Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-03-09
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ted. and shall give bond and security
in a sum to Be approved of by the gen
eral board Of directors.
Art. 18th. The duties Of the COM
rnittee of finance and business shall be
to meet weekly or oftener if deemed
necessary, to discount nDtes offered,
value real or mixed estate offered by
persons wishing to become stockhol-
ders, and to do all other things which
may be required Of them in the bye
laws ofthe Company.
Art. 18th. 1t shall require not less
than two thirds Of the whole number
ofstockholders to constitute quorum
of the general board of directors TO
transact business, majority of whom
shall govern in all cases, except in the
admission Of q new member, in which
case it shall require two thirds of the
votes present.
Art. 18Th. The general board of di-
Tcctors shall have power ID make bye
laws and regulations for its own Gov
eminent, provided said bye laws and
regulations shall not be inconsistent
with these articles Of association.
Art. 18th. Each and every stockhol-
der may have the privilege Of borrow
ing money on note or notes from the
Company, 10 an amount not to exceed
one half of his or her stock, subscribed
without security, provided his or her
said note shall be approved of by the
committee offinancc.
Art. l7lh. The notes or bills Of the
Company shall be signed by III, Pres
ident and counterSigned BY the Cashier.
Art. 18th. The President and Cash
Ter Of the Company shall have no power
10 bnd the Company in any way what
ever, except SO far as it is necessary to
sign notes, checks and bills Of exchange
of the Company, and in such amounts
and denominations, as the Company
may direct; and no member Of the
Company shall bind the Company in
any manner whatever. unless they have
special po ser conferred ON them hy
the Company.
Art. 10Th. The salary Of the officers
shall be fixed by the stockholders con-
stitutng a general board Of directors,
and may be alterd at their discretiona at
their annual meetings.
Art. goth. The committee of finance
and business, or any other five members
of the COMPANY, owning together fifty
shares shall at any time have the power
ofcalling meeting Of the general board
of directors, if the business of the
Company require it.
art. 2lSt. The Company shall not
issue or circulate at any time, notes or
bills, or create or make any liabilities
or responsibilities upon the Company
for an amount exceeding the valuation
ofthe real or mixed estate, npoa which
they may have or hold deeds ftrust in
the manner before mcntiorcl.
Art. 22d. In case the real or mixed
estate Of each member, upon which
the Company have or hold trust deeds
in manner as before stated, shall not be
sufficient to meet his or her proportion
of tue losses Of the Company, in case
said Company shall meet with loss,
then said members and each of them
shall contribute, out of their private
funds and estates, in proportion to the
amount Of stock Subscribed by each, a
sufficient amount to equalize the losses
amongst the different members in pro-
p ortlou to the amount Of stock by them
subscribed.
Art. 23d. The real or mixed estate
made over 10 said Company by deeds
of trust as aforesaid, shall be valued in
such manner as shall be agreed on and
directed by said Company, every two
years or otlener, at the discretion of the
Company; and if the real or mixed es-
tate of either member ofsaid Company
shah have declined in value since the
previous valuation, tlIcn the stock of
said member shall be reduced to one
half tho ar0oF1rf &c Ella lo.E ,,.l.us: