Southern Argus., 1837-08-29

sGt Va SalO OabAAS W buG OFuCE O8 any person
whomsOevers or to the bearer, and the said
endorsement shall hx the place the said
principal and interest shall be paid and all
expenses incurred thereon. shall be defray-
ed from the funds Of the bank.
Section z. Be il further enacted, That
both the capital and interest Of the said
bonds shall be paid by said bank, at the
times they shall severasly full due.
Section 8. Be IL further enacted, That to
secure the payment Of the capital and in
terest Of said bonds, the subscribers shall be
bound to give mortgage, to the satisfaction
OF the directors, on property. to be in alt
cases equal to the amount Of their respective
stock, which mortgage may bear on cult
waited lands. plantations and slaves: on town
lots with houses thereon; on Uther buildings,
yielding rent; on lands not under cultiva-
tion, but susceptable of being cultivated; !;
and on vacant lots, capable OF being imprOv-
ed, with this provision, that not more than
one-fifth Of the stock Of each stockholder,
may be secured by mortgage on unimprov-
ed lands, not included in any plantation, and
on vacant lots in tOWn; no mortgage OH
slaves alone shall be received; and that
J when a mortgage shall be offered on lands
and slaves, the value Of the lands shall be
equal to three-forthS Of the stock for which
the mortgage shall be given; that houses or
other buildings, situated in any city or town,
shall always be insured against the risk Of
FIRE. and the policy of the insurance trans
ferred to said Union Bank: but it shall not
be required to have the buildings on any
plantation insured; no mortgage shall be re-
ceived on hrick building for more than one
half ofits value; and on wooden building
for more than One-fourth. and that no one
shall be permitted to subscribe until he shall
deliver to the commissioners valid act of
sale, or patents, or certificates of cOnforma-
ton from the land commissioners of the
United States, or partition sales and adiudi-
cation By decree of court, verified accOr-
ding to law, or such other evidence of title
to the property proposed as guarantee to
the bank, as may be deemed satisfactory to
said commissioners or directors, that proper
ty already mortgaged may be received as a
guarantee: Provided, That the directors
shall irst deduct from the whole value of
the property, at least twice the amount Of
said mortgages, and then grant such, only
on the excess remaining after the deduction:
Pro Vided further, That the mortgage ex-
isting on said property, shall not prevent
the board Of directors from receiving them
, as security for stock, when the sum to be
loaned is to be employed in the extinguiSh-
, lnent Of said mortgage.
: Section 9. Be it further enacted, That
the subscribers of the said Union Bank be,
and they are hereby, created corporation
] and body polite, for and during the term of
forty years from the passage of this act, and
1 shall be. and are hereby, made capable,
+ under the name and style of the Mississippi
Union Bank, to receive and possess all kinds
5 Of property, either movable or immoveable,
: and to SELL ALLEVIATE, demise and dispose of
{ the same; to loan, to negotiate, to take mort
: cages and pledges; and to discount on such
J terms, and such securities, as they shall
] Judge proper: Provided, That the whole
e amount of their accounts and goods, of every
i description, do not exceed double the
S amount of the capital actually received--the
profits realized, and in the possession of the
e bank, being always considered as part oi
: their capitals: Ind, provided also, That
n the debts due by the bank, exclusive of de-
positeS. shall not exceed double the amount
: Of their capital; and that they shall not ex-
: ceed double the amount Of their capital
] and that they shallnot take more than sever
4 per cent, interest per annum, on any loan oI
: discount made on notes TO order, payable
{ within six months from the time the loans oI
! discounts are made; and they may sue Of
E be sued, plead and be impleaded, answer
- and receive answers, in all courts havinl
!, mon seal, and the same to alter or renew a
|, pleasure; and to ordain and establish suct
s bv laws, rules and ordinances, as they Shal
: deem necessary and suitable for the govern
Y ment of said corporation not being contrary
TO this act, nor to the constitution and law
It Of the United States and the laws Of thi
e State.
IS Sec. To- Be ie further enacted, Tha
d for the management Of the affairs of salt
!, bank, there shall be thirteen directors, cho
5, sen from among the stockholders; five o
'e whom shall be elected and chosen by tn
in Legislature, by joint vote Of both houses, bi
j. eQnially and, upon the part Of the stock
70 holders, eight shall be annually chosen, a
N the banking -house Of said bank, by the quail
Of fled stockholders Of the capital OF said bank
each stockholder to have one vote, for eve
IN ~ share held by him; but no person, copart
1r nership nor firm, shall be entitled to Grea
a ter number than one hundred votes, and n
E. one shall be entitled to vote by proxy, NOR
!. than six hundred votes. The appointment
mi on the part Of the State. to be made durln
. the FIRST term Of the meeting OF the Legs
"a lature, at their regular and constitutions
, II meeting, after the passage Of this act.
N SEC. II. Be it further enacted, Ih'
E. those who shall become, and he declare
"a stockholders 20 the Institution, under tn
"a provisions Of this act, shall be required
d, bay in cash, the sum Of ten dollars over
or1 the commissioners or directors, or their
pi gents on each and every share subscribe
te tor by them, at such times as may De =
- auired by the said directors.
"a SEC. 10. Be it further enacted Anae 9
ter the closing Of the books, and when
he shall appear that at least five hundred tho.
n- sand dollars shalThave been subscribed, @
n paid IN, on the original stock Of the capt
- 81 said bank, the said institution shah 50
Is 10 immediate operation, BndeF the Prev
q. ions hereinafter mentioned.
"a SEC. 13. Re e Further enacted, That 9 9
In-l Legislature shall. upon joint vote, appoint
m commissioners 10 each of the districts Of 8
"a State hereinafter designated Whose daty
shall Be to ascertai6s and appFaise the pro
iii erty Of those who wish to become stockn'
mi E5eFsin khe institution, as well as those v
lhe are desiuons 70 obtain loans On mortgae
lheH and The said commits sioners shall deliver
- all persons whose property they shsh e
the lnFaise. detailed and aGthentic eereheates
.his lis value, Of the numher Of acFes Of Wnl
each Is composeds how many acres are
!. der cmltivaAion, and how inany are capa
of Beihs enItikatkds aid how many are o
hat the nature Of the culture, the NUMBER
II - mi