Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-10-03
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: as may be required TO be used, and ravins
the usual interest annn ,o
and each and every stockhoIder shar IL
entitled to credit equal TO one-half Of the
totai amount OF their respective shares.
which shall bear interest at the rate oFsf-ven
per cent. per annum; four per cent Of such
loans and interests shall be paid Annually.
: and the individual notes Of the stockholders
renewed annually, until the whole loan "a an
be paid and extingushed.
Dec, 81. he Hfurther enccted, That there
snail be established seven Offices of discount
and dePOsites as follows, to wit
First. One at Macon, in rhe comfy of
Noxubee, for the use and accommodation
o. the counties ofLowndes, Octibbeha, Nox-
ubee, hemper, Lauderdale and Neshoba.
with capital of one million eight hundred
/ thousand dollars.
Second One at Augusta, in the county
OF Perry, for the counties of clark. JasDer
covington. Jones, Wayne, Jackson, Han
| cock, Green, Perry and Marion. with a
capital of one million Of dollars.
| 1Htrd. One at Aberdeen, in the county
OF Monroe, for the county of Monroe, la
Wanda, Tishemingo, Tippah, Pontotoc,
Chickasaw AID Marshall, with capital Of
one million Of dollars.
| Fourth, And one at the town of I,exjng-
ton, IN the county Of Holmes, for the coun-
ties OF fazoo Holmes, carroll, choctaw.
Attala ana Leake, with a capital Of one
million nine hundred thousand dollars
! FTfM. And one at the town of TiIlato.
! ba, IN the county Of Tallahatchie, and for
the counties Of Yalabusha, Tallaha,chie.
Lafayette, De Soto. Ponoa and Tunica.
with Capital of one million three hundred
| thousand dollars.
| SiLth. One in the town of VirL,burg i;
the county Of Warren. for the counties OF
| Claiborne, Warren, Washington, Bolivar.
coahoma, with 4 capital Of one million five
hundred rhousan, dollars.
! Seventh. One at Liberty, in the county
! OF AIhite, and for the counties of p Ike, Amite.
Wilkinson, Adams, Franklin and Jefferson.
with capital of two millions Of dollars.
lbe counties of Madison. Kinds, copiah,
simpson, RANKIN, Scott, Smith and Law
renee, to be the eighth district, and TO be
supplied by The mother bank.
sec. So Be il further enacted. That the
parent bank of the Mississippi Union Bank,
shall be located in Jackson, in the cousty Of
Hinds.
| SEC. 81. Be it further enacted, That
there shall he annually appointed by the
! board Of directors of the mother bank, to adj
minister the aff,irs of said office of discount
and deposife. nine directors, citizens of the
State, residing and domiciIiated within the
counties tor which said Offices shall be es-
| tabiiShed, five Of whom shall constitute a
quorum To transact business; and said di-
rectors shall choose from among themselves
| a president, and shall be subject to nil Snrh
| regulations and rules as may be adopted by
the said board of directors of the mother
bank, for the gave fumsnt 81 sud Offices.
not fnconsistent with the provisions Of this
| charter
Sec. IS. Be t further enacted, That
there shall be appointed for each Of the
aforesaid Offices If discount and deDosite, 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 speci-
fed and PRECEDED for by the directors Of the
mother bank; and the said directors of the
mother bank may remove, at their pleasure,
any officers in said Offices of discount and
deposlle. whenever the better manage ment
: OF the bank may tequ!Fe such IA remov-
. al.
) Sec. So. Ke IL fu,lher enacted, That
the directors of said offices of discount and
dePosite, shall appropriate two-thIrds OF
the capHal ii each office, to loan on mort
gage, and one third II loan on promisSory
notes and b'lls ut exchange, as far as prac-
ticaole, and the nature of the applications
VIII enable them 81 IL de-: and the board al
directors ef said Offices of discount and de-
posite may loan or discount upon notes Sc
! cured by mortgage
S Sec. 81. BE it further enacted, Thai
7 persons borrowing on mortgage, shall De
S allowed at the end of twelve months to re-
: new their bonds or notes for twelve months
] longer, dnrlng the space of eight years
Y from the date of their respective loans oI
discounts: Pr0Uided, That they paw and
Z reimburse at the time of each renewal. one.
eighth OF the whole sum originally loaned OF
! discounted to them, as well as the interes
upon the sum for which their said bond,
: shall be thus renewed; so that at the expi3-
alton Of eight years the whole sum original
/ ly loaned or discounted to them, together
n with the interest thereon, be entirely paid
: and extinguished: ind, provided, also
: That loans made on mortgage after the
twelfth year of the charter, aftei being paid
: and fully reimbursed, similar loans ma,
: again be made and renewable, and PAYABLE
? in the same manner as herein before men.
.inned.
I Sec. SO. Be il further enacted. That tn,
!, loans to be made by said Union Bank. shall
! be at rate of1nterest not exceeding sever
per cent. on mortgages or bonds and prom
tSsory notes, payable at term of more
? than six months; and not more than six Del
: cent on notes or bonds renewable at sly
e months, or at shorter time; nor shall said
! bank deal in exchange, domestic or foreign
i at higher rate than six per cent per an
!, num discount on six monthssStiiIs, or a shor.
ter term; and seven per Gem, on bills at a
e longer term.
SEC. SO, Be IL further enacted, Thai
; when either of the said offices OF discount
!. and deposite, shall not yield in any one wear
! except the two first years from the com.
mencement ofthe operation, nett interest,"
ofsix per cent per at.num upon the caDitaI
s invested thereins the directors of the moth.
er bank shall then remove said Office TO an,
Q other place 10 the same district, which t,
them may seem proper, or Withdraw tn,
: same as they may deem advisable.
! SIC. 80. Be ft fltFther. enacted, That Il
! case any OF the branches of the Mississiup
Union Bank should Withdrawn, ia conse
quence Of q failure 70 realize the. require,
interest," theu sum equal to the capitaI q
7 said branch shall be loaned by the naren
= bank, as provided for. e3eFusigelv Is IN
citizens Of chose counties for which al
e bank was established.
SEC. ~. Befs further esaeted Thai n
Z sald Offices OF Discount and deposite. ma
ca loud ENGuCR to tie eiefMny... - -. -