Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-03-17
VOL. 3.--No. ii.

~ VI coCh anu 0VeTy year, and the said dl
ID rectors, except those upon the part of tn,
Of State, shall be elected by the stockholders
I, or their attorneys, with the restrictions be
4 lore recited, after public notice of the same
3 IS gwen in the newspapers published a,
5 Jackson, Vicksburg, Natchez, Woodyile
! Fort Gibson, Columbus and Manchester
}, thereby designating the time and place OIL
i SAID election, when the stockholders shall
!. meet for that purpose the time thus fixed
d shall be al least two months after the pub
: lcatlon of such notice and law; and said
f directors shall be elected by plurality
: or votes: Provided, the said shares shall
t nave been held three calender months pre-
vlous TO the election; otherwise the hol-
, oers thereof shall not be entitled 10 vote !;
and the directors shall remain in Office
from thel 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
one OF the directors 20 be president of said
institution, and who shall remain in office
during the term for which said directors
were elected as above stated: Propided,
al'oays, That ifan election or appointment
OF directors, or Of president, shall not
take place at the period fixed by the pres.
ent act, the corporation shall not on that
account be dissolved, but it may be lawful
at any other period 10 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 directors;
until such elections, the president and di-
rectors Of said Union Bank shall be contin-
ued in office: And prorided also, That in
case Of vacancy arising from death, resig-
nation, absence from this State for the
term Of six months, non.acceptance, refu,
sal to qualify, or removal from Office of
any director, the vacancy shall be filled
by the board of directors.
Sec. IS. Be IL further enacted, That the
cashiers, tellers, book-keepers, aud all 9TH
er officers, and servants of the bank, shall
give bonds, with security to be approved
OF by the president and directors Of said
institution, for the faithful discharge Of
their duties; and that their appointment
shall be made by the direction OF the bank;
and they may be removable-at the plea
I----~- - --~:l A;-...ti>s.. and their salaries
be fixed blythe said board Of directors,
who may be increasedJor diminished, as
may be deemed necessary by said board.
Sec. II. BE IL further enacted, That no
individual can be director Of said bank,
who is not citizen, domiclliated in the
State, and who does not at the time Of his
election, in his own right, hold at least
thirty shares Of the capital stock of said
bank; and no emolument, privilege or COM
pensation shall be allowed said director,
excepting the President, as herein provid.
ed for; nor any one be director, who is
director of any other bank, nor his part
ner, nor two persons in partnership or hav-
ing joint inte rest in trade, be at the same
time directors of said Union Bank; and if
after being elected or appointed, any direc-
tor should fail, he shall be incapable of
holding his office, and another Shall be
elected in his place, as herein provided
for, with this provision: that if the direc-
tor, who shall become incapable Of holding
his Office, or shall resign, or refuse to act
the vacancy shall be filled by the board of
directors; or if director upon the part of
the State, shall be appointed by the Gov
ernor.
Sec. 10. Be it further enacted, That
said corporation shall not issue any note,
bill or check, for less sum than ten dol
lars, and if payable to order, they shall be
transferable by endorsement, and if pay
able to bearer, they shall be transferred by
delivery.
Sec. 10. Be ii further enacted, That the
whole of the profits Of the said Union Bank
shall remain with, and be employed by the
as part ofits capital, until the
ul payment of that portion of the bonds
If the State specified in the fifth section,
which will be payable in twelve years, az
er which, one-fourth Of the profits then
'ealized, shall be divided among the stock
holders, in the proportion TO which they
shall be entitled respectively; and the
whole Of the remaining and subsequent
Profits of tho bank, shall be employed by
he bank, until the full payment Of the
ponds of the State, which will be payable
n eighteen years; after which, one-fourth
If the profits then realized, shall be divid-
ID as aforesaid and the amount of the re-
naming and subsequent profits shall be
,mployed by the bank until the final pay
nent and extinguishment of all the bonds
IF the State in favor of this institution; and
lfter which, the whole of the profits shall
,e divided as aforesaid, and all subsequent
Profits be divided annually, with this pro
,is,on: that in consideration Of the bonds
made by the State, in addition to voice
n its direction, the State shall be entitled
o one-tenth part of the whole pro6tsofthe
bank, which one-tenth part shall be paid
nto the Treasury, at the times dnd-in the
provided for by this section TO
he stockholders.
Sec. 20. Be It further enacted, That