Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-10-03

Quarterly in each and every year. from tn
| first of January next, after the establish
ment ofthe said Union Bank, the stockhol
ders who desire it, may be allowed to ex
anime the affairs ofthe bank; and it shall b.
the duty OF the board of directors Of the pa
rent bank, to furnish free access and inspec
ton of the books, (save the private depos
ties ofindividuals,) of the institution to til,
stockholders, and TO give them any informa
ton they may desire touching the manage
ment of said bank.
SEC. 81. Be il further enacted, Tha
the said corporation shall never refuse spe-
Gle payment in current coin of the United
States, or suspend payment of any of their
notes, bills, or obligations, or of any funds
received by them on deposite; and if ever
the said corporation shall refuse or suspend
the said payment, the bearer or holder Of
any note or obligation, or any person having
the right to demand or receive the same, or
receive the amount of any deposits as be-
fore rected, shall be entitled to receive and
recover damages at the rate OF fifteen per
centum per annum.
SEC. %. Be il further enacted, That if
by the first day Of January. eighteen hundred
and thirty nine, three thousand shares shall
not have been subscribed for, il may be law :
fdl, as the opinion of the Legislature may
decide upon, to revoke this Charter.
SEC. %. Be it further enacted. That
the board of directors of the parent bank
shall have power to make regulations and
ordinances for the government Of the affairs
of the bank, and to pass bylaws for the
same. which they may alter, amend, and
add to, as the interest of the corporation
NAV require and they shall establish rules
for conducting the affairs of said bank,
which they may in like manner alter, amend,
or add to, as may be necessary, for the SER
vice of the said bank, the same being not
contrary to law.
SEC. 81. Be IL further enacted, That it
shall be the duty of the board of directors to
keep set Of books, in which all their delib
CREATIONS; rules and ordinances, shall be en-
tered; and the Legislature shall have pow
err at any time tn appoint committee to ex-
anime said books of deliberations, rules and
ordinances, and to ascertain the amount Of
cash, the amount of notes in circulation, and
a complete and accurate list of the balances
due the bank, as well as the amount of de-
posites, and all other affairs of the said bank !,
50 as to be informed of it's true situation, and
to be enabled to make full report thereof
to the Legislature.
SEC. IS. Be it further enacted, That
the capital of said bank shall be ex-
empt from any tax imposed by this State,
or by any county or body corporate, unGer
the authority of this State, tor and during
the continuance Of its charter.
SEC. %. Be it further enacted, That
the board of directors shall be Judges Of the
sufficency ofthe mortgages offered for stock
and loans, and shall have power to reject the
same if not sufficient; and in such case may
require other securitys or in default s4hereos,
reduce the shares of such defauIters to the
amount sufficiently secured; they may also
require other and additional security, on the
renewal of any note, loan or accommodation.
for which application may at any time be
made, if, in their opinion, the original secu-
rity is not sufficient, safe or satisfactory
that the loans Of the bank and mortgage
for stock, and loans granted by virtue OF thi
act, shall bear ten per cent interest per an
mum after maturity, if not punctually paid
and the Mississippi Union Bank shall have
the right 10 cause to be seized and sold, &C
cording to the laws ofthis'State the property
| so mortgaged, in whose hands soeVer it MAJ
be found, in the same manner, and with TIN
same facilities, as if it was found in tn
hands of the mortgagor, notwithstanding
any change of title by Inheritance or other
wise.
| SEC. 81. Be it further enacted, That
stockholder should fail, he shall be dives
ted of his quality of stakeholder, and hi
share or shares shall be sold by the boar
Of directors, with all the rights and cred
it's thereof belonging.
SEC. %. Be it further enacted, That
any individual who shall have obtained fror
said bank a loan, secured by mortgage, a
herein provided for, shall make yoluntar
or forced surrender of his property to hi
creditors, the said surrender shall not i'm
pair the right Of the'bank to any mortgage
property; and said mortgaged propert
shall not be comprised in any cession or es
tate, until the full payment is previousl
made of the sum due the bank, and secure
BY mortgage; and the bank may procee
by order of sale, in the same manner as
no surrender had been made; and any sur
plus of the proceeds of such sale, after pay
ing the debt dne the bank, shall be PAL
over to the persons legal Representatives; j
no case shall they applying for, or obtanin
a respite from his creditors, in any man
ner impair or effect the right of the bank
to recover all loans secured on the prop
erty of such persons; nor shall any act of Sc
cure, or the execution of property be, in an
manner delayed. Or influenced thereby.
SEC. 90. Be 1t further enacted, Ihs
the board, with the privileged mortgager:
for the sum of fifteen million five hundre
Thousand dollars subscribed by the stock
holders of said bank, according 10 thei
j, shares, for the purpose of securing the loa
Of fifteen million five hundred thousand do
lars, shall be deposited in the Office of tn
said institution, as security for the rein
bursement of the capital as well as inlere
of said bonds granted by the State; ant
/ whenever application shall be made ~.
| stockholder, to transfer his stocs,:~ana
discharged, such transfer 9@d 9lseuast
: may take place une.sass-s.SS new stockholdef
l-,,SrIgage to the satisfaction of
Least ssls majority Of all the directors; in a
: sloh cases of transfer and discharge, til
, vote shall be taken by yeas and nays.
SEc. 80. Be it furter enacted, That {
soon as directors are appointed as herei
/ before provided for, they shall proceed
| the election Of president, and the sam
: shall be notified to the Governor Of the Stat
E who will thereupon execute to the said banl
/ from time to time, bonds in amount pIopol
h toned to the sums subscribed, and TO secul
e Ito the satisfaction Of the directors, as RI
a Eauired by the charter, until the whole |
! mount Of fifteen million five hundred thol
S sand dollars shall be furnished IN bonds
e herein before provided for.
n Sec, 81. Be il further enacted, That Il
n State Of Mississippi shall be entitled to
credit of two hundred thousand dollars
It furnishing notes oP obligations for such 90