Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-10-25
RULE vi.

credit.
RULE vi.
The Board shall deliver no certificate oil
stocks, nor shall they allow any s'ockhol-
der TO avail himself of his creditor pay any
sum on account Of any loan secured by
mortgage, until they have received the
certificate Of the Recorder Of Mortgages,
or of any other competent officer OF the
county in which the property mortgaged
is situated, stating-l. That The mortgage
granted by the stakeholder or borrower,
in favor Of the Bank, has been duly regis
tered; and, g. That there has been no 9TH
or mortgage, privilege or incumberancc
recorded, and no alienation made on or
since the date OF the first certificate.
HLE VII.
When stakeholder shall have compli-
ed with all th6conditons contained in the
preceding rules, credit account shall be
Immediately opened for him, in sum e.
quail to one-haf of the whole amount OF
the stock of which he is owner; viii oh cred
it, subject to the corditions imposed by the
charter he may use al his pleasure; and
when he shall not have availed himself Of
his credit, and there shall be no mortgage
other than such as may have been doubled,
taking precedence Of the one in favor Of
the Bank, a certificate Of the number OF
shares of which he is owner, shall at his
request be delivered to him; which certifi-
cate shall be signed by the President, coun-
tersigned by the Cashier, and impressed
with the Seal oithe Corporation.
RULE VIII
Obligations received from stockholders
for loans made on their stock, shall be re-
gistered in book called the "Credit Book )"
those bearing mortgage for loans made to
individuals who are not stockholders, shall
be registered in separate book; and or
binary discounts on personal security shall
be registered in a third book, called the
"Dscount Book"
RULE TX.
In case Of sickness and necessary alb
sence Of the President, the Board of D-
rectors shall elect n President ''pro tenn"
who shall fulfil the functions of President.
RULE X.
All elections Of officers shall be by ballot.
In the election Of Cashier and other Off
GERS, the votes shall be first taken for all
the candidates, and if no one should have
u majority Of all the directors for the time
being, then the three candidates having
the highest number Of votes shall be voted
for again; and if no one should be elect
ed, the ballot shall then be taken on the
two highest.
RULE XI.
All officers and persons in the employ
Of the Bank shall be chosen or appointed
by the Board Of Directors, and hold their
offices and cmployments during the plea
sure Of the Board. Their salaries must
be fixed by resolutions Of the Board, and
they must furnish their bonds previous 10
entering on their duties. The Cashier
shall lay before every board of Directors,
on their entering into Office, list of the
officers and persons in the employ of the
Bank, with their salaries, the names oftheir
securities, and the amount for which they
are bound. 1t shall be the duty OF the
Board of Directors to luke orders ON said
list of officers, as to their fitness and other
qualities, and the sufficiency Of their secu.
rites.
Of the general duties, functions, and re-
sponsidilities Of the President and Board
Of Directors. ..-
aa.,. . RULE XII.
II shall be the duty of the Presidcn, and
Directors TO take charge of the cash, notes,
and other property now belongings or which
may hereafter belong, to the Bank; to
manage and conduct its affairs according
TO the true intent and meaning of the act
ofincorporation. The President may call
special meetings Of the Board Of Directors
whenever, in his opinion, is necessary or
proper; and it shall be his duty to do so on
the application oftwo directors. Ii shall
be the special duty ofthe President to exer-
else general superintendent over the Of
hcers& affairs of the Bank; TO take special
charge Of the bonds Of the officers, of the
plates Tor bank notes, paper mouds, and
bank paper; to sign all notes which NAV be |
issued by the corporation, to recommend
measures for the interest Of the Bank. TO
perform all such functions and duties as
properly belong to his place as President,
and such as may be assigned him as head of
the corporation, by the Board of Directors;
and he shall be entitled to such compenso.
ton as they shall by resolution determine.
A Seal, with a suitable device, for The use
OF the Bank, shall be adopted. The Pres.
ident shall sign, in behalf Of this corpora
uon, all conveyances or other necessary
and cause the Seal TO be affix-
ed thereto. U~-.
RULE XIII.
Az the written request of three Direc- !,
Ors STARING their ohiact - sbolI h., ~. IL. ]