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

s"S huInOOI % dniIIldlS employed the mum
Der and quality of the buildings, rand an es
innate of each and all, which certifcat
must be signed and sworn to before a iudg
or magistrate. or some one authorized to adj
minister oaths, by said commissioners or
majority of them,
SEC. ii. Be H further enacted. That $
soon as FIVE thousand shares shall have be u
subscribed, in the manner herein provided
for, the Governor of the State shall provis
lonally appoint thirteen directors, who shall
serve tor twelve months and it shall BIZ
the duty of the said directors to choose a'Pres
dent OF the said Mississippi Union Bank an(
VINO shall be chosen from among themselves
ana the president thus chosen, shall remain
IN office twelve months following their an.
polntment; and that SO soon as the director,
are appointed and the president chosen, the
power OF the commissioners appointed Il
receive the subsc1'ipti ons, and the papers re.
lating thereto, and in the possession of the
commissioners, shall be delivered over "a
the board of directors.
| SEC. IS. Be il further enacted. Tha,
| alter the first appointment, an annual cleo
ton OF eight directors, 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-
tore recited, after public notice of the same
is gwen IN the newspapers published at Jack
son. NIcksburg, Natchez. Woodville, Port
Gibson, Columbus and Manchester, there
! oy designating the time and place of said
election, when the stockholders shall meet
Tor that purpose: the time thus fixed shall
oe at least two months afterthe publication
shall be elected by a plurality Of votes :
Provided, the said shares shall have been
held three Calen 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 the board of directors
snail every year, at the first meeting after
their election, elect one of the directors to
De president of said institution, and who
shali remain IN office during the term for
winch SAID directors were elected as above
stated PROVIDED at7vay8, That if an cleo
tioh or appointment of directors, or of a
president, shall not take place at the period
nHea Oy the present act, the corporation
small not on that account be dissolved. but
1t may be lawful at any other period to hold
SAID election, or 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 nras
SfTaTt ne Continued in office Ind froUided
also, That in case of vacancy arising from
death, resignation, absence from this State
for the term of six months, non acceptance,
refusal to qualify, or removal from Office
OF any director, the vacancy shall be filled
by the board of directors.
SEC. Is. Be it further enacted, That
the cashier. telIers, 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 by the
said board of directors, who may be in
creased or diminished, as may be deemed
necessary by said board.
SEC. II. Be ii further enacted, That no
individual can be director of said bank,
who is not a citizen, domiciliated in the
State, and who does not at the time of his
election, in his own right, hold at least thir-
~ shares of the capital stock of said bank !,
and no emolument, privilege or compensa-
ton shall be allowed said director, excep-
ting the president, as herein provided for j,
nor any one be a 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 be incapable of holding his Office,
and another shall be elected in his place, as
/ I III A..
that If the director, who shall become inca
pable of holding his office, or shall resign,
or refuse to act, the vacancy shall be filled
by the board of directors; or if a director
upon the part of the State, shall be appoin-
ted by the governor.
SEC. IS. Be it further enacted, That
said corporation shall not Issue any note, bill
or check, for less sum than ten dollars
and if payable to order, they shall be trans
ferable by endorsement, and if payable t
bearer, they shall be transferable by delivery
SEC. 10. Be it further enacted, Tha
the whole of the profits of the said Unior
Bank shall remain with, and be employed
by the directors, as part of its capital, IN
til the full payment of that portion of thu
bonds of the State specified in the fifth sec
ton, which will be payable in twelve years
after which, one-fourth of the profits thel
realized, shall be divided among the stock
holders, in the proportion to which the
shall be entitled spectively; and the who'll
of the remaining and subsequent profits Q
: the bank, shall be employed by the banl
until the full payment Of the bonds o
: 1.-THE State, which will be payable in fit
teen years: after which, one-fourth of tn
: profits then realized shall be divided on
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 paymen
of the bonds of the State, which viii be pay
: able in eighteen years; after which one
fourth of the profits then realized
e shall be divided as aforesaid; and the whoi
amount of the remaining and subsequen
e profits shall be employed by the bank, unit
Il the final payment and extinguishmento of a
: 1.-The bonds of the State in favor ofthis inst
i Tuition; and after which, the whole Of til
o profits shall be divided as aforesaid, and a
81 subsequent profits be divided annually, wit
o tthis provision that in consideration OF tt
J. bonds made by the State, in addition to
Of voice in its direction, the State shall be g
b titled TO one-tenth part of the whole proh
n Of the bank, which one-tenth part shall
lie paid into the Treasury, at the times and
the proportions provided for by this secti'
of to the stockholders.
ID SEG. 80. Be 1t further enacted, Th