Piney Woods planter and Amite union literary reflector. [volume] (Liberty, Miss.) 1838-1838, 1838-03-24

who arc ueSlTOus W ODLdlh ipslhs "" Y
mortgage; and the said commissioners n
shall deliver to all persons whose pro- t.
perty they appraise, detailed and auth {
entic certificates Of its value, OF the y
number of acres of which each is com $
posed, how many acres are under cul-
tiyation, and how many are capable OF !
being cultivated, and how many are
not: the nature octhc culture, the num-
Der of slaves, and their condition, age,
and scx. and the number of animals
ernployed; the number and quality OF
the buildings, and an estimate OF each
and all, which certificate must be sig
ned and sworn TO before a Judge or ma
aistrate. or some one authorized to adj
minister oaths, By said commissioners or
q majority of them.
Sec. Ia. Be il further enacted, That
so soon as five thousand shares shall
have been subscribed in the manner
herein provided for, the Governor OF
the State shall Professionally appoint
thirteen directors, who shall serve tor
twelve months; and it shall be the duty
Of the said directors to choose Presi-
dent of the said Mississippi Union
Rank. and who shall be chosen from a
mong themselves; and the president
thus chosen, shall remain in office
twelve months following their appoint
ment; and that so soon as the directors
are appointed, and the president cho-
sen. the power of the commissioners APP
pointed to receive the subscriptions,
and the papers relating thereto, and IN
the possession of the commissioners,
shall be delivered over to the board OF
directors. m
SEC. Is. Be it further enacted, That
after the first appointment, an annual
election of eight directors for the stock
holders. shall be held on the first Mon
day in March of each and every year;
and the said directors, except those u
pom the part of the State, shall be elect
ed by the stockholders, or their attcf-
neys, with the restrictions before reci:'
ed, after public notice ofthe same is
given in the newspapers published at
jackson; Vicksburg, Natchez, " ooo-
vile, Port Gibson, Columbus and Man
chester, thereby designating the time
and place of said election, when the
stockholders shall meet for that pur-
pose: the time thus fixed shall be at
least two months after the publication
ofsuch notice and law; and said direct
ors shall be elected by plurality of
votes: Provided, 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
j.. Office from the second Monday of
March. to the same month in the year
following; and the board of directors
shall every year, at the first meeting
after their election, elect ono of the di-
rectors to be president of said institu-
ton, and who shall remain in office du-
ring the term for which said directors
were elected as above stated: Provided,
al,cays, That if an election or appoint
ment of directors, or of president,
shall not take place at the period fixed
by the present act, the corporation
shall not on that account be dissolved,
but il may be lawful at any other peri
cd to hold said election, or make new
nominations as the case may be; and
the manner and place Of holding the
elections, shall be fixed by the bylaws
and ordinances Of the board of direc-
tors; until such elections, the president
and directors Of said Union Bank shall
be continued in office: find propidcd al
so, That in case of vacancy arising
from death, resignation, absence from
acceptance, refusal TO qualify, or re-
moval from Office Of any director, the
vacancy shall be filled by the board
ofdirectors.
Sec. l6. Be it further enacted, That
the cashiers, tellers, book-keepers, and
all other officers, and servants ofthe
bank, shall give bonds, with security to
be approved Of by the president and
directors ofsaid institution, for the faith
full discharge of their duties; and that
their appointment shall be made by the
direction ofthc bank; and they may be
removable at the pleasure of said direc-
ton, and their salaries be fixed by the
said board of directors, who may be in
creased or diminished, as may be deem
ed necessry by said board.
Sec. IL. Belt further enacted, That nc
individual can b, director of said
bank, who is not citizen, domiciliated
in the State, and who does not at the
time of his election, in his own right,
hold at least thirty shares of the CAPT
tai stock ofsaid bank; and no emolu-
ment, privilege or compensation shall
be allowed said directors, excepting the
n.o.:Ia.A honn:r, ,ro.r.dod for. nor