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

"huNSocNSIS oI 10 the Oearers and the said
endorsement shall Fl ! the place the said
principal and interest shalt be paid; and al
expenses incurred thereon, shall be defrav-
ed from the funds Of the hank.
Section 2. Be il further enacted, That
both the capital aud interest f the said
bonds shall be paid bv said bunk, at the
times thev shall SrverA!lV fun due
Section 8. BE it further enacted, That IN
secure the payment MfIhe capital and in
terest of said bnRdS. the subscribers shall he
bnnnd to give mortgage, to the ti>f4ction
ct the directors; I'm property, to be in all
cases equal To the amount nf their respective
stock. which mortgage NAV bear on cult
waited lands, plantations and slaves; on town
lots. with houses thereon; on nther buildmg>
Welding rent; on lands not Under rul,iya
tiOn, but susceptible Of being culiv4ted;
aud on vacant let's, Capable OF being Imprnv-
ed, with this provision, tn II not more than.
one nth of the stock of each St0ckhoIder
may tie secured bV mortgage on uAi4u prov
ed Lands, not inclUded in any III Intalian, and
on vacant lots in town; no NOR. gage nn
slaves alone shall he received; aud thl,
when mortgage shall De offered on lands
and slaves, the value of the lands shall BE-
equa; to three FORTH Of the stock for which
the mortgage shall be given; thar 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 brick building for more than one
half of its value; and on a wooden building
for more than One-fnurth, and that no one
shall be permitted 10 subscribe until he shall
deliver to the commissioners valid act of
sale, or patents, or certificates of cOnfnrma-
tion from the land commissioners of the
United States, or partition sales and adiMdi-
cation by decree of a court, verified accoF-
ding to law, or such other evidence of title
to the property proposed as a guarantee to
the bank, AS NAV be deemed satisfactory To
said com missiNners or directors, thar proper
~ already mOrtgaged may be received asa
guarantee: Provided, That the directors
shall first deduct from the whole value of
the property, at least twice the amount of
said m ,rtgages, and then grant such, only
on the excess remaining after the deduction:
Pro Oided further, That the mortgage ex.
listing Of said property, shall not prevent
the board of directors from receiving them
AS security for stock, when the sum to OF
lnaned is to be employed in the extinguish
ment of said mortgage.
Section 9. Be it fuEther enacted, That
the subscribers OF the sad Union Bank be,
and they are hereby. created corporation
and b tly polite, FIR and during the term of
forty years from the passage of this act, and
shall be, and are hereby, made capable,
under the name and style of the Mississippi
Union Bank, to receive and possess all kinds
of property, either movable or immoveable,
and to sell, ALLEVIATE, demise and dispose of
the same; to loan, to negotiate, tn take mort.
cages and pledges; and tn discount ON Snch
terms, and such securities, as they shall
judge proper: Provided, That the whole
amount Of their accounts and goods, of every
description, do not exceed double the
amount of the capital actually received-thc
profits realized, and in the possession of the
bank, being always considered As part Of
their capitals: .4nd, PROVIDED also, That
the debts due by the bank, exclusive of de-
po>iteS shall not exceed double the amount
Of their capital; aud that they shalt not ex-
Ceed double the amount Of their capital;
and that they shall not take more than seven
per cent. interest per annum. on any loan ~
discount made on notes TO order, paVaLle
within six months from the time the loans on
discounts are made; and they my sue or
De sued. plead and be implicated, answer
and receive answers, in all courts having
competent jurisdictions: and to have COM
mon Seal, and the same to alter or renew al
pleasure; and tn Ordain and establish such
bv laws, rnleS and ordinances, AS they shall
deem necessary and suitable for the govern
ment of said corporation. not being CONTRARY
to this act, nor to the constitution and laws
nf the United States and the laws Of this
State.
Sec. TO- Be il further enacted, That
for the management IF the affAWN If said
bank, there shall he thirteen directors. cho-
sen from among the Stockholders, FIVE at
whom shall be elected and chosen by the
Legislature, By joint vote Of both houses, b.
enn;qlly and, upon the part ut the stock
| holders, eight shall be annually chustn, at
the banking-hou Of said bank, by the quail
| flied Stockholders Of the capital ct said bank (;
each StoCkhnlder to- have one vote, for eve
~ share held by him; hut no person, copart.
nerShip nor firm. shall be entitled To "a grea-
| ter number than one hundred votes and no
one shall be entitled to vote by proxy, more
than six hundred votes. The appointments
on the part Of the State, to be made during
the first term of the meeting OF the Legs
lature, at their regular and constitutional
meeting, after the passage OF this act.
SEC. IL. Be it further enacted, That
those who shall become, and he declared
stockholders to the Institution, under the
provisions of this act, shall be required t."
pay in cash, the sum Of ten dollars over to
the commissioners or directors, or their a
gents on each and every share subscribed
for by them, at such times as may be re-
quired by the said directors.
SEC. IL. Be il further enacted. That aft
ter the closing of the books, and when It
shall appear that at least five hundred thou
sand dollars shall have been subscribed. and
paid in, on the original stock of the capital
of said bank, the said institution shall go in.
to immediate operation, under the Provis-
ions hereinafter mentioned.
SEC. IS. Be il further enacted, That the
Legislature shall. upon joint vote, appoint 8
commissioners in each Of the districts of the
State hereinafter designated. whose duty IL
shall be to ascertain, and appraise the prop
erty Of those who wish to become stockhol-
| ders in the institution, as we'll as those who
are deslrous TO obtain loans on mortgage
and the said commissioners shall deliver 20
an persons whose property they shsll ap-
| praise, detailed andauthentic certificates q
| It's value, Of the number of acres OF which
each is composed, how many acres are an
der cultivation. and how many are capable
of being cultivated, and how many are not ;
the nature Of the culture, the number Of
/ sla,,aa aw1 khaiP coalition RaBa. and sex. and