Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-12

on the property of such persons; nor shall any !
actlof seizure OF the execution Of property be,
many manner delayed. orinfuenoed thereby |
SIC 29 BE e further enacted That the
board, with the privileged mortgagers, for the
sum Of fifteen million five hundred thousand
dollars subscribed By the stockholders Of said
bank, according totheiF shares, forfhe purpose
Of securing the loan of fifteen million FIVE hun
dred thousand dollars, shall be deposited IN the
Office of said institution, as security for the re-
endorsement Of the capital as well as the in
terest of said bonds granted by the State:
and. whenever apphcatonshal be made bY
stakeholder, to transfer his stock, and be dis
charged, such transfer and discharge may take
place upon thesneWa stockholders furnishing
mortgage TO the satisfaction of at least anna
jority of az the directors; in all such casesgof
transfer and discharge, the vote shall be taken
by yeas and nays.
SEc 3d. BE u further enacted, That as soon
as. directors are appointed as herein before
provided for, they shall proceed to the election
of president, and the same shall be notified
to the Governor of the State, whowil, there
upon execute to the said bank, from time to
time, bonds IN amount proportioHed to thesums
subscribed, and secure to the satisfaction Of
the directors, as required by the charter until
the whole amount of fifteen million five hum
dred thousand dollars shall be furnished in
bonds, as herein before provided for y-
SEc. 81. Be It further enacted, That the
State of Mississippi shall be entitled to cred
It Of two hundred thousand dollars on furnish
ing notes or obligations for such sums as may
be required to be used, and paying the usual in-
terest annually, and in advance, and each and
every stockholder shall be entitled to a credit
equal to one-haf of the total amount of their
respective shares, which shall bear interest at
| the rate of seven per cent. per annum; four
per cent. of such loans and interests shall be
pad ANNUALLY; and the individual notes of the
| stockholders renewed annually, until the whole
loan shall be paid and extinguished. Is SD 8
SEC. 80. Be 1t farther enacted, That there
shall be established seven offices Of discount
and deposite, as follows, to wit: a-
Frst.-One at Macon, in the county OF
Noxubee, for the use and accommodation of the
counties of Lowndes, Octibbeha, Winston,
Noxubee, Kemper, Lauderdale and Neshoba,
with capital of one million eight hundred
thousand dollars.
Second-One at Augusta, in the county o.
Perry, for the counties Of Clark, Jasper, Gov
ington, Jones, Wayne, Jackson, Hancock,
Greene, Perry and Marion, with capital Of
one million Of dollars. Is. sf
| ThTrd-One at Aberdeen, in the celnty oil
| Monroe, for the counties of Monroe, Itawam-
ba, Tishemngo, Tippah, Pontotoc, Chicka.
saw and Marshall, with capital Of one nail.
ion Of dollars.
Fourth.--And one at the town OF Lexing.
ton, In the county Of Holmes, for the counties
Of Yazoo. Holmes, Carroll, Choctaw, Attal;
and Leake, with capital of one million nint
hundred thopsand dollars. 4, esr-s - j.
kJtR.-And one at the town of TIlatoba
il the county Of Tallahatchie for the counties o
Yalabusha, Tallahatchie, Lafayette, De So
to, Ponola and Tunica, with a capital Of on
million three hundred thousand dollars. ~. !.
Sirh.-One In the town of Yicksburg, i
the county of Warren, for the counties Q
Claiborne, Warren, Washington, Bolivar AM
Coahoma, with capital of one million fiy,
hundred thousand dollars. - ss5.7 s.
Sevsnth-One at Liberty, IN the county 3
Amite, for the counties of Pike, Amite, WI
kinson, Adams, Franklin and Jefferson, with
capital of two millions Of Dollars. ,s.s
The counties of Madison, Kinds, Copiah
Simpson, Rankin, Scott, Smith and Lawrence
to be the eighth district and to be supplied b,
the mother bank. :. era sr..
SEC. 80. Be II further enacted, That the pa
rent bank of Mississippi Union Bank. shall b
J located in Jackson, IN the countyof Kinds.
! SEC. 81. Be it further enacted, That Their
| shall be annually appointed by the board gdi
rectOrs Of the mother bank, to administer th
} affairs OF said Office of discount and deposite
nine directors, citizens of the State, residin
!, and demiciliated within the counties for whic
, said Offices shall be established, five of WHOM
shall constitute aquorum to transact business
J and said directors shall choose from anon
themselves president, and shall be subject {
Ean such regulations and rules as NAV be adoI
| TIED by the said board of directors of the mott
, er bank, for the government of said Offices, M
finconslstentwith the provisions Of this chal
. hter asa 50 -
!, aSEc. IS. BE u tathey. enacted, That thel
: Hshall be appointed for each of the aforesaid d
Etices of discount and deposite, a cashier telle
! and clerk, and other officers or servants tia
! may be required, all of whom shall enter INF
bond for the faithful discharge of Their, duties
the amount and conditions OF which said bon
: shall be specified and provided for by the sal
directors of the mother bank; and the sal
I dlTectorso of the mother bank may remove, /;
their pleasure, any officers in said Office of di:
count anddep0site, whenever the managemer
: Of the bank may require such removal. S.
SEC. 36 Be It further enacted That Il
= directors Of said Offices of discount and depog
I lite, shall appropriate two-thirds of the capt.;
!, of each Office, to loan on mortgage, and ont
third to loan on promissory notes and bis
: Exchange, as far as practicable, and the natnE
7 Iof the applications vail enable themso to dor
: and the board of directors of said Offices
y discount and deposite may loan or discount u
{ onnotes secured BY mortgage
SEC. 81. Be II fatEther sGaactea, That pc
: sons borrowing on mortgage, shall be Above
I at the end of twelve months TO renew the
{ bonds OF notes for twelve months longer, d
{ ring the space of eight years from the date
! their respective loans or discounts: PgoDids
That they pay and reimburse at the time
each renewal, one-eighth Of the whole SUI
4 Originally loaned or discounted tothen1 as we
) as the interest upon the sum for which the
: said bonds shall be thus renewed; SO that,
+ the expiration Of eight years, the whole So
3 originally loaned or discounted to them, togetl
) or with the interest thereon, be entirely pa
and extingusheds Ard pnQCided, atso N
! i loans made on NOR eages after the tWeli
e yeaf of The charter al1er being paid and tul
4 reimbursed similar loans may agaln pc MAJ
s ana renewable. and payable u the same ma
{. lef as herein before meHgi0nsd
Sc. 81. b b lgt6sf ss.ar That &
3 loans 70 be. made 81 sad Union Bank sh'
'a be at rate 81 interest not exeeedlng seVl
s. Der cent a mortgages d bonds al prom.
4 solz notes payable at tern q mere ein'
e SIX months, 81 at a shorter time; nor shallsa
III bank deal 10 exchange, dolaes &c Of Iot slgl,
AT 6her rate tah SIX Per cent PEI ad
g Discount six months d 3. at 4 lengss term