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

Articles ofassoclation and agreement,
made and entered into, by and be-
tween the Stockholders of the Real
Estate Banking Company OF Column
bus Mississippi, for the purposes here
III after mentioned.
The undersigned, citizens Of the
State of Mississippi,d by these presents
covenant and agree to and with each
other. to form themselves into an As
ISOLATION or Company for the purposes
of Banking: and for the better sccu-
ring each other in the ultimate debts
Of the Association or Company, they
do hereby bind themselves by the fol-
lowing articles Of association.
article lSt. The Company shall be
known and designated by the name
and stvlc Of, The Real Estate Bank
ing Company of Columbus Mississip-
ri; and all acts done and performed
under that name and in accordance
with these articles Of association, shall
be binding upon all and each mem.
Der of the Company.
Cd. The Stock of the Company
shall consist of sum not to exceed the
sum of Five Hundred Thousand Dol.
lars: aud shall be divided into shares
of One Hundred Dollars each; and
every member of said Company shall
be entitled to vote for each and ev-
cry share owned and possessed by
him in his own right 1T the time of said
voting.
3. The Company, by a majority
shall select two disintercsted and res
ponsible persons 10 act. as Trustees:
and each and every member subSGri-
bring for stock in the said Company,
shall, before he or she receives a certifi-
cate for the same, make and execute a
promisory note for the amount of stock
subscribed for by him or her, payable
to said Trustees or either of them in
trust for the said Company and for
the purpose of securing the payment of
said note in case it shall become ncces-
sary, to secure the balance of tho Com
pany against losses in their said bust
ness of Banking, each and every mem
bcrof said firm shall make and execute
Deed of Trust to said Trustees, con-
veying to them in trust for said Cumpa-
ny (he member conveying cxcepted(
Real ormixcd Estates ofa value double
the amount of stock subscribed by said
member: the value of said Real or
mixed Estate to be ascertained in such
manner as shall be adopted and d.
rectcdby said Company. Said Deed
of.ITust shall have condition thercufl-
to annexed and attached, to the follow
ing effect, viz. That if said Company
shall sustain no loss in their SAID Bank.
ing operations; or if each member Of
the Company in case of loss, shall wei
and truly pay and advance his or her
ProPorlonable part of the loss, then
and in that case said Deed of Trust 10
be void. otherwise said Deed shall re-
man IN full force virtue and effect for
the purposes therein mentioned and
expressed.
4 Each and every member Of said
Company, shall share the profits and
issses OF said Company, in proportion
to the amount of stock he or she NAV
have subscribed.
5. Any member wishing or desiring
to change his or her securities TO said
Company to enable him or her to trans.
Ter the Real or mixed Estate for which
he or she may have given his or her
Deed OF Trust as aforesaid ; may do
so, provided he or she substitutes in lieu
OF the first Deed, another Deed of Trust
upon unlncumbcred Real or mixed Els.
tate, at a valuation of double the a.
mount of his or her stock subscribed
all Of which shall be approved by the
Company. =
g. Any member wishing to withdraw
from the Company may do 80, and n
such an event, a new member or mem.
bers may be, admitted, at the discre.
ton Of the Company, who shall pledge
Real or mixed Estate in the same man.
ner as the withdrawing member.
II. Whenever demand or demands
shall be made on the Company for nav.
Tnent Of their notes or bills and should
there not be sufficient funds of the
Company to meet them, a call shall
be made on the Stockholders. nd
each member Of the Association shall
contribute IN ratio of The stock he Or
she holds,ah-aH5Ount sufficient 10 LIQUID
ate anddischarge the claim or demand:
and ia the failure s6g any stocklolder4o
payths sum 50 required, his or her Re-
al Or mixed Estate may be sold al the
discretion of the company under the
provisions oflhe Deed Of Trust.
9. The officers shall consist Of a