Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-03-17

- - VI tHS Suiu OhiOu Dunk D0, uI
e they are hereby created, corporation an
3 cody polite, for and during the term
q loriy years from the passage Of this ac
u ana shall be, and are hereby, made cap,
y ole, under the name and style of the Mi.
; slsslppi Union Bank, to receive and DO.
!, $ sess al! kinds Of property, either movea
y Die or lmmoveable, and to sell, ALLEVIATE
u demise and dispose of the same; to loan
y 70 negotiate, to take mortgages and pied
u ges; and to discount on such terms, an,
Such securities, as they shall Judge prop
q er: Provided, That the whole amount O
;, their accounts and goods, OF every des
crlption, do not exceed double the amour
OF the capital actually received-the pro
hts realized, and in the possession OF the
, bank, being always considered as q par
OF their capital: And, provided also, Tha
; the debts due by the bank, exclusive of de
Posltes, shall not exceed double the a
mount oil their capital: and that they shall
not take more than seven per cent inter
est per annum, on any loan or discount
made on notes to order, payable within
SIX months from the time the loans or dis.
counts are made; and they may sue or be
sued, plead and be implicated, answer and
receive answers, in all courts having COM
petent jurisdiction; and to have common
seal, and the same to alter or renew at
pleasure; and to ordain and establish such
bylaws, rules and ordinances, as they
shall deem necessary and suitable for the
government of said corporation, not being
contrary TO this act, nor to the constitution
and laws Of the United States and tho laws
of this State.
Sec. 10. Be II further enacted, That for
the management of the affairs Of said bank,
there shall be thirteen directors, chosen
from among the stockholders; FIVE ofwhom
shall be elected and chosen by the Legis-
lature, by joint vote Of both houses, bien-
nially; and, upon tho part Of tho stock
holders, eight shall be annually chosen, at
the clearinghouse of the said bank, by
the qualified stockholders Of the capital of
said bank; each stakeholder 10 have one
vote, for every share held by him; but no
person, copartnership or firm, shall be en-
titled TO greater number than one hun.
dred votes, and no one shall be entitled to
vote by proxy, more than six hundred
votUs. 'Tt.S tsPP~.-.>--~->s- 49, r~It vS
the State, to be made during the first term
Of the meeting of the Legislature, at their
regular and constitutional meeting, after
the passage Of this act.
Sec. IL. Be il further enacted, That
those who shall become, and be declared
stockholders to the institution, under the
provisions Of this act, shall be required to
pay in cash, the sum of ten dollars over
to the commissioners or directors, or their
agents, on each and every share subscri-
bed for by them, at such time as may be
required by the said directors.
Sec. IL, Be ii further enacted, That at.
ter the closing Of the books, and when it
shall appear that at least Eve hundred
thousand dollars shall have been subscri
bed, and paid in, on the original stock of
The capital Of said bank, the said instltu-
ion shall go into immediate operation, I'M
Ter the provisions hereinafter mentioned.
Sec. Is. Be II further enacted, That the
Legislature shall, upon joint vote, appoint
hree commissioners in each ofthe districts
IF the State hereinafter designated, whose
luty il shall be 10 ascertain, and appraise
he property Of those who wish to become
in the institution, Us we'll as
hose who are DESTROYS to obtain loans on
mortgage; and the said commissioners
shall deliver to all persons whose proper
~ they appraise, detailed and authentic
certificates of its value, Of the number Of
acres of which each is composed, how ma
ny acres are under cultivation, and how
many are capable Of being cultivated, and
how many are not; the nature of the Gull
ure, the number of slaves, and their con-
lition, age, and sex, and the number Of an :
mails Employed; the number and quality
e tho buildings, and an estimate Of each G
nd all, which certificate must be signed
nd sworn to before Judge or magistrate,
II some one authorized to administer oaths, |
" said commissioners or majority Of
hem.
Sec. IA. Be il further enacted, That so
DON as FIVE thousand shares shall have
cen subscribed in the manner herein pro- t
ided for, the Governor Of the State shall
occasionally appoint thirteen directors, !
1ho shall serve for twelve months; and it {
hall be the duty Of the said directors to c
hoose President Of the said Mississippi I
Union Bank, and who shall be chosen from c
mong themselves; and the president thus I
hoseQ, shall remain in Office twelve months {
their appointment; and that so {
DON as the directors are appointed, and
he president chosen, the power ofthe COM
nissioners appointed to receive the sub y
criptions, and the papers relating there
0, and in the possession Of the commission
RS, shall be delivered over to the board
# directors,
Sec. IS. Be ii farther enacted, That az
er the first appointment, an annual cleo
ion Of eight directors for the stockholders,
hall be held on the first Monday in March