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

endorsement of the President and of the Cash
Ter of said bank, to the order of any person
whomsoever, or to the bearer, and the said
endorsement shall fix the place the said
principal and interest shall be paid and all
expenses incurred thereon, shall be defray-
ed from the funds of thebank.
Section z. Be it further enacted, That
both the capital and interest. of the said
bonds shall be paid by said bank, at the
times they shall severasly full due.
Section 8. BE it further enacted, That to
secure the payment of the capital and in
terest of said bonds, the subscribers shall be
bound to give mortgage, to the satisfaction
OF the directors, on property, to be in all
cases equal to the amount of their respective
stock. which mortgage may bear on cult
waited lands, plantations and slaves; on town
lots, with houses thereon; on other buildings.
| yielding rent; on lands not under cultiva-
ton, but susceptible of being cultivated;
and on vacant lots, capable OF being improV-
ed, with this provision, that not more than
one-fifth of the stock of each stakeholder,
may he secured by mortgage 90 nnimprov-
ed lands, not included in any plantation, and
| on vacant lots in town; no mortgage OIL
slaves alone shall be received; and that
when a mortgage shall 5e offered on lands
and slaves, the value of the lands shall be
equal to three-forth1 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
| ferred to said Union Bank: but it shall not
be required to have the buildings on any
| plantation insured; no mortgage shall be re-
| ceiyed on brick building for more than one
half of its value; and on a wooden building
| for 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 adjudi-
cation By decree Of a court, verified accor-
ding to law, or such other evidence of title
| to the property proposed as a guarantee to
the bank, as NAV be deemed satisfactory to
said commissioners or directors, that proper
| ty already mortgaged NAV be received as a
guarantee: Provided, 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 Uided further, That the mortgage ex-
lsting oil 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 extingush-
ment of said mortgage.
Section 9. Be it fusther enacted, That
the subscribers OF the said Union Bank be,
and they are hereby, created corporation
and dy polite, for and during the term of
forty years from the passage of this act, and
shall 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-the
profits realized, and in the possession of the
bank, being always considered as a part Of
their capitals: ind, provided also, That
the debts due by the bank, exclusive of de-
Dosites. shall not exceed double the amount
of their capital; and that they shall not eX-
coed double the amount of their capital
and that they shall not take more than sever
per cent. interest per annum, on any loan OF
discount made on notes to order, payable
within six months from the time the loans OF
discounts are made; and they may sue Oh
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 a
pleasure; and to ordain and establish suct
, bv laws, rules and ordinances, as they shall
deem necessary and suitable for the govern
ment of said corporation, not being contrar!
to this act, nor to the constitution and law
of the United States and the laws Of thi
State.
Sec. &c. Be it further enacted, Tha
for the management of the affairs of SAT-
, bank, there shall be thirteen directors, cho
sen from among the stockholders, hive c
: whom shall be elected and chosen by tn
D Legislature, by joint vote of both houses, bl
: ennially; and, upon the part of the stock
= holders, eight shall be annually chosen, q
II the clearinghouse Of said bank, by the qual
f fled stockholders Of the capital OF said bank
each stakeholder to have one vote, for eve
n nv share held by. him; but no person, copar'
r nership nor firm, shall be entitled to gres
d ter number than one hundred votes, and Z
J, one shall be entitled to vote by proxy, MOI
: than six hundred votes. The appointment
n on the part of the State, to be made durin
i the first term of the meeting of the Legs
d lature, at their regular and constitutions
meeting, after the passage OF this act.
n SEC. II. Be it further enacted, III
;, those who shall become, and be declare
d stockholders to the Institution, under II
d provisions of this act, shall be required
:. pay in cash, the sum of ten dollars over
n the commissioners or directors, or their
ii gents on each and every share subscribe
e for by them, at such times as may be r.
i ouired by the said directors.
:: SEC. IL. Be it further enacted, That a
ter the closing of the books, and when
le shall appear that at least Ave hundred tho
4 sand dollars shall have been subscribed, al
IN paid in, on the original stock Of the capt.
m of said bank, the said institution shall go
to to immediate operation, under the Prov
S, ions hereinafter mentioned.
ID SEC. IS. Be it further enacted, That t
n Legislature shall, upon joint vote, appoint
q commissioners in each Of the districts OF {
cd State hereinafter designated. whose duty
shall be to ascertain, and appraise the pro
I'll ertY of those who wish to become stockh'
Ia ders in the Institution, as we'll as those "
ne are deslrous 70 obtain loans on mortgag
ne and the said commissioners shall deliver
q, all persons whose property they shstl a
ne praise, detailed and authentic certificates
lis its value, of the number OF acres OF viii
each is composed, how many acres are
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