Southern telegraph., 1838-10-24
RULES, REGULATIONS, AND BY
V. LAWS OF THE MISSISSIPPI
UNION BANK.

RULE He
IL at any time thereafter tacit mortgages
or other defects were to be discovered in the
titles of the property morgaged, the Bank
shall be authorized, forthwith, to require a
mortgage on other property of equal value.
RULE III.
In all cases where property is held in com
mon by two or mare persons, and one OF
them eilers his undivided share of the same
TO secure stock, such security may be ac-
cepted on the other owner or owners con-
senting thereto, and renouncng his or their
right to sue for division of the property,
without having previously obtained the as
sent Of the Board.
RULE ".
When an agent, from his personal know
ledge can do it, his answers, for his princi-
pal to the interrogatories propounded by the
Bank, to those about executing mortgages
in its favor, may be received.
RULE ".
When property offered in guarantee to
this Bank shall be encumbered with mort
cages, or with any other charge not exceed
ing the amount to be loaned, or the credit
which shall have been previously fixed by
the Board, the President shall be authorized
TO accept, with the advice of the counsel, all
transfers from privileged creditors, to the
amour, Of his or their respective claims, not
exceeding the said loan or credit.
RULE vi.
The Board shall deliver no certificate of
stocks, nor shall they allow any stockholder
TO avail himself ofhs credit, or pay any sum
on account ofany loan secured by mortgage,
until they have received the certificate of
the Recorder or Mortgages, or of any other
competent officer ofthe county in which the
property mortgaged is situated, stating-l,
That the mortgage granted by the stockhol-
der or borrower, in favor of the Bank, has
been duly registered land, 2. That there has
been no other mortgage, privilege, or ncum-
berance recorded, and no alteration made on
, or since the date of the first certificate.
= RULE VIZ.
fI When stockholder shall have complied
4 with all the conditions contained in the pre-
G cedng rules, a credit account shall be i'm
5 mediately opened for him, in sum equal tc
o one-half Of tho whole amount of the stock o
r which he is owner; which credit, subject t.
# the conditions imposed by the charter, h,
: may use at his pleasure; and when he shal
e not have availed himself Of his credit, ant
n there shall be no mortgage other than sucI
' as may have been doubled, taking prece
n dence of the one in favor of the Bank, Ger
q tificate Of the number of shares of which h
@ is owner, shall at his request be delivered +
/. him; which certificate shall be signed by tn
President, countenigned by the Cashier
g land impressed with the Seal Of the Corpc
(; ration.
: RULE VIII.
II Obligations received from stockholder
t for loans made on their stock, shall be re
q gistered in book called the s'Credit Book !;
n those bearing mortgage for loans made /
: individuals who are not stockholders, shaI
|. be registered in a separate book; and ordin
: airy discounts on personal security shall b.
registered in third book, called the "Dis
e count Book" "
n RULE TX.
! In case of sickness and necessary alb
sence Of the President, the Board Of Direc
tors shall elect President "prO tem." wh'
!. shall fulfil the functions of President.
o RULE K.
q All elections of officers shall be by ballot
| In the election of Cashier and other officers
the votes shall be first taken for all the can
: didates, and if no one should have a majori
! tv of all the directors for the time being, thel
h the three candidates having the highes
: number of votes shall be voted for again; an
g no one should be elected, the ballot shal
}. then be taken on the two highest.
RULE xI.
All loficers and persons in the employ {
the Bank shall be chosen or appointed b
d the Board of Directors, and hold their Office
e and employments during thepleasure Of tn
y | Board :. Their salaries must be fixed b
resolutions of the Board, and they mu'
,rl furnish their bonds previous. to ente
inc on their duties. The cashier shall la
10 before every board Of directors, on their Ell
a tering into Office, a list of the officers an
persons in the employ of the bank, with the
l. salaries, the names of their securities, al
d the amount for which they are bound.
shall be the duty Of the board of directors
is take order on said list of officers, as to the
as fitness and other qualities, and the suhicie
" CIV Of their securities.
Ofae general duties, functions, and respo
k siJilities oftke President and Board
ty Directors.
RULE XII
le 1t shall be the duty of the President al
Directors to take charge of the cash, note
to and other property now belonging, or whi'
may hereafter belong to the bank; to mana!
81 and conduct its affairs according to the trV
IL intent and meaning Of the act of incorpor
ton. The president may callspecial met
er ings of the board of directors whenever,
nd his opinion, it is necessary or proper; and
shall be his duty to do SO on the applicant
to of two directors. II shall be the special