Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-10-17

quarterly in each and every year. from tht
ment ofthe said Union Bank, the stockhol.
ders who desire it, may be allowed to ex.
anime the affairs of the bank; and it shall be
the duty of the board of directors of the pa
rent bank, to furnish free access and inspec-
ton of the books, (save the private depos-
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 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
notes, bills, or obligations, or of any funds
received by them on deposite; and if ever
the said corporation shall refuse or suspend
the said payment, the bearer or holder 81
any note or obligation, or any person having
the right to demand or receive the same. on
receive the amount of any deposites as be.
fore recited, shall be entitled to receive and
recover damages at the rate of fifteen per
centum per annum.
SEC. %. Be it further enacted, That II
by the first day of January, eighteen hundred
and thirty nine, three Thousand shares shall
not have been subscribed for, it may be law
full, 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 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
may require and they shall establish rules
for conducting the affairs of said bank,
which they may in like manner alter, amend
or addto, as may be necessary, for the SER
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 tc
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
ordinances, and to ascertain the amount Of
cash, the amount ct notes in circulation, anC
a complete and accurate list of the balances
due the bank, as well as the amount of de-
posites, and all other affairs ofthe said bank
so as to be informed of its true situation, and
to be enabled to make a 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, tor and during
the continuance of its charter.
SEC. %. Be it further enacted, Tha
the board of directors shall be judges of tht
suficiency fthe mortgages offered for STOCK
and loans, and shall have power to reject thu
,,,CES IN
require other security, or in default thereoe
reduce the shares Of such defauiters 10 thv
amount sufficiently secured; they may ais,
require other and additional security, on tn,
| renewal of any note, loan or accommodation
for which application may at any time b.
made, if, in their opinion, the original secu
ritY is not sufficient, safe or satisfactory
that the loans of the bank and mortgage
for stock, and loans granted by virtue of thi
act, shall bear ten per cent interest per an
mum after maturity, if not punctualIy paid
and the Mississippi Union Bank shall hav
the right to cause to be seized and sold, &C
cordingtO the laws of this State the propert,
| so mortgaged, i'll whose hands soever it ma,
be found, in the same manner, and with tn
same facilities, as if it was found in tn
hands of the mortgagor, notwithstandin
any change of title by inheritance or other
wise.
SEC. 81. Be it further enacted, That
A stockhclder should fail, he shall be dives
ted of his quality of stockholder, and hi
lshare or shares shall be sold by the boar
of directors, with all the rights and cred
its thereof belonging.
SEC. %. Be it further enacted, That
any individual who shall have obtained frol
said bank loan, secured by mortgage, {
herein provided for, shall make a yoluntaI
or forced surrender of his property to h
creditors, the said surrender shall not in
pair the right of the'bank to any mortgage
property; and said mortgaged propert
shall not be comprised in any Cession or e
tate, until the full payment is previous
made of the sum due the bank, and secure
by mortgage; and the bank may procet
by order of sale, in the same manner as
no surrender had been made; and any su
, plus of the proceeds of such sale, after pa,
ing the debt dne the bank, shall be pa
over to the persons legal representatives;
i, no case shall they applying for, or obtainiI
respite from his creditors, in any MAJ
T. ner impair or effect the right of the ban
to recover all loans secured on the pro
! erty of such persons; nor shall any act of 81
cure, or the execution of property be, in Al
: manner delayed, or influenced thereby.
SEC. 90. Be it further enacted, TIL
the board, with the privileged mortgageI
> for the sum of fifteen million FIVE hundr
" Thousand dollars subscribed by the stoc
:, holders Of said bank, according TO tht
: shares, for the purpose of securing the 10
E of fifteen million five hundred thousand d.
|. lars, shall be deposited in the office OF t
: said institution, as. security for the relI
: bursement of the capital as well as inter'
). of said bonds granted by the State; an
: whenever application shall be made BY
: stakeholder, to transfer his stock, and
discharged. such transfer and dischar
NAV take place upon the new stockholde
: furnishing mortgage to the satisfaction OF
y least a majority of all the directors; in
such cases of transfer and discharge, t
vote shall be taken by yeas andnays.
= SEC. 80. Be it f4rter enacted, That
!. soon as directors are appointed as her
Il before provided for, they shall proceed
II the election of president and the sal
:; shall be notified to the Governor of the Sta
: who will thereupon execute to the said bar
y from time to time, bonds in amount prop
= toned to the sums subscribed, and to sect
!. J. to the satisfaction Of the directors, as
: quired by the charter, until the whole
: mount Of fifteen million Ave hundred tn
4 sand dollars shall be furnished IN bonds,
- herein before provided for.
in Sec, 81. Be it further enacted, That