Southern Argus., 1837-08-29

per ana quallty OF the DulIdIngS, 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 fve 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 ape
/ pointment; and that so soon as the directors
are appointed and the president chosen, the
| power OF the commissioners appointed to
receive the subscriptions, and the papers re-
lating thereto, and in the possession of the
commissioners, shall be delivered over to
the board of directors.
| SEC. IS. BE it further enacted, That
after the first appointment, an annual cleo
tion 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, Vicksburg, Natchez, WoOdville, Port
Gibson, Columbus and Manchester, there
by designating the time and place of said
election, when the stockholders shall meet
for that purpose the time thus fixed shall
be at least two months after the publication
of such notice and law; and said directors
shall be elected by a plurality Of votes
/ PF0Dided, the said shares shall have been
held three calender months previous to the
election; otherwise the holders thereof shall
not be entitled to vote; and the directors
shall remain in Office from the second Mon
day of March, to the same month in the
year following; and the board of directors
shall every year, at the first meeting afteI
their election, elect one of the directors &c
be president of said institution, and who
shall remain in Office during the term fol
which said directors were elected as above
stated PROVIDED GtsUays, That il an cleo
ton or appointment of directors, or of a
president, shall not take place at the period
fixed by the present act, the corporation
shall not on that account be dissolved, but
it 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
Iof holding the elections, shall be fixed by
the bylaws and ordinances of the board Ol
directors, and until such elections, the pres.
ident 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
for the term of six months, non acceptance
refusal to qualify, or removal from Office
OF any director, the vacancy shall be filled
by the board Of directors.
SEC. Is. Be it further enacted, Tha'
the cashier, telIers, book-keepers, and al
other officers, and servants of the bank shall
give bonds, with security to be approved o
Iby 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 saic
!. 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 director of said bank
r who is not citizen, domiciliated in tn
; State, and who does not at the time of hi
r election, in his own right, hold at least thir
r ty shares OF the capital stock of said bank
: and no emolument, privilege or compensa
: tion shall be allowed said director, excep
: ting t he president, as herein provided for
nor any one be director, who is directo
1 of any other bank, nor his partner, nor tw'
/ persons in partnership or having a joint in
terest in trade, be at the same time director
y of said Union Bank; and il after being cleo
S ted or appointed, any director should fail
$ he shall be incapable of holding his Office
and another shall be elected in his place, a
( herein provided for, with this provision
1 that lfthe director, who shall become inca
: pable of holding his Office, or shall resign
{ or refuse to act, the vacancy shall be file
e by the board of directors; or if direCto
: upon the part of the State, shall be appoin
: ted by the governor.
t SEC. Is. Be IL further enacted, Tha
: said corporation shall not issue any note, bi
!; or check, for less sum than ten dollars
: and If payable to order, they shall be trans
: ferable by endoI sement, and if payable {
i bearer, they shall be transferable by delivery
o SEC. 10. Be it further enacted, Tha
e the whole Of the profits Of the said Unio
IS Bank shall remain with, and be employe
& by the directors, as part of its capital, uu
! til the full payment of that portion Of tn
L bonds Of the State specified in the Efth sec
ton, which will be payable in twelve years
It after which, one-fourth Of the profits the
d realized, shall be divided among the stock
e holders, in the proportion to which the
% shall be entitled respectively; and the whol
10 of the remaining and subsequent profits
l. the bank shall be employed by the ban
d until the full payment Of the bonds
= the State, which will be payable in f
teen years: after which, one-fOurth Of Il
E. profits then realized shall be divided O
il among the stockholders, as before provide
q. for and mentioned, and the whole Of the r
ID naming and subsequent profits shall be en-
A ployed by the bank, until the full pavme
n of the bonds Of the State, which viii be 81
Sd able in eighteen years; after which On
fourth Of the profits then realize
~ shalI be divided as aforesaid; and the who
3 amount Of the remaining and subseque
he profits shall be employed by the bank, uu
il the final payment and extinguishmene Of
a. the bonds Of the State ii favor Of this ins
4. tuition; and after which. the whole Of I
ho profits shalt be divided as aforesaid, and
E subsequent profits be divided annually, VI
stod this provision that in consideration Of I
.D. bonds made by the State, in addition 20
Of voice in its direction, the State shall be
ich titled to one-teuth part Of the whole pro
~ Of the bank. which one-tenth part shalt
Sc paid into the Treasury, atthe times and
81 !: the proportions provided for By this sect
al TO the Stockholders
nd SEC. 90. Be it further enacted, II