
discharge of their duties; the amount and
conditions of which said bond shall be sDeci-
ned and provided for by the directors j. the
mother bank and the said directors of the
mother bank may remove, at their pleasure.
any officers in said offices of discount and
FdepoSlte, whenever the better management
OF the bank may require such remov-
al.
Sec. SO. BE II further enacted, That
the directors of said Offices Of discount and
dePosite, shall appropriate two-thIrCls of
the capital Of each office, to loan on mort
gage, and one third to loan on promissory
notes and bills of exchange, as far as prac-
ticaole, AMI the nature of the applications
oil
directors of said offices of discount and de-
Posite may loan or discount upon notes Sc
cured by mortgage.
Sec. 81. Be it further enacted, That
persons borrowing OD mortgage, shall be
allowed at the end Of twelve months to re-
new their bonds or notes for twelve months
longer, during the space of eight years
from the date of their respective loans or
discounts: Provided, That they pay and
| reimburse at the time of each renewal, one
eighth of the whole sum originally loaned or
discounted TO them, as well as the interest
upon the sum for which their said bonds
shaIl be thus renewed; SO that at the expir-
alton of eight years the whole sum original
/ ly loaned or discounted to them, together
with the interest thereon, be entirely paid
and extinguiShed: ind, provided, also,
That loans made on mortgage after the
Twelfth year of the charter, after being paid
and fully reimbursed, similar loans may
again be made and renewable, and payable
in the same manner as herein before men
:ioned.
Sec. SO. Be il further enacted, That the
loans to be made by said Union Bank. shall
be at rate ofinterest not exceeding seven
per cent. on mortgages or bonds and prom
issory notes, payable at a term of more
than six months; and not more than six per
Ecent on notes or bonds renewable at six
months, or at shorter time; nor shall said
bank deal in exchange, domestic or foreign,
at higher rate than six per cent per an
mum discount on six months bills. or shor-
ter term; and seven per cent, on bills at a
l'Ionger term.
i SEC. SO. Be Il further enacted, That
when either of the said Offices Of discount
and deposite, shall not yield in any one year.
except the two first years from the CON
mencement ofthe operation, nett interest
Of six per cent per annnm upon the capital
invested therein; the directors Of the moth
] Ter bank shall then remove said Office to any
J other place in the same district, which to
them may seem proper, or withdraw the
same as they may deem advisable.
I SEC. 90. Be IL further eRacted,. That IN
case any of the branches of the Mississippi
. Union Bank should Withdrawn, In conse-
quence Of a failure to realize the REQUIRED
: Interest, then sum eqaal to .he capital Of
: said branch shall be loaned by the parent
$ bank, as provided for, exclusively to The
ctizens of those counties for which said
e bank was established.
a SEC. II. Be it further enacted, That the
u said Offices OF discount and deposite, ma;
n l lend money to 4be ptfivaNes Ctr6,s 49,.