Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-08-29

county, not enumerated in the district tor
which said branch was estaoNsheus ws"
there are not sufficient aPP!lcat'OnS 'OE Ine
counties for which said onlceFs arc es'a0-
lished.
Soa,r last wears Of the time allowed tor the
ror,;rns1ce Of this charter, shall be exclu-
siveIv employed in winding up the affairs OF
the Institution, and that no new loans or
DISCOUNTS shall be given or allowed during
the saiS last four years Of the charter.
Sec. AS. Be il further enacted, hat the
State sh II be divided into eight banking
DISTRICTS. IN seven Of which said districts
there shall be established branch Of sad
bank, with the capital before provided tor
20 each, for the purpose of affordIng bank
ing facilities to the citizens of those conn-
ties that compose said districts the mo'ner
bank shall be required to do the aoolIOhal
6usiness of one district.
Sec, A. Ben further enacted, That at
ter the sale os Ehe bonds for raising tae cap
jtaI of said Union Bank herein before provl-
Jed for, and after the realizing the proceeds
of said sale on said bonds, it shall be the
duty ofthe board Of directors 0t said bank to
refund and nav over to the subscribers to
the caDital stock of said bank, the amount
paid by them in cash on said stock, as re-
ouircd in the eleventh section of this act
with interest at the rate of FIVE per cent per
annum; said refunding to take place, and
be made as follows: one-third IN thirty
days; one-third in sixty days, and one-third
in ninety days after the said time herein
above recited and provided tor.
Sec. As. Be 1t further enacted, hat the
board of directors of said Union Bank, are
hereby authorized and empowered to nix
such salary or compensation as tney may
deem necessary and proper COR the comm
>siORcrs appointed by the thirteenth seetlon
of this act, and 20 pay the SaIIle Ou' Vi 'hs
tEuEds of said bank.
when the said Uafon Bank shall have gone
into oDreation. IS provided for in the twelfth
section of this act, the said bank shall not
he reouiredt 20 loan on mortgages Or stock,
nntilth bonds specified in the fifth section
of This act, shall have been sold, and the
proceeds Of sale be realized by said bank
bu4 the said bank NAV loan, deal in ex-
change, discount, and take such securities as
they shall deem proper, and on such time
as the board of directors Of said bank may
prescribe: Provided, however, That the
loans so to be made, shall be at the same
rate of interest as prescribed in the thirty. |
eighth section of this act : find, provided
further, That said loans may be made to
any citizens of the state.
Sec. AZ. Be it further enacted, That the
9Th section of this act, whereby the faith Of
this State is pledged for the payment and
redemption of the loan contemplated by this
act, be referred to the next Legislature of
this State, in pursuance Of the ninth section
Of the seventh article of the ConstitutioD;
and that this act be published, under the
direction Of the Governor, in at least three
newspapers of this State, for three months
previous to the next regular election; and
that the act together with the yeas and nays
thereon, be entered on the journals Of the
Senate and House Of Representatives.
JNO. L. IRWIN,
Sneaker ofthe House Of Rehresentatives.
A. q. McNUTT,
President of the Senate.
Approved, so far as the action of this
Legislature IL rccognized-January2l, 1882.
CHARLES LYNCH.
AN ACT supplemental to an act to incor- {
porate the subscribers to the Mississippi ,
Union Bank. II
81. Be il enacted by the Legislature of
rhe STATE Of NftssisSihhi. That books for the
subscription of the stock of said bank, shall
be opened in the county of De Soto, at the {
seat of justice thereof, under the inspection r
Of Richard c. Hancock, Felix Lebenon, and
Milton Blocker; for the county of Lafay-
cite, c. J. Butler, ]. P. Sneed, and F. c.
Tolbert; for the county of Newton. Bid a
Safold, James Hudson, James Ellis; for the f
county Of Tippah, Edmond ] BaiIy, H.
Bowers, and John w. Thompson; for the :.
county Of Tishemingo, Thomas Palse Keys
and John Rives; as managers under the S
same rules and regulations as are prescribed .
for the subscription of the stock Of said (
bank, in the other counties of this state BY !
the act to which thisis supplement
Approved, May IS, 1887.