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

tktnlate OF each and all, which certificate
must be signed and sworn to before indpe
| or magistrate. or some one authorized to adj.
minister oaths, by said commissioners or a
majority IF them,
SEC. IA. Be ii further enacted. That 81
soon as FIVE thousand shares shall have been
subscribed, in the manner herein provided
tor, the Governor of the State shall provis-
lonaIly 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
intottice twelve months following their APP
paintment; and that so soon as the directors
are appointed and the president chosen, the
power of the commissioners appointed TO
receive the subsCripri )nS, and the Dapers re-
lating thereto, and in rhe possession of the
commissioners. shall be delivered over 70
the board Of directors.
SEC IS. BE 1t further. enacted, That
after he first appointment, an annual cleo
| ton nieight directors, for the stockholders,
shall TX held on the first Monday in March
OF each and every wear; 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 rscited, after public notice of the same
IS g1vel IN the news papers published IT Jack
sou, Ncksburg, Natchez. Woodviue, Port
Gibson Columbus and Manchester, there
by designating the time aud place Of said
election when the St0c khplders shall meet
tor tHat purpose the time thus fixed shall
be at ica4T two months after the publication
of such notice and law; and sad director,
shall be elected by a plurality Of votes !;
Provided, the said shares shall have been
hid three calen Ter months previous to the
election; Otherwise the holders thereof sh al
not be entitled 70 vote; ana the directors
shall remain in Office from die second Mon
day of March, 10 the same menth in the
year following; and the hoard of directors
snail every year. at tbs FIRST meeting after
their election, elect one nf yhe directors t.
be president rs said iu,.i;uC on, and who
shall remain in Office dnrlag the term for
which said director, were ciecrad IS above
~taie'l: PJ5Uii-d ai7ylue. Taat if an cleo
tlnn OF apDtintm- at of directors, o. # y
president, shall not take place At the pelied
dEeNt ny TIC present act, tIe Car,,N~et;0n
s.iaii DOT on thae account be dissolved, bu.
u may be lawful 1t any other period to hold
sad election, or n Ike new nominations 40
tie Case may be: and The manner and place
the by laws and 0rtlnsuces ne the Dolrd Of
directors, AID uatl such elections. the pies
ident and directors OF tNe said Union = INK
shall b. continued in esice: lind hroUided
a!89, That in Case Of vacancy argsing from
death, resignation, absence from this State
For the term ofsix months, non acceptance,
refusal 10 qualify, or removal from office
OF any director, the vacancy shall be filled
bV 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 tn be approved of
by the president and directors of said nsti-
tuition. for the faithful discharge Of their du-
ties; and that their appointment shall be
made by the direction IF the bank; and they
may he Toveable at the pleasure of said
direction, and their salaries be ixed ny the
said board ct 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, domicilated in the
State, aud who docs not al the time of his
election, IN his own right, hold at least thir-
ny SHARES OF the capital stock of said bank :,
and no enlplument, privilege or compensa-
ton shall be allowed SAID director, eXceD-
ting The President, 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 1e incapable of holding his office,
and another shall be elected in his place, as
,opa;rr TYnvi6o5 sy,Eh el,; .
that If the director, who shall become inca
pable of holding his office, OF shall resign,
or refuse TO act, the vacancy shall be filed
by the board of directors; or if director
upon the part Of the State, shall DE appoin-
ted by the governor
SEC. 10. Be il further enacted, That
said corporation shall not Issue any note, bill
or check, for a less sum than ten dollars,
and it payable to order, they shall be trans
terabie by endol sement, aud if payable to
bearer, they shall De transferable by delivery,
SEC. 10. Be it further enacted, That
the whole of the profits Of the said Union
Bank shall remain with, and be employed
by the directors, as a part of its capital, un-
III the foil payment Of that portion of the
bonds Of the State specified in the tfth sec
itinn. which will be payable in twelve ears,
after which, one fourth of the profits then
realized, shall he divided among the stock
holders, in the proportion to WHICH they
shall be entitled respectively; and the whole
OF the remaining ana subsequent profits OF
the bank, shalt be employed by the bank
until the full payment of the bonds of
the State, which will be payable in If
teen years: after which, nne-fnurih of the
profits then realized shall be divided Out
among the stockholders, as before provided
for and mentioned, and the whole Of the re
manning and subsequent profits shall be en-
ployed by the bank, until the full payment
vt the bonds Of the State, which will be paw
able in eighteen years; after which one
fourth of the profits then realized.
shall be divided as aforesaid; and tie whole
amount Of the. remaining and subsequent
profits shall be emploYed by the bank, unti
| the final payment aud extingnishmen of ali
The bonds Of the State in favor 1T This snsti.
taiion; and after which, the whole Of tbs
lprofitS shall be divided rs aforesaid, and III
subsequent profits be divided annually, >wifi
this provision that in consideration of thl
monde made BY the State, in ADDITION 10
voice in its direction, the State shall be en-
tilted to one.tenth part of the wtlfsIc pfefit
lnfthe bank, which one-tenlh part shall b
paid into the Treasury, al the times ADD il
!, the proportions provided for by this sectiO
to the stockholders.
SEe. 90. Re e further enacted, Tina