Southern Argus., 1837-10-10

n,,. enumerated in the district for
,i.A. aid branch was established wneh
eres e not sufficient applications tor the
counties for which said officers are eStaO-
shed.
Sec. AZ. Be it further enacted hat the
four last years of the time allowed Tor the
continuance of this charter, shall De eXclu-
sively employed in winding up the aiiairS oI
the institution, and that no new loans OF
discounts shall be given or allowed curing
the said last four years OF the cnarter' t
Sec, AS. Be it further enacted, l hat the
State sh II be divided into eight banking
districts, in seven of which salo districts
there shall be established branch OF SaId
bank. with the capital before provided foi
to each, for the purpose OF aftord'ns oahk-
ing facilities to the citizens OF those coun-
ties that compose said districts; the mothei
bank shall be required to do the aooluoha
business of one district.
Sec. A.. Be il further enacted, hat al
ter the sale Of the bonds tor raising the Cal?
,ital of said Union Bank herein before Prov
ded for, and after the realizing the PToceeuS
of said sale on said bonds, it shall be the
duty ofthe board Of directors ot SAID bank I"
refund and pay over to the SuDscrlDerS I,
the capital stock of said bank, the amouh'
Maid bv 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 refunding to take place, and
be made as follows: One-third in thirty
DAYS one-third in sixty days, and one-thlrd
in ninety DAYS after the said time herein
above Uecited and provided toT.
Sec. As. Be it further enacted, That the
board of directors of said Union Bank, are
hereby authorized and empowered, to fix
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 OF the
fuEds of said bank.
Sec. 46. Be it 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 not
he required to loan on mortgages or stock,
until the bonds specified in the fifth section
of this act, shall have been sold, and the
proceeds Of sale be realized by said bank !;
but the said bank may loan, deal IN eX-
change, discount, and take such securities as
they shall deem proper, and on such time
as the board of directors of said bank may
prescribe: Provided, hOTceUer, That the
loans so to be made, shall be at the same
rate of interest as prescribed in the thirty
eighth section of this act .4nd, provided
further, That said loans may be made to
any citizens of the State.
Sec. AZ. Be it further enacted, That the
fifth section of this act, whereby the faith of
this State is pledged for the payment and
of the loan contemplated by this
act, be referred to the next Legislature of
this State, in pursuance ofthe 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 elections; 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,
Sneaker Of the House of Representatives.
a. G. McNUTT,
President ofthe Senate.
Approved, 80 far as the action of this
Legislature is recognized-January2I 1887.
CHARLES LYNCH.