Southern Argus., 1837-08-29
NO.sO.

the usual interest annually, and in advance
and each and every stockholder shall he
entitled to a credit equal to one-haIf of the
total amount Of their respective shares.
| which shall bear interest at the rate of seven
per cent. per annum; four per cent of such
loans and interests shall be paid annually:
and the individual notes Of the stockholders
renewed annually, until the whole loan shall
be paid and extinguiShed.
Sec, 80. Be it further enacted, That there
shall be established seven Offices Of discount
and deposites as follows, to wit
First. One at Macon, in the county Of
/ NoXubees for the use and accommodation
Of the counties Of Lowndes, Octibbeha, Nox-
fubees Kemper, Lauderdale and Neshoba.
with capital Of one million eight hundred
thousand dollars.
Second. One at Augusta, in the county
OF Perry for the counties of Clark, JASPER.
Covingtou, Jones, Wayne, Jackson, Han
cock, Green, Perry and Marion, with a
capital Of one million of dollars.
/. Third. One at Aberdeen, in the county
OF NlonPoe. tor the county Of Monroe, TIA
wam6a' Iishemingo, Tippal, Pontotoc.
one million Of dollars
Fourth, And one at the town of T,exinp-
ton, in the county of Homes, for the cou6-
ties of Yazoo, Holmes, Carroll, Choctaw,
Att9la and Leake, with a a-caDital of one
million nine hundred thousand dollars
J FTtth. And one at the town Of 1'iIIato.
Oas in the county of Tallahatchie, and for
the counties Of Yalabusha, TallaNatchie.
Lafayette, De Soto. Ponola and Tunica'
} with capital of one million three hundred
thousand dollars.
Sirth. One in the town of Vickburg. in
the county of Warren, for the counties of
claiborne, Warren, Washington, Bolivar,
Coahoma, with capital of one million FIVE
hundred thousand dollars.
, SeUenfh. One at Liberty, in 4he county
OF Amite, and for the counties of 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.
5 Sec. SO. Be it further enacted, That the
parent bank of the Mississippi Union Bank,
shall be located in Jackson, 10 the county of
Kinds.
4 SEC. S4 Be it further enacted, That
there shall be annually appointed by the
board OF directors of the mother bank, tn adj
minister the affairs of said Office of discount
and deposite, nine directors, citizens of the
: State, residing and dPmiciliated within the
J counties for which said Offices shall be es-
tablished, five of whom shall constitute
quorum TO transact businessi 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 eminent of said offices,
not inconsistent with the provisions Of this
D charter.
: Sec. IS. Be il further enarted, That
there shall be appointed for each of the
2 aforesaid Offices of discount and depoSite, a
: cashier, teller, and clerk, and other officers
/; or servants that may be required, all OF
S whom shall enter into bond for the faithful
S discharge of their duties; the amount and
: conditions of which said bond shall be speci-
|; fed and provided for by the directors Of the
e mother bank; and the said directors of the
mother bank may remove, at their pleasure,
! any officers in said Offices of discount and
Y deposite, whenever the better management
e OF the bank may require such remov-
e al.
& Sec. So. Be il further enacted, That
: the directors of said Offices Of discount and
dePosite, shall appropriate two.thrds of
# the capital Of each Office, to loan on mort
) gage, and one third to loan on promissory
is notes and bills Of exchange, as far as prac-
d lticaple, and the nature of the applications
4
directors of said Offices of discount and de-
If pOsite may loan or discount upon notes Sc
n cured by mortgage.
IS Sec. 81. Be Il further enacted, That
y persons borrowing Cd mortgage, shall be
is allowed at the end Of twelve months to re-
i new their bonds or notes for twelve months
d longer, during the space of eight years
y from the date OF their respective loans or
i discounts: Provided, That they pay and
y reimburse at the time Of each renewal, one
d eighth ofthe whole sum originally loaned or
d discounted to- them, as well as the interest
if upon the sum for which their said bonds
: shall be thus renewed; so that at the expir4
!. alton OF eight years the whole sum original
d ly loaned or discounted to them, together
IN with the interest thereon, be entirely paid
e and extinguished: .4nd, ftf0Jided, also,
i That loans made on mortgage after thS
(, twelfth year of the charter, after being paid
}. and fully reimbursed, similar loans mag
l. again be made and renewable, and payable
" in the same manner as herein before men
:iOned.
At Sec. 3S. Be it further enacted. That the
S, loans to be made by said Union Bank shall
d be at rate Of interest not exceeding sever
e per cent: on mortgages or bonds and prom
ir iSSory notes, payable at a term of more
IN than six months; and not more than six pei
A- cent on notes or bonds renewable at si1
le months, or at shorter time; nor shall saiC
n bank deal ia exchange, domestic or foreign
st at higher rate than sax per cent per an
d; mum discount on six months bills, or Shor.
a ter term; and seven per cent? on bills at {
be longer term.
Sc SEc. SO. Be IL further enacfed. Tha
IS when either Of the said Offices y { discouu
at and deposite, shall not yield in any one year
ell except the two first years from the com
he mencement of the operation, nett interes
Of six per cent per annum upon the capita
as Invested therein; the directors Of the moth
I'm er bank shall then remove said Office to an
to other place il the same district, which {
ne them may seem proper, or withdraw u
e, same as they may deem advisable.
IL SEC. 20. Be Il fitTfher enqtted, That
Or case anyOf the bEanchesof the MISSISSIPPI
ire Union Bank should withdfawns IN coas'
re- ouence of failure 70 realize the require
O. interest, then snm eqaaltO the capital
Ol- said branch shall be loaned by the pare
Is bank. Is provided Tor, exclusively 90 Il
citizens Of these counties lor which sa
the bank was established.
% SIC. ~. Be Il further ellsrted, That Il
On said Offices Of discount and deposits M
nm lend money @ the citizens ot any eth