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

licient. safe or satisfactory; that inc
oans of the bank and mortgages TOR
took, and loans granted by virtue OF
his act, shall bear ten per cent interest
per annum after maturity, il not pune
.ually pad; and the Mississippi Union
Bank shall have the right to cause to
be seized and sold, according to the
laws of this State, the property SO mort
gagged, in whose hands soeverit may
be found, in the same manner, and
with the same facilities, as il it was
found in the hands Of the mortgager,I
notwithstanding any change OF title BY
inheritance or otherwise.
SIC. 81. BE IL further enacted, That
III stakeholder should fail, he shall be dl,
vested of his quality as a stakeholder, and
his share or shares shall be sold by the
board of directors, with all the rights and
credits thereto belonging.
SIC. 90 BE IL further enacted, That
any individual who shall have obtained
from said bank, loan, secured by mort
gage, as herein provided for, shall make
voluntary or forced surrender of his pro
pertv to his creditors, the said surrender
shall not impair the right Of the bank to
any mortgaged property, and said mortga-
ged property shall not be comprised in any
cession or estate, until the full payment is
previously made of the sum due the bank,
and secured by mortgage; and the bank
NAV proceed by order of sale, in the same
manner as if no surrender had been made /;
and any surplus of the proceeds OF such
sale, after paying the debts due the bank,
shall be paid over to the persons legal re-
personalities; in no case shall the apply
ing for, or obtaining respite from Gre
ditors, in any manner impair or effect the
right of the bank, to recover all loans Sc
cured on Improperly Of such persons; NOR
shall any act of seizure, or the execution
of property be, in any manner delayed, or
influenced thereby.
SEC. 30. Be 1t further enacted, That
the bonds, with the privileged mortgages,
for the sum of fifteen million five hundred
thousand dollars subscribed by the stock
holders of said bank, according to their
shares, for the purpose ofsecuring the loan
of fifteen million five hundred thousand
dollars, deposited IN the office of said instl-
tuition, as security for the reimbursement
of the capital as well as interest Of said
bonds granted by the State; whenever ap-
plications shall be made by stakeholder,
to transfer his stock, and be discharged,
such transfer and discharge may take up
the new stockholders furnishing mortgage
to the satisfaction Of at least a majority of
all the directors in all such cases of trans
fer and discharge, the vote shall be taken
by yeas aid nays.
SEC. 30. Be 1t favther enacted, That
as soon as directors are appointed as here
in before provided for, they saall proceed
to the election Of president, and the
same shall be notified to the Governor OF
the State, who will, thereufon execute to
the said bank, from time to time, nohds III
amount proportional to the snms subsclrl-
bed, and Sc cure to the satisfaction of the
directors, as required by the charter, I'M
til the whole amount of fifteen million five
hundred thousand dollars shall be furnish
ed in bonds, as herein before provided for.
SEC 81. BE it further enacted, That
the State Of Mississippi shall be entitled
to a credit of two hundred thousand dol
lars on furnishing notes or obligations of
such sum as may be required to be used,
and paying the usual interest annually,
and in advance, s. each and every stock
holder shall be entitled to credit equal
to one-half of the total amount of
their respective shares, which shall bear
interest at the rate ofseven per cent. per
annum; four per cent of such loans and
interests shall be paid annually; and the
individual notes of the stockholders renew
ed annually, Intil the whole loan shall ne
paid and extinguished.
SEC. 3D. BE IL further enacted, That
there shall be established seven Offices OF
discount and deposite, as follows, to wit:
Frst-One at Macon, in the county OF
Noxubee, for the use and accommodation
Of the counties of Lowndes, Octibbeha,
Winston, Noxubee, Kenper, Laudcrdale,
and Neshoba, with a capital Of one million
eight hundred thousand dollars.
Second.-One at Augusta, in the coun-
ty of Perry, for the counties of Clark JAS
per, Coyington, Jones, Wayne, Jackson.
Hancock, Green, Petty, and Marion, with
capital of one million of dollars.
TBird-One at Aberdeen, in the coun-
ty of Monroe, for the counties of Monroe,
Itawamba, Tishamingo, Tippah, Pontotoc,
Chickasaw, and Marshall, with capital
Of one million of dollars.
Fourth.-And one at the town of Lex
ington, in the couaE of Holmes, for the
counties of Yazoo, Holmes, Carroll, Choc-
taw, Attala, and Leake, with capital
of one million nine Hundred thousand dol
lars.
Fifth.-And one at the town of Tillato-
ba, in the county ofiTallahatchie, and for
the counties of Yallobnsha, Tallahatchie,
Lafayette, De Soto, Pamela, and Tunica,
with a capital of one million three hun
dred thousand dollars.