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

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Ssc. 81. Re i, further enacted. That
there shBll be annually appointed by the
board of directors Of the mother bank, TO
administer the affairs of said Office OF DIS
count and deposite, nine directors, citizens
of the State, residing and domciiiated
within the counties for which said Offices
shall constitute a.quorum to transact b'i-
siness and said directors shall choose from
among themselves a president, and shall
be subject to all such regulations and rules
as may be adopted by the said board OF
directors of the mother bank, Tor the gov
eminent of said Offices, not inconsistent
with the provisions Of this charter.
SIC. IS. BE il further enacted, That
there shall be appointed for each OF the
aforesaid Offices Of discount and deposlte, a
cashier, teller, and clerk, and other officers
or servants that may be required, all of
whom shall enter into bond for the faithful
discharge Of their duties; the amount and
conditions of which said bonds shall be
specified and provided for by the said d.
rectors of the mother bank; and the SAID
direct ors Of the mother bank may remove,
at their pleasure, any officer in said offices
of discount and deposte, whenever the
better management of the bank may re-
quire such removal.
SIC. 3G. Be Il further enacted, That
the directors Of said Offices of discount and
deposite, shall appropriate two-thirds OF
the capital Of each office, to loan on mort
gage, and one-third to loan on promissory
notes and bills of exchange, as tar as
practicable, and the nature ofthc appiica-
tions will enable them so to do; and the
board of directors of said Offices OF discount
and deposite may loan or discount upon
notes secured by mortgage.
Sec. 81. Be ii further enacted, That
persons borrowing on mortgage, shall be
allowed at the end of twelve months to re-
new their bonds or notes for twelve months
longer, during the space ofelght years
from the date their respective loans or
discounts: propided, That they pay and
reimburse at the time ofeach renewal, one
eighth of the whole sum originally loaned
or discounted to them, as well as the inter-
! est upon the sum for which their said bonds
shall be thus renewed: so that at the expi-
ration of eight years, the whole sum ORR
gnallv loaned or discounted to them, to-
gether with the interest thereon, be en-
tirely paid and eXtinguished: And, proui-
ded, also, That loans made on mortgages
after the twelfth year of the charter, after
being paid and fully reimbursed, similar
loans may again be made and renewable.
and payable in the same manner as herein
before mentioned.
SEC SO. BE it further enacted, That the
: loans to be made by said Union Bank, shall
be at a rate of interest not exceeding sew
en- per cent. on mortgages or bonds and
promissory notes, payable at term of
more than six months; and not more than
six per cent. on notes or bonds renewable
: At six months, or at a shorter time; nor
shall said bank deal in exchange, domes-
/, tic or foreisr, at a higher rate than six
pef cent. per annns,1 discount on sixmonths'
\ bills. or a shorter tenn; and seven per
cent. on bills al a longer tern. mn
SEC. 80. Be IL further enactc,', nd.
when either Of the said Offices of disco~.n'
and deposite, shall not yield in any one
wear. except the two first years from the
commencement of the operation, a nett
interest Of SIX per cent. per annum upon
the capita! invested therein, the directors
of the mother bank shall then remove SAID
= office to any other place in the same Dis
trict, which to them may seem proper, or
withdraw the same, as they may deem adj
visable.
SEC DO Be ii further enacted, That
in case any of the branches of the Mis-
sissppi Union Bank should be withdrawn,
in consequence of failure to realize the
required interest,", then sum equal to the
capital of said branch shall be loaned by
the parent bank, as provided for, exclu-
sively to the citizens Of those counties Cor
which said bank was established.
SEC. II. Be it further enacted, That
f the said Offices Of discount and deposite,
may lend money to the citizens of any
6 other county, not enumerated in the dis
trict for which said branch was establish
ed, when there are not sufficient appIica-
tons for the counties for which said Offices
are established.
SIC. 10. Be ii further enacted, That
the four last years Of the time allowed for
the continuance Of this charter, shall be
exclusively employed in winding up the
affairs Of the institution, and that no new
loans or discounts shall be given or allow
ed during the said last four years of the
charter, 1880 -s-----
SEC. 43. Be Il further enacted, That.
the State shall be divided intoeight Bank
ing districts, in seven Of which said dis
tricts there shall be established branch
Of said bank, with the capital before pro-
vided for to each, for the purpose of afford
inc hankinp facilities To Tie c;4;uo.,e &C