Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-03-10

ever
FEC. II, Be itfuriher enacted That when-
ever any such bank or other corporation, shall
have been adj dyed and proclaimed by the Co
vernon, as aforesaid, to have forfeited Its cor
aorate franchises, the President and Directors
ofeach bank or corr r 1tion Cor in default there
| ID the stockholders shall proceed immediate
/ v to appoint one disinterested commissioner,
and it shall be the duty of the Governor on be-
ing Informed thereof also to appoint one disln-
| terested commissioner, which said commission
ers shall proceed, under oath, 10 make out
schedule of oil the goods and effects, rights
and interests of such corporation, and also, OF
all her liabilities of whatever description to
effect which, the said commissioner shall exam
inc all the officers of said corporation on oath;
which oath shall be enthusiastically any person
authorized by law to administer caths touch
ing the same; one copy ofwhich schedule shall
be forwarded to the Governor duly certified BY
said commissioners, and shall remain IN his Of
flee for the inspection of al persons concernedl
and one copy of which shall remain IN said
Bank.
Sec. II, Be IL further enacted, That here
af er it shall not he lawful for any indigldual or
| firm to become indebted to any Bank IN this
Stale in agreater sum than twenty Thousand dol
lars on his or their own individual liability, nor
as endorser on a larger sum than fifty thous-
and dollars ProVidedthat nothing IN TIL Sec
ton shall prevent the renewal Of any debtR
heretofore contracted and now Que any bank
IN this State in larger amount.
Sec. II, Be Il further enacted, That in the
| liquidation of the affairs of any bank or corpo-
ration, under the provisions ofthis act, no div
idend shall be allowed or paid out ofthe rams
until all its other liabilities shall have been first
discharged !; and in any such case, If IT shall
appear that any person charged with the Equi-
dation of the affairs of such bank or corpora
ton, have concealed, embezzled or fraudulent
| ly squandered any interests, property or effects
of the same, or shall knowingly permit anyotb-
er person to do the same, or knowing the same
shall fail to give information thereofto the Co
vernon, whether the thing so concealed or en-
| bezzled be contained in the schedule lodged
with the Governor or not, shall be subject to
! Indictment for the same, and be on convictions
fined in sum not exceeding one thousand dol
| lars: and thereafter, no enc who shall be d.
rector 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 ether
bank.
/ Sec. IA, Be ifitrther enacted, That hereaf-
ter no individual shall have l0an by the dis
counting of a note, bin or otherwise, in any
bank of which he is director, officer or clerk.
; nor shall he procure any one to draw or en-
dorse any note or bill to be discounted for his
rse or accommod ton; but the said banks may
give compensation TO their officers and dlrec-
tors for their services, and that the di eco rs OF
al the banks in this State shall be made liable
in their persons and property fer any Will VI
olation Of any of the provisions of their respec-
tive charters and before entering on the du-
| - e cl,an hkar
oath faithfully; and to the best of his understan
ding observe, inviolably the provisions of the
charter of the bank whereof he Is about to
become director, and of the provislonsof this
act.
Sec. Is, Be Il further enacted, That IL shall
De, and is hereby made the duty Of the Govern
or, IT. all cases where satisfactory evidence
shall be received by bin that any Bank IS act
ing in fraud, for the purpose of ANTICIPATING or
E avoiding in any way the effects of a forfeiture
of charter. to instruct the Attorney General
fJrthwith to institute proceedings against such
! bank, and 10 erioin the same according TO tho
= provisions of the laws-in force and in use N o.
Their cases.
: Sec. is. Be il further enacted, That it shall
! be at the option of any Bank in this State With
I in one hundred and twenty days after the pas
: SAGE of this act to surrender Its charter; and
q that the directors or MANAGERS any bank are
t hereby authorized to call general meeting OF
its stockholders to decide thereon, and # they
p shall determine to surrender their charter, It
t shall be the duty of such bank within the time
specified to deposite in the Office OF the Secre-
# tarv of State a certificate of such surrender,
e under the corporate seal OF SAID bank: but
such surrendering bank shall retain, so long as
II NAV be necessary to effect and complete the
e liquidation OF their affairs, not exceeding eIght
IF wears, all the powers of its charter which may
e be necessary for that purpose and no other !;
n Provided ho,oerer, that 1t shall be lawful for
) such bank to have and to hold its corporate
n name for the purpose of prosecuting or defend
inc any suit either at law or in equity, that may
n have been instituted before the expiration Of
Il its charter:
i Sec. II, Be ii further enacted, That any
y bank which shall have surrendered its charter
10 in the manner prescribed in the preceding sec
tion shall extend indulgence to its debtors, up
At on their giving good security to the bank by
renewing annually for one, two, three, four, five
is and six years. the debtor paying at each re-
y newal one-sixth OF the debt, and the discount
e upon the remainder; and that IN all cases
:: where time is extended to the debtor, the bank
j shall have power to take mortgages, and any
II other security which may be satisfactory:
Sec. Is, Be II further enacted, That within
thirty days after the deposte of a certificate OF
u surrender in the Office of the Secretary of
al State, by any bank, and annually thereafter in
d the month of January, it shall be the duty oil
IL the Governor to appoint commissioner, a cit
IS izen of the county where said bank is situated,
J. who shall, together with the cashier of the
y bank or other percon appointnd BY the direc-
s. tors appointed for that purpose, proceed with
:, out delay to take an inventory IN duplicate Of
u all the assets and property of whatever kind
% belonging to said bank, and also make state
y ment IL duplicate of al its liabilities If whatever
;; nature: AID that they Ray be enabled to per
a. fcrm this duty, the said commissioners hal
/ have power to examine on oath, the directory
le and officers of said institution, or any otherper
N son, to send for persons and papers, and to
compel the atte>d4nce of witnesses; and thai
ID said duplicate Inventory and statement shall be
IS certified by the oath of said commissioner anC
'e cashier or other person appointed by the dlrec-
? tors and one copy thereof LEFT in the posses
n sion ofthe bank, and the other transmitted tc
"a the Office of the Secretary Of State by saio COM
y missioner.
Sec. 10, Be it further enacted, That such
:, inventories and statements as provided to be
!, made in the preceding section, or any of them
= or any part thereof shall be published by the
= bank In some newspaper, on application from
y or direction thereto by the Governor; and that
! the commissioner provided to be appointed in
Il the preceding section shall be entitled to re-
~ ceive from the bank, six dollars per diem whilst