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

: quarterly in each and every year. from tn
first OF January next, after the establish
ment ofthe said Union Bank, the stockhol
derS who desire it, may be allowed to ex
anime the affairs of the bank; and it shall b
! the duty OF the board of directors of the pa
rent bank, to furnish free access and inspec
ton of the books, (save the private depos
ties OF individuals of the institution to III
stockholders, and to give them any informa
ton they may desire touching the manage
ment of said bank.
SEC. 81. Be il further enacted, Tha
the said corporation shall never refuse sDe
Gle payment in current coin of the Unite,
States, or suspend payment of any of thciI
notes, bills, or obligations, or of any fund,
/ received by them on depositc; and if evel
the said corporation shall refuse or suspend
the said payment, the bearer or holder q
any note or obligation, or any person having
the right to demand or receive the same. OF
receive the amount of any dcposites as be-
fore recited, shall be entitled to receive an(
recove" damages at the rate of fifteen PEI
centum per annum.
SEC. %. Be it further enacted, That il
blythe first day ofJanuary, eighteen hundred
and thirty nine, three Thousand shares shall
not have been subscribed for, it may be law.
tul, as the opinion of the Legislature may
decide upon, to revoke this charter.
SEC. %. Be it further enacted. Tha,
the board of directors of the parent bank
shall have power to make regulations and
ordinances for the government of the affairs
OF the bank, and to pass bylaws for the
same, which they may alter, amend, and
add to, as the interest of the corporation
may require and they shall establish rules
Tor conducting the affairs of said bank,
which they may in like manner alter, amend.
or add to, as may be necessary; for the SER
vice of the said bank, the same being not
contrary law.
SEC. "a. BE it further enacted, That it
shall be the duty of the board of directors to
keep set of books, in which all their DELHI
erations; rules and ordinances, shall be en-
tered; and the Legislature shall have DOW
er at any time to appoint committee to ex-
anime said books of deliberations, rules and
ordinances, and to ascertain the amount of
cash, the amount of notes in circulation, and
a complete and accurate list of the balances
due the bank, as we'll as the amount of de-
posites, and all other affairs of the said bank,
so as to be informed of its true situation, and
to be enabled to make full report thereof
to the Legislature.
SEC. IS. Be 1t further enacted, That
the capital of said bank shall be ex-
emPt from any tax imposed by this State,
or by any county or body corporate, under
the authority Of this !. stSS sa5Ss tor eds aa That
the board Of directors shall be judges of the
sufficency of the mortgages offered for stock
and loans, and shall have power to reject the
same if not sufficient; and in such case may
require other security, or in default Thereof,
reduce the shares of such defaulters to the
amount sufficiently secured; they may also
require other and additional security, on the
renewal of any note, loan or accommodation,
for which application may at any time be
made, if, in their opinion, the original secu-
rity is not sufficient, safe or satisfactory;
that the loans of the bank and mortgages
for stock, and loans granted by virtue of this
act, shall bear ten per cent interest per an
mum after maturity, if not punctually paid;
and the Mississippi Union Bank shall have
the right to cause to be seized and sold, &C
cording'to the laws of this State the property
so mortgaged, in whose hands soever it may
be found, in the same manner, and with the
same facilities, as if it was found in the
hands of the mortgagor, Notwithstanding
any change of title by inheritance or other
wise.
SEC. q. Be it further enacted, That if
\
ted of his quality of stakeholder, and his
share or shares shall be sold by the board
of directors, with all the rights and cred
its thereof belonging.
SEC. %. Be ii further enacted, That if
any individual who shall have obtained from
said bank loan. secured by mortgage, as
herein provided for, shall make voluntary
or forced surrender of his property to his
creditors, the said surrender shall not i'm
pair the right of the'bank to any mOrtgaged
property; and said mortgaged property
shall not be comprised in any cession or eS-
tate, until the full payment is previously
made of the sum due the bank, and secured
by mortgage; and the bank may proceed
| by order of sale, in the same manner as il
no surrender had been made; and any sur
plus of the proceeds of such sale, after pay,
ing the debt dne the bank, shall be paiC
over to the persons legal representatives; il
no case shall they applying for, or obtaining
a respite from his creditors, in any man
ner impair or effect the right of the bank
to recover all loans secured on the prop
terty of such persons; nor shall any act of sci
zure, or the execution of property be, in any
manner delayed, or influenced thereby.
SEC. 90. Be it further enacted, Tha
THE board, with the privileged ,mortgagers
for the sum of fifteen million Ave hundred
Thousand dollars subscribed by the stock
holders Of said bank, according TO Their
shares, for the purpose OF securing the LOAF
Il of fifteen million FIVE hundred thousand dol
liars, shall be deposited in the Office of thu
. said institution, as security for the REIN
Ibursement of the capital as we'll as inleres
of said bonds granted by the State; and
whenever application shall be made by
stakeholder, to transfer his stock, and b
iflisc harged, such transfer and discharg
may take place upon the new stockholder'
furnishing mortgage to the satisfaction Of a
least a majority of all the directors; in 81
such cases of transfer and discharge, tn
vote shall be taken by yeas and nays.
SEC. 80. Be itfurter enacted, That q
soon as directors are appointed as herei
! before provided for, they shall proceed
! 1.-THE election of president, and the sam
lshall be notified to the GoveTnorof the State
: who will therenpon execute to the said bank
! Iron time to time, bonds in amount proper
, Itioned to the sums subscribed, and to secur
I Ito the satisfaction Of the directors, as rc
: Toured by the charter until the whole Z
" Imount Of fifteen million Ave hundred thoE
! Island dollars shall be furnished in bonds, /
: herein before provided for.
n Sec, 81. Be it further enacted, That Il
n State of Mississippi shall be entitled to
lcreclit of two hundred thousand dollars
It furnishing notes or obligations for such su