Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-03-03

tany cause of action, the defendant may prove
and show that the same was founded on loan
Of the paper OF any bank or other monied cor
poration, and the jury may find the fact speci-
ally, which finding. shall be entered of record
and shall authorize the defendant upon execu-.
ton or otherwise, to discharge the same, jlldg-
ment in the notes and debts of the bank, or
other monied corporation, whose paper constI-
tnted the consideration OF the contract sued on.
SEC. Z. Be II further eractel, That the hol-
der Of any note, bill or other evidence of debt
of any Of the banks of this State, whose char
tiers shall have been forfeited under the provis-
ions of this act, may institute suit for the same
before any tribunal of competent Jurisdiction
against any OF al the stockholders of the same,
who are hereby made liable for the payment of
the said note. bill or other evidence Of debt, in
their individual as well as their corporate capa-
city, to the amount Of stock by ach Of them
respectively owned or subscribed.
Sec. s. BE Il further e'lacted, That no bank
shall hereafter purchase OF hold, or deal many
goods or chattels, lands and tenements, except
for the securing Of debts created in the legltim-
ate exercise of its powers, or for supplying the
necessary banking houses, fixtures and books,
or for the disposal of such property as they
now hold, nor shall they make advances upon
cotton or any other product or article of mer-
cIlandise: Prorided., that they may take mott
cages upon real estate, IN securing payment OF
debts already due them, whenever they make
renewals ofaotes for more than one year, which,
they are hereby authorized to do.
SEC. 8. Bel further enacied, That hereafter
It shall not be lawful for any bank IN this State
to issue any note or bin for circulation, or IN
form for circulation, not payable on demand,
and no bank ia this Stateehall allow the aggre-
gate amount of discounts either on bills Of ex-
| change, business paper or accommodation
notes, to exceed the capital stock actually paid
IN, more than one-thrd, under penalty of for
fixture of charter.
4 SEC. TO- Be Il further enacted, That no IN
dividual or firm shall be permitted 70 become
indebted or liable, directly OF indirectly, to'any
bank IN a greater sum thar ten thousand dol
lars.
SEC. IL. Be II further enacted, That every
4 bank IN this State shall, quarterly. commencing
on the fast of April next, forward to the Gov
ernor of.the State a general statement of its
situation, detailing every general account;
which statement shall be attesfed by The sigma
ture and oath of.the cashier and president d
i each bank respectively, and each bank shall
also-eausea copy of such statement to be pub
| lished IN some newspaper in the State at its
own expense.
SEC. u Be il further enacted, That the d.
) reetors Of all the banks m this State shall be
+ liable in their persons and property, for any
future violationo of their charters, orthe provis-
3 ions of this act.
3 SEC. l3. Be II further enacted, That the
: commissioners to be appointed BY the Cover.
e nor, in accordance with the provisions of the
# third section of this act, shall each receive
d compensation of FIVE dollars per day for every
e day he may be engaged in actual business, anC
e ten cents mileage; and his accounts for sucl
d services, made out en- oath, shall be paid out o
II the funds of the bank he is required to man
e age.
ri SEC. Ia. Be Il further enacted, That all banks
a in this State that have constructed in part o
Y entire rail roads, or other public improvements
, whose charters may bedeclared forfeited unde
n the provisions Of this act, shall only forfeit thei
( banking privileges.
a, SEC. ID. BE II further enacted, That for eacl
M and every conviction under this act, the prose
of cutting attorney shall be entitled to fee Of ont
n hundred dollars. to be paid by the person o
m corporation cont cted.
r SEC. TO-. Be Il further enacted, That nothin
,e in this act shall be so construed as 10 rela.e II
D. or m any manner affect the Union,Bank.