Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-12


lege or compensation shall be allowed said al. |
rector, excepting the president, as herein pro- |
vided for; nor anyone be addiction. who is a
director of any other bank, nor his partner, nor
two persons IN partnership, or having q ioint
interest in trade, be at fhesane time directors
of said Union Bank; andif after being elected
or appointed, any director should fail, he shall
be sineapable of holding his Office, and another
shall be elected in his place, asherein provided
for, with this provision: that IF the director,
who shall become incapable Of holding his Of
fee, or shall resign or refuse 20 act the Vacan-
cy shall be filed by the board of directors; or
if a director upon the part of the State, shall
be appointed by the Governor.
SEC. 16 Be It further enacted, That said
corporation shall not issue any note, bill or
check, for a. less sum than ten dollars, and if
payable to order they shall be transferable by
endorsement, and if payable to bearer they
shall be transferable bydeligery. go gsa.sfsii
SEC 10. Be ii further enacted, That the
whole Of the profits of the said Union Bank
shallremain with, and be employed BY the d.
rectors, as part of its capital, until the full
payment of that portion of the bonds of the
State specified In the fifth section, which viii
be payable in twelve years, after which one
fourth of the profits then realized, shall be d.
vided among the stockholders In the proportion
to which they shall be entitled respectively;
and the whole of the remaining and subsequent
profits of the bank, shall be employed by the
bank, until the fnllpayment of the bonds of the
State, which viii be payable in fifteen years;
after which, one-fourth of the profits then re-
allied shall be divided out among the stockhol-
ders, as before provided for and mentioned,
and the whole of the remaining and subsequent
profits shall be employed by the bank, until the
full payment of the bonds Of the State, which
Will be payable In eighteen years; after which,
one-fourth of the profits then realized, shall
be divided as aforesaid; and the whole amour!
OF the remaining and Subsequent profits shall
be employed by the bank until the final pay
ment and extinguishment of all the bonds of
the State IN favor of this institution; and after
which, the whole of the prohtsshall be divided
as aforesaid, and all subsequent profits shall be
/ divided annually, with this provision: that ia
consideration of the bonds made by the State,
| in addition to voice inits direction, the State
shall be entitled to one-tenth part of the whole
profits Of the bank, which one-tentfl part shall
/ be paid into the Treasury, at the times and the
/ proportions provided for by this section to the
stockholders. Fye
/ SEC. 20. Be 1t further enacted, That quar-
terly in each and every year, from the first Of
! January next, after the establishment of the
said Union Bank, the stockholders who desire
1t, may be allowed to examine the affairs ofthe
bank; and it shall be the duty of the board of
| directors Of the parent bank, to furnish free
access and inspection Of the books, save the
private deposites of individually of the nstitu-
ton to the stockholders, and to give them any
information they may desire touching the man.
agement Of said bank.
SEC. 81. Be it further enarted, That the
said corporation shall never refuse specie paw.
mept IN current coin of the. United States, o.
suspend payment of any Of their notes, bills
or obligations, or any funds received by then
on deposite; and if ever the said corporation
shall refuse or suspend said payment, the bear
er or holder of any note or obligation, or anvper
son having the right to demand or receive tht
same, or receive the amount of any deposites
as before recited, shall be entitled to receive
moreover damages at the rate of fifteen pei
centum per annuh.
j SEC. D. Be dfurther enacted, That if by
the first day of January, eighteen hundred anl
thirty-nine, three thousand shares shall moi
have been subscribed for, It may be lawful, al
the opinion of the legislature may decide upon
to revoke this charter.
SEC. %. Be 1t further enacted That the
board of directors of the parent bank shall hay,
power to make regulations and ordinances 70
the government Of the affairs of the bank, ant
ito pass bylaws for the same, which they ma,
latter, amend and add to, as the interest of TIN
corporation may require, and they shall estab
ish rules for conducting the affairs of sal
bank, which they may in like manner alter
amend, or add to, as may be necessary, for tn,
service of the said bank, the same not beinj
contrary to law. a- err
SEC. "a Be itfurtler enacted, That it shall
be the duty of tae board of directors to keep
set of books, in which all their deliberations
lrules and ordinances, shah be entered; an
the legislature shall have power at any time {
3 appoint Committee to examine said books
deliberations, rules and ordinances,f and to a
j certain the amount of cash, the amount {
notes in circulation, and complete and accu
t rate list of the balances due the bank, as we
:. as the amount Of deposites, and all aother a
] fairs of said bank, so as to be informed of il
: true situation, and be enabled to make full re
) portthereof to the legislature. 39 9f'l si.E
, + SEC. %. Be Il further enacted, That th
: capital of said bank shall be exempt from. an
J tax imposed By this State, or by any county {
i body corporate. under the authority of Chi
State, for and during the continuance Of i
: charter.
5 SEC. %. Be Il furtbS. enacted That Ii
board of directors shall be judges of the suff
ciencyof the mortgages offered for stock an
/. loans, and shall have power. to reject the sam
z if not sufficient; and in such. case may requir
other security, or IN default thereof, reduC
e the shares of such defaulters to the amour
I sufficiently secured they may also require OIL
er and additional security, on the renewal
s any note, loan or accommodation, for which al
2 phcation maya any time be made, il, IN the
3 opinion, the original security is not suficieu
+: safe or satisfactory; that the loans ct th
= bank and n0rtga res foFsstoell and loans gral
I ted by virtue Of this actshall bear temper Ger
: interest per annuIn after maturity # not pun,
: tually paid; and the mississippi Union Bar
shall have the right teeaHse to be seized an
2 sold, according to the laws Of this State, Il
Z property SO mortgaged, in whose hands soeHt
e IL may be found Il the same mannefs and VT
e1 the same facilities IS if ittwas found IN Il
E hands Of the morfgager, Notwithstanding az
< change Of title BY inheritance or Otherwise.
}, SIC. q. Be e. further aenacts1, That f.
ls stockholder should fail, .heshaH be Invested
e his quality of stockholder, and his share
g shares shall be sold by the board Of director
!. wlihaH theFighta ard credits thereto belon
=. ing. ass s..s
SEC. rs, BE II further enacted, That II d
e individual who shall have obtained from 81
bank a loan, secured by mortgage, az here
e provided for shall make vollnta or 9orei
e lrrendero bis properly f. his creditors. t
= SAID surrender shall not, impair TIE right
n the bank To any ilortea 1ed proper ~ and So
Of nor tgaged properly shall not Be- CON eEised