The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-06-09
AN ACT to incorporate the Banking House
of Williams. johnson u Co., located at
Columbus, Mississippi.

/ AppEONcus MAY ID lcau-
/ AN ACT to incorporate the Banking House
of Williams. johnson " Co., located Al
/ Columbus, Mississippi.
Section /. Be it enacted by the Legisla-
| ture of the State of Mississippi, That j. A
Orr. Wiley Ill. Williams, Harrison johnson,
j. w. Benoit and Thomas w. Yates. with
all others who are now, or may be hereaf-
ter associated with them, are hereby created
body polite and corporate, under the
name of ~Williams, johnson Il Co." and by
that name shall have perpetual succession
may sue and be sued. plead and be implead-
ed in all Courts OF law or equity, may
have a common seal, and the same TO alter
at pleasure.
Sec. ,. Be it further enacted. That the
Capital Stock of said Company shall be fifty
thousand dollars (S50000) divided into
shares of one hundred dollars 100000 each,
with the privilege of increasing to two hum
dred thousands ($2O0,000.) The certificate
of shares to be made payable TO the stock
holder. by name or bearer, and negotiable
and assignable by delivery.
Sec. 3. Be it further enacted. That said
Company shall be, and they are hereby au-
thorized to invest their capital in gold and
silver coin, bullion. bank notes, bonds mort
cages, bills of exchange, or other evidences
of debt, and may hold such real estates as
may be necessary or convenient for carry
ing on their business, or which may be re-
ceived by them in payments of debts.
Sec. 4. Be it further enacted, That the
business OF the Company shall be managed
and controlled by five (5l Directors, chosen
annually from the Stockholders, who shall
hold their office until their successors are
elected and qualified; which said Direc-
tors shall elect one of their members as
President, and may appoint such other Off
GERS. servants and agentS rs to them shall
seem best; and may make any bylaws,
rules and regulations for the management
and control of the business, property and
effects of said Company; provided the same
are not contrary to the Constitution and
laws of this State or the United States.
Sec. 5. Be il further enacted, That said
COMPANY shall be, and they are hereby au.
thorized to receive in trust or on deposit,
gold and silver coin, bullion, bank notes or
other valuables, and to loan the same with
power and authority to receive and pay
such rate of interest as may be mutually
agreed upon by said company and its Gus
toners, not exceeding to (l0) per cent. per
annum.
company may deal in exchange, foreign
and domestic, to discount notes of hand
bills of exchange, or other evidences of debt.
and at such rate of interest as may be1mu-
tually agreed upon by said company and
the borrower. not exceeding ten (l0) per
cent. discount of.
Sec. z. Be it further enacted, That divi-
dends may be made from time to time, at
the discretion of the President and Direc-
tors, from the actual profits; but no divi-
dends shall be made which shall in any
manner trench upon the capital.
Sec. S. Be it further enacted, That any
stock in said corporation owned by any
person or persons indebted to said compa-
nv. either as principal or as security for
Others and whether said indebtness be due
or has not matured, shall at the option OF
the Directors of said company, be held as
security until said Indebtedness be paid and
discharged, and in case of failure of pay
ment of said indebtedness within twenty
COZ day after the maturity of the same. the
Directors shall have power to sell said stock
or as much thereof, as will satisfy said in
debtedness by advertising the same for ten
1O) days prior to day of sale, in such paper
as the Legislature shall designate for the
publication of legal advertising in the Cir
cult Court District, OF which LOwndes cOun-
ty shall form apart and if there be from any
cause no such paper in existence, such ada
vertisemenU may be made by notice in
writing, posted at three different public
places in Lowndes county.
Sec. 9. Be it further enacted, That this
act take effect and be in force from and af-
ter its passage.
Approved, May %, 1870.