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

the number of animals empioyed the mum.
Der and quality Of the buildings, and an es-
innate of each and all, which certificate
must be signed and sworn to before Judge
or magistrate. or some one authorized TO ad-
minister oaths, by said commissioners or a
majority of them,
SEC. II. Be it further enacted. That so
soon as Ave thousand shares shall have been
subscribed, in the manner herein provided
for, the Governor of the State shall provis-
ionally appoint thirteen directors, who shall
serve for twelve months and it shall be
the duty of the said directors to choose Presi
dent of the said Mississippi Union Bank and
who shall be chosen from among themselves;
and the president thus chosen, shall remain
in Office twelve months following their app
pointment; and that so soon as the directors
are appointed and the president chosen, the
power of the commissioners appointed to
receive the subscripti Ons, and the papers re-
lating thereto, and in the possession of the
commissioners shall be delivered over to
the board of directors.
SEC. Is. Re il further enacted, That
after the firsf appointment. an annual cleo
ton of eight directors, for the stockholders,
shall be held on the first Monday in March
OF each and every year; and the said direc-
tors, except those upon the part of the
State shall be elected by the stockholders,
or their attorneys, with the restrictions be-
fore recited, after public notice of the same
is given in the newspapers published at Jack
son, Vicksbug, Natchez, Woodville, Port
Gibson, Columbus and Manchester, there
by designating the time and place of said
election, when the stockholders shall meet
tor that purpose the time thus fixed shall
be at least two months after the publication
of such noticeand law; and said directors
shall be elected by a plurality of votes
ProUidedS thesaid shares shall have been
held three cale1 Ter months previous to the
election; otherwise the holders thereof shall
not be entitled u vote; and the directors
shall remain in Office from the second Mon
day OF March, 10 the same month in the
year following; and the board of directors
shall every yeay at the first meeting after
their election, eect one of the directors to
be president of said institution, and who
shall remain in office during the term for
which said directors were elected as above
stated ProUidet always, That if an cleo
ton or appointment of directors, or of a
president, shall MT take place at the period
liked by the present act, the corporation
shall not on thataccount be dissolved, but
1t may be lawful At any other period to hold
said election, or make new nominations as
the case may be: aud the manner and place
of holding the elections, shall be fixed by
the bylaws and ordinances of the board OF
directors, and until such elections, the pres
ldent and directors Of the said Union Bank
shall be continued in office find provided
also, That in case of vacancy arising from
death, resignation. absence from this State
he fnrU rs h.
refusal to qualify, or removal from office
of any director, the vacancy shall be filled
by the board of directors.
SEC. 10. Be it further enacted, Tha,
the cashier, tellers, book-keepers, and al
other officers, and servants of the bank Shall
give bonds, with security to be approved o.
by the president and directors of said insti
tuition, for the faithful discharge of their du-
ties; and that their appointment shall be
made by the direction of the bank; and they
may be removable at the pleasure of sale
direction, and their salaries be fixed BY the
said board of directors, who may be in
| creased or diminished, as may be deemed
necessary by said board.
SEC. II. Be it further enacted, That nj
individual can be a director of said bank
who is not a citizen, domiciliated in tn
| State, and who does not at the time of hi
election, in his own right, hold at least thir
ty shares of the capital stock of said bank
and no emolument, privilege or compensa
ton shall be allowed said director, excep
ting the president, as herein provided for
nor any one be director, who is directo
of any other bank, nor his partner, nor tw
persons in partnership or having joint in
terest in trade, be at the same time director
of said Union Bank; and if after being cleo
ted or appointed, any director should fai
he shall be incapable of holding his Office
and another shall be elected in his place. q
herein provided for, with this provision
THAT If the director, who shall become inca
pable of holding his office, or shall resign
or refuse to act, the vacancy shall be file
by the board of directors; or if directC
upon the part of the State, shall be appoir
ted by the governor
SEC. 10. Be it further enacted, TIL
: said corporation shall not Issue any note, bi
; or check, for less sum than ten dollar
and if payable to order, they shall be tran
: ferable by endol sement, and If payable
: bearer, they shall De transferable by deliver
SEC. 10. Be it further enacted, Tn
g the whole of the profits of the said UniC
S Bank shall remain with, and be employ'
by the directors, as part of its capital, u
: til the full payment of that portion of Il
! bonds of the State specified in the fifth Sc
ton, which will be payable in twelve year
t after which, one-fourth of the profits tn
4 realized, shall be divided among the stoc
e holders, in the proportion to which tn,
o shall be entitled respectively; and the who
o of the remaining and subsequent profits
: the bank, shall be employed by the bal
d until the full payment of the bonds
: the State, which will be payable in f
teen years: after which, one-fourth of I
+ profits then realized shall be divided c
it among the stockholders, as before provid
l. for and mentioned, and the whole of the 1
d naming and subsequent profits shall be Ell
ii ployed by the bank, until the full payne
l. of the bonds of the State, which will be pa
s able in eighteen years; after which or
fourth of the profits then realize
e shall be divided as aforesaid; and the wh'
8 amount of the remaining and subseque
le profits shall be employed by the bank, VI
il tho final payment and extinguishment OF
} the bonds of the State in favor OF this ms
l. tuition; and after which, the whole of
10 profits shall be divided as aforesaid, and
|. subsequent profits be divided annually, W
10 this provision that in consideration of
D. bonds made by the State, in addition TO
of voice in its direction, the State shall be
"a titled to one-tenth part of the whole pro
N of the bank, which one-tenth part shall
lie maid into the Treasury, at the times and