Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-05

/ WhomSOeVer, or to the bearer, and the said
4 endorsement shall As 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 il further enacted, That
both the capital and interest Of the said
bonds shall be paid by said bank, at the
times they shall severa'Iy full due
Section 8. BE il further enacted. That to
| secure the payment of the capital and in
seresr 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 theirrespective
stock, which mortgage may bear on cult
waited lands, plantations and slaves; on town
lots, with houses thereon; on other buildings,
Welding rent; ON lands not under cnltiva.
ton, but susceptible of being cultivated;
and on vacant lots, capable OF being impruV-
ed, with this provision, that not more than
One-fifth of the stock of each Stockholders,
may BE secured BY mortgage on unimprov-
ed lands, not included in any plantation, and
on vacant lots in town; no m6i'.ES on
| slaves alone shall be received; and that
when a mortgage shall be offered on lands
and slaves, the value Of the lands shall be
equal to three-fortha 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 Gifts valne; and on a wooden building
for more than one-fourth. and that no one
| shall be permitted 40 subscribe until he shall
| deliver to the commissioners a valid act of
| sale, or patents, or certificates of conforma-
| ton from the land commissioners of the
| United States, or partition sales and adjadi-
cation by decree Of a court, verified accor-
| ding to law, or such other evidence of title
to the property proposed as a guarantee to
the bank, as may be deemed satisfactory to
sad commissioners or directors, that proper
| ty already mortgaged NAV be received as
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 Oided further, That the mortgage ex-
isting on said property, shall not prevent
the board Of directors from receiving them
as security for stock, when the sum to Oe
loaned is TO be employed in the extingush-
,nent of said mortgage.
| JCCNHHI % 0C JHIEHCE CHGtEC0S hdt
the subscribers OF the said Union Bank be-
and they are hereby, created corporation
and 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
1 Union Bank, to receive and possess all kinds
| of property, either movable orimmoeeables
! and To sell alenaIea demise and dlsGiase OF
the same; to loan, 10 negotiate, 10 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 part of
their capitals: .4nd, provided 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 seven
per cent. interest per annum, ON aRy loan or
discount made on notes TO order, PAYABLE
within six months from the time the loans or
discounts are made; and they may sue or
: be sued, plead and be implicated, answer
and receive answers, in all courts having
, competent jurisdiction; aud to have com
: mon seal, and the same to alter or renew at
, pleasure; and TO ordain and establish such
5 bv laws, rules and ordinances, as they shall
deem necessary and suitable for the govern
Y ment of SAID corporation, not being contrary
to this act, nor to the constitution and laws
I If the United States and the laws of This
e State.
S Sec. 1C. Be il further enacted, That
d for the management Of the affairs Of said
!, bank, there shall be thirteen directors, Cho
), sen from among the stockholders five Of
c whom shall be elected and chosen by the
n Legislature, by joint vote of both houses. bl
j ennjaIIy and, upon the part of the stock
!. holders, eight shall be annually chosen, a
u the banking-houss of said bank, by the quail
II fled stockholders of the capital OF said bank
each stoCkholder to have one vote, tor eve
n ry share held by him; but no person, copart
II nership nor firm. shall be entitled TO grea
d ter number than one hundred votes, and NJ
:, one shall be entitled to vote by proxy, NOR
i than six hundred votes. The appointment
n on the part Of the S ate, to be made during
/ the frs! term of the meeting OF the Legs
d iature, at their regular and constitutions
II meeting, after the passage OF this act.
n SEC. IL. Be it further enacted, Iha
?, those who shall become, and he declare
ID stockholders to the Institution, under tn
~ DFOSlSIOuS DE luis dSNS SHaAA " :
I. pay in cash, the sum Of ten dollars over I
or the commissioners or directors, or their a
pi gents on each and every share subscribe
te for by them. at such times as may be re
: quired by the said directors
2: SEC. i2. Be IL further enacted, That a
ter the closing of the books, and when
he shall appear that at least five hundred thot
n sand dollars shall have been subscribed, an
in paid in, on the original stock of the capit
m Of said bank, the said institution shall 60 y
to to immediate operation, under the Prov
IS, ions hereinafter mentioned.
nd SEC. IS. Be IL further enacted, That Il
n Legislature shall, upon joint vote, appoint
n commissioners in each of the districts OF Il
ed State hereinafter designated, whose duty
shall be to ascertain, and appraise the pro-
I'LL eFty Of those who wish to becon.e stockht
In | ders in the institution. as well as those "
he are deslrous 10 obtain loans on mnrtgdg
he and the said commissioners shall deliver
ID, all persons whose property they shsh
he praise, detailed and aatheutic certhcates
his is value, Of the number Of acres OF VIM
each is composed, how many acres are !
der cultivation, and how many are caPat
Of being cultivated, and how many are ne
hat the nature of the culture, the number
the slaves, and their condition. age ana sex' q