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

olders who desire il, may be allowed TO
the alIuirs of the bank; and II shali
" the duty OF the board Of directors Of the
"a rem, bank, to furnish free access ana IN
,pection of the books, (save the private de-
,osites of individuais,) Of tho institution
% the stockholders, and to give them any
information they may desire touching the
oil said bank
Sec. 81. Be II further enacted, That the
said CORPORATION shall never refuse specie
ia current coin oil the chlteu
States, or suspend payment oil any Of their
notes, bills, or Obligations, or oil any funds
received by them on deP'slte; and II ever
the said corporation shall refuse or sus-
pend the said payment, the bearer or mol
der OF any note or obligation. or any per-
aon having the right to demand or receive
the same, or roooiVe the amount oil any DC.
nosites as before reclied, shall be entitled
10 receive and recover damages at the rate
of fifteen per ccntum per annum.
Sec. %. Be ii further enacted, That II
by the first day Of January, eighteen hun
dred and thirty-nine, three thousand shares
ahall no, have been subscribed for, II may
be lawful, as the opinion ofthe Legislature
may decide upon, TO revoke this charter.
Sec. %. Be ii further enacted, That the
board Of directors Of the parent bank
shall have power to make regulations and
ordinances for the government Of the at
fairs Of the bank, and 10 pass bylaws for
the same, which they may alter, amend,
and add to, as the interest OF the corpora
ton may require; and shall establish rules
for the conducting The affairs Of said bunk,
which they may in like manner alter, a
mend, or add to, as may DO necessary, for
the service OF the said bank, the same be-
ing not contrary 20 law.
Sec. "a. Be 1t further enacted, That it
shall be the duty ot'lhe board of directors
to keep set Of books, in which all their
deliberations, rules and ordinances, shall
be entered; and the Legislature shall have
power at any time to appoint d committee
to examine said books Of deliberations,
rules and ordinances, and to ascertain the
amount Of cash, the amount of notes in
circulation, and complete and accurate
lis; Of the balances due the bank, as we'll
rs the amount OF deposites, and all other
affairs Of said bank, so as 10 be informed
ofits true situation, and DE enabled TO make
4 full report thereof to the Legislature.
Sec. rs. Be it further enacted, That the
capital of said bank shall be exempt from
any tax imposed by this State, or any
county or body corporate, u ider the au-
thority OF this State. for and during con-
tinuance of its charter.
Sec. 26. BE It further enacted, That the
hnnr Of diractnrs eh-ll hn ;"dee- IS 49,
suffcency Of the mortgages offered iol
stock and loans, and shall have power to
reject the same il not sufficient; and il
such case require other security, or in dc
fault thereof, reduce the shares of such de
faulters to the amount sufficiently secured
they may also require other and addition
al security, on the renewal Of any note
loan, or accommodation, for which appli
cation may at any time be made, if in thei
opinion, the original security is not sufi
Gent, safe or satisfactory; that the loans
ofthe bank and mortgages for stock, and
loans granted by virtue Of this act, shall
bear ten per cent interest per annum after
maturity, if not punctually paid; and the
Mississippi Union Bank shall have the
right 10 cause TO be seized and sold, accord
ing 10 the laws of this State, the property
80 mortgaged, in whose hands soever il
may be found, in the same manner, anc
with.the same facilities, as if it was founc
in the hands Of the mortgager, no!w,th
standing any change Of title by inheritance
or otherwise.
Sec. 81. Be il further enacted, That j
q stockholder should fail, he shall be di
vested of his quality as stakeholder, anC
his share or shares shall be sold by thu
board OF directors, with all the rights an,
credits thereto belonging.
Sec. 20. Be il further enacted, Tha
if any individual who shall have obtaine(
from said bank loan, secured by mort
gage, as herein provided for, shall make ;
voluntary or forced surrender Of his pro
perty to his creditors, the said surrender
shall not impair the right Of the bank t
any mortgaged property; and said mort
gagged property shall not be comprised il
any cesslon or estate, until the full paw
ment is previously made Of the sum du,
the bank, and by secured mortgage; anc
the bank may proceed by order of sale, in
the same manner us if no surrender had
been made; and any surplus Of the pro
ceeds of such sale, after paying the debts
due the bank, shall be paid over 10 the
PERSONS legal representatives; in no case
shall the applying for, or obtaining a res
pite from his creditors, in any manner i'm.
pair or effect the right Of the bank, to re-
cover all loans secured on the property OF
such persons; nor shall any act Of seizure,
or the execution Of property be, in any
manner delayed, or influenced thereby.
Sec. 90. Bell further enacted, That the
board, with the privileged mortgagers, for
sum of fifteen million five hundred thou
sand dollars subscribed by the stockhol-
derso'' said bank, according TO their shares,
for the purpose Of securing the loan Of fif-
teen million I'VE hundred thousand dollars