Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-19

Prcsidcntlan and Cashier, who snah %
elected annually, and committee OF NJ
nance and business, to be composed
of not less thsn five nor more than nine
members. who shall bo elected semi
annually and hold their Office untll 9TH
ers are appointed; three ofsald CON-
mittec together with the President and
Casmershall constitute quorum TO do
business.
0. Eacl, Stakeholder shall be a Di-
rector. and shall hold meeting every
month, at such time and place as may
be agreed upon by the company at
which meeting the President and Cash
Ter, shall present full statement OF the
operations and situation ofthc Bank to
the Stockholders who shah be consid-
cred a general Board Of Directors:
10. The President and Cashier shall
have no power, except such as are gran
ted in these articles or may he hcreat-
ter granted by the general Board OF
Directors. They shall be elected an.
nually and shall hold their Offices until
their SUCCESSORS arc appointed, and
shall give bond and security in sum
10 be approved ofby the general Board
Of Directors.
IL. The duties Of the committe of f.
nance and business shall be to meet
weekly or oftcner ii deemed necessary,
to discount notes offered, value Real or
mixed Estate offered By persons wish
ing TO become Stockholders, and do all
other things which may be required of
them in the bye laws of the company.
II. II shall require not less than two
thirds Of the whole ndmber Of Stock
holders to constitute a quorum of the
general Board of Directors tn transact
business, majority of whom shall gov
ern i'll all ordinary cases, except in the
admission Of new member, in which
case it shall require two thirds Of the
votes present.
l3. The general Board of Directors
shall have power to make bye laws and
regulations for its own government,
prov ided said bye laws and regula-
lions shall not be inconsistent with
these articles of association.
ii. Each and every STOCKHOLDERS
may have the privilege of borrowing
money on note Or notes from the COM
pany, TO an amount not to exceed one
half of his or her stock subscribed
without security, provided his or her
said note shall be approved of by the
committee of finance and business :
and that it be made payable TO the
Trustees who shall be appointed by
the company as aforesaid which shall
be i'll trust for the use of said compa-
ny.
Is. The notes or bills of the compa-
ny shall be signed by the President and
cOuntcr-signcd by the Cashier.
IS. The President and Cashier Ofthe
company shall have no power to bind
the company in any way whatsoever,
except so far as it is necessary to sign
notes, checks, and bills of exchange
of the company, and in such amounts
and denominations as the company NAV
direct, and no member of the company
shall bind the company in any manner
whatsoever, unless they have special
power conferred OH them by the com
pany.
II. The salaries Of the officers Of
!, the Bank, shall be fixed by the general
Board of Directors, and altered at their
discretion.
Is. The Committee Of finance and
business, or any five members of the
/, company owning together fifty shares
shall at any time have the power OF
calling a meeting Of the general Board
OF Directors, if the business Of the
Bank shall require it.
10. The company shalt not issue or
, circulate at any time, notes or bills, or
, create or make any liabilities or respon-
sibilities upon the company for an
amount exceeding the valuationof the
/. Real and mixed Estate upon whichthey
; may have or hold Deeds of Trust in
the manner b7'ore mentioned, =. u
, 20. In case the, Real or MIXED Es.
1 tate of each member upon which the
: company -havs or hold Trust Deeds in
: manner as before stated, shall i,ot-be
: sufficient 10 meet his or her TIfouortion
: of the losses Of the company, ia case
said company shall meet with loss
5 then said nembefs and each oethem
: shall contribute out Of their private
funds and estates il proportion 10 ~
; amount of stock subscribed by each,
asufleient amoG6tt8 eqnalize.the los.
| SEES amongst the different members Il
proportion 70 their different amounts ~
stock. - 2 - 1859 Eee1s