Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-12
CoLULBUs QII) TUESDAY, JUNE u I8s8,.s -. 3.


SEc .. Be JaftheF enacted; That the sub !
scribers of the said Union Bank be, and they !
are hereby created, corporation and body DO |
lite for and during the term Of forty years from
the passage of this act; and shall be, and are
hereby, made capable, under the name and
style of the Mississippi Union Bank, to receive
and possess all kinds ofproperty, eithermovea-
blelor imlnoVeable, and to sell, ALLEVIATE, demise
and dispose Of the same to loan, tonegotiate,
| to take mortgages and pledges and to dis.
count on such terms, and such securities as
I they shall judge proper Pr0oided, That the
L whole amount of their accounts and goods, of
every description, do not exceed double the
amount of the capital actually received-the
profits realized. and in the possession of the
bank, being always considered as a part of their
capital; And pfovided albo, That the debts due
by the bank, exclusive of depoSites, shall not ex-
coed double the amount of capital; and that
they shall not take more than seven per cent.
interest per annum, on any lean or discount
made on notes to- order, payable within six
months from the time the loans or discounts
fare made; and they may sue or be sued, plead
and be implicated, answer and receive answers,
In all courts having competent Jurisdiction md
to have common seal, and the same to alter
or renew at pleasure; and toordain and estab-
llshsuch by Laws, rules and ordinances as they
shall deem necessary and suitable for the gov
Eernment of said corporation, not being contrary
to this act, nor to the constitution and laws of
the United States and the laws of this State.
j SEC. 10. Be II further enacted That for the
management of the affairs of said bank. there
shall be thirteen directors, chosen from among
the stockholders; five of whom shall be elect
ed and chosen by the Legislature, by Joint vote
ofboth houses, biennially; and, upon the part
otthe stockholders, eight shall be annually cho-
sen, at the banking house of the said bank, by
the qualified stockholders of the capital of said
bank each stakeholder to have one vote for
every share held by him; but no person, CO.
partnership or firm, shall be entitled to great
4 er number than one hundred votes, and no one
+ shall be entitled to vote by proxy more than
I'slx hundred votes The appointments on the
part Of the State, to be made during the first
term of the meeting OF the Legislature, at their
regular and constitutional meeting, after the
passage of this act.
I SEC. H. Be it further enacted, That those
who shall become, and be declared stockhol-
ders to the institution, under the provisions of
this act, shall be required to pay in cash, the
sum Of ten dollars over to the commissioners or
directors, or their agents, on each and every
share subscribed for by them, at such time and
place as m..y be required by said directors
Dec. IL. Be ii further enacted, That after
! closing of the books, and when it shall appear
that at least FIVE hundred thousand dollars shall
have been subscribed, and paid in, on the orr
glnal stock ofthe capital OF said bank, the said
institution shall go into immediate operation,
: under the provisions hereinafter mentioned.
SEC. ID. BE 1t further enacted, That the Lee
!, gislature shall, upon joint vote, appoint three
commissioners In each of the districts Of the
State, hereinafter designated, whose duty it
shall be to ascertain and appraise the property
! OF those who wish to become stockholders In
the institution, as well as those who are desi-
! rous to obtain loans on mortgage; and the said
commissioners shall deliver to all persons whose
property they appraise, detailed and authentic
certificates fits value, of the number of acres
of which each is composed, how many are ca.
! pable being cultivated, andhow many are not;
! the nature OF the culture, the number of slaves
! and their condition, age and sex, and the num-
Der of ANIMALS employed; the number and
E quality of the buildings, and an estimate o.
j each and all, which certificate must be signed
! and sworn to before a Judge or magistrate, OF
!, some one authorized to administer oaths, by
said commissioners or majority of them.
SEC. ID. BE 1t further enacted, That sc
: soon as five thousand shares shall have beer
4 the Governor of the State shall professionally
7 appoint thirteen directors, who shall serve fol
! twelve months, and it shall be the duty of the
{ said directors to choose a President ofthe saiC
Mississippi Union Bank, and who shall be cho
! sen from among themselves; and the presi
z dent thus chosen, shall remain In Office twelve
months following Their appointment; and tina
: SO soon as the directors are appointed, and the
J president chosen, the power Of the commits
: sloneTs appointed to receive the subscriptions
3 and the papers relating thereto and inthe pos
= session ofthe commissioners, shall be deliver
Y edOveF to the board of directors. 5
Sec. 10. Be at further enacted, That ate
the first appointment an annual election Q
Il eight directors, for the stockholders, shall b
! held on the first Monday in Marcho eachan,
= every year; and the said directors, excep
= those upon the part Of the State, shall be elect
8 ed by the stockholders, or their attorneys, wit
y the restrictions before recited after public no
Z tice of the same is given In the newspaper
e published at Jackson, Vicksburg, Natchel
d WUodv1lle, Port Gibson, Columbus and Man
chester, thereby designating the time and plac
. of said election, when the stockholders sha
= meet for that purpose: the time thus IKE
+ shall be at least two months after the pubhca
ton Of such notice and law; and said director
Bnau Dc 6boCbSu DB q 9fuFdAg4 O4NOUCS1s 1-TVV'
g ded, the said shares shall have been held thFe
= calender months previous to the election; 9th
. eFwise the holders thereof shall not be entItle
= to vote and the directors shall remain in ofic
- from the second Monday of March to the sam
9 month IN the year following; and the board |
directors shall every year, at the first meetn
q after their election, elect one Of the director
+ to bepresident of said institution, and VII
q shall remain in Office during the term for who
Z. said directors were elected as above stated
q ProUtde3 dIt0agS, That # an election or an al
pointment of directors, of Of a president, sha
e not take place at the period fixed BY the pre-
= emit act, the corporation shall not on that a
y count be dissolved, but it may be lawful at an
20 other period to hold said election, Of make ne
heEnina tons as the case may be- and The MAJ
iler and place Of holding the eleCtons shall !
y fixed by the bylaws and ordinances q g
board of directors and until such elections, u
- president and directors ofthe said Union Bar
shall be continued ID ofices And propssa als
That ia case Of vacancy arising from deaf
~ resignation, absence from this State Tor y
=. term Of SIX months. non acceptance, refusal
~ qualify. 81 fennoTa from Office e any dirscte
- the vacancy shall Be flled ~ the hoaFdTot
he SEC. l6, Re Z further eHacte Ihat q
a. cashiers, tellers, book-keepers and AZ other s
rs icers and servants 81 the bank, snal 81
- bonds, with security % be approved of by q
8 president and directors Of said institutlons ]
- the faithful Discharge az Their duties; and the
- hnnointrnent shall be made bV the direction