The Yazoo City Whig and political register., 1840-03-20

which proclamation he shall forward to SAID
corporation shall retain and use its corporate
name for the purpose of winding up and Ii
quidating its affairs, and for no other purpose
] whatever.
SEC. lllh. Belt further enacted, That
whenever any such bank or other corporation
shall have been adiudged and proclaimed by
the governor as aforesaid 10 have forfeited
its corporate franchises, the president and
directors o. each bank or corporation, Tor in
default thereof the stockholders shall pro-
ceed Immediately to appoint one disinteres-
ted commissioner, and it shall be the duty
Of the Governor on being informed thereof,
also to appoint disinterested commission
er who shall proceed, under oath, to make
out schedule ofall the goods and effects,
rights and interests of such corporation, and
also of all her liabilities, of whatever des-
cription; TO effect which, the said commits.
toner's shall examine all the officers of said
corporation on oath, which shall be admins
tered by any person authorized by law to ad-
minister oaths touching the same, one copy
of which schedule shall be forwarded to the
Governor, duly certified by said commits.
sioners, and shall remain in his Office for the
inspection of all persons concerned, and one
copy of which shall remain in said bank.
Sec. 18th. Be 1t further enacted, That
hereafter ii shall not be lawful for any indi-
vidual or firm to become indebted to any
bank in this State in a greater sum than
twenty thousand dollars, on his or their own
individual liability, nor as endorser on a lar
ger sum than fifty thousand dollars, provided
that nothing in this section shall prevent the
renewal of any debt heretofore contracted |
and now due any bank in this State in lar |
ger amount.
SEC. 18th. Be it further enacted, That
in the liquidation of the affairs of any bank |
or corporation under the provisions of this
act, no divident shall be allowed or paid out
of the same, until all its other liabilities
shall have been discharged; and in any such
case, if shall appear that any person char
ged with the liquidation of the affairs ofsuch
bank or corporation. have concealed, embez-
zled, or fraudulently squaDdered any interest
property or effects of the same, or shall
knowingly permit any other person to do
the same, or knowing the same to fail to give
information thereofto the Governor, whether
the thing so concealed or embezzled be
contained in the schedule lodged with the
Governor or not, shall be subject to indict-
fined in sum not exceeding one thousand
dollars. And hereafter no one who shall
be director of any bank within this State,
shall at the same time be eligible for or act
as the collecting Attorney of said bank or
any other bank.
SEC. 18th. Be 1t further enacted, That !
hereafter, no individual shall have a loan by
the discounting of note, bill or otherwise, !
in any bank of which he is director officero
clerk, nor shall he procure any one to
draw or endorse any note, bill to be discoun-
ted for his use or accommodation, but the
said bank may give compensation to their '
officers and directors for their services, and
that the directors of all the banks in this Y
State shall be made liable in their persons 0
and property for any wilTul violation of any
of the provisions oftheir respective charters, K
and before entering on the duties of direc-
tor shall be required to take an oath, faith "
fully, and to the best of his understanding,
observe inviolably, the provisions Of the q
charter of the bank whereof he is about to
become director, under the provisions of y
this act.
Sec 18th. Be it further enacted, That it
shall be and is hereby made the duty of the L
Governor in all cases where satisfactory eyi-
dence shall be received by him that any
bank is acting in fraud for the purpose of an
or avoiding in any way that the
effects to forfeiture of charter to instruct
the Attorney General forthwith to institute
against such bank, and to enioin
the same according to the provisions of the =
laws in force and use in other cases. !,
SEC, 10Th. Be II further enacted, That {
. efanlR ksA aR 4Ho e ov,ir ~
State, within one hundred and twenty DAYS q
after the passage of this act to surrender its Il
charter; and that the directors or managers :
Of any bank are hereby authorized to call a u
general meeting of its stockholders to de- n
eide thereon, and if they shall determine to :,
surrender their charter, it shall be the duty i.
Of such bank within the time specified, to j
leposite in the Office of the Secretary ofl :,
State, certificate of such surrender, under
The corporate seal of said bank but such :,
bank shall retain so long as :,
nay be necessary to effect and complete the +
liquidation of their affairs, not exceeding !,
sight years, all the powers ofits charter which I;
nay be necessary for that purpose, and no i.
DtheT, Provided however, that it shall be I,
awful for such bank to have and to hold its
name for the purpose Of prosecu- G.
ing and defending any suit either at lawor -
q equity. that may have been instituted be i
ore the expiration Of its charter. :
SEC. nth. Be Il further enacted, That -
nv bank which shall have rendered its char
eli ii the manner prescribed in the prece- Z,
Iinu section, shall extend indulgence to its Il i,
IebIors, upon their giving good security to : !.
he bank, BY renewing annually sor one, two e e
hree four FIVE and six years, the debtor pay 8 8
no at each renewal one sixth Of the debt j. w,g
nd the discount upon the remainder; and Il
hat IN all cases, where time is extended to ),
hs debtor, the bank shall have power 10 E