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

county, not enumerated IN the district Tor
which said branch was established when
there are not suficieHt applications Tor the
counties for which said OthcerS are eSta0-
liShed.
Sec. AZ. Be further enacted, That the
four last wears of the time allowed for the
continuance of this charter, shall be eXclu-
siveIy employed in winding up the affairs OF
the institution, and that no new loans or
discounts shall be given or allowed during
the said last four years of the charter.
Sec. 43. Be is farther enacted, That the
State sh II be divided into eight banking
districts, ia seven of which said districts
there shall be established branch of said
bank, with the capital before provided for
to each, for the purpose of affording bank
ing facilities to the citizens of those coun-
ties that compose said districts; the mother
bank shall be required to do the additional
business Of one district.
Sec. "A. Belt further enacted, That at
ter the sale Of the bonds for raising the cap
ital of said Union Bank herein before prOvi-
ded for, and after the realizing the proceeds
of said sale on said bonds, it shall be the
duty Ofthe board Of directors Of said bank to
refund and pay over to the subscribers to
the capital stock of said bank, the amount
paid BY them in cash on said stock, as re-
ouirCd in the eleventh section of this act,
with interest at the rate of FIVE per cent per
annum; said refHRding to take place, and
be made as follows: One-third in thirty
days One-third in sixty days, and one-third
in ninety days after the said time herein
above recited and provided toT.
Sec. As. Be it further enacted, That the
board of directors of said Union Bank, are
hereby authorized and empowered, to Tx
such salary or compensation as they may
deem necessary and proper for the commits
sioners appointed by the thirteenth section
Of this act, and to pay the same out ct the
funds Of said bank.
Sec. 4s. Be IL further enacted, That
when the said Union Bank shall have gone
into opreation, as provided for in the twelfth
section of this act, the said bank shall MOI
he required to loan on mortgages or stock
until the bonds specified in the fifth section
of this act, shall have been sold, and thu
proceeds Of sale be realized by said bank
but the said bank may loan, deal III eX
change, discount, and take such securities a
they Shall deem proper, and on such time
as the board Of directors of said bank may
prescribe: Provided. AaTreUer, That th'
loans so to be made. shah be at the Sanit
rate Of interest as prescribed in the thirty
eighth section Of this act find, hrOuideG
further, That said loans may be made Il
any citizens Of the state.
Sec. AZ. Be il further enacted, That The
fifth section of this act, whereby the faith o
this State is pledged for the payment and
redemption Of the loan contemplated by this
act, be referred to the next Legislature OF
this State, in pursuance of the ninth section
Of the seventh article of the constitution;
and that this act be published, under the
direction of the Governor, in at least three
newspapers of this State, for three months
previous to the next regular election; and
that the act together with the yeas and nays
thereon, be entered on the Journals Of the
Senate and House of Representatives.
JNO. l.. IRWIN,
Speaker Of the House Of Representatives.
A. &. McNUTT,
President ofthc Senate.
Approved, so far aS the action of this
Legislature is recognIEed-January2l, 1887.
CHARLES LYNCH,