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

Ter of said bank, to the order of anv per,o
whomsoeVer, or to the bearer, and the sal,
; endorsement shall fix the place the sal,
principal and interest shall be paid and al
expenses incurred thereon, shall be defrav
ed from the funds of the bank.
; Section Z. Be it further enacted. Tha
Doth the capital and interest of the saiC
bonds shall be paid by said bank, at tn,
times they shall severa'ly ftIll due.
section 8. BE 1t further enacted, That t,
secure the payment of the capital and in
terest OF said bonds, the subscribers shall b,
bound to give mortgage, to the satisfaction
OF the directors, on property, to be in al
cases equal to the amount of their respective
Stock which mortgage may bear on cult.
waited lands, plantations and slaves; on town
lots, with housesthereon; on other buildings.
yielding rent; on lands not under cultiya.
ton, but susceptible of being cultivated;
and on vacant lots, capable Of being improv-
Cd, with this provision, that not more than
one-htth Of the stock Of each stakeholder.
may be secured by mortgage on unimprov-
ed lands, not included in any plantation, and
on vacant lots in town; no mortgage OH
| slaves alone shall be received: and that
when a mortgage shall be offered on lands
and slaves, the value of 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
| fire, and the policy of the insurance trans
terred to said Union Bank: but it shall not
! be required to have the buildings on anv
plantation insured; no mortgage shall be re-
celved on brick building for more than one
halt OF its value; and on a wooden building
tor more than One-fourth, and that no one
shall be permitted to subscribe until he shall
deliver to the commissioners a valid act of
sale, or patents, or certificates of conforma-
ton from the land commissioners of the
United States, or partition sales and adiudi-
cation by decree of court, verified accor-
ding to law, or such other evidence of title
to the property proposed as a guarantee to
the bank, as may be deemed satisfactory to
said commissioners or directors, that proper
ty already mortgaged NAV be received as
guarantee: ProUided That the directors
shall first deduct from the whole value of
the property, at least twice the amount of
said mortgages, and then grant such, only
on the excess remaining after the deduction:
Pro 0idcd further, That the mortgage ex-
sting on said property, shall not prevent
the board of directors from receiving them
as security for stock, when the sum to be
loaned is to be employed in the extnguish-
ment of said mortgage.
Section 9. Be ii fuSther enacted, That
the subscribers OF the said Union Bank be.
and they are hereby, created corporation
and b2dyr gqQF6 the passage of this act, and
smafI be, and are hereby, made capable,
under the name and style of the Mississippi
Union Bank, to receive and possess all kinds
of property, either movable or immoveable,
and to sell, ALLEVIATE, demise and dispose of
the same; TO loan, to negotiate, to take mort
cages and pledges; and to discount on such
terms, and such securities. as they shall
Judge proper: Provided, That the whole
amount of their accounts and goods, OF every
description, do not exceed double the
amount of the capital actually received-thc
profits realized, and in the possession of the
bank, being always considered as part of
their capitals: ind, Provided also, That
the debts due by the bank, exclusive of de-
posites. shall not exceed double the amount
Of 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 jurisdiction; and to have COM
| mon seal, and the same to alter or renew at
pleasure; and to ordain and establish such
| bv laws, rules and ordinances, as they shall
deem necessary and suitable for the govern
ment 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. 10. Be it further enacted, That
for the management Of the affairs OF said
bank. there shall be thirteen directors, cho-
sen from among the stockholders; hive OF
whom shall be elected and chosen by the
Legislature, by joint vote OF both houses OIL
ennially and, upon the part OF the STOCK
holders, eight shall be annually chosen, al
the clearinghouse Of said bank, by the quail
4 fled stockholders of the capital OF SAID bank
each stockholder to have one vote, Tor eve
nv share held by him; but no person. copart'
nershiD nor firm, shall be entitled TO grea-
ter number than one hundred votes, and NJ
lone shall be entitled to vote by proxy, more
than six hundred votes. The appointment
IN the part of the State, to be made during
the first term of the meeting of the Legs
II Iatnre. at their regular and constitutions
meeting, after the passage OF this act.
SEC. II. Be it further enacted, Iha
those who shall become, and be declared
stockholders to the Institution, under TIT
provisions of this act, shall be required L
nav in cash, the sum Of ten dollars over t
he commissioners or directors, or their
gents on each and every share subscribed
) for by them, at such times as may De re
ouired by the said directors.
SEC. IL. Be it further enacted, i at a!
ter the closing of the books, and when
shall appear that at least FIVE hundred thou
sand dollars shall have been subscribed, an
paid in, on the original stock OF the capita
! IF said bank, the said institution shall go N
: 70 immediate operation, under the ProVis
ions hereinafter mentioned.
j SEC. IS. Be it further enacted, That tn
: legislature shall, upon joint vote, apPolnt,
! commissioners in each Of the districts OF IN
dl State hereinafter designated, whose duty
shall be to ascertain, and appraise the PROF
il ertv of those who wish to become stockho
\ de-s IN the institution, as well as those WI
! are desirous to obtain loans on mortgage
q and The said commissioners shall deliver
!. ali persons whose property they snsl Al
3 y1raise. detailed and authentic ceFthcates
IS re vaIue. Of the number OF acres Of Wnle
each is composed, how many acres are =
der cultivation, and how many are caPaO
of being cultivated, and how many are no
at lthe nature Of the culture the number
40 olovea and their condition, age, ed sex, al