Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-12

/ Thereafter, under the inspection Of directors
appointed as hereinafter provided for5 andithe
SAID books Of subscription shall be kept open
| for the space Of forty days IN each year, until
/ the full amount of said one hundred and fifty
! thousand shares shall have been subscribed for.
| The managers shah publish, during twenty
DAYS notice in the different newspapers pub
Eshed at jackson, Vicksburg, Natcnez, Port
| Gibson, Woodville and Columbus, and the
balance of the newspapers published in this
State, notice of the day and place when said
books Of subscription may be opened. The
4 deductions to be made by virtue Of this Sec
ton shall be fam and equitable, and without
reference to any particular place or places, and
to be regulated in the manner prescribed by
this section.
Sec. 3. Be it further enacted, That books
of subscription for the stock of said bank shall
be also opened at the seat of Justice in each
county in this State, under the inspection of
three managers, at each Of the following pla-
ces, who shall be elected by the Legislature,
viz:
| [Recites the names of the managers.
And the said managers, or a majority Of
them, shall keep the aforesaid books open at
each Of the aforesaid places, from ten o'clock
in the morning until two o'clock In the after
noon on Tuesday of each week, for the space
of three months, at such houses as they shall
designate-they giving thirty days previous
notice by advertisement IN the newspapers
published IN said counties, if any, and in the
most contiguous, should there be no newspa-
pers in the counties for which said books Of
subscription are to be opened for, of the time
and place said books viii be opened: the said
managers shall have all the power and author
nks,I -, 81
pointed to receive subscriptions at the place
designated for the location of the parent bank
~. cd ...,2Lagers shall, Immediately after the
expiration of the three months said books are
required to be kept open, transmit to the man.
ayers of the parent bank, the books of sub
scripion so opened by them at the aforesaid
places, together with all the titles and other
documents that may have been deposited with
them, in order that the board ofdirectors of the
J mother bank may finally decide on the validity
. and suffciency of the title so transmitted By
them, before the subscribers may be declared
to be stockholders as hereinafter provided for
and should any or either the managers here
In appointed, fail or refuse to act, the managers
elected to open the books at the seat of gov
eminent, or a majority OF them, may supply al
vacancies.
Sec. A. Be Il further enacted, That the own
ers efreal estate, situated in the State of Mis-
siSsippi, and who are citizens thereof, shall b
the only persons entitled to subscribe: AM
- shares so subscribed shah be transferable on
" to such owners, until after five years, whel
they may be transferred to any owner of rea
estate in this State, whether citizens or not
Provided, hOloeUer, to secure the capital or in
terest of said bank, mortgage shall be give
on property of sufficient character, and Of al
imperishable nature.
Sec, B. Be II further enacted, That in orde
to facilitate the said Union Bank, for the san
loan of fifteen million five hundred thousan
dollars, the faith of this State be, and is hereb
pledged, both for the security ofthe capital an
interest, and that seven thousand FIVE hundre
bonds of two thousand dollars each, to wit
Iseighteen hundred and seventy-ffve payable i
twelve years; eighteen hundred and seventy
five in fifteen years; eighteen hundred an
seventy-fve in eighteen years--and eightee
hundred and seyenty-fiye In twenty years, an
bearing interest at the rate of five per cen
per annum, shall be signed by the Governor {
the State, to the order of the Mississippi Unio
Bank, counteEsigned by the State Treasure
and under the seal of the State. Said bonds I
be in the following words, viz !: $4,000.
Know ali men by these presents, that th
State of Mississippi acknowledges to be indeD
ed to the Mississippi Union Bank, in the sun
of two thousand dollars, which sum the sal
y State of Mississippi promises to pay, in curreI
money of the United States, to the order ofth
President, Directors & Company, In the I'd
year with interest at the rate of five pC
cent. per annum, payable half yearly at Ii
place named IN the endorsement hereto viz:
Onthe of every year until the pay
ment of the said principal sum. In testimon
whereof the Governor of the State of Mssi
sippi has signed, and the Treasurer of the Stat
8 has countersigned, these presents, and cause
t! the seal of the State to be affixed thereto,
Jackson, this in the year Of oil
Lord ~. So.
Governor.
\. Treasurer. 9i.fV 9,
SEC. 6. Be it further enacted, That the sa
bonds may be transferable by the endorseue
ofthe President and of the Cashier of said ban
to the order of any person whomsoever, or
= the bearer, and the said endorsement shall
the place the said principal and interest shall ]
paid; and all the expenses incurred thereo
shall be defrayed from the funds of the bank.
SEc Z. Be IL further enacted, That both d
capital and interest of the said bonds shall !
paid by said bank, at the times they shall SIEVE
ally fail due. 3If0 AaIf
TO SEC, 81. Bel further enacted, That seeu
the payment of the capital and interest of So
he bonds, the subscribers shall be bound to 81
a. mortgage to the satisfaction of the director
of on property, to be in ali cases, equal to t
tai amount Of their respective Stock which mo
rs, gage may bear on cultivated lands, planta1o
Of and slaves; on town lots, with houses thereof
he on other buildings, yielding q rent on !, ian
not under cultivation, but susceptible 81 BEL
ks cultivated; and on vacant lots, capable OF
on ing improved, with this proylso, that not me
ito than onelifth ofthe stock Of each stockhold'
N may be secured by mortgage on pnlTnpfoK
on lands not includedin any plantation, and On
ed cant lots in town; no mortgage on slaves alo
vs. shall be received aad that Whena nortga
all shall be offered on lands and slaves the va
s. ofthe lands shah be equal to three Jour fs
,e- the stock for which the mortgage sllall % g
lie ems that houses On other buildings sltua1ea
1lv any, city or town, shall always be insured
he gainst the risk Of fire. and Tie policy Of the
BY surance transferred to SAID Union sank (, =
Of it shall not be required TO have the Pploln
ck on any plantation insured no mortgage q
jv- be received on brick building for more e
An one-haIf 81 value; andon 3 wooden plnlal
no for more than one-faurth; and thai no one
1es be permitted to subscribe until he shaLl dei1
te- to the commissioner aValid act Of sale, or
&C. ents, or certidcates Of confirmation from
or. land commissioners Of the United States,
sct PARTITION sales and adjudication 81 decree {
IN COM. verified according ID law b such Ot
mt evidenced Of title 10 the property prsp0sedR
ou- guarantee Co fle hank, as may be deemed 8
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