The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1897-06-11
NEW LAWS OF MISSISSIPPI.


CCpt aud execute all Sucn trusts anu
perform such duties OF every descrlp-
ton as NAV be committed to them by
any person or corporation, or tllat may
be committed or transferred 10 them
by order Of any court or record; 10
take aud accept by grant, assignment,
transfer, devise or beQueSt, ana hold
any real or personal estate or trusts
created according to the laws OF TINS
or other States or OF the United states,
and execute such legal trusts IN regard
TO the same, on such terms as may be
directed or agreed upon thereto, or 10
execute or to guarantee any bond or
bonds required by law to be given IN
any proceeding in law or equity in any
Of the courts Of this State or other
State or Of the United States: TO act
as agent for the investment OF money
for other persons, and as agent Tor
persons ana corporations FOR the pur-
pose Of issuing, registering, transfer
ring or CUuntcrSlgnltlg the certificates
of stock, bonds or other evidences OF
debt Of any corporation, association,
municipality, State, county, or public
authority on such terms as may be
agreed upon; to act as guardian FOR
any minor or insane person under the
appointment Of any court Of record
having Jurisdiction Of the person or
estate Of such minor or insane person;
to act as administrator or executor or
the estate Of any deceased person;
guarantee the fidelity aud perform
ancc Of their duty Of persons holding
in places Of public or private trust; to
loan money upon real estate or col
lateral security, payable at such times
and upon such terms as may be agreed
upon not exceeding ten per cent. per
aunum interest for ordinary loans.
Sec. > The amount OF capital stock
actually subscribed in such companies,
shall no. he less than one hundred
thousand dollars, and when fifty thOuS-
and dollars is actually paid III in law
ful money Of the United States, they
may do and perform all the acts au-
thorized by this act. 1t shall be law
full for any Judge or chancellor Or any
Courto of record to make such company,
administrator, guardian, receiver,
trustee and assignee and to turn over
to them any trust funds or any prop
erty in the hands Of or subject to the
orders OF the court, upon Such terms
and conditions as the court may pre-
scribe or as may be agreed upon. They
may accept such trust funds or other
property upon specially guaranteed or
agreed terms and pay to the owners,
bcnPticiaricS or others as the case may
be, only the amount 50 agreed or
guaranteed. The capital stock may
be increased from time to time to any
amount not exceeding two million
dollars.
Sec. B.. They may establish a special
mutual loan department in which the
expenses, losses and profits shall be
kept separate from all other depart
mcnts. They may receive as members
of said department. persons who de-
sire to become such and to borrow
money from the company and fix and
regulate the manner OF conducting
such department. Shares of stock
may br issued to such borrowers to be
paid for in such inStallmcntS rs may
be agreed upon or fixed 10y the by
laws. Neither the company itself or
other investors in said mutual loan
department, shall be paid or allowed
interest at a greater rate than eight
per cent, per annum. The remainder
Of the accommodations and profits in
excess Of actual losses and expenses
shall be credited on the stock of the
borrowing members who shall con
tinue to pay the installmcntS agreed
on until such stock natures, or until
their Indebtedness is otherwise dis
charged. They may prescribe condi-
tiohS upon which stock may be retired
before maturity. and impose fines for
failure to pay installments when due.
All loans made by such companies
may be secured by mortgages or trust
deeds ON real estate or other sufficient
collateral security. They may own
such real estate as may be required
and convenient for the transaction of
their business, and such as they may
acquire in the enforcement and col
lection of debts due them.
Sec. 4, Such companies shall report
at lc~aSttwiCe each year, showing their
assets and Liabilities. Such reports
Shall be sworn to by the president and
secretary or other principal officers
and be published in some newspapers
, at the place of the company's domicil.
The books and records Of proceedings
shall be subject to the inspection OF
any person interested.
Sec. ), That this act take effect and
| be IN force from and after its passage,
SENATE CHAMBER,
Jackson, Miss, May 20, 1879
To the Hon J. l.. Power, Secretary of State:
Dear Sir:-l herewith hand you Sen
-, ate Bill No. 1888, an Act to authorize
the organization Of Loan and Trust
Companies, passed within five days of
adjournment Of the Legislature Of
1896, and vetoed by the Governor,
which veto vas submitted to the SEN
ate on Friday, the 30th day Of April,
1897, not being within three days after
the meeting Of the succeeding Lcgis-
. Iature, as decided by the Judiciary
-, Committee OF the Senate. | hereby
enclose copy Of said report, to-wit:
THE above named Act was pass.
ed by the Senate on the 18th day Of
, March, 1896, and by the House Of Rep
rcSentatiyes on the 10Th day Of March,
1896, and vas presented to the Gov
crnOr for his approval within five
days Of the adjournment. sine die, Of
the Legislature. The Act was re-
turned TO the Senate by the Governor
without his approval between 9O'cl0ck
and 10 o'clock a. m, on Friday, April
3Oth, 1891. The committee is of the
opinion that the Act became and is
law, without the approval Of the
Governor, because NOT returned to
this Senate within the time fixed by
the ConstitutIon.'
], Respectfully,
JOHN Y. MURRY.
Secretary,
AN ACT to Raise Revenue, and Provide for the
Deficit in the Public Revenues of the
State.
Section /. BE it enacted by the Leg