Southern Argus., 1837-08-29

first OF January next, after the establish
ment Of the said Union Bank, the stoEkhoI-
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-
tion of the books, (saVe the private 6epOs-
ties of Individuals of the institution 10 the
stockholders, and to give them any infrma-
tion they may desire touching the manage
meRt of said bank.
SEC. 81. Be IL further enacted, That
the said corporation shall never refuse spe-
Gle payment in current coin of the United
States, or suspend payment of any d their
notes, bills, or obligations, or of any funds
received by them on deposite; and ever
the said corporation shall refuse or stspend
the said payment, the bearer or hoher of
any note or obligation, or any person having
the right to demand or receive the same. or
receive the amount of any depOsites Is be-
fore recited, shall be entitled to receive and
irecover damages at the rate Of afteeu per
centum per annum.
SEC. 90. Be IL 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 opinion of the Legislature may
decide upon, to revoke this charter.
SIC. %. Be IL 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 add to, as may be necessary, for the SER
vice of the said bank, the same being not
contrary to law.
SEC, "a. Be il further enacted, That Il
shall be the duty Ofthe board OF directors to
keep a 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 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 ofthe said bank,
so as to be informed of its true situation, and
to be enabled to make full report thereof
to the Legislature.
SEC. 25. 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 il further enacted, That
the board of directors shall be judges Of the
suficiency Of the mortgages offered for stock
. and loans, and shall have power to reject the
same If not sufficientS and in such case may
. require other security, or in default Thereof,
reduce the shares Of such defaulters to the
amount sufficiently secured; they may also
/ 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 mortgage.
: for stock, and loans granted by virtue Of this
act, shall bear ten per cent interest per an
nun 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 may
D be found, in the same manner, and with the
same facilities, as if it was found in thC
e hands of the mortgagor, Notwithstanding
S any change Of title by, Inheritance or other
: wise.
SEC. %. Be it further enacted, That i
: A stockhclder should fail, he shall be dives
: ted Of his quality Of stockh0lder, and hi
share or shares shall be sold by the boarC
r IOf directors, with all the rights and cred
o its thereof belonging.
SEC. %. Be it further enacted, That
s any individual who shall have obtained fron
!. said bank loan. secured by mortgage, a
/, herein provided for, shall make yOluntar,
), or forced surrender of his property 70 hi
3 creditors, the said surrender shall not i'm
{: pair the right of theibank to any mortgages
Cd
/, shall not be comprised in any ceSsiou or es
tate, until the full payment is previously
r. made of the sum due the bank, and SecureI
= Iby mortgage; and the bank may proceed
bY order of sale, in the same manner as
It no surrender had been made; and any sur
n plus of the proceeds Of such sale, after pay
!. ing the debt due the bank, shall be pai,
j. over to the persons legal representatives; i
o no case shall they applying for, or obtainin
T.. a respite from his creditors, in any man
It ner impair or effect the right of the bank
n to recover all loans secured on the prop
d erty of such persons; nor shall any act Of sci
l. Izure, or the execution of property be, in an
e manner delayed, or influenced thereby.
; SEC. 29. Be it further enacted, Ths
5, the board, with the privileged mortgager.
n for the sum of fifteen million five hundre
: Thousand dollars subscribed by the stock
y Iholders Of said bank, according 70 thei
le shares for the purpose of securing the loa
Of lof fifteen million FIVE hundred Thousand do
K lars, shall be deposited in the Office Of th
Of said institution, as security for the rein
f. ibursement of the capital as we'll as inlere
le of said bonds granted by the State; AM
ut whenever application shall be made by
ed stockholder, to transfer his stock and
e. discharged, such a transfer and dischar(
A. may take place upon the new STOCKHOLDERS
Mt furnishing mortgage to the satisfaction Of
v least a majority of all the directors; in !
e. such cases Of transfer and discharges q
d, vote shall be taken by yeas andnays,
,le SEC. so. Be IL. fSgrteg' enacted, That
Mt soon as directors are appointed as here
iii before provided for, they shall proceed
an 1.-THE election Of president, and the san
III shall be notified to the Governor Of the Stal
he who win therenpon execute to the said ban
an from time to time, bonds ia amount pIopC
in ltioned to the sums subscribed. and 60 secu
he to the satisfaction of the directors, as /
a1quired by the chaFters until the whole
en- mount Of fifteen million FIVE hundred Tx
its Sand dollars shall BE furnished ia bonds,
be herein before provided for.
in Sec, 81. Be e Further enacted, That
Ion State Of Mississippi shall be entitled {
credit Of two hundred thousand dollars
hat furnishing notes or obligations for such s