Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-02-13

lst They shall not issue any note or bill
for circulation as currency, or in the form orI
semblaec ofcurrency, which is not payable on
demand in gold or silver, nor any such notes
lor bills payable no demand. until they shall
have resumed, and while they continue specie
payments.
Cd. They shall, for their notes when due,
pay specie on demand for the same, aiier the
first day of May next, on all notes Of twenty
dollars and under; after the first day OF August
next, on all notes Of fifty dollars and under;
after the first day Of November next, on all
notes of one hundred dollars and under; and
after the first day Of February next, on their
bills Of all denominations whatever, and on all
their liabilities.
Sd. They shall not afterwards fail TO pay
specie on demand for ony Of their liabilities, and
incase of such failure 10 pay, shall immediate
y stop business, close their doors, and commun-
cate the fact to the Governor, who shall pro-
coed to place them in charge OF commissioners,
as provided in the previous sections Of this act.
4th. They shall receive at par, in payment
| OF all debts due them, their own notes and LA.
bilitics, whether payable on demand or aoh
9th. They shall not, by transfer of their
notes or bills receivable, becapable Of proven
I ting the debtor from dschargng his debt in
their own notes and Liabilities.
9th. They shall not purchase, or deal in
any goods or chattels, lands or tcnements, ex-
cept for securing or collecting debts created inI
\ the legitimate exercise Of the business for
which they were chartered, for holding main
tanning and carrying on the road or other mn
\ provement authorized by charter, for supply
ing the necessary banking houses, fixtures and
the like, or to dispose OF their property.
9TH. They shall, at regular monthly peri
ods, furnish to every bank and branch bank Of
this State, located within one hundred miles,
and quarterly TO every other principle bank in
/ the State, statements of their condition and OPP
eratons, including the names ofal individuals
responsible 10 such bank, either as principal or
security, and the amount of such responsible
Ivy.
9th. They shall transmit to the Governor
regular quarterly reports oftheir affairs, con-
tanning statement ofall their resources and
liabilities, with complete lists Of their debtors,
both principals and surcties, and the amounts
Of their debts; which statements shall be veri-
fled by the oath Of ahirmation of the president,
or cashier, and be published by the Governor,
| if deemed necessary, for the information Of the
public.
9Th. They shall not issue and keep in cir
culation notes FOR more than three times the a
mount Of their specie actually contained in their
vaults; which proportion is to be ascertained
and determined by an annual average, to be
made On the first day of December, Of their
weekly statements of cash and circulation.
| 10th. Their directors and officers shall have
no loan, by note, bill or otherwise, from the
bank to which they are attached, but may be
allowed compensation for their services.
llh. Any director who shall willuy violate
any provision Of the charter Gncluding these
amendments,) or aid or abet therein, shall beI
personally liable, in his whole estate, for the
debts Of such bank
18th. No individual or firm shall be permit.
ted to become Indebted TO a bank in u larger
sum than twenty thousand dollars, at any one
time.
18th. They shall, in addition totheir present
powers, have power to take mortgages to So
cure all debts upon which they may grant an
extension of time, not less than four years, nI
annual inslalments, equal except interest and
discount
l4th. No bank shall declare or pay any d.
vidend OF profits, until after and during the full
resumption Of specie payments, and then not
Exceeding ten per cent, for any one year on its
capital stock paid in; any excess ofproits over
ten per cent, per annum. shall be invested IN
sinking fund to cover losses; and, upon final
settlement. Of such bank, the surplus, # any,
beyond a Reimbursement Of capital stock and
payment out Of the annual profits of not ex-
ceeding ten per centum per annum, as atofe'
said, shall be paid over to the state.
10Th. The Legislature may alter, amend,
or repeal their charters, so far as regards the
privilege Of banking; saving, however, their
rights Of property and suit inviolatc. /
SEC. 49, Be IL further enacted, That anyI
bank Of this State, against which proceedings
shall not be commenced in pursuance Of the
preceding sections Of this act, within sixty
days after the passage Of this act, or against
which the intention TO commence proceeding
as aforesaid, shall not be made known, by pro.
cIamation Of the Governor, within the time
aforesaid, may, at any time within ninety days
after the passage this asst, deposite, in tho
office OF the secretary Of state, the assent Of
directors, or Of the stockholders, in general
meeting, according to the provisions ofits pres;
ent charter to the provisions OF this act, and
dBTCGlllB W ICCClFC tuO uuOfC % oHhSHu'AS"s'i
ol its charter, which assent and agreement
shall be certified under the corporate seal Of
said bank and sthereupon all such accepting
banks shall continue their corporate exIstenceE
and franchises, subject tothe provisions their
respective charters, and Of said amendments;
and The direc,oS and managers 81 SAID banks
are authorized tocaII general meetings q the
siockholders,to deliberate and decide as ~ the