Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-03-12
LIBERTY, (NI) THURSDAY, MARCH u, 1910.

heretofore contracted, and now due any bank
| IN this State in larger amount.
5 SEC. 49, Ben further enacted, That in the
liquidation Of the affai.s Of any Bank or corpo-
ration, under the provisions this act, no divi-
dend shall be allowed or paid out of the same,
mt all its other liabilities shall have been first
discharged; and in any such case, il it shall APP
pear that any eDOn charged with the liquda-
ton Of the affairs Of such bank or corporation,
have concealed, embezzed or frauduIently
squandered any interests, properly or effects
OF the same, or .shaIlA knowingly permit any
other person to do the same, or knowing the
same, shall fail TO give information thereof to
the Governor, whether the thing so concealed
or embezzIed be contained inthe schedule lodg-
ed with the Governor or not, shall be subject 10
Indictment for the same, and be, on conviction,
| fined in sum not exceeding one thousand dol
lars; and hereafter, no one who shall be a di-
rector of any bank within this State shall at the
same time be eligible fol, or act as The collecting
attorney 81 said Bank, or any other bank.
SIC. IA. Be IL further enacted, That here
after no individual shall have loan by the dis
counting Of note, bill or otherwise, in any
bank OF which he is director, officer or clerk,
nor shall he procure any one 10 draw or endorse
any note or bill to be discounted for his use, or
accommodation; but the said banks may give
compensation TO their officers and directors for
their services, and that the directors of all the
banks in this State shall be made liable in their
persons and property for any wilful violation
Of any of the provisions ofther respective char
tiers; and before entering on the duties Of a di-
rector, shall be required to take an oath faith
fully, and to The best OF his understanding OBJ
serve invioIabIy the provisions Of the charter
of the bank whereof he is about to become a.
director, and ofthe provisions ofths act.
Sec Is. BE 1t further enacted, That il shall
be, and is hereby made the duty ofthe Cover
nor, in all cases where satisfactory evidence
shall be received by him that any Bank is &C
ting fraud, for the purpose of anticipating, or
avoiding in any way the effects Of a forfeiture
of charter, to instruct the Attorney General
forthwith to institute proceedings against such
bank, and to enjoin the same according TO the
provisions olthe laws in force and in use in 9TH
er cases.
SEC, l6. Bet further enacted, That it shall
be at the option OF any Bank in this State with
in one hundred and twenty days after the pas
sage of this act to surrender Its charter; and
thar the directors or managers OF any bank are
hereby authorized TO call general meeting of
ITS stockholders to decide thereon, and if they
shall determine 10 surrender their charter, il
shall be the duty of such bank within the time
specified, TO deposile in the office Of the Secre-
tary of State a certificate of such surrender,
under the corporate seal of said bank; but such
surrendpring bank shall retain, so long as may
be necessary 10 effect and complete the liquida-
ion Of their affairs, not exceeding eight years,
Ill the powers of its charter which may be ne
:essary !or that purpose and in no other: Pro
,ided, howerer, that it shall be lawful for such
1ar& to have and to holu its corporate name
or the purpose representing or defending any
ult either al law or in equity, that may have |
,een instituted before the eXprrllon OF Its char L
er. S
SEC. II. Be 1t further enacted, That any
,ank which shall have surrendered its charters
n the manner prescribed in the preceding sec i
ion, shall extend hduIgenccto its debtors, up
N their giving good security TO the bank, by S
enewing annually for one two, three, four, five a
nd six years, the debtor paying at each renew v
! one-sxth of the debt and the discount upon {
he remainder; and that in all cases where time IL
5 extended to the debtor, the bank shall have p
over TO take mortgages, and any other secu- C
ity which may be satisfactory. r
SEC. 10. Be hfrther enacted, That within "
hirty days after the deposIte Of certificate Of r
the Office Of the Secretary Of State, o
y any bank, and annually thereafter in the r,
lonth Of January,ii shall be the duty OF the o
Governor TO appoint Commissioner, citizen te
T the county where said bank is situated, who
hall, together with the Cashier of the bank
r other person appointed blythe directors ap.
ointed for that purpose, proceed without delay
, take an inventory in duplicate, Of all the as
cts and property Of whatever kind belonging
, said bank, and also make statement in du-
llcate of all its Liabilities of whatever nature;1tf
nd that they may be enabled TO perIosni' thislt
uty, the said Commissioner shall have powerfal
examine on oath, the directory and officers al
said institution, or any otherpersun, to send tt
n persons andlpapers, and to compel the atten tc
ance of witnesses; and that said duplicate in al
entory and statement shall be verified by the sc
ath of said Commissioner and Cashier or other tc
erson appointed by the directors, and one W
opy lherRpl left in the possession Of the bank, k
nd the other transmitted TO the Office Of the az
ecretary of State by said Commissioner. m
SEC. 10. And be afuther enacted, ThatIoI
UGH inventories and statements as provided to b
Q made in the preceding section, or any OLA
,em, or any portion thereof, shall be publish. a
d by the bank in some newspaper, on applica- d
on from or direction thereto by the Governor; tc
nd that the Commissioners provided to be APP n
ointed in the preceding section shall be emit lc
led to receive from the bank, six dollars per Ell
lem whilst actually engaged in the perform il
nee ofthis duty. b