Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-03-09

promptly executed.-Also,i fany stock
holder wishes to release any portion OF
his or her real or mixed estate, SO
pledged for stock, he or she shall be at
liberty to do 50, by paying up that por-
tion of stock for which such estate is
so valued and pledged.
Article 5th. Each and every mem
Der of said Company shall share the
profits, or bear the losses of said Com
Pany in proportion to the amount of
stock he or she may have subscribed or
own.
Article 9th. Any member, wishing
or desiring to change his or her securl-
ties to said on1 any, may do 50 by
substitutingin lieu oftl'e prior deed, a
mother deed of trust, upon other unln
cumbered real estate, at valuation of
double the amount of his or her stock
subscribed, or remaining unpaid, which
last deed shall be so made as to subject
the property therein conveyed, to all
the Liabilities and liens that the proper.
ty conveyed in the first or prior deed
was subject and liable to, all Of which
shall first receive the appreciation of
the Company.
Article 7th. Any member wishing TO
withdraw from the Company may do
so, and in such an event, new MEN,
Der or members may be admitted at
the discretion Of the Company, who
shall pledge real estate according to the
foregoing terms.
Article 9Th. Whenever demand or
demands shall &c made Oh the Compa-
ny for payment of their notes or bills,
and should there not be sufficient funds
of the Company to meet said demands,
a call shall be mace on the stockhol-
ders, and each member of the associa-
ton, shall contribute a ratio of the
stock he or she holds, an amount suffi-
cient to iiquidate and discharge the
claim or demand, SO that the same do
not exceed the amount of stock so
owned and unpaid by him or her. And
on the failure OF any stakeholder to paw
the sum SO required, his or her real es-
tate may be sold at tho discretion ofthe
Company under the provisions of the
decd of trust.
Article 9th. The officers shall con-
sist of a President, Cashier. Superin-
tcndant Of the transportation business,
and such other officers as The Compa.
ny may require, who shall be elected
annually; and committee of finance
and business, to be composed of not
less than FIVE nor more than twelve
members, who shall be elected semi
annually, and hold their office until 9TH
ers are appointed; three Of said com
lnittee together with the President and
Cashier, shall constitute a quorum for
the transaction of business.
Article 10th. All profits and divi.
dends which may accrue from the opc-
rations Of this Company, and belong
ing to stockholders who secure their
stock by the pledge of real or mixed
estate shall be applied to the payment
and liquidation of such stock SO pledged
until all instalments are paid.
Article 18th. Each stakeholder shall
be a director, and shall hold meeting
every month, at such time and place
asaInay be agreed upon by the Compa-
at which meeting the Presideh>
aud Cashier shall present full state
ment of the operations and situation of
the Bank to the stockholders.-And 1t
shall be the duty ofthe Superintendent
to make quarterly returns ola the hu-
slness connected with the transporta-
ton and navigation business Of the
Company to The stockholders, who
shall be considered a general board of
directors.
Art. 18th. The President and Cash
Ter shall have no power, except such
as are granted il these articles or may
be hereafter granted, by the general
board of directors.-They shall be
elected annually, and shall hold their Of
fees until their successors are appoin.