Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-08-22

derS who desire ~, may be allowed 20 e K
anime the affairs ofthe bank; and it shall be
the duty Of the board of directors Of the pa
rent bank, to furnish free access and in.pec-
tion of the bOnks, (saVe the private dep0S-
ties of individualS,) of the institution to the
stockholders, and TO give them any informa-
ton they may desire touching. the manage.
ment of said bank.
SEC. 81. Be IL further enacted, That
the said corporation shall never refuse spe-
/ Gle payment in current coin of the United
States, or suspend payment OF any Of their
nn:es, bills, or obligations, or of any funds
received by them on dcposite; and if ever
the said corporation shall Fef'Ise 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 depOSites as be.
| fore recitgd, shall be entitled to receive and
recover damages at the rate of fifteen per
lCentOm per anRuna.
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 ?
full, as the opinion Of the Legislature may
decide upnn, to revoke this Charter.
SEC. 49, Be IL 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 law.
SEC. "a. Be il further enacted. That it
shall be the duty of the board Of directors to
keep set Of bucks, N which all their DELHI
lerationS; rules and ordinances, shall De en-
TERED; and the Legislature shall have pow
Ter az any time to 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 bal inceS
due the bank, as we'll rs the amount Of de-
poStes, and all other affairs ofthe said bank,
| 50 as to be informed Of its 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 IT'S CnaTtSTs
SEC. %. Be il further enacted, That
the board Of directors shallbe judges of the
sufieiency Of the mortgages offered for stock
and loans and shallhave power to reject the
/ same If not sufficient; and in such case NAV,
frPuuire O.ner SecurItYs or m deHauTI IN EeU:5
reduce the shares Of such defaulters 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
ritV is not sufficient, safe or satisfactory;
that the loans of the bank and mortgages
for stock, aud loans granted by virtue Of this
| act, shall bear ten per cent interest per an
mum after maturity, If not punctualy paid;
and the Mississippi Union Bank shall have
the right to cause 10 be seized and sold. &C
cnrding to the laws Of this State the property
80 mortgaged, in whose hands sOever it may
be found, in the same manner. and with the
same facilities, as it it WIS found in the
hands of the mortgagor, Notwithstanding
any change oftitle by inheritance or other
wise.
SEC. n. Be 1t f,trther enacted, That if
4 stockh Ider should fail. he shall be dives
ted of his quality of stockhHlder, and his
share or shares shall be sold by the board
luf directors, with all the rights and cred
IL thereof belonging.
SEC. %. Be it further enacted. That If
anv individual who shall have obtained from
said bank loan. secured BY mortgage, as
herein provided for shall make voluntary
or forced surrender of his property to his
l'credtorS, the said surrender shall not i'm
pair the right of the bank to any mortgaged
property; and said moTtgaged property
shah not be,comprised in any cesslOn or es-
ta'., until the tull payment is previously
made Of the sum due the bank. and secured
by mortgage; and the bank may proceed
Inv order of sale, in the same manner as If
no surrender had been made; and any sur
IDlns of the proceeds Of such sale, after pay
ing the debt dne the bank, shall be paid
over to the persons legal representatives; IN
, no case shall they applying for, or obtaining
respite from his creditors, in any man
ner impair or effect the right Of the bank,
to recover all loans secured on the prop
Eertv of such persons; nor shall any act of sci.
I3ure, or the execution. Of Property be. in any
; manner delay ed, or lnauenC ed thereby.
SEC. 90. Be il further enacted, Thai
the board, with the privileged mOrtgagersr
! for the sum Of fifteen million hte hundred
Thousand dollars subscribed by the stec <
, holders Of said bank, according 10 then
: shares, for the PURPOSE OF securing tue lOat
+ Of fifteen million five hundred thousand dol
! lars, shall be deposited in the ofiice of thu
( said institution, as security for the rem
: bursement Of the capital as well as in.eres
; Of said bonds granted by the State; and
!, whenever application shall be made By
i s,ock holder, to transfer his stock, and b.
!. discharged. such u transfer and discharg
!. NAV take place upon the new stockholdera
+ furnishing mortgage to the satisfaction ota
!. least a majority Of all the directors; IN al
81 such cases Of transfer and discharge tn
j. vo,e shall be taken by yeas andnays.
E SIG. 50. Be ft fssrfer enacted, That z
1 SOON as directors are appointed as herei
lllbefore provided for. they shall pressed {
nlthe election oFsa president. sndthe sam
+ shall be notified TO the Govel nor ot the state
Z who viii therenpn execute tcthe Said oank
llfn,m time to4itllr. bonds il amount p oPoF
4 TONED 70. the sums subscribed, and 20 secar
4 10 The satisfaction Of the directors. 6 fe
q ouirea 6y the chaFtsr, until the whole 2
: mount Of fifteen million Eve haldrsd thou
q sssd dollars shall Be furnished 10 bonds, {
,esl herein before provided for.
= 81. = lseE seese9, hn q
IS state 81 Mississippi shall Be entitled 81
credit Of TWO hundred thousand dollars {
a