Piney Woods planter and Amite union literary reflector. [volume] (Liberty, Miss.) 1838-1838, 1838-03-24


otc, bill or check, for a less sum than +
en- dollars, and if payable to order, !
hey shall be transferable by endorse :
nent, and if payable to bearer, they
hall be transferable by delivery.
SEC. 10. BE it further enacted, That
he whole of the profits of the said
Union Bank shall remain with, and be
by the directors, as paItoi
It's capital, until the full payment of
that portion Of the bonds Of the State
specified in The fifth section, which will
be payable in twelve years, after
which, one-Fourth of the profits then
realized, shall be divided among the
stockholders, in the proportion to which
they shall be entitled, respectively;
and the whole of the remaining and
subsequent profits ofthe bank. shall be
employed by the bank. until the full
naymcnt Of the bonds of the State,
which will be payable in fifteen years;
ofter which, one-fourth of the profits
then realized shall be divided out
among the stock 5olders, as before pro-
Iyided for and mentioned, and the whole
Of the remaining and subsequent prohtss
shall be employed by the bank, until
the full payment of the bonds ef the state
which will bepayable in eighteen years;
after which, one-fourth OF the prohts
then realized, shall be divided as atore-
said; and the amount of the remaining
and subsequent profits shall be employ
ed by the bank until the final payment
and extinguishment of all the bonds
of the State in favor of this institution;
: and after which, the whole ofthe pro-
fits shall be divided as aforesaid, and all
subsequent profits be divided annually,
with this provision: that in considera-
ton of the bonds made by the State.
! in addition to voice in its direction,
the State shall be entitled to one-tenth
part of the whole profits of the bank,
which one-tenth part shall be paid into
the Treasury, at the times and in the
proportions provided for by this section
to the stockholders.
SEC. 20. BE At further enacted, That
quarterly in each and every year, from
the first of January next, after the es-
Enlistment of the said Union Bank,
the stockholders who desire it, may be
allowed to exanine the affairs OF the
hank; and it shall he the duty OF the
board Of directors of tic parent bank,
to furnish free access and inspection OF
the books,(save the private dePosites
of individually of the institution to the
stockholders, and to give them any IN
formation they may desire touching We
management of said bank.
SEC. 81. Belt further enacted, That
the said corporation shall never refuse
specie payment in current coin of the
United States, or suspend payment of
any of their notes, bills, or obligations,
or of any funds received by them on de-
posite; and if ever the said corporation
shall refuse or suspend the said pay
ment, the bearer or holder of any note
or obligation, or any person having the
right to demand or receive the same,
or receive the amount of any deposites
as before recited, shall be entitled to
receive and recover damages at the
rate Fifteen per centum per annum.
SEC. %. BE At further enacted, That if
by the first day of January, eighteen
hundred and thirty mine, three thous-
and shares shall not have been subscrib-
ed for, it may be lawful, as the Legis-
lature may decide upon, to revoke this
charter.
SEC. %. BE At further enacted, That
the board of directors of the parent
bank shall have power TO make regula-
tons and ordinances for the govern
ment the affairs of the bank, and to
pass bylaws for the same, which they
may alter, amend, and add to, as the
interest of the corporation may require
and shall establish rules for the conduc-
ting the affairs of said bank, which they
may in like manner alter, amend, or
add to, as may be necessary, for the
service of the said bank, the same being
not contrary to law.
SEC. "a. BE ii further enacted, That it
shall be the duty of the board of direc-
4 tors to keep set of books, in which all
their deliberations, rules and ordin-
ances, shall be entered and the Legis-
lature shall have power at any time to
appointa committee to examine said
books of deliberations, rules and ordin-
ances, and to ascertain the amount of
cash, the amount of notes in circulation,
kand complete and accurate list of the
balances due the bank, as well as the
amount of deposites, and all other aft
fairs of said bank, SO as to be informed
of its true situation, and be enabled to
make full report thereof to the Leg
stature.
j SEC. 25. Be 1t further enacted, That
i Tho cnn;tnI &C cn;d hnnlr nhnlI l. -.