Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-10-03

county. not enumerated in the district tor
which said branch was established when
there are not sufficient applications tor the
counties for which said officers are estab-
liShed.
Sec. ~. Belt further enacted, That the
Eour last years of the time allowed for the
continuance 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 said last four years of the charter.
Sec. 43. Be il further enacted, That the
State sh II be divided into eight banking
districts. in seven Of which said districts
there shall be established branch Of said
hank. with the capital before provided for
to each, for the purpose of affording bank
ing facilities to the citizens OF those coun-
ties that compose said districts; the mother
bank shall be required to do the aoditlonal
business of one district.
Sec, A. Belt further enacted, That aft
ter the sale Of the bonds for raising the cap
ital of said Union Bank herein before Provl-
ded for, and after the realizing the proceeds
of said sale on said bonds, it shall be the
duty ofthe board Of directors Of said bank to
refund and nav over to the subscribers to
the capital stock of said bank, the amount
paid by them in leash 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-thlrd
in ninety days after the said time herein
above recited and provided tor.
Sec. As. Be it further enacted, That the
loCl Of oIA
hereby authorized and empowered, to fix
such salary or compensation as they may
deem necessary and proper for the commits
sioners appointed by the thirteenth section
of this act, and to pay the same out OF the
funds of said bank.
Sec. As. Be it further enacted, That
when the said Union Bank shall have gone
into opreation, as provided for in the twelfth
section of this act, the said bank shall not
be required to loan on mortgages Or stock,
until the bonds specified in the fifth section
of this act, shall have been sold, and the
proceeds Of sale be realized by said bank ;
but the said bank may loan, deal in ex-
change, discount, and take snch 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, fr0Uided
further, That said loans may be made to
anv citizens of the state.
Sec AZ. Be it further enacted, That the
fifth 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 constitution;
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,
Speaker ofthe House Of Representatives.
A. G.. McNUTT,
President Of the Senate.
Approved, so far as the action of this
Legislature is ecognized-January2l, 1887.
CHARLES LYNCH.