The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-09-21
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The obieetions there &c o. srs.s -.
Books III elih1GEiIfifll mrrt A, IL -,
l9a I'D AspE open lind 6F tlls flisps,.t;ss 4 En-
Z nanag sHss CO a6en ~ ihifil bsflot 81 N
stature duEi0 lie period df.s;x rslg,fI,.
Z ! g, 4WneFn q penIs eehain. n -
49, ena citizens thereof weEo fhn onlY rsr
49, salklAIH4 t0 ek1hanflhos "a
9Ea. 10 secure The amount sl,hec.ibsd
! ~. ~. ages onl pserEl q m inpsri
seti action Of che Drectars. which uro.,arfl
49,, ~ 3 ~ cases Q be equal 70 the amount q
j 9Th, Each stOekhotder was rson;r.a !,
Il pey g Gosh. the sum Of TED dollars % the com
missaoner or DiFsEtors, Of their agents. 81
each and every share subscribed sfuF bv him
g ess ss'ee f''s q might saegsredt she Dirsc
9th. when s5OaOOo shonId y sabs,r;b.
60, the Governor was TO appoint proFisio1 alp
I'D directors. 20 hold their once II tnontht.
9th. After closing the books, and when Il
should appear that $500 600 had been sub
scribed aud paid On the original stock Of said
Dank. the institution was % 60 into Immediate
operation. 80
7th, 50 soon % the directory Should Be !, an.
pointed and their President elecIea ana &c
sanse notified 70 tie G0ues7aor offIe State, lie
should Aeresspon execute 60 saniA Bank from
time 70 fimes bonds IN amount prubortIonate to
the amount subscribed and secuEA 10 The so..
sy0ctsOn OF che directory as required by, the
| charter. until the whole 15, SOC, 00O should be
furnished in bonds, &c.
@An these Tsays the report1 twere cords
tons Preeedezk to issuance Of any bonds oftae
State q providedfo: in the original act Of ils
corporation. The Governor had|no authority
Q issle single bond until tlP conditions
The COMMITTEES afterwards add
"The supplemental act nf 1885, khanged the
amount of stock to be subscribed br bv stock
holders from SIS, 500 COO. to 8 IOlb00, 900, and
left &5,00QOOn to be subscribed FIR by the
Governor In behalfof the State, fl which the
people were primarily liable Without other
security than the assets Of The panl. That
hereby the supplemental ACT ch ads5 the origin
al charter and amounted to nesd Ian to obtain
a loan of %, OO0, 600. contrary 10 the provis-
ions Of the originsl charter.', N
We willreview these objections In the Or
der Ia which they are presented
LIST. As to opening books under 10 mana
gers, &c.
Thd 2nd section of the original charterpfo.
rides that the books shall be opened under the
inspection of 10 managars, TO Bio elected BE-
j0iat tdllok Of The Legislature fer the spaee d
six months and then Be closed. In 1883 ten
izanngefs were elected bu ioi1f stalIotef both
hedsss nj the manner directed IN the 2nd nee.
ton Of the. original charter Se8 journal Of
ii. of r., 1888 pages SSl, $50 It u presum-
able that these psanagei psFf5rme1 ths duty
prescribed BY the charter Thev f ecl, and
the loolts ofthe Bank win show - llio caEieus
whether they acted eoEreft 81 ap -.
End. As 10 the necessity ii i alpGkis01der Be.
ing m owner ofreal estate ~ IL siairri ard
citizen thereof &c. II Is aNiI'i cient repll
that the State consistsof al tkw cifiHenss anf
does Ownreal estate In abundance She can
not be embraced in this restriction because il
was only intended to exclude non residents
aud-cerfainly none viii contend that the Sfaf.
i non resident. This objection il too tri.
flung to be argued, and ID only mentioned here
I'd show the impotency Of cause which car
only be supported By such absnrdiiies
3rd. 81 to giving sufficient mortgages, to
"a ne sal Suction Of the Directors and paying
Cen dollars, &C. aOhen required By che Dirse'
The 9Th SECTION declares that athe subscri-
befs shall Be bound to give mortgages TO the
satisfaction 81 The Directors on property, dc.
The LTD section provides that those De-
cleared st1ckh0lders shall each pay ten dollars
ksfa1fE4 S. ne Directors
BY tH<se SECTIONS The Directors and they
d5o'aes AfE made Judges the fact whether klln
n,rfknaRk offered sEere sails DR. 7sot and
Assoc ne tialse fthe'i 20 require payment Of
$40 PER share, The performance Of this d.
II hr tie Directors. eitllnr re i Or i o. theif
fatal nts 6hG III III could not Affect the ssuall1n