Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-26

II
endorsement shall i& the place tile said
principal and interest shall be pad; and all
expenses incurred thereon, shall be defrav-
ed from the funds Of the bank
Section 2. Be il further enacted. That
both the capital and interest Of the said
bonds shall be paid by said bank, at the
times they shall severa,ly full due
Sections. Be it further enacted, That Ia
secure the payment Of the capital and in
terest of said bonds, the subscribers shall he
bound to give mortgage, to the satisfaction
OF tue directors on property, 60 be in all
cases equal TO the amount Of their respective
stock, which mortgage may bear on cult
waited lands, plantations and slaves. on town
lots, with houses thereon; on other buildings.
yielding rent; on lands not under cultiya-
ton but susceptible of being cultivated
aud on vacant lots, capable OF being imDrov-
ed, with this provision, that not more than
one-htth of the stock of each STOCKHOLDERS,
may be secured by mortgage on unitnprov-
ed lands, not included in any plantation, and
on vacant lots in Town; no mortgage on
| slaves alone shall be received: and tina,
when a mortgage shall BE offered on lands
and slaves, the value nf the lands shall Be
equal TO three-forth2 Of the stock for which
the mortgage shall be given; that houses or
other buildings, situated in any city or town.
| shall ALWAYS be insured against the risk of
! hrc, and the policy OF the insurance trans
| f"rred TO said Unipa Bank: bur it shall not
! be required TO have the buildings IN any
| plantation insured; no mortgage shall be re
| Ceived on a brick builling f1i more than me
| half Gifts vahe; aud on IA wooden buiIdir.r
! for more than uHe-fourth, and thar no on.
| Shall be permitted 90 subscribe until ne shall
! deliver to the commissioners Z valid act Of
| SleAo" patents, or certificates of Innflrm4-
! ton from the land commissioners of the
| Unted States, or partition sales and adiadi-
cation bf decree of a court, verified accor-
| ding to law, or such other evidence If title
| TO the property proposed as a guarantee to
! the bank, aS may be deemed satisfactory to
| said commissioners or directors, that proper
! ~ already mOrtgaged may be recciy cd as u
guarantee: Provided, That the directors
| shall first deduct 'froui the whole vaiue of
the property, at least twice the Rm0nat of
! said mortgages, and then grant such, nnlr
! on the excess remaining after the deduction:
| roUiae6 further That the mortpaEa cx-
| istiDg said property, shall not prevent
! the board Of directors from receiving them
as security for stock, when the SUN 10 ue
loaned IS To be employed IN the exupguish
! meut Of said mortgage.
Section 9. Be IL fuStler enacte3, THAI
the subscribers Ut the sald Union BIrk he.
AMI they are hereby. created corporation
and b 1y p.litics FOR and during the term Of
forty years from the passage of this ACT, and
shall be, and are hereby, made capa5le,
under the name aud style Of the Mississippi
| Union Bank, To receive and possess all kinds
| of property, either movable or immoveable.
and tn sell, ALLEVIATE, demise and dispose of
| the same; TO loan, TO negotiate, TO take mort
cages aud pledges; and TO discount on such
| Terms, and such securities, as they shall
Judge proper: Provided, That the whole
| amonnt OF their accounts and goods, of every
! description, do not exceed double the
amonnt Of the capital actually received-thp
profits realized, add in the possession of the
| bank, being always considered ~ a part Of
| th:ir capitals: ind, provided also, That
| tue debts due by the bank, exclusive Ce de.
posites. shah nor exceed duuble the amount
If their capital; and that they shall not ex-
| Ceed double the amount of their capital |;
and that they shall not take more than seven
| per cent. interest per annum, on any loan or
| discount made on notes TO order payable
within six months from the time the loans or
| discounts are made; and they may sue or
| be sued, plead and be implicated, answer
and receive answers, in all courts having
competent jurisdictions; and to have a COM
mon seal, and the same to alter or renew at
pleasure; and to- orCiain aud establish such
| by laws, rules and ordinances, as they shall
deem necessary and suitable for the govern
mcut of said corporation, not being contrary
to this act, nor to the constitution and laws
of the United States and the laws of this
State.
Sec. 1C. Be it further enacted, That
| for the management If the affairs of said
1 Il III,
sen from among the stockholders; five Of
whom shall be elected and chosen by the
Legislature, by joint vote of both houses, BIZ
ennially and. upon the part of the stock
| holders, eight shall be annually chosen, at
the clearinghouse Of said bank, by the quail
| fled stockholders If the capital Of said bank ;
each stockholder to have one vote, for eve
ry share held by him; but no person, CopaTt-
ueTship nor firm, shall be entitled 10 grea-
ter number than one hundred votes, and no
one shall be entitled to vote by proxy, more
than six hundred votes. The appointments
on the part of the State, tn be made during
the first term of the meeting of che Legs
Ilature, at their regular and constitutional
meeting, after the passage Of this act.
/ SEC. II. Be it further enacted, That
those who shall become, and he declared
stockholders to the Institution, under the
provisions of this act, shall be required 10
| nav in cash, the sum If ten dollars over 70
/ observation-disclosures or directors, or their a
/ gents on each and every share subscribed
for by them. at such times as may be re-
quired by the said directors.
SEC. IL. Be it further enacted, That at
ter the closing of the books, and when it
| shall appear that at least Ave hundred thou
sand dollars shall have been subscribed, aud
paid in, on the original stock of the capital
| Of said bank, the said institution shall go In
TO immediate operation, under The proViS-
! ions hereinafter mentioned.
SEC. IS. Be IL further enacted That the
! Legislature shall. upon joint vote, appoint :
commissioners in each Of the districts Of tbs
j State hereinafter designated, whose duty i
shall be to ascertain, ana appraise the prop
erty Of those who wish TO become Stockton
ders in the institution, IS well as those whr
! are desmous 20 obtain loans on mortgage
: and the said commissioners shall deliver q
all persons whose properly they shsll ap
: praise, detailed and authentic certificates 0
) us value, ofthe number Of acres uf which
each is composed, how many acres are az
/ der cultivation. and how many are capahl
l-of being cultivated, and how many are not
( the nature Of the culture the number {
E slaves, and their condition. age. and sex. an