Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-09-26
NO.9.


and each and every stakeholder shall b
entitled to credit equal = one-half of the
| total amount of their respective sbarps.
which shall bear interest at the RAT ,,F se,,s,,
per cent. per annun; four per cent Of sr,h
loans anil interests shall be paid annually.
and the individual notes Of the stockholders
renewed annually, until the whole loan sb,.lI
be paid and extinguished.
Sec, 30. Be il further enacted, That there
shall he established seven offices of discount
and deposites as follows, to wit
FIRST. One at Macon, in the county of
Noxuhee, for the use and Accommodation
o. the Counties Of LowrdeS, Octbkeha, Nox-
nbee, Kenper, Lauderda1e and Ncahol,a.
With capital Of oae million eight hundred
thousand dollars.
Second. Ore at Augusta, in the county
ot Perry, for the Counties Of clark, JASPER.
coV,ngton, Jones' Wayne, jackson, Han
COCK Green, Perry and Marion, with
capItai o. one million of dollars.
zn1rd. One at Aberdeen, in the county
OF Monroe, foe the county Of Monroe, TIA
wamba, Tishemingo, Tippah, Pontotoc,
CblckaSaw AID Marshall, with capital Of
one million of dollars
Fourth, And one at the town of Licking
ton, IN the county Of Holmes, for the cotln-
ties OF Fazoo. Holmes, carroll, choctaw.
Attaia and Leake, with capital Of enc
million nme hundred thousand dollars.
Fifth. And one at the town of 1'nlato-
pa IN the county Of Fallahatchie, and for
the Counties IF Yal1buSlla, PaIIalratcbje.
Lafayette, De S9to. P0n6la and Iunica'
WIN capital of one million three hundred
thousand dollars
otcfh. One in The town Of Vickburr. in
the county If Warren. for The counties Of
Claiborne, Warren, Washington, Bolivar.
coahoma, with capital Of oac million Eve
hundred Thousand dollars.
1epeTh. One at Liberty, in the county
81 A1n'5e, an'i for hecounties ofP Ike. Amite.
Wilkinson. Adams, Franklin aud Jefferson.
With capital offRa ,uiiIaas # dollars.
lhe counties d Madison. H;ads, caniah.
simpson, Raoit''is Sc0tl, Smith and Law
renee. 70 ne tie eshta district, ami to be
supplied by The mother bauk,
bee. So be Il further enacted, That the
parent oank OF the AdIssi.siPpI Unien Bank,
shall be located 10 jackson, ia the couarY OF
Kinds
SEC. 3, Be ii further enacted. Tia,
there shall be annually appointed bv fI,e
hoard ct directors Of the mo- her bank. To adj
minister the affairs Of sad Office OF discount
and dsposiiC, mae directors, Citizens Of the
state, residing end d1miciliated within the
Counties for which said Offices shall be es-
taoilshed, five Of whom shall constitute
Quorum to transact business; and said di-
TectorS Shall choose from among themselves
a president, and shall he subject to all such
regulations and rules as NAV be adoDtetl nv
the sad board Of directors Of the mc,he1
bank, for the lnment of SAID Offices.
DOT Inconsistent with the provisions Of this
charter
Sec. IS. Be IL further 'rnacfrd, That
mere shall be appointed for each cF the
aforesaid Offices Of discount and depoSite,
cashier, teller, and clerk, aud other officers
OF servants that may be required. all of
wh1m shaii enter into bond for the faithful
| oiSchaf9e OF their duties; the ar1cunt aud
conditions OF which said bond shall be spaci-
ned and provided for by the directors 81 the
mother bank; and the said directors of the
mother bank may remove, at their pleasure.
any olncefs III said Offices Of discount and
dep3Site' whenever the better management
., 'he Dank may require such rcmoy.
Sec: SO. Be ii further enacted, That
the directors Of said Offices Of d;scnIpr and
opposite, shall appropriate two.thIrds Of
the capital II each aiii,e, 10 loan on mort
gage, aud one third 10 loau on pfopis>orv
notes and bills of exchange, as far as nrac.
uc4bie, and the nature of the applications
VIII enable them 50 to do; and the board Of
directors OF said Offices Of discount and de-
PosIte may loan or discount upon notes Sc.
cured by mortgage.
DEC. 81. BE H further enacted, That
persons borrowing Cd mortgage, shall be
ai'o"ed at the end Of twelve mouths to re-
ne" their bonds or notes for twelve months
longer, during the space Of eight wears
trom the date of their respective loans -.
discounts: Provided, That they nav and
reimburse at the time of each renewal. one
eighth OF the whole SUN originally loaned or
discounted to them, as well as the interest
upon the sum TOR which their said bonds
Snan De mus renewed; so that at the expir-
atlou OF eight years the whole suIa1 original.
ly loaned or discounted 20 them, together
with the interest thereon, be entirely naid
and extinguiShed: find, hroDtded. also.
That loans made on MORTGAGE after tht.
twelfth year OF the charter, after being paid
and fully reimbursed, similar loans NAV
again be made and renewable, and PAYABLE
IA Vne same manner as heEein before meu-
Sec. IS. Be &c further enacted, That the
loans 70 Ire made by said Union Bank, shall
DC az rate Of interest mt exceeding seven
per Cent on mortgages or bonds AID prom-
''N-~Si EngetOA az = zlefk3 OF more
than six months; aud not more than six per
cent ON notes or bonds renewable at six
months, or at a shorter time; nor snail said
bank deal IN exchange, domestic as foreign.
at higher rate than SIX per cent per an
NUM- discount on six months bills, or a shor-
ter term; and seven per cent, on bills ut a
longer term.
SIG So. Be it further. enacted. That
when either of the said Offices of discount
aud deposite. shall not yield in any one wear.
excepa che two FIRST years from the com.
neNrement Of the operation, a nett interest
OF six per cent per allndm upon the capital
invested ehereins the directors of the moth
erbank shall then remove said Office 20 sny
other place "a The same district. which 60
them may seem proper. or withdraw tae
same.as they mayCeem advisable. 20
SEcs 20, Be e ssgheg' enacted. They in
case any Of the branches Of the Mississippi
Union Bank should withdrawn. ia eonse-s
aueuce Of 4 failure 70 realize the required
interest. then a sum equal 70 che CAPITAL q
said branch shall be loaned by the parent
bank, as provided tor, exclusively 10 the
eihSens of tlnSe counties for which said
bank was established.
SIC. Il. Be1 further enoeted, That the
said otices OF discount and deposite, NAV
lend m"ney to tie citizens OF any trheo