The leader., 1900-12-12
THE CHARTER
of Incorporation Of the Bank of Broo...
haven. Brookhaven. Mississippi

SECTION 1. BE it remembered that r. "
Millsaps, Z. d.. Davis. c. II. Alexander 7;
Brady, Jr.. q. Newton, Jr., W. ID. Davis, I. II.
Perkins. $. Kohlman. Brookhaven Lumber ard
Mfg. Co. IL. Lewenthal, c. ). Butterleld. ara
those hereafter associated with them. and Their
successors. are hereby constituted body cor
porate under the name of the
BANK OF BROOkHAVEN:
and by that name may sue and be sued befoream
court; may have a corporate seal; NAV cOntra3
and be contracted with may acquire and hold
alien, ineumbgr apd o,herwlse dispose of pro
erty both real and personal, necessary for tie
transaction of its business. and generally shan
have all the powers conferred by CHARTER y
Code 1892. The domicile OF the said CORPORATION
shall be Broolthayen. State of Mississippi
SEC. p This corporation is hereby authorized
to carry on general banking business, including
both the biisiness Of a bank OF discount and do
post and sayings bank with all of the powers.
expressed or implied. thereto to receive and
hold on deposit and In trust, and as security.
real estate and personal property. including
action & fGdilldIiais. cSrpofatfons, 'mHbicIpalT
ties, STATES and United States; and the same to
purchase. collect. adjust, supply, sell and dis.
pose of, with or without its guaranty or indOrSe:
ment; to receive and loan money on pledges and
securitipsof AL kinds, peal OF personal 10 act u
agent Tor the Negotiation OF loans for any ndE
vidual or corporation, and to charge such CON.
pensatiOn or commission as may he agreed HpOh
SEQ. q, The capital stock Of said cnrppfaoD
shah be nifty thousand dollars (S5O,OOOj, divided
into shares OF one hundred dollars SlOOl eaeh
The corporation may commence business when
twenty nSe Thousand dollars sl5000 of tho
stock has been subscribed and paid in. The
stockholders shall not be liable for any amount
exceeding the unpaid portion OF the par value Of
the stock subscribed by them respectively, Tho
corporation shall have lien on the stock for any
debt due TO j by the subscriber or holder Thereof
SEC. 1. The management Of the corporation
shall be contided to Board Of Directors, to con.
siSt OF three or more members, OF whom ma
lonty shall be u quorum to transact business,
Members of the Board of Directors shall all be
stockholders, and shall be elected annually BY
the stockholders.
SEC. 8. When any debt to the corporatlOE
shall he secured by deposit Of aoatG,al prothet
securities, and IL shall become necessary to sch
or dispose OF the securities to pay the debt due
the corporation, 1t shall be unlawful for any Off
Board OF Directors, to pay the debt so secured
to the corporation and, directly OF indlreciiy ~
propfalp thp sacrlfities 90 his md Aldual use ana
proft; but such securities Shall be sold and DIS,
posed of solely for the use, benefit and profit Of
the corporation.
SIG. 6. The Board of Directors shall have
power by proper bylaws. to fix the number q
olncers OF the bank. and to make, adopt AND
alter such rules and regulations Of election u
oihGefs and III government OF the business q
the bank as they may deem proper. provided
such bylaws rules and regulations shall not be
IN conflict with the provisions of this charter, lhe
laws and constitution OF Mississippi, or OF the
United States.
SIZE. !. The incorporatorS. or majority o.
them, may meet at such time and place as they
wish, and organize under this charter.
SEC. \. This charter shall take effect upon ls
approval by the Governor,