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

as may be required to be used, and nav;no.
the usual interest annually and, in adys,re
and each and every stakeholder shall he
entitled to credit equal to one-half Of the
total amount OF their respective shares.
winch 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 ii further enacted. That tber.
shall be established seven Offices of discoUrf
and deposites as follows, to wit
| First. One at Macon, in the comfy ~
foxubee, for the use and accommodation
the counties ofLowndes, Octibbeha. Nox-
u5ee, Kemper, Lauderdale and Neshoba.
| with capital of one million eight hundred
| thousand dollars.
SECOND. One at Augusta, in the county
OF Ferry, for the counties of clark, Jasper,
covlngton, Jones, Wayne, Jackson, Hen
cock, Green, Perry and Marion. with =
CAPITAL ofone million of dollars.
Third. One at Aberdeen. in the county
OF Monroe for the county of Monroe, tia
wanda, qishemingo, Tlppah, Pontotoc,
ChlckaSaW AID Marshall, with a capital of
one million of dollars.
FOURTH And one at the town of Licking
ton, in the county Of Holmes, for the coun-
ties OF Yazoo, Holmes, carroll, Choctaw,
Attala and Leake, with a capital of one
million nine hundred thousand dollars,
ruth. And one at the town of TiIlatc.
ba, in the county Of Tallahatchie, and for
the counties of Yalabusha, TaIiahatchip.
Lafayette, De Soto, Ponola and Tunica'
with capital of one million three hundred
thousand dollars.
| Sirth. One in the town of Vickhnrg. in
the county of Warren, for the counties of
claiborne, Warren, Washington, Bolivar,
coahoma, with a capital of one million FIVE
hundred thousand dollars.
Seventh. 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, copiah.
Simpson, Rankin, Scott, Smith and Law
renee. to be the eighth district, and to be
supplied by the mother bank.
Sec. IS. Be it further enacted, That the
| parent bank of the Mississippi Union Bank,
Shall De located IN Jackson, in the county of
Kinds.
SEC. 81 Be it further enacted. That
there shall be annually appointed by the
board of directors Of the mother bank. to ad-
minister the affairs of said Office of discount
and deposite, nine directors, citizens of the
State, residing and d0miciIiated within the
counties for which said Offices shall be es-
tablIshed, 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 bv
the SAID board of directors of the mother
bank, for the COVE rnment of SAID offices.
not inconsistent with etie provisions of mis-
charter.
Sec. IS. Be ii further 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-
hed 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
deposlte, whenever the better management
OF the bank may require such remov-
al.
, Sec. So. BE il further enacted, That
the directors of said offices of discount anC
deposlte, shall appropriate two-thrds o
the capital of each Office, to loan on mort
gage, and one third to loan on promissor,
) notes and bills Of exchange, as far as prac,
tticaDle, and the nature of the application
will enable them so to do; and the board O
directors of said Offices of discount and de
+ posite may loan or discount upon notes Sc
D cured by mortgage.
S Sec. 81. Be ii further enacted, Tha
Y persons borrowing Oh mortgage, shall o,
S allowed at the end of twelve months to re
: new their bonds or notes for twelve month
d longer, during the space of eight year
y from the date of their respective loans 0
: discounts: Provided, That they pay ant
Y reimburse at the time of each renewal, one
d eighth ofthe whole sum originally loaned q
d discounted to them, as well as the interes
if upon the sum for which their said bond
: shall be thus renewed; so that at the exDir
: alton of eight years the whole sum original
d ly loaned or discounted to them, togethe
n with the interest thereon, be entirely pal
g and extinguished: ind, 1aroUided, QEst
i That loans made on mortgage after tn
:, twelfth year of the charter, after being Daj
J. and fully reimbursed, similar loans ma
j. again be made and renewable, and paYabI
y in the same manner as herein before mel
:ioned.
az Sec. 38. Be it further enacted, That IL
;, loans to be made by said Union Bank, sha
= be at rate of1nterest not exceeding SIEVE
!. per cent. on mortgages or bonds and prom
y issory notes, payable at a term of moi
!" than six months; and not more than six ps
I cent on notes or bonds renewable at 81
g months, or at a shorter time; nor shall sal
/ bank deal in exchange, domestic or foreig
81 at higher rate than six per cent per al
], mum discount on six months bills, or a sho
ter term; and seven per cent, on bills at
% longer term.
8 SEC. SO. Be IL further enacted, Til
when either of the said offices of discou
az and deposite, shall not yield in any one yea
vi except the two first years from the con
le mencement of the operation, nett intere
of six per cent per anlum upon the capt.
as invested therein; the directors of the mot
IN er bank shall then remove said Office to al
70 other place in the same district, which
NC them may seem proper, or withdraw t
g same as they may deem advisable.
\ SEC, 40. Be It further enacted, That
T case any Of the branches Of the Mississip
e Union Bank should Withdrawn, in con,
e qnence of failure to realize the reauir
a interest, then sum equal to The canital
u said branch shall be loaned by the par.
as bank, as provided tor, exclusively to
citizens Of those counties for which s
he bank was established.