The commonwealth. (Greenwood, Miss.) 1896-1923, 1905-05-06
The Charter of Incorporation of The
Bank of SidOn.

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Brown, +. d. OItcnburg, G. A. Cooley, A..
b. White. II. l.. Price, W. II. Prophet, W.
A. Prophet, +. NJ. S~OuthwOrth, 4. Nee.
kimbrOugh, l. r. NcShane, their asso-
cIatcS and Successors are hereby
created a body corporate with the cor
pOratc name of the Bank Of Sidon and
as such shall have succession for a
period Of fifty years.
,. The domicile Of said corporation
shall be SidOu, Mississippi.
3. Said corporation is created for the
purpose of conducting a general banking
business; it is authorized and en-
powered to oar 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 manncr; to receive deposits, to
discount and negotiate drafts, promis-
sorry notes, bills Of exchange and other
evidences Of debt; to buy inc 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 9th ;rWise 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
curitieS and chooses in action of all
kinds and of all other property both real
and personal and in general to do any
and al! things necessary or incident to
the purpose of its creation or proper or
convenient for the management of it's
said business and welfare Of the said cor
poration and said corporation shall
have, enjoy and exercise all the rights,
powers and privileges created or con-
ferred by Chapter p 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 corpor-
alton shall be S50,O0O.00 divided into
shares Of $4,000 each.
). At any time after 100000 90 has
beer subscribed, the said corporation
may organize at a meeting to be called
for 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 than
two days before the time designated for
said meeting and after the sum of 81 800
90 has been paid in, the said corporation
may begin business.
6. 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
poTation. fixing the time and manner of
calling, holding and conducting both
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 INC Ofall officers elected by the
Stockholders and directors or appoint
ed by the cashier and president; and any
and all other bylaws necessary or prop
ef for the welfare or convenience of
said corporation not contrary to law.
7. Said corporation shall have a
board Of directors consisting of not less
than five nor more than seven 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. The 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
nuaiiy elect a president and vice-presi-
dent and cashier, all of which said Of
ficers 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.
TTh,., shall In n l1>, -, f,->, ~f
said corporation upon the corporate
stock of each stakeholder to secure the
payment of any md 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 been paid in full.
The said lien may be waived at any time
by written endorsement, signed by the
president, vice-president or cashier of
said corporation.
10. Any stakeholder who may desire
to sell the whole or any part of his cap
ital stock in said corporation, shall be-
fore selling said stock, mail or deliv err
to said corporation a written notice of
such intention, stating the amount of
stock desired to be sold, the terms of
sale, and the price which has beer Of
fered to said stakeholder therefor; the
corporation shall then have the option
to purchase such stock at the same price
and on the same terms named in the
said notice; this option may be exer-
cised by said corporation at any time
within three days after receipt by it of
the aforesaid notice to it. by mailing or
delivering to such stakeholder a writ
ten notice of its intention to purchase
such stock. The said corporation may
decline to transfer any stock until after
the provisions of this section shall have
been complied with by the owner there
of.