Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-08-22
NO.49

as may be required to be used, and ,,a1
the usual interest," annually, and in ad,5a,
and each and every stakeholder shat, h.
entitled TO credit equal to One-haiF at =.
| total amount OF their respective shat :.
which shall bear interest at the rate of seVe,
per cent. per annum; four per cent e 6,
loans and interests shall be paid Ann
and the individual notes Of the stork, -
renewed annually, until the whole loan st..
be paid and extingnished.
Sec, 81. BE IL further enacted, Tbat ti,e.-
shall be established seven Offices .: ..sc0a
and deDosites as follows, to wit:
First. One at Macon, in the corarv
NoXubee, for the use and acc"mrn K. si.s,n
oEthe counties Of Lowndes, Octibkef.a n u
ubee, Kemper, Lauderddle and NJ ~
with capital of one million eight 4 lfs
thousand dollars.
Second. One at Augusta, in tine ,p.
| q Ferry, tor the counties Of Clt,k. i-,.s-,
Covington, Jones, Wayre. Jacksaa. Pa
cock, Green, Perry and Marion, .s....l a
| capital o5 one million of dollars.
Third. One at Aberdeen, in the o. 4ty
Of M nroe. for the county of.M7nr.,s, Ia
wanda, Ttshemingo, Tippah. Pooto:oc,
ChckaSaw AID VI .rshall, with a caDt.f i
one million of dollars.
| Fourth. And one at the town of L,ex;ne
ton, in the County of II Dimes, for the CO n
ties of Yazoo Holmes, Carroll, Chsc,sw.
Attala and Leake, with Capital OF one
million nine hundred thousand dollars.
nth Andone at the town of Tfll,to.
ba, in the county of Tallahatchie, ana SIR
the counties OF Yalabusha, Taliah g 3e-
Lafayette, DE Soto, Ponola and Tunica.
with Capital of one million three hundred
thousand do.laFs.
I Sirth. One in the town of Vickbury. in
the cOuRty of Warren. for the counties of
claiborne, WarreR, Washington, Bolivar:
Cnahoma, with capital of one million Eve
hundred thousand dollars
Seventh. One at Liberty, in the county
OF ANTE, and for the counties Of p Ike, Amite:
Wilkinson, Adams, Franklin and Jefferson.
with capital of two millions of dollars,
The counties Of Madison, Hihds, CoDiah:
Simpson, Rankin, Scott, Smith and Law
renee. to be the eighth district, and to be
supplied by the mother bank.
Sec. 80. Be il further enacted, That the
parent bank Of the Mississippi Union Bank,
shall be located in Jackson, in the county Of
Kinds.
SEC. "a. Be il further enacted. Tba.
there shall he annually appointed bv the
board Of directors of the mofher bank, to ad-
minister the affairs of said Office of discount
and Opposite, nine directors, citizens Of the
State, residing and dnmicilIated within the
CoHntles for which said Offices shall he es
| tabliShed, FIVE OF whom shall Constitute
quorum To transact BUSINESS; and said d.
lrectOrs shall choose from among themselves
la president, and shall be subject to all such
regulations and rules as may be adopted by
| theSsaId board OF directors of khe mnthee
JaIT1IS foT rue sOVe fnulent OF SAID Offices
mi svttr H.. IS I,
charter.
Sec. IS. Be il further enacted, That
there shall be appointed for each of the
aforesaid Offices Of discount and deposiGe, a
Cashier, teller, and clerk, and other officers
or servants that may be required, all OF
whom shall enter into bond for the faithful
dscharge of their duties; the amount and
conditions ofShich said bond shall be speci-
he'd and provided for by the directors OF the
mother bank; and the said directors Of the
mO.her bank may remove, at their pleasure.
any officers IN said offices Of discount and
dePoslie. whenever the better management
OF the bAnk.may require such a remoy-
al.
Sec. So. Be IL further enacted, That
the directors Of SAID offices of discount and
deposlte, shall appropriate tWo-th,rdS Of
the capital Of eacn office, to loan ON mort
gage, and one third to loan ON promiSsory
notes and bills of exchange, as far as prac-
iticaOle, aud the nature of the applications
will enable them so to do; and the board Of
directors Of said Offices of discount and de-
poSite may loan or discount upon uotes Sc
cured by mortgage.
Sec. 81 Be il further enacted, That
persons borrowing 90 mortgage, shall 0e
allowed at the end of twelve months To re-
new their bonds or notes for twelve months
longer, during the space of eight years
from the date of their respective loans or
discounts: Provided, That they pay and
reimburse at the time of each renewal, one
4 eighth ofthe whole sum originally loaned or
discounted to them, as we'll as the interest
upon the sum for which their said bonds
shall be thus renewed; so that at the expir-
atiOa Ofseight years the whole SUN origInai-
ly, loaned or discounted to them, together
with the interest thereon, be entirely paid
and extingutsheds -. Ind l5FU1tGfed, also,
that loans made Oh mortgage after the
twelfth year of the Charter, atJeI beng pad
and fully REIMBURSED, similar loans may
again be made and renewable, aud payable
in the same manner a. herein before men.
toned.
Sec. 80. Be il further enacted. That the
loans to be made by said Union Bank, shall
] be AZ = rate Of interest nut exceeding seven
t9SC CCtts On Hoi cages ot oOtlos a4u 9lOAt-
lssOry notes. payable At a term OF more
! than six months; and not more than six per
cent on notes or bonds renewable at SIX
months, or at shorter time; nor shah said
bank deal 10 exchange, domestic or foreign,
/ II u higher rate than six per cent per an.
mum discount on SIX mohths' bills or = slior-
/ ter term; aud seven per cent, On bills at a
E longer teru.
! SEC. 50. Be IL further enacted That
!, when either ofahe SAID offices OF discount
{ and deposltc, shall not yield in. any one year,
n except the two FIRST years from the COM
! lmencement Of the operation, a nett interest
of six per cent per annum upon the capital
: invested therein; the-dlrectors of the moth.
4 er bank shall then remove said Office 70 any
d lother place in the same district. which Il
{ them may seem proper. 81 withdraw II
J, same as they may deem advisable. =
], Sic. 50. BE Il further enacted, That i
: case any Of the branches Of the Misslsslpp
{ Union Bank shnnld Wikhdraelps conse
) quence Of a failure % reallze. tlle FsQ1lfel
: Interests then snm eooal 10 she capaIal 3
|, said branch shall Be ioaned IS the pafen
a.