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

endorsement of the President and of the Cash
Ter OF said bank, to the order of any person
whomsoever, or to the bearer, and the said
| endorsement shall fix the place the said
principal and interest shall be paid and all
expenses incurred thereon, shall be defray-
ed from the funds of the bank.
Section Z. Be it further enacted, That
both the capital and interest of the said
bonds shall be paid by said bank, at the
times they shall severa:ly full due.
Section s. Be it further enacted, That &c
secure the payment of the capital and in
| terest of said bonds, the subscribers shall be
bound to give mortgage, to the satisfaction
of the directors, on property, to be in all
cases equal to the amount of their respective
stock, which mortgage may bear on cult
waited lands, plantations and slaves; on town
lots, with houses thereon; on other buildings,
| yielding a rent; on lands not under Cultva-
ton, but susceptible of being cultivated;
and on vacant lots, capable OF being improv-
ed, with this provision, that not more than
one fifth of the stock of each stakeholder,
may be secured by mortgage on unimprov-
ed lands, not included in any plantation, and
on vacant lots in town; no mortgage Oh
slaves alone shall be received; and that
when a mortgage shall De offered on lands
and slaves, the value of the lands shall be
equal to three-fOrthz Of the stock for which
the mortgage shall be given; that 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 its value; and on a wooden building
for more than one-fourth. and that no one
shall be permitted to subscribe until he shall
deliver to the commissioners valid act OF
sale, or patents, or certificates of cOnforma-
ton from the land commissioners of the
United States, or partition sales and adladi-
cation by decree of court, verified accor-
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 commissioners or directors, that proper
ty already mortgaged may be received as a
guarantee : Provided, That the directors
shall first deduct from the whole value OF
the property, at least twice the amount of
said mortgages, and then grant such, only
on the excess remaining after the deduction
Pro Uided further, That the mortgage ex-
isting on said property, shall not prevent
the board of directors from receiving them
loaned is to be employed in the extinguish-
ment of said mortgage.
Section 9. Be it fuEther enacted, That
the subscribers OF the said Union Bank be,
and they are hereby, created corporation
and b dy polite, for 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, to take mort
cages and pledges; and to discount on such
| 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-the
profits realized, and in the possession of the
bank, being always considered as a part Of
their capitals: ind, hroUided also, That
the debts due by the bank, exclusive of de-
posites shall not exceed double the amount
of their capital; and that they shall not ex-
Ceed double the amount Of their capital
and that they shall not take more than sever
! per cent. interest per annum, on any loan oil
| discount made on notes to order, payable
within six months from the time the loans oil
discounts are made; and they may sue nl
be sued, plead and be impleaded, answer
| and receive answers, in all courts havinl
competent jurisdiction; and to have com
mon seal, and the same to alter or renew IA
pleasure; and to Ordain and establish sucl
by laws. rules and ordinances, as they shall
deem necessary and suitable for the govern
ment of said corporation, not being contrar.
to this act, nor to the constitution and law
of the United States and the laws of thi
State.
Sec. 1O. Be it further enacted, Tha
for the management Of the affairs of sal
bank, there shall be thirteen directors, che
sen from among the stockholders, five c
whom shall be elected and chosen by tn
! Legislature, by joint vote of both houses, bl
ennially and, upon the part OF the stock
: holders, eight shall be annually chosen, q
the banking-house Of said bank, by the quaI
fled stockholders Of the capital OF said bank
each stakeholder to have one vote, for eve
! ry share held by him; but no person, copari
nershiD nor firm, shall be entitled TO gCea
ter number than one hundred votes, and Il
one shall be entitled to vote by proxy, moi
: than six hundred votes. The appointment
! On the. part of the State, to be made durin
: the first term of the meeting Of the Legi'
| IIt,,-a % their regular and constitution;
meeting, after the passage of this act.
SEC. IL. Be it further enacted, TIL,
those who shall become, and be declare
stockholders to the Institution, under tn
provisions of this act, shall be required
pay in cash, the sum Of ten dollars over
the commissioners or directors, or their 3
gents on each and every share subscribe
for by them. at such times as may be re
: quired by the said directors.
SEC. H. Be it further enacted, That a
ter the closing of the books, and when
shall appear that at least FIVE hundred thol
sand dollars shall have been subscribed, All
} paid in, on the original stock of the caph
| of said bank the said Institution shall 90 /,
} TO Immediate operation, under the NOV;
!, ions hereinafreT mentioned.
III SEC. -. Be IL further en0e,ed r.. :.
Il Legislature shall, upon Joint vote aar,:,,.
: commissioners ii each Of tile districts az n
ii State hereinafter designated, whose dntv.
shall be to ascertain, and appraise tie pro,
/ erty Of those who wish to become stoclrhs
D ders in the institutions as well as those nj
E are DESTROYS 10 obtain loans on mortvar,
E and the said commissioners shall deliver
!, all persons whose property they shsil a
c praise, detailed and authentic certificates
5 It's value, of the number Of acres Of Rhil
each is composed, how many acres are I
der cultivation, and how many are Capat
Of being cultivated, and how many are nc
It the nature Of the culture the number
e slaves, and their condition, age, and sex. .