True Democrat. (Paulding, Miss.) 1845-18??, 1846-03-18


although more than six years may have elapsed
since the same may have been due or demand
ed; said notice shall be published for two sue
cessive months in some newspaper in this State,
and all claims not presented to said commission
ers within twelve months after the date of such
publication shall be forever barred
Sec 7. BE Il further enacted, That it shall
be the duty of said commissioners to make their
report to said court at the first term thereof after
the expiration of the twelve months allowed for
the presentation of claims at which time all ex-
ceptions to said report must be heard and termi-
nated and at which time it shall be the duty of
the court to order distribution OF the money in
the hands ofthe trustee or trustees, which shall
be made in the following order
LIST. The compensation of the trustees and
commissioners, and all expenses incurred under
this act shall first be paid
Cd. All debts due by such corporation TO the
State or county for taxes or otherwise, shall next
be paid
3D. All sums of money due such corporation
for cost or fees, shall next be paid
4lh. A ratabe distribution shall next be made
among all creditors who have proved their
claims.
5h The surplus, il any, shall be ratably els
tributod among the stockholders.
Sec. 8. Be il further enacted, That nothing
in this act contained shall be so construed as to
deprive the debtors of such corporation of the
right to discharge their Indebtedness in notes,
bills, bonds, or other evidence Of debt of said
corporation, at any time before the sale of the
same, as provided by the 4th section of this act
Sec. 9. Be II further enacted That in no case
shall the count appoint as trustee or trustees any
person who is or has been, an officer, agent, at
lorney. sockholdcr, director, or assignee Of
such corporation, or who has not been a resi-
dent ofthis State at least two years next precee
ding said appointment.
Sec. 10 And Be IL further enacted, That
no distribution Of the effects Of the Planters
Bank and Mississippi Rail Road Bank, shall be
made among the creditors OF the same, until the
whole AMOUNT which said banks are due to iLs
State on account Of the seminary fund, sinking
fund, and literary fund shall first be paid aud
that the bonds and coupons of this State issued
be received in payment of any debt due said
backs.
Sec H. Beu Jartler enacted, That the pro-
visions oflhis act shall apply to the trustees
heretofore appointed under the provisions Of the
act to which this is an amendment
Sec II And be IL fgrtAer enacted, That in
all cases wherein judgments Of custer or forfci,
ture have been rendered against any Incorporate
cd bank under the provisions OF The act to which
this is an amendment it shall be the duty of the
Judge Of the circuit count ia which said judg-
mcnt was rendered at any time Of the court
within eighteen months after the passage ofthis
act, 10 appoint three commissioners to audit
claims against such banks in like manner as is
contemplated in the sixth section OF this act,
whose duty shall be the same as the commits
sioners apPointed under and by virtue Of said
sixth section; and this act shall apply 10 said
commissioner, so appointed, as fully as those
appointed under said sixth section.
SIC. 10 And be IL further enacted, That the
debtors Of any bank or corporation which has
been, or may hereafter be ousted of It's fran
chises, by virtue Of the act to which this is an
amendment, shall have the right to redeem
from the purchaser or purchasers, or their as
signee or holder Of any bond, bill, note, judg-
ment, mortgage, or other evidenced debt, at
any time within two years after the sale Of the
same, BY virtue Of the provisions Of this act, by
paying to said purchaser or purchasers as.
signee, or holder, the amount Of the purchase
money, and twelve and onc-halfper cent there
on per annum, with all costs which may have
accrued up TO the time ofsuch redemption
Sec. "a. Be Il further enacted, That this
act shall not be 50 construed as TO impair, en-
large. or abrilge any contract made BY the
banks oflhis State, or any Of them, or any deh-
or thereof according to the laws affecting con-
tracts. which existed al the time such contracts
we're made.
Sec. Is Be Il further enacted, That this act
shall take effect and Be in force from and after