Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-05

ment Of the said Union Bank, the stockhol
ders who desire it.. may be allowed to eK.
anime the affairs of the bank; and it shall bS
| 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 ofindividuals,) 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
uo:es, bills, or obligations, or of any funds
received by them on depos!te; and if ever
the said corporation shall refuse or suspend
the said payment, the bearer or holder OF
any note or obligation, or any person having
the right to demand or receive the sameg0f
receive the amount of any deposites as be.
fore recited, shall be entitled to receise and
recover damages at the rate Of fifteen per
centum per anhum.
SEC. %. Be ii further enacted, That if
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 opinioa 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
NAV require and they shall establish rules
for conducting the affairs Of said bank.
which they may in like manner alter, amend.
I g. 81,
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 a set Of books, in which all their delib
CREATIONS; rules and ordinances, shall be en-
tered; and the Legislature shall have pow
er at any time to appoint a committee to eX-
anime said books of deliberations, rules and
ordinances, 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 we'll 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 a full report thereof
to the Legislature.
SEC. IS. Be il 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, unGer
the authority of this State, tor and during
the continuance Of its charter.
SEC. %. Be it further enacted, That
the board Of directors shallbe Judges Of the
Sufficiency of the 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 81 IL defsnlt GHereos.
reduce the shares of snca tlefaotters 81 fie
-.
require other and 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-
rity 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 pes cent interest per an
mum after maturity, if not punctually paid;
and the Mississippi Union Bank shall have
| the right TO cause to be seized and sold, ac-
cording to the laws of this State the property
so mortgaged, in whose hands soever it NAV
be found, in the same manner, and with the
same facilities, as if it was found in the
hands of the mortgagor, Notwithstanding
any change of title by Inheritance or other
| wise.
SEC. q. Be it further enacted, That i
1 stockh lder should fail, he shall he dives
ted of his quality of stockhnlder, and hi
share or shares shall be sold by the boarC
Of directors, with all the rights and cred
it's thereof belonging.
SEC. %. Be it further enacted, That
any individual who shall have obtained from
said bank loan. secured by mortgage, a
herein provided for, shall make yoluntar
or forced surrender of his property TO hi
creditors, the said surrender shall not i'm
| SolF rs he hay, ~
property; and said mortgaged propert
shall not be comprised in any cesSion or eS
tate, until the full payment is PreviouSl
made of the sum due the bank. aud secure,
by mortgage; and the bank may proceet
by order of sale, in the same manner as
no surrender had been made; and any sur
plus Of the proceeds of such sale, after pay
ing the debt dne the bank, shall be pal
over to the persons legal Representatives;
no case shall they applying for, or obtainin
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 of such persons; nor shall any act of Sc
cure, or the execution of property be, in an
manner delay ed, or Influenced thereby.
SEC. 90. Be it further enacted, Thi
the board, with the privileged mortgager.
, for the SUN of fifteen million FIVE hundre
Thousand dollars subscribed by the stock
. lholders Of said bank, according 70 thei
: shares. for the purpose of securing the loa
6 of fifteen million Ave hundred thousand da
! lars, shall be deposited in the ofhce OF tn
s SAID institution, as security for the rem
! bursement of the capital as well as mtere
. of said bonds granted by the State; AM
), whenever application shall be made by
i stockholder, to transfer his stock, and
disc harged, such transfer and dischafg
may take place upon the new stakeholder
!, Furnishing mortgage TO the satisfaction OF
: least majority Of all the directors; in q
! lsuch cases Of transfer and discharge, 4
woe shall be taken by yeas and nays.
: SEC. 80. Be it furter eHacted, That
+ soon. as directors are appointed as here
Il before provided for, they shall proceed
II the election of president, and the san
!. shall be notified to the Governor Of the Stat
e who will therenpon execute 10 the said Dan
N from time. to time, bonds in amount pIopo
n tioncd to the sums subscribed, and 20 secu
- Ito the satisfaction of the directors as T
ouired by the charter, until the whole 3
= mount Of fifteen mllliaR Ave hundred tho
q sand dollars shall be furnished " bonds
- herein before provided for.
n Sec, 81. Be il fttrsher enacted. That I
- STATE az Mississippi shall be entitled /,
credit Of two hundred thousand dollars
a. furnishing notes or obligations for such s.