The commonwealth. (Greenwood, Miss.) 1896-1923, 1905-04-29
The Charter of Incorporation of The
Bank of SidOn.

e. ma 60 IL. =" oolIIS, -. L.
Brown, E. d. Oltenburg, G.. A. Cooley, A.
B. White. FL. L. Price, ". r. Prophet, W.
A. Prophet, f. NJ. Southworth, A. Nee.
kmbrough, Il. McShane, their asso-
cIateS and SuccesSO IS are hereby
created a body corporate with the cor
porate name of the Bank Of Sldon and
as such shall have succession for a
period of fifty years.
,. The domiciIe of said corporation
shall be Sidon, Mississippi.
). Said corporation is created for the
purpose of conducting a general banking
business; it is authorized and en-
powered to loan and borrow money and
to give and take security therefor on all
kinds OF property, endorsements, col
lateral or personal security or in any
other manner; to receive deposits, to
discount and negotiate drafts, promis-
sorry notes, bills Of exchange and other
evidences of debt; to buy and sell ex-
change, coin and bullion; to construct
and maintain safety deposit vaults for
others and charge and receive compen-
satiOn for the use thereof; to buy, own,
hold, sell or otherwise deal in all kinds of
bonds, negotiable Instruments and all
chooses in action of whatsoever nature;
to acquire, hold and dispose of any and
all kinds Of property by it deemed nee
essary or proper for the conduct of it's
business; to act as agent for others in
the negotiation, purchase and sale of Sc
curltieS and chooses in action of all
kinds and of all other property both real
and personal and in general to do any
and all things necessary or incident to
the purpose of it's creation or proper or
convenient for the management Of it's
said business and welfare Of the said cor
pOratlOn and said corporation shall
| have on low and nVHppiSa oil tho ptrhtc
powers and privileges created or con-
ferred by Chapter % of the Annotated
Code of 1892 Of the State of Mississippi
and OF the Acts Of the Legislature Of
said state ammendatOry thereof or sup
Elementary thereto.
4. The capital stock of said cOrDor-
alton shall be S50,000.OO divided into
shares of $4,000 each.
.. At any time after S15,000.00 has
beer subscribed, the said corporation
may organize at a meeting to b. called
Tor that purpose, by notices, in writing,
signed by One or more of the above
named parties and mailed or delivered
to each Of the subscribers not less thar
tWO days before the time designated for
said meeting and after the sun of 81 300
90 has been paid in, the said corporation
may begin business.
q. The said corporation may, by a
majority vote of stock holders at any
regular or special meeting thereof adopt
bylaws for the government Of said cor
poration, fixing the time and manner of
calling, holding and conducting Doth
regular and special meetings of stock
holders and directors; determining the
mode of voting by proxy; prescribing
the duties and scope of authority of the
directors and of all officers elected by the
Stockholders and directors Or appoint
ed by the cashier and president; and any |
and all other bylaws necessary Or prop
err for the welfare or convenience OF
said corporation not contrary to law.
Z. Said corporation shall nave a
board of directors consisting of not less
than five nor more than even members,
to be fixed by the bylaws. The said
directors shall be stockholders in said
corporation and shall be elected an
nually by stockholders of said cor
poratIon. h management and con-
troll OF the business and the affairs of
said corporation shall be vested in said
board Of directors, who may, subject
only to the bylaws of said corporation,
exercise any and all powers conferred
upon said corporation and. except when |
otherwise provided by law or by bylaws |
Of said corporation, may exercise the
same as fully and completely as might a
stakeholder of said corporation.
s. Said board of directors shall an |
nually elect a president and vice-presi-
dent and cashier, all of which said of
ticers and directors shall hold office I'M
til their successors are elected. All
other officers, agents. and employees of
said corporation shall be appointed by
and hold office at the will of the cashier,
with the approval and consent of the
president.
8 There shall be a lien in favor of
said corporation upon the corporate
stock of each stakeholder to secure the
payment of any and all Indebtedness of
such stakeholder to said corporation
without regard to time when same was
contracted or when due and no such
stock shall be transferred until all in
debtedness of such stakeholder to said
corporation shall have beer paid in full. |
The said lien may be waived at any time
by written endorsement, signed by the |