Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-05
NO.SI.

I -. '"eN Nst auHOhllyS anu IN advance
aho each and every stakeholder shall BE-
entitled to credit equal 10 one-Ls,f - tbt
"aal amount OF their respective s',.oes.
which shall bear interest at the rate of seven
per cent. per annum; four per cent Of such
los.ns ana interests shall be paid annually.
ana the individual notes Of the stock M idcrs
Fehe"ed annually, until the whole loan sh.lI
be paid and extngnished. - '''''s
Sec 80. BE 10 further enacted. That there
shall be established seven Offices Of disco,,nt
and deposites as follows, to wit /:
First. One at Macon, in the comfy -
sNoxubee, for the use and accommodated
p the counties Of Lowndes, Octibbeha. Nox-
nPee, KsmperS Lauderdale and Neshoba.
WITH a capital of one million eight hundred
Thousand dollars.
Sscond. One at Augusta, in the county
q Ferfys tor the counties Of Clark, Jasper.
IoVlngton, Jones, Wayne, Jackson. Han
Coch' Green Perry and Marion, with
capital Of one million of dollars.
Third. One at Aberdeen. in the connty
of Monroe. for the county of Monroe I,a
Wanda, Tishemngo, Tippah. Pontofor
Chickasaw and Marshall, with capital Of
one million Of dollars.
Fourth, And one at the town Of L.exing-
ton, in the county of Holmes, for the cou5.
ties OF Yazoo, Holmes, Carroll, Choctaw.
Attala and Leake, with a capital of one
million nine hundred thousand dollars.
Fifth. And one at the town of Tillato,
ba, IN the county of Tallahatchie, and for
the counties of Yalabusha, FallahaIcbie
Lafayette, De Soto. Ponola and Tunica'
with capital of one million three hundred
thousand dollars.
SiTth. One in the town of Vickburg. in
the county of Warren. for the counties of
Claiborne, Warren, Washington, Bolivar,
ICoahoma, with capital of one million five
hundred thousand dollars
| SeUenth. One at Liberty, in the county
! of Amite, and for the counties Of p Ike. Amite.
| Wilkinson, Adams. Franklin and Jefferson.
with capital of two millions of dollars.
The counties of Madison, Kinds, CoDiah.
Simpson, Rankin, Scott, Smith and Law
renee. to be the eighth district, and to be
| supplied by the mother bank,
Dec. 50. Be it 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, That
there shall be annually appointed by the
board of directors ofthe mnther bank, to ad-
minister the affairs of said Office of discount
and deposte, nine directors, citizens of the
State, residing and domciIiated within the
counties for which said Offices shall be es-
ltablished, FIVE of whom shall constitute a
quorum to transact business; and said di-
rectors shall choose from among themselves
a president, and shall be subject to all such
regulations and rules as may be adopted by
the SAID board of directors of the mother
bank, for the COVE rnment of SAID offices,
/ apt Inconsistent with the provisions of this
1charter.
Seas, Be n J1zrrher enacted, That
| there shall be appointed for each of the
aforesaid Offices of discount and deposite, a
Cashier, teller, and clerk, and other officers
or servants that may be required, all of
whom shall enter into bond for the faithful
discharge of their duties; the amount and
conditions of which said bond shall be speci-
fed and provided for by the directors of the
| mother bank; and the said directors of the
mother bank may remove, at their pleasure,
any officers in said offices of discount and
deposite, whenever the better management
OF the bank may require such remov-
Al.
Sec. SO. Be it further enacted, That
the directors of SAID Offices Of discount and
deposlte, shall appropriate two-thIrds of
the capital Of eacn office, to loan on mort
gage, and one third to laan on promissory
notes and bills OF exchange, as far as prac-
ucahle, and the nature of the applications
wa NiAAHaO NtANlt 81 III Ai3S dllll TIE DOafQ
directors Of said offices Of discount and de-
Posite may loan or discount upon notes Sc
! cured by mortgage.
Sec. 81. Be ii further enacted, That
: persons borrowing Oh mortgage, shall De
S 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
eighth ofthe whole sum originally loaned or
discounted to them, as well as the interest
t upon the sum for which their said bonds
: shall be thus renewed; so that at the expir-
alton of eight years the whole sum original
] ly loaned or discounted to them, together
n with the interest thereon, be entirely paid
8 and extinguished: ind, provided, also,
That loans made on mortgage after the
Twelfth year Of the charter, after being paid
: and fully reimbursed, similar loans may
: again be made and renewable, and payable
? in the same manner as herein before mem
stoned.
t Sec. SO. Be il further enacted, That the
) loans to be made by said Union Bank, shall
j be at a rate of interest not exceeding seven
: per cent. on mortgages or bonds and prom
E Issory notes, payable at a term of more
~ than SIX months; and not more than six per
: cent on notes or bonds renewable at six
e months, or at shorter time; nor shall said
bank deal in exchange, domestic or foreign,
i at higher rate than six per cent per an,
i mum. discount on six months bills, or a shor.
ter term; and seven per cent, on bills at a
e longer term.
E SIC. 50, Be it further enacted, Tha,
5 when either Of the said Offices Of discount
I and deposite, shall not yield in anyO one year,
u except the two first years from the com
e mencement Of the operation, nett interes
Of six per cent per annum upon the capita
IS invested therein; the directors of the moth
q er bank shall thea remove said Office to an
o other place in the same district, which d
e them may seem proper, or withdraw IN
2, same as they may deem advisable.
{. SEC. 40. Be Il further enacted. That i
r case any ofthe branches Of the Mississippi
e Union Bank should wiihdrawn,, ~ conse
e quence Of failure to realize the require
p interest. then sum equal 20 shc capital
y said branch shall Be loaned by the pareI
as bank, as provided for, exclusively to Ii
citizens Of those counties for which sai
be bank was established.
= SEC. Al. Be9 further enacted That Il
on said Offices OF discount and deposite, ms
IN lend money to the citizens OF any 9TH