Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-10-03

oathS, ny SAID commissioners or
majority of them,
SEC. IA. Be it further enacted. That so
soon as FIVE 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 ofthe said directors to choose a 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 ap-
pointment; and that so soon as the directors
are appointed and the president chosen, the
power of the commissioners appointed TO
receive the subscription and the papers re-
Lifting thereto, and in the possession of the
commissioners, shall be delivered over to
the board Of directors.
SEC. Is. BE it further enacted, That
after the first appointment, an annual cleo
ton OF eightdirectors, for the stockholders,
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 rected, after public notice of the same
IS given in the newspapers published at jack
It
Gibson, Columbus and Manchester, there
by designating the time and place of said
election, when the stockholders shall meet
tor hat purpose the time thus fixed shall
be at least two months after the 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 caen Ter 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 tn. 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 a{guays, That if an cleo
ton or appointment of directors, or Of
president, shall not take place at the period
hXed by the present act, the corporation
shall not on that account be dissolved, but
1t may be lawful at any other period to hold
said election, sr make new nominations as
the case may be: and 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 Bank
shall be continued in office: Ind PROVIDED
also, That in case Of vacancy arising from
death, resignation. absence from this State
TOR the term of six months, non acceptance,
refusal TO qualify or removal from office
of any director, the vacancy shall be filed
by the board of directors.
SEC. 10. Be it further enacted, That
the cashier, tellers, 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 he
made by the 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 it further enacted, That no
individual can be a director Of said bank,
who is not a citizen, domciliated in the
State, and who does not at the time of his
election, in his own right, hold at least thir-
ty shares of the capital stock said bank ,
and no emolument, privilege or CompenSa-
ton shall be allowed said director, excep-
ting he president, as herein provided for
nor any one be a director, who is director
of any other bank, nor his partner, nor two
persons in partnership or having a 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, a,
| herein provided for, with this provision
that If the director, who shall become inca
pable of holding his office. or shall resign
| p6f 70 Cf 10 oh al ha
by the board of directors; or if director
upon the part of the State, shall De apPon
ted by the governor.
SEC. 18. Be il further enacted, Tha
said corporation shalInot issue any note, bill
or check, for a less sum than ten dollars
and If payable to order, they shall be trans
| ferable. by endoI basement, and if payable +
FbeareT, they shall De transferable by delivery
SEC. 10. Be il further enacted, Tha
the whole of the pr offs of the said Unio'
Bank shall remain with, and be empIoye,
by the directors, as part of its capital, un
I'll the full payment of that portion of tn
bonds of the State specified in the fifth sec
ton, which will be payable in twelve years
after which, one-fourth of the profits the
realized, shall be divided among the stock
holders, in the proportion to which the
shall be entitled respectively; and the Who'll
of the remaining and subsequent profits G
the bank, shall be employed by the banl
until the full payment Of the bonds G
the State, which will be payable in fiji
teen years: after which, one-fourth Of tn
profits then realized shall be divided gu
among the stockholders, as before provide
for and mentioned, and the whole of the re
naming and subsequent profits shall be en-
ployed by the bank, until the full paymei
Of the bonds Of the State, which will be pas
able in eighteen years; after wlais'tt !, oI's
fourth Of the prohta--@euen sSanIs !,
| shall he tlivila41-aS atOresaldi ana the Whoi
! lurTount Of the remaining and subsequeF
profits shall be employed by the bank, uni
the final payment and extinguishment OF q
! the bonds of the State in favor oftlIis INST
tuition; and after which, the whole OF Il
J profits shall be dividedas aforesaid. and a
subsequent profits be divided annually VII
this provision that in consideration OF q
bonds made by the State. IN Addition to
voice 10 its directions the State shall be g
titled 20 one-tenth partofthe whole prom
Of the bank which one-tenth part shall
paid into the Treasury, atthe times and
the propositions provided for by this secti'
! to the stockholders.
] SEC. 20. Be q further eacffed, Th