Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-11-07

innate OF each and all, which certificate
must be signed and sworn to before a Judge
or magistrate. or some one authorized to nd.
minister naths, by said commissioners or
maj1riVv "f them,
SEC. Il Be further enacted That 50
soon as five Thousand shares shall have been
subscribed, in the manner herein prov ided
FIR, the Governor Of the State shall proviS-
ion.,lIv appoint thirteen directors, who shall
serve for twelve months and IT shall be
The dufS2ofthe said directors To choose "a PreSi
dent If the said Mississippi Union Bank and
who Shai be chosen from among themselves;
aud The president thus chosen, shall remain
in nfice fwelve months oilnwing their APP
pointneaF and that so sonn rs the directors
IRE appp.nted and the president chosen, the
power 1T the commissioners appointed to
receive the Snb>cripti ms, and the papers re
l4ting therein, and in the possession nf the
commissioners, shall be delivered over tn
the hoard cf directors.
Skc. Is. Re il further enacted, That
liter the FIRST appointment, an annual tlec.
ti"n nf eight directors, for the Stockholders.
shall be held on the first Monday in March
Ut each and every year; and the said direc-
tnrs, except those upon the part of the
State shall be elected BY the stockholders,
nr their attorneys, with the restrictions be-
fore recited, after public notice of the same
is given in the newspapers published at Jack
son, Vicksburg, Natchez. Woodvlle, Port
Gibson, Columbus and Manchester, there.
by designating the time and place of said
election, when the stockholders shall meet
tor that 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 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
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 always, That if an cleo
sion or appointment Of directors, or Of
president, shall not take place at the period
liked by the present act, the corporation
shall not on that account be dissolved, bur
It 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 BY laws and ordinances of the board Of
directors, and until such elections, the pres.
ident and directors of the said Union Bank
shall be continued in office ind hroUided
also. That in case of vacancy arising from
death, resignation. absence from this State
for the term IF six months, non acceptance,
refusal to qualify, or removal from Office
Of any director, the vacancy shall be filled
bv the hoard ot directors.
SEc 10. Be it further enacted, That
the Cashier, tellers. book keePerS, and all
other officers, and servants Of the b INK shall
give bnrds, with security to De approved Of
by the president and directors of said insti-
tuti,In, Ior the faithful discharge Of their du-
ties; and that their appointment shall he
made by the direction # the bank; and they
may be removable at the pleasure Of said
direction, and their salaries be fixed w the
said board of directors, who may be in
creased or diminished, as may be deemed
necessary by said board.
SEC. IL. Be it further enacted, That M
individual can be "A director Of said bank.
who is not citizen, dnmiciIiated in the
State, and who does mt at the time of his
elec'ia;i, in his own light. hold at least thir.
~ shares Of the capital stock OF said bank
and no emOlumen', privilege or cNmpensa-
tlon shall be allowed SAID director. excep-
ing the president, as herein provided for :,
nor any one be 4 director, whn is director
at any mthcr b INK, nor his partner, nor two
persons IN partnership or having a Joint in
tereSt in trade, be at the same time directors
ut said Union Bank; and If after being cleo
ted or appointed, any director should fail,
he ShI he incapable of holding his Office,
and ann,her shalt be elected in his place, a.
herein provided for, with this provision /:
that Ifthe director, who shall become inca
pable Of hsl,ling his "ffice. or snail resign.
ar refuse tO act. the VACANCY shall be filled
bv the board of directors; oT If a director
upnn the part uf the State, shall be appoin-
ted by the governor
SEC IS. Be il further enacted, That
said cnrpnrAilnn shall MT issue any note, bill
or Cherk, for a less sum than ten dollars,
md it PAYABLE tn order, they shall be trans
tertble bY eHdeI Sement, and it payable to
bearer, they shall re transferable hv delivery.
SEC. Ie. Be IL further enacted. That
the whole of the pInfitA of the said Union
Bank shall remain with, and be employed
by the directors, as part of its capital, un-
I'll the full payment uf that portion of the
bonds Of the State specified in the fifth sec
tion, which will be payable in twelve years,
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 espectively; and the whole
ct the remaining and subsequent profits Of
the bank. shall be employed by the hank
until the full payment Of the bonds of
the State, which will be payable in ff-
teen years: after which, one-fourth of the
profits then realized shall be divided out
among the stockholders, as before provided
for and nlentinned, and the whole Of the re
naming and subSt quent profits shall be en-
ployed by the bank, until the full payment
Of the bonds of the State, which will be pay
able IN eighteen years; after which once
fourth of the profits then realized,
shall be divided as aforesaid; and the whole
amount of the remaining and subsequent
profits shall be empluved, by the bank, until
the final payment and extinguishment Of all
the b0ndS Of the State in favor Of this InSti-
tuition; and after which. the whole Of the
profits shall be divided as aforesaid, and all
subsequent profits be divided annually, with
this provision that IN consideration of the
bonds made BY the State, in addition TO a
voice in its direction, the State shall be en-
titled 10 one-tenth part nf the whole profits
ofthe bank, which one-tenth part shall be
paid into the Treasury, at the times and in
the proportions provided for by this section
to the stockholders.
! Sac. 20. Be is further enacted, That