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

s-otheF evidence OF title TO the property
proposed as a guarantee tethe bank.as
may be deemed satisfactory tosaidseollr
missioners or directors, that property
already mortgaged may be received as
guarantee: ProDtded, That the direc-
tors shall first deduct from the whole
value of the property, at least twice
the amount of said mortgages, and then
grant such, only on the excess remain
ing after the deduction: Provided fur
tber, That the mortgage existing on
said property, shall not prevent the
board of directors from receiving them
as security for stock, when the sum to
be loaned is to be employed in the ex-
tinguishment of said mortgage.
SEC. 9. Be 1t further enacted. That the
subscribers of the said Union Bank be,
and they are hereby created, corpora
ton and body polite, for and during
the term of forty years from the pas
sage of this act, and shall be, and are
hereby, made capable, under the name
and style ofthe Mississippi Union Bank,
to receive and possess all kinds Of pro-
perty, either movable or immoyeable,
and to sell, ahenate, demise and dispose
of the same; to loan, to negotiate, to
take mortgage and pledges; and to dis
count on such terms, and such securi-
ties, as they shall Judge proper: Propi-
ded, That the whole amount of their
accounts and goods, of every discrip-
ton, do not exceed double the amount
of the capital actually received-the
profits realized, and in the possession of
the bank, being always considered as
a part of their capital: .4nd proUided
also, That the debts due by he bank,
exclusive of deposites shall not exceed
double the amount Of their capital: and
that they shall not take more than sew
en- per cent. interest per annum, on
any loan or discount; or interest ex-
ceeding six per cent. per annum ON any
loan or discount made on notes to
order, payable within six months from
the time the loans or discounts are
made; and they may sue or be sued,
plead and be implicated, answer and
receive answers, in all courts having
competent Jurisdictions; and to have a
common seal, and the same to alter or
renew at pleasure; and to ordain and
establish such bylaws, rules and ordi-
nances, as they shall deem necessary
and suitable for the government OF said
corporation, not being contrary to this
act, nor to the constitution and laws OF
the United States and the laws of this
State.
SEC. 10. Be it further enacted, That
fol- the management of the affairs OF
said bank, there shall be thirteen direc-
tors, chosen from among the stockhold-
ers; five ofwhom shall be elected and
chosen by the Legislature, by joint vote
of both houses, biennially; and, upon
the part of the stockholders, eight shall
be annually chosen, at the banking.
house of the said bank, by the qualified
stockholders ofthe capital of said bank;
each stakeholder to have one vote, for
every share held by him; but no person,
copartnership or firm, shall be entitled
to greater number than one hundred
votes, and no one shall be entitled to
vote by proxy, more than SIX hundred
votes. The appointments on the part
of the State, to be made during the first
term Of the meeting Of the Legislature,
at theirregular and constitutional meet
ing after the passage ofthis act.
SEC. Ill. BE ii further enacted, That
those who shall become, and be dcclar-
ed stockholders to the institution, UNI
der the provisions ofthis act, shall be
required to pay in cash, the sum Of ten
dollars over to the commissioners, or
directors, or their agents, on each and
every share subscribed for by them, at
such time as may be required by the
said directors. sn,lD I'D
SEC. IL. Be IL further enacted, That
after the closing Of The books, and when
it shall appear that at least FIVE humid
red thousand dollars shall have been
subscribed, and paid in, on the original
stock Of the capital Of said bank, the
the said institution shall gointo immedi-
ate operation, underline. provisions here
matter mentioned. foalsl
SEC. ID. Be IL further enacted, That
the Legislature shall, upon joint vote
appoint three commissioners each oil
the districts Of the State hereinafter
designated, whose duty it shall be'to
ascertain, and appraise the property
Of those who wishto become stockhoidr
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