Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-02-15

istitute suit for the same before any tri
bunal Of competent Jurisdiction against
any or all Of the stock holders Of the
same who are hereby made liable in THEN
individual as well as corporate capacity
10 the amount Of stock respectively
owned or subscribed.
SEC. 8. BE it further enacted, That nc
bank shall hereafter purchase or hold OF
deal IN any goods and chattles, lands and
tenements, except for the securing oil
debts created IN the legitimate exercise
OF It's powers, or for supplying the ne
cessary banking houses, fixtures, and
books, or for the disposal Of such proper
ty as they now hold; nor shall they make
advances upon cotton or any other pro-
duct or article Of merchandise. Prof.
aed, that they may take mortgages upon
real estate in securing payment Of debts
already due them, Whenever they make
renewals of notes for more than one
year, which .hey are hereby authorised
to do.
SEC. 9. Be Il further enacted, That
hereafter it shall not be lawful for any
bank in this State to issue any note or
bill for circulation, or in form intended
for circulation, not payable on demand !;
and no bank in this State shall allow the
aggregate amount Of discounts either on
bills Of exchange, business paper or ac-
commoIation notes, to exceed 1.-THE capital
stock more than onc-third, under penalty
of forfeiture Of charter.
SEC TO- Be It further enacted, That
no individual or firm shall be permitted
TO become indebted or liable, directly or
indirectly, to any bank in a greater sum
than twenty thousand dollars.
SEC. II. BE Il further enacted, That
every bank in this State, shall, quarter
~, commencing on the first of April
next, forward to the Governor Of the
State general statement Of its stua-
ton, detailing every general account,
which statement shall be attested by the
signature and oath Of the cashier Of
eucn bank respectively; and each bank
shall also cause a copy of such state
mcutto be published in some newspaper
in the State ut their own expense.
SEC. r. BE II further enacted, That
on the trial OF any suit, where n bank
or corporation is the plaintiff or original
tNttt- the iiisi
prove the fraudulent or illegal organiza
ton of said bank or corporation. or any
violation Of charter IN said organization.
SEC. - BE Il further enacted, That
in all cases whore n bank or corporation
IS plaintiff or original payee. the court.
on motion, or the clerk, in vacation,
shall award and issue defendant supn-I
pa, duccs tscua1, for any book. record or
paper of any kind or description what
soever Of said bank or corporation fail
70 produce in court such book, record or
paper, the cause shall stand continued or
dismissed at the discretion Of the court.
SEc. IA Be Il further enacted, That
he directors Of all the banks in this
State shall be liable in their person and
property for any violation Of their char
ers or the provisions Of this act.
SEC. 10. BE II further enacted, That
he commissioners to be appointed by /
he Governor, in accordance with the
provisions Of the third section Of this (
Jet, shall each receive salary equal TO |
hat which the cashier Of the bank, whose |
fleets they are required TO manage, re- |
elves; and said salaries shall be paid |
mt Of the funds Of the bank.
SEC is. Be ii further enacted. That
othing in this act shall be so construed |
$ 10 relate to, or in cny manner, affect
he Union Bank.