Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-11-07
NO.s.

and each and every stockhOIdrr shall be
entitled to credit equal to one-hdIf Of the
total amount OF their respective shares.
which shall bear interest at the rate of srvrn
per cent. per annum; four per cent Of s,ch
loans and interests shall be paid aODuaIIv.
and the individual notes uf the stockhnlders
renewed annually, until the whole loan shall
be paid and extingnushed.
Sec, 80. He il further enacted, That therA
shall be established seven Offices of discount
and deDOsiteS as follows, to wit
First. One at Macon, n rhe county oF
NnXubee, tor the use and &C Tmmodation
oFthe counties of L0wndeS, DC ,bteha, Nox.
ubee. Kemper, LanderdAle and Neshobr.
with capital ut one million eight hundred
Thousand dollars.
Second. One at Augusta, in the county
ct Perry, for the counties Of clark. JaSDer.
covington. Jones, Wayne, Jackson. Han.
cock, Green, Perry and Marion, with a
capital Of one million Of dollars.
Third. One at Aberdeen. in the conp,1
Of Monroe. for 1he county Of Monroe. la.
wanda, Tishemingo, TIppah, PontoIoc-
ChickaSaw and Marshall, with cApltal Of
one million of dollars.
Fourth, And one at the town Of ,rxiy0.
ton, IN the county Of Holmes. for the conn.
ties OF Yazoo, Holmes, carroll, cbcctaw.
Attala and Leake, with a Capital Of one
million nine hundred thousand dollars.
FItth. And one at the town of TiIlato.
ba, in the county of Tallahatchie. and g.
the counties of Yalabusha, TalIaba,cbi.
Lafayette, De Soto, Ponola and Tuuica'
with capital of one million three hundred
thousand dollars.
SLrFh. One in the town Of Vickburg. in
the county of Warren, for the counties OF
Claiborne, Warren, Washington, Bolivar,
coahoma, with a capital of one million Eve
hundred thousand dollars.
Seventh. One at Liberty, in the county
OF Amite, and for the counties Of ke. Amitc.
Wilkinson, Adams, Franklin and JEFFERSON,
with capital of two millions Of dollars
The counties of Madison, HiadS. coDiah.
Simpson, Rankin, Scott, smith and i.sw.
renee. to be the eighth district, and to be-
supplied by the mother bank.
Sec. SO. Be il further enacted, That the
parent bank OF the Mississippi Union Bank.
shall be located in Jackson, in the county az
Kinds. -
SEC. "a. Be il further enacted. That
there shall he annually appointed by the
board OF directors of the mother bank. to ad.
minister the affairs of said office of discount
and depnsite, nine directors, citizens of the
State, residing and dnmiciliated within the
counties for which said offices shall be ga.
tablished, five Of whom shall constitute a
quorum to transact business; and said iii.
rectors shall choose from among themselve,
president, and shall be subject to all such
regulations and rules as may be adopted bv
the sad board of directors of the mother
BANK tor the COVE rnment Of said Offices,
not inconsistent with the provisions of thiS
charter.
Sec. IS. Be it krtbtr enacted. rb.,
mere shall be appointed for each Of the
aforesaid Offices of di,count and dcnosite =
cashier, teller, and clerk, and other officers
or servants that may be REQUIRED. all on
whom shall enter into bond for the faithful
discharge of their duties, the amount and
conditions of which said bond shall be speci-
ned and provided for by the directors of the
mother bank; and the said directors Of the
mo.her bank may remnVe, at their pleasure.
any officers in said offices of discount and
dePoslte, whenever the better manag. ment
OF the bank may require such a remoV.
al.
Sec. So. Be il further enacted. That
the directors of said offices Of discount and
dePosite, shall appropriate tWO-thIrd> of
the capital OF each office, to loan on mort.
gage, and one third to loan ON promi,sorv
notes and bills of exchange, as far as prac.
tlca0le, and the nature of the applications
will enable them so to do; and the board of
directors Of said Offices of discount and de.
Posie may loan or discount upon notes Sc.
cured by mortgage.
Sec. 81. Be il further enacted, That
persons borrowing on mortgage, shall be
allowed at the end Of twelve months tn re-.
new their bonds or notes for twelve month,
longer, during the space of eight years
from the date Of their respective loans or
discounts: Provided, That they paw and
reimburse at the time of each renewal. ore.
eighth OF the whole sum originally loaned or
discounted to them, as well as the interest
upon the sum for which their said bonds
shall be thus renewed; so that at the expir.
alton OF eight years the whole sum original.
ly loaned or discounted to them, together
with the interest thereon, be entirely paid
and extinguished: ind, 1lrovidea, also,
That loans made on mortgage after the
twelfth year Of the charter, aftet being maid
and fully reimbursed, similar loans NAV
again be made and renewable, and uayable
in the same manner as herein before men.
:ioned.
Sec. SO. Be it further enacted, That the
loans to lie made by said Union Bank, shall
De at rate OF interest not exceeding seven
per cent. on mortgages or bonds and prom.
lssOry notes, payable at a term of more
than six months; and not more than six Der
cent on notes or bonds renewable at six
months, or at shorter time; nor snail said
bank deal IN exchange, domestic or foreign,
at higher rate than six per cent per an.
mum discount on six months bills, or shor.
ter term; and seven per cent. on bills at
longer term.
SEC SO. BE il further enacted, That
when either Of the said Offices of disco6nR
and deposite, shall not yield in any one year.
except the two first years from the com.
mencement ofthe operation, a nett interest
of six. per cent per annum upon the capital
Invested thereinj the directors of the moth.
er bank shall then remove said Office to any
ether place in the same district. which 10
them may seem proper. or withdraw the
same as they may deem advisable.
Ske. 40. Be ii JnTfhtr eadctea, That ia
case any Of the branches Of the Mississipuii
Union Bank should Withdrawn, in corr
quence Of = & lnre 10 real &c the required
Interests thsn Sa.I .sg,sal e. he capital az
said branch sk-iI lac lsslrd hy. the paren1.
bank, as pr v,cl. ~. exclusively to the
citizens OF SAs~~, c'nutiCA for Which uaid
bank was eslstlilSle-Ci.
Sac. Il. Be II fzrskrr rnae cd, Tia
said Offices ~ tliscountEAH deboIsSO,