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

HeFein upfNiHtFu, Idii UT TtfaSe w hCt ,lhC ty4
the Iaanagefs elected 70 en- the books e
the seat Of government, Or I ...ajority o.
them, may supply all vacancies.
SEC. A. BE it further enacted, That the
owners of real estate, situated in the State
of Mississippi, and who are citizens there
of, shall be the only persons entitled to
subscribe; and shares so subscribed, shall
be transferable only to such owners, until
after FIVE years, when they may be trans
ferred to any owner ofreal estate in this
State, whether citizens or not: Provided,
hOwerer, to secure the capital or interest
Of said bank, mortgage shall be given on
property of sufficient character, and of
an imperishable nature.
SEC. 5. BE il further enacted, That in
order to facilitate the said Union Bank, for
the loan Of fifteen million five hundred
thousand dollars, the faith of this State be,
and is hereby pledged, both for the secu-
rity of the capital and interest, and
that seven thousand five hundred bonds
of two thousand dollars each, to wit: eigh-
teen hundred and seyenty-fvo, payable in
twelve years; eighteen hundred and sew
enty-fve in fifteen years; eighteen hun
bred and seventy five in eighteen years
and eighteen hundred and seventy-five in |
| twenty years, and, bearing interest at the
rate of five per cent. per annum, shall be
signed by the Governor of the State, toI
the order Of the Mississippi Union Bank,
countersgned by the State Treasurer,and
under seal of the State. Said bonds to be
in the following words, viz;
$4,000
Know all men by these presents, that
the State of Mississippi acknowledges to
be indebted to the Mississippi Union Bank,
in the sum of two thousand dollars, which
sum the said State Of Mississippi promises
/ to pay, in current money of the United
States, to the order of the President, Di
rectors, and Company, in the year
with interest at the rate of five per cent. |
per unnum, payable half yearly at the
place named in the endorsement hereto,
viz:
On the of every
year until the payment of the said princi-
pal sum. In testimony whereof, the Go
vernon of the State of Mississippi has sign
ed, and the Treasurer of the State has
countersigned these presents, and caused
the seal Of the State to be affixed thereto,
at jackson, this in the
year of our Lord
Governor.
Treasurer.
SEC. 6. Be ii further enacted, That
the said bonds may be transferable by
the endorsement of the President and
of the Cashier of said Bank, to the or
der of any person whomsoever. or to
the bearer, and the said endorsement
shall fix the place the said principal
and interest shall be paid; and all ex-
penses incurred thereon, shall be de-
frayed from the funds of the bank.
SEC. Z. Be 1t further enacted, That
both the capital and interest ofthe said
bonds shall be paid by said bank, at the
times they shall severally fall due.
SEC. 8. Be IL further enacted, That to
secure the payment of the capital and
interest Of said bonds, the subscribers
shall be bound to give mortgage, to the
satisfaction of the directors, on proper
ty. to be in all cases equal to the a.
mount of their respective stock, which
mortgage may bear on cultivated lands,
plantations and slaves; on town tots,
with houses thereon; on other buildings,
Welding a rent; on lands not under cul-
tivation, but susceptible of being cult-
waited, and on vacant lots, capableof be-
ing improved, with this provision, that
not more than one-fifth of the stock OF
each stakeholder may be secured byl
mortgage on unimprcved lands, not in-1
Guided in any plantation, and on va
cant lots in town; no mortgage on
slaves alone shall be received; and that
when mortgage shall be offered on
land and slaves, the value of the lands
shall be equal to three-tourths Of inc
stock for which the mortgage shall be
given; that houses or other buildings
situated in any city or town, shall al
ways be insured against the risk OF hire,
and the policy ofthe insurance trans.
fcrred to said Union Bank: BUTT shall
not be required to have the buildings
on any plantation insured; no mortgage
shall be received on a brick building
for more than one-haIf Of its value; and
on a wooden building for more than
onc-fourth and that no one shall bel
permitted to subscribe until he shall
deliver to the commissioners a valid
act Of sale, or patents, or certificates of
conformation from the land commission
ers Of the United States, or partition