Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-10-17

county, not enumerated in the district iol
which aid branch was established WneU
theres e not sufficient applications lot tHe
counties for which said omcerS arc eS'~"-
lished.
Sec. A. Belt further enacted a a e 81
e. T., 800 ofthe time allowed tor the
Continuance of this charter, shall be exclu-
sivelv employed in winding up the sH"IrS OF
the institution, and that no new loans OF
discounts shall be given or allowed curing
the said last four years of the charre''
Sec. 43. Be il further enacted, nat the
State sh Ii be divided into eight banking
districts. in seven of which said districts
there shall he established branch OF said
hank. with the capital before provided Tor
to each, for the purpose of aftording bank
ing facilities to the citizens OF thoSG conn
ties that compose said districts; the mother
bank shall be required to do the Suoi''ohaI
business of one district.
Sec. A. Bell further enacted, That at,
ger the sale os the bonds for raising the cap
itaI of said Union Bank herein before PROV
ded for. and after the realizing the proceeds
of said sale on said bonds, it shall be the
duty ofthe board Of directors Of said bank to
refund and pay over to the subscribers 10
the caDital stock Of said bank, the amount
paid by 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 pc,
annum; said refunding to take place: ans
he made as follows: One-third in thIrG
DAYS one-third in sixty days, and e-lhIrl
in ninety DAYS after the said time herem
above recited and provided foI.
Sec. As. Be it further enacted, That 'he
4 TIDinU RoOk
hereby authorized and empowered, to hX
such salary or compensation as they may
deem necessary and proper for the commits
sjoners appointed bv the thirteenth section
of this act, and to pay the same out OF the
urds of said bank.
Sec. 40. Be it further enacted, That
when the said Union Bank shall have gone
into operation, as provided for IN the tweIL'h
section of this act, the said bank shall NOT
he required to loan on mortgages or StocK'
until the bonds specified in the nth 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 III 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, however, 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: find, provided
further, That said loans may be made to
any citizens of the State.
Sec. III. BE ii further enacted, That the
fifth section Of this act, whereby the faith OF
this State is pledged for the payment and
redemption ofthe loan contemplated by this
act, be referred to the next Legislature Of
this State, in pursuance Of the 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
Of this State, for three months
previous to the next regular election; 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 o fthe House Of Representatives.
A. &. McNUTT,
President ofthe Senate.
Approved, SO far as the action of this
Legislature is ecoghized-Januarv2l 1887.
CHARLES LYNCH,