Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-02-14

gers to hn. G taken any steps in advance Of the
proper period oftheir establishment.
The anxiety manifested from every portion
OF the State TO have the branches organized asI
soon as possible, is we'll known TO your commits
tee, and they have felt the necessity and impor-
lance Of fully inquring into the subject; and
are convinced, aside Of the difficulties thrown
in the way by the charter, that i, would be inn
possible and impolitic for the mother bank toI
have done so, at any time antecedent TO the
graduation of the capital stock of the institu-
lion. 1.-THE branches had been established inl
the first instance by the board Of managers, theI
Ichrage Of conducting and supervising them
would have been conferred on individuals act
ing as agents, or sub-treasurers OF the board o.
managers at the mother bank; and their ap-
Ipolhtment in direct violation Of the charter,
which expressly provides that the Offices odds
count and deposte, shall be conducted and man
aged by board OF directors TO BIZ selected from
among the stockholders, and confning them toI
those stockholders only who are the bona fde
owners OF at least three thousand dollars of the
capital stock.
Although the subscribers to the stock Of the
Mississippi Onion Bank, who have complied
with the law in that respect have, even now, a
=, that stock is undetermined in amount, and their
right incomplete until the graduation shall
have taken place agreoably to the provisions
IoFthe act Of Incorporation, and the amount and
, number Of their shares ascertaincd by the
board Of managers.
When these obstacles are removed, it will
; certainly be advisable, and your committee rec
: commend, that the earliest and most effectua
steps be adopted for the establishment of the
: various branches.
4 The last subject submitted 10 the consdcra-
ton Of the committee, refers to the refusal Of
l the Union Bank to submit 10 an examination
from the commissioners appointed TO visit and
} Inspect the various banks Of this State, by an
, act OF the Legislature, passed May l2th, 1897.
| The grounds upon which the board OF mana
d gers refused his examination, and by them sta
G led TO the committee, rest mainly upon their
= denial Of any one being authorized TO make an
n examination OF the bank but IA committee OF the
( Legislature, as specifically provided for in The
5, 24th section Of the charter.
1t will be borne in mind that the charter o
', the Union Bank was finally passed and ap
III proved on the 18th of February, 1898, and th'
y,Iiaw creating the Bank Commissioners at thu
session of the Legislature in 1887 Now al
Though all banks incorporated since the law o
May, 1887, are by the provisions Of that nc
30 included among those that the Bank Commls
sioners are authorized to visit; yet the charte
DO of the Union Bank reserves different mode G
examination for that institution. The act If
Sc cooperating the subscribers TO The Mississippi
UCion Bank was passed subsequent to the ger
70 e. raj law Of May, 1887, upon the subject OF Wis
4 IL, a.. al IN ha oh nrtp
IS does not repeal the general law upon the sui
rs lect, it does virtually except the Union Ban
DC from its operations The 24th section of tn
l3 charter expressly provides that the Legislature
by committee oil its own body, shall have tn
B5 power. at any time, to examine the bank, an
90 make report thereon; virtually excep,In
90 every other mode of examination, than by
I8 committee lthclr own members.
- Upon the question, as to the right OF visits
81 ZION, the general rule applicable TO corporation
is "lhat the donor or founder Of a corporation
10 his heirs, &C., are The legal vislters, une'
w some specific appointment ola vsIter be made
M and if no special appointment be made, and II
w founder be dead without heirs, the chancell'
90 lis the visiter Representing the corporate C
w pacty Of the head of the Govcrnment.)
an Now the Legislature having Incorporated,
20 IN other words, founded The Union Bank, hi
20 IA right to nominate a yisller, or having negIee
- ed TO nominate one, it would, ION general pr
ciples, be the duty Of the chancellor, unle
there was some general law comforting that ]
risdiction on some other person or body.
TIE board Of commissioners are the gen
20 raj visters Of all banking corporations, al
% occupy the attitude, which by common law Il
--IChancelor would have occupied, but for Il
o. aw creating that board But when the Leg
ms, ature in granting new act of incorporate
ion FOR bank, (as in this insance) conferred t
Gus visitorial power on a specific nominee; su
act nominee exercises the power TO the eIclusl
of the board of bank commissioners, or
in chancellor. Such is The case i'll the presN
the question, (as your committee humbly conce''
hat and are OF opinion that a committee from
to BODY of the Legislature, are the only persc
bic, authorized by the charter TO make an exam
the alton, or have conferred on them Vislor
ita power over the Union Bank
,ck. Your committee will further remark, II
,ers the board of managers before refusing TO
the examined, consulted the attorney of the baI
lose which opinion has since been written out
de. submitted to this committee, and has been
ling dered 10 be printed; containing as they belle
not ample reasons. in Justification ofthe conduct
,unt the board Of managers; they would respectful
5. refer the Legislature TO this document as
. orable and lucid discussion OF this interest
a d. question.
own In conclusion, they would remark, that II
,;,,l 80 ocar rod thnir views frankly on the sc