Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-11-07

ment of the said Union Bank, the stockhoI-
derS who desire it, may be allowed to ex-
anime the affairs Ofthe 0anks and il shall be
the duty Of the board of directors Of the pa
rent bank, To furnish free access and inSpec-
tion of the books, (save the private depns-
ties of individuais,) Of the institution to the
stockholders, and to- give them any infnrma.
tinn they may desire touching the manage
ment of said bank.
SEC. 81. Be it 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
no;eS, bills, or obligations, or IF any funds
received by them on dtposte; and if ever
the said corporation shall refuse or suspend
the said Payment, the bearer or holder of
any mite or obligation, or any person having
the right to demand or receive the same, or
receive the amount of any deposites as be
fore recited, shall he entitled to receive and
recover damages at the rate of fifteen per
centum per anhum.
SEC. %. Be il further enacted, That if
by rhe FIRST day Of January. eighteen hundred
and thirty nine, three Thousand shares shall
not have been subscribed for. it may be law.
fnI. as the opinion of the Legislature may
decide upon, to revoke this charter.
SEC. %. Be it further enacted. That
the board of directors of the parent bank
shall have power to make regulations and
ordinances for the government IF the affairs
ct 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 4 l. So q,
vice of the said bank, the same being not
contrary to law.
SEC. "a. Be it further enacted, That it
shall be the duty of the board of directors to
keep set of books, IN which all their delib
erations; rules and ordinances, shall be en-
tered; and the Legislature shall have pow
er at any time to appoint committee to ex-
anime said books of deliberations, rules and
ord nanceS, and to ascertain the amount of
cash, the amount Of notes in circulation, and
a complete and accurate list Of the balances
due the bank, as well as the amount of de-
posites, and all other affairs of the said bank,
so 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, under
the authority of this State, for and during
the continuance of its charter.
SEC. 26. Be ii further enacted, That
the board Of directors shahbe judges of the
sufficiency ufthe mortgages offered for stock
and loans, and shall have power to reject the
same if not sufficient; and in SUCH case may
require other security, or in default there's,
reduce the shares Of such defaulterS to the
amount sufficiently secured; they may also
require otherand 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-
rty is not sufficient, safe or satisfactory !;
that the loans of the bank and mortgages
for stock. and loans granted by virtue Of this
act, shall bear ten per cent interest per an
NUN after maturity, if not punctualIy paid;
and the Mississippi Union Bank shall have
the right to cause to be seized and SOld ac-
cOrding to the laws ofthis State the property
so mOrtgaged, in whose hands soeVer it NAV
he found, IN the same manner, and with the
same facilities, as if it was found in the
hands Of the mortgagor. notwithstanding
shv change Of title by inheritance or other,
wise,
SEC. 81. Be it further enacted. That if
l stockh lder should fail, he shall be dives
ted of his quality of stockh0lder, and his
share or shares shall be sold by the board
It directors, with all the rights and cred
It's thereof belonging.
SEC. %. Be it further enacted. That If
any individual who shall have obtained from
said bank a loan. secured By mortgage, as
herein provided for, shall make voluntary
nr forced surrender of his property to his
creditors, the said surrender shall not i'm
pair the right of the bank to any moTtgaged
property; and said mortgaged property
shall not be comprised in any cesSion or es-
tate. until the tull payment is previously
made of the sum due the bank. aud secured
by mortgage; and the bank may proceed
ny order Of sale. in the same manner as if
no surrender had been made; and any SUR
plus Of the proceeds Of such sale, after paw
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
erty ofsuch persons; nor shall any act of ser
zure, or the execution of property be, in any
manner DELAYED, or Influenced thereby.
4 SEC. 90. Be it further enacted, That
the board, with the privileged mortgagers,
for the sum of fifteen million FIVE hundred
Thousand dollars subscribed by the stock
holders Of said bank, according to their
shares. for the purpose OF securing the loan
of fifteen million five hundred Thousand dOl-
lars. shall be deposited in the Office of the
said institution, as security for the rem
bursement of the capital as well as interest
Of said bonds granted by the State; and
whenever application shall be made by a
stockhalder, to transfer his stock, and be
ischarged, such transfer and discharge
may take place upGn the new Stockholders
furnishing mortgage to the satisfaction Of at
least majority Of all the directors; in all
such cases Of transfer and discharge the
voc shall be taken by yeas and nays.
SIC. so. Be il. furser enacted, That as
SOON AS directors are appointed as herein
lefote provided for. they shah proceed 70
the election of president, and the same
shall he notified to the Governor Of the State,
who willtherenpon execute to the said bank.
from time to time, bonds IN amount plopor-
toned to the sums subscribed, and TO secure
to the satisfaction Of the directors, as re-
quired BY the charter until the whole a.
mount Of fifteen million FIVE hundred thou.
sand dollars shall be furnished Ia bonds, Is
herein before provided for.
Sec, 81 Be IL further enacted, That the
State of Mississippi shall be entitled 70
credit Of two hundred thousand dollars on
| furnishing notes or obligations for such sun