Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-10-09

2. The place where the operations
of discount and deposte Of such associa
ton are to be carried on, designating the
particular city, town or village.
3. The amount Of the capital stock Of
such association, and tine number of shares
,nto which the same shall be divided.
4. The names and places Of residence
Of the share holders, and the number
of shares held by each ofthem respective
ly.
5. The period at which such associa-
alton shall commence aud terminate;
which certificate shall be proved or ac-
knowledged and recorded in the Office of
the clerk of the county where any office of
such association shall be established and a
copy thereof filed in the Office ofthe secre-
tary Of State.
II. The certificate required by the
last proceeding section to be recorded
and filed in the offices of the clerk Of the
county and secretary of State as aforesaid
or copies thereof, duly certified by either
ofthose officers, may be used as evidences
in all courts and places for and against
any such association.
Is. Such association shall have
power to carry on the business Of banking
by discounting bills, notes and other evil
dences of debt; by receiving deposItes; by
buying and selling gold and silver bullion,
foreign coins and bills Of exchange in the
manner specified in their articles of associ-
alton for the purposes authorized by this
act by loaning money on real and person
al security; and by exercising such incl
dental powers as shall be necessary to
carry on such business: to choose. one of
their number as president ofsuch associ.
alton, and to appoint cashier, and such
other officers and agents as the business
may require, and to remove such presi
dent, cashier, officers and agents at plea
sure and to appoint others in their place.
10. The shares of such association
shall be deemed personal property, and
shall b. transferable on the books of the
association in such manner as may be
agreed on in the articles Of association:
and every person becoming shareholder
by such transfer, shall, in proportion to his
shares, succeed to all the rights and Iiabi-
lilies ofprior shareholders; and no change
shall be made in the articles of associa-
ton by which the rights, remedies or Sc
cnrity Of its existing creditors shall be
weakened or impaired. Such association
shall not be disolvedby the death or insan-
ity ofany Of the shareholders.
s 90. 1t shall be lawful for an asso-
citation of persons, organized under this
act, by their articles of association, to
provide for an increase Of their capital
and of the number of the associates,
from time to time, as they may think pro-
per.
5 81. Contracts made by any such
association, and all notes and bills by
them issued and put in circulation as mo-
ney, shall be signed by the president or
vice president and cashier thereof; and
all suits, actions and proceedings brought
by or on behalf of such association, may
be brought or prosecuted in the name of
the president thereof; and no such suit ac-
ton or proceeding shall abate by. reason of
the death, resignation or removal from Of
flee of such president, but may be CONT
nued and prosecuted according to such
rules as the courts of law or equity may
direct, in the name of his successor in Of
fee, who shall exercise the powers, enjoy
the rights, and discharge the duties of his
predecessor.
5 %. All persons having demands
against any lch association may main
tain actions against the president thereof;
which suits or actions shall not alb ate by
/ reason of the death, resignation or remov-
al from office of such president, but may
be continued and prosecuted to judgment
against his successor; and all judgments
and DEGREES obtained or rendered against
any such president for any debt or liabi-
lily ofsuch association, shall be enforced
only against the joint property of the asso-
citation, and which property shall be liable
to be taken and sold by execution under
any such judgment or decree.
s %. No shareholder Of any such
association shall be liable in his individual
capacity for any contract, debt or engage
ment Of such association, unless the arti-
cles of association by him signed, shah
have declared that the shareholder shall
be so liable.
s "a. 1t shall be lawful for such
associat on to purchase, hold and convey
real es. ATE for the following purposes:
1. Such as shall be necessary for
its immediate accommodation IN the con-
yenient transaction of its business: or
2. Such as shall be mortgaged TO it
| in good faith by way ofsecurty for loans
made by, or moneys due, tosuch assoeia-
ton; or
8. Such as shall be. conveyed TO it in
satisfaction Of debts previously contracted
In the course Of its dealings; or
a. Such as it shall purchase at sales
/ under judgments, DEGREES or mortgages
bel by such association.
s "a. The said association shall not
purchase, hold or convey real estate 10
any other case or any other purpose; and
all conveyances ofsuch real estate shall Be
made is the president, or such other Off
Ger as shall be indicated for that purpose
inthe articles Of association; and which
president or officer, and his success
from time 10 time may S. assign and
convey the same, free from any claim
thereon, against any Of the shareholders
or any claiming under Them
/ S 25. Upon the application Of the
creditors or shareholders Of any such asso
4 eialion, whose debts Of shares sha aEaoun
Is one thousand dollars and Stating iacl
= fIfsed So affidavit. the chancellor ma