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

milar loans may again DO made and re- $
movable, and payable in the same manner
a herein before mentioned.
Sec. SO. Be it further enacted, That the
loans 10 he made by said Union Bank, shall
be at rate Of interest not exceeding sew,
en- per cent on mortgages or bonds ana
promissory notes, payable at a term oil
more than six months; and not more than
siy per cent on notes or bonds renewable
n, six months, or at shorter time; nor
shall said bank deal in exchange, domes-
tic or foreign, at higher rate tnan SIX per
cent per annum discount on SIX months
bills, or shoHer term; and seven per cent
on bills al longer term. m
Sec. SO. Be Il further enacted, That
when eth Of the said Offices oil discount
and deposite, shall not yield in any ono
year, except the two first years from the
commencement Of the operation, nett m
terest Of six pc G con, per annum upon inc
capi,al invested therein, the directors OF
the mother bank shall then remove said Of
fee to any other place in the same district,
which to them may seem proper, or with
, draw the same, as they may deem advisa-
BILE.
Sec. 49, Be II further enacted, That in
case any Of the branches Of the MisslssIP-
/ pi Union Bank should be withdrawn, in
T consequence Of failure to realize the re-
quired interest, then q sum equal TO the
f capital OF said branch shall be loaned by
/ the parent bank, as provided for, exclu-
, sively 10 the citiz ms Of those counties for
,wk; ,k koV ~
Sec. Al. Be it further enacted, That the
said offices Of discount and depositc, may
lend money to the citizens Of any other
county, not enumerated in the district for
j., which said branch was established, when
/ there are not sufficient applications for
the counties for which said offices are es-
tabished.
Sec. AZ. Belt further enacted, That the
four last years Of the time allowed for
| the continuance of this character, shall be
exclusively employed in winding up the
: affairs Of the institution, and that no new
9 loans or discounts shall be given or allow
: ed during the said last four years of the
# charter.
}. SEC. 43. Be it further enacted, That the
!. State shall be divided into eight Banking
d districts, in seven of which said districts
!. There shall be established branch of said
= bank, with the capital before provided for
e to each, for the purpose Of atfording bank
ing facilities to the citizens of those coun-
,. ties that compose said districts; the moth
3 err bank shall DO required to do the add
j. tonal business of one district
l. Src. al. re u further enacted. That af
ter the sale OF the bonds for raising the
l. capital of said Union Bank herein before
G, provided for, and after the realizing the
ID proceeds of said sale on said bonds, it shall
Of be the duty Of the board Of directors OF
said bank to refund and pay over to the
II subscribers TO the capital stock of said
ID bank, the amount paid by them in cash on
ID said stock, as required in the eleventh
section Of this act, with interest at the
10 rate OF five per cent per annum; said re-
n funding to take place, and be made as fol-
c lows one-tbird in thirty days; one-third in
sixty days, and one-third in ninety days
e after the said time herein above rscited
d and provided for.
J. SEC. As. Be ii further enacted, That the
J. board Of directors Of said Union Bank, are
s hereby authorized and empowered, to fix
i such salary or compensation as they NAV
Il deem necessary and proper for the com.
J; missioners appointed by the thirteenth
l. section OF this act, and to pay the same
G out Of the funds Of said bank
IS Sec. 46. BE it further enacted, That
i when the said Union Bank shall have gone
= into operation, as provided for in the
Il twelfth section Of this act, the said bank
shall not be required tooan on mortgages or
e stock, until the bonds specified in the fifth
J. section Of this act, shall have been sold,
l. and the proceeds Of sale be realized by
IF said bank; but the said bank may loan,
n deal in exchange, discount, and take such
3 securities as they shall deem proper, and
d on such time as the board Of directors of
J said bank may prescribe: Provided, ho,c-
: ever, That the loans so TO be made, shall
: be at the same rate Of interest as prescri-
!, bed in The thirty.egh,h section Of this act :
and, propided jfsrther; That said loans
r may DC maue ~ any citizens Of the State.
: SEC. ~. Be it further enacted, That the
fifth section Of this act, whereby tho faith
G Of this State is pledged Cor the payment
: and redemption OF the loan contemplated
G by this act, be referred to the next Legis-
!, lature of this State, in pursuance of the
s ninth section ofthe seventh article of the
: constitution; and that this act be publish
! ed, under the direction of the Governor,
in at least three newspapers of this State,
: Tor three months previous to the next reg
ular election: and that this act, together
with the yeas and nays thereon, be enter
ed on the journals the Senate and House
Of Representatives.
JNO. L. IRWIN,
Speaker eth House of Rep.
A. g. McNUTT,
Pres,dent Of the Senate.
Approved, so far as the action Of this
I Legislature is rccognized-Jauuary Q1st