Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-26

meut nfthe said Union Bank, the stock no,
ders who desire it, may be allowed to ex
| anime the affairs of the bank; and It shall b,
| the duty Of the board Of directors, of the pa
| rent bank, &c furnish free access and inspec
tion Of the books, (save the private depos-
ties ofindividuals,) of the institution 20 the
| stock holders, and to give them any informa,
ton they may desire touching the manage
ment Of said bank.
SEC. 81. Be it further enacted, Thai
the said corporation shall never refuse sDe.
Gle payment in cUrreut COIN of the United
States, or suspend payment of any OF their
| notes, bills, or obligations, or Of any funds
received by them on deposlte; and If ever
the said corporation shall refuse or suspend
the said payment, the bearer or holder 81
any note or obligation, OF any person having
the right to demand or receive the same, OF
receive the amount Of any deposites as be
fore recited, shall be entitled to receive and
recover damages at the rate of fifteen PEI
centum per annum.
SEC. %. Be il further enacted, That il
by the first day of JanHary, eighteen hundred
and thirty nine, three thousand shares shall
not have been subscribed for, it may be law.
ftl. AS the opinio1 of the Legislature may
decide upon, to revoke this charter.
SIC. %. BE il further enacted. That
the board of directors Of the parent bank
shall have power to make regulations aud
ordinances for the government Of the affairs
of the bank, and to pass bylaws for the
same, which they may alter, amend, and
add 20. as the interest of the corporation
may require and they shall establish rules
f5r conducting the affairs Of said bank,
which they may in like manner alter, ameud,
= he e., 81
vice Of the said bank, the same being not
contrary TO law.
SEC 81. BE it further enacted, That it
shalt be the duty of the board Of directors T.
keep 2 set Of books, IN which all their delb-
eratious; rules and ordinances, shall be en-
tered; and the Legislature shall have pow
er at any time to apnnint a commjttee 10 TX
anime Sa;d borks Of deliberations, rnle4 aud
nrd,ulnces, ard 70 ascertain. the, amount Of
cash, ting anaunt uf notes in circulation. aud
4 complete and accurate list Of the balances
due the bank, as we'll IS the amount If de-
pnsites, and AT other affairs ofthe said bank,
81 as ta be informed Of its true situation, aud
TO be eua'lsd u MAKE full repart thereof
10 the Lcgisl-tare.
SIC, IS BE it further enoeted, That
The capital of said bank shall be ex-
empt from any tax imposed by this State,
cr by eny county Or body cooperate, under
the authority Of this State, tor and Gurng
the continuance Of it's charter.
SEC. 90. Be ii further enacted, That
the board Of directors shailhe judges Of the
sufficieacy ufthe mortgages offered for stock
aud loans, and shall have power to reject the
same if not sufficient; and in such case may
require o'her security, ur in default thercnc,
reduce the shares Of such defaultcrs To the
amount snfficie ntlY secured; they may also
require other aud additional security, oO the
renewal Of any note, loan or acconm odatiou,
for which application may at auy time be
made, il. in their opinion, the original seCu-
rity is not sufficient, safe or satisfactory
eIat the loans of the bank ard mort cages
for stock, and loans granted by virtue of this
act, shall bear ten per cent interest per an.
mum after maturity, if not pmctualIy paid;
and the Mississippi Union Bank shall have
the right TO cause to be seized and Sold ac-
c0rding 10 the laws Of this State the property
SO mortgage,i, in whose hands soever it may
be found, III the same manner. and with the
same facilities, as if it was fopnd i'll the
hands of the n1ortgagor. notwithstanding
any change of title by INHERITANCE or other.
wise.
SEC. 81. Be it further enacted, That il
a stockh older should fail, he shah be dives
ted of his quality of stockhnlder, and bis
share or shares shall be sold by the board
Of directors, with all the rights and cred.
its thereof belonging.
SEC. %. Be h further enacted, That il
any individual who shall have obtained from
said bank loan, secured by mortgage, a.
herein provided for, shall make voluntary
or forced surrender of his property to bis
ha ~
pair the right of the bank to any mor1gaged
property; and said mortgaged property
Sh'lA not be comprised in anv cesSinn or es-
tate, until the tul payment is previously
made of the sum due ths bank, aud secured
by mortgage; and the bank may proceed
by order of sale, in the same manner as il
no surrender had been made; and any sur.
plus Of the proceeds Of su1h sale, after pay
ing the debt dne the bank, shall be paid
over to the persons legal Representatives; IT
no case shall they applying for, or obtaining
respite from his creditors, in any man
ner impair or effect theright of the bank,
! to recover all loans secured on the prop.
ertY OF such persons; nor shall any act of sci
cure, or the execution Of property be, in any
manner delayed, or Influenced thereby.
SEC. 20. Be il further. enacted, That
the board, with the privileged mortgagers,
for the sum of fifteen million five hundred
Thousand dollars subscribed by the stock
holders Of sud bank, according " their
shares. for the purpose of securing the loan
of fifteen million eve hundred Thousand dol.
lars, shall be deposited in the Office of the
said institution. as security for the rem
bursemenl of the capital as well as interest
of said bonds granted by the State; aud
! whenever application shall be made by a
| stock hnlder, TO transfer his stock, and be
discharged, such transfer and discharge
may take place up5n the new stnckholdeg'
furnishing mortgage 10 the satisfaction Of al
least majority of all the directors; in al
such cases of transfer and discharge, Ghg
ro,e shall be taken by yeas anduays.
SIC. so. BE- furter enacted, That a.
soon as directors are appointed as hereir
befnre provided for, they shall proceed e
Tie election Of president, and the same
shah be nu1ified 20 the Governor Of the State,
who will theTenpnB execute tofie said bank
from time 10 time, bonds 10 amount proper.
Igioned 10 the sums subscribed, aud 20 secuF,
To the satisfaction Of the directors, as re
IQslired lly the chatter, uutil the whole a
inlnuna Of Efteen million five hundred thou
4 sand dollars shall be furnished ID bonds, &
Therein before provided for.
Sec. 81. Be u fasrtae% enacted, That thi
State Of Mississippi shall be entitled 10
lcredit Of two hundred thousand dollars O
furnishing notes or obligations for such SuG