The commonwealth. (Greenwood, Miss.) 1896-1923, 1906-09-28
THE CHARTER OF
incorporation of The Merchants
Bank.

Be it remembered that Rowan Thayer,
W. NJ. Hammer, Andrew Dahmer, B. l..
Young, W. A. S%tinson, p. A. Malone, |.
b. Bright, W. b. Dickins, r. Herman and
G. W. Vance, their associates and sue
cessors and assigns are hereby created
a body corporate under the corporate
name of The Merchants Bank and as
such corporation shall exist and have
succession for a period of fifty years.
II.
The domicile of said corporation shall
be the City of Greenwood, Lefore Coun-
ty, Mississippi.
Said corporation is created for the
purpose of conducting a general bank
ing 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-
DRY 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
bCiicES hllu Charge dllu EttClNc tOulIpu-
sation for the use thereof; to buy, own,
hold, sell OF otherwise deal in all kinds
of bonds, negotiable Instruments and all
chooses in action Of whatever nature; to
acquire, hold dispense Of any aud all
kinds of property by 1t deemed neces-
sary or proper for the conduct of it's
business; to act as agent for others in
negotiation, purchase and sale OF secur-
tiles and choose 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
purposes of its creation or proper or
convenient for the management of its
said business and the welfare Of said
corporation; and said corporation shall
have, enjoy and exercise all the rights,
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 amendatory thereof and sup
Elementary thereto.
".
The capital stock of said corporation
shall be 500, 000.0 90 divided into shares Of
$1,000 each. At any time after $50, DOC. 90
of the capital stock has been subscribed
the stockholders may organize for bust
ness and as soon as the said 500, 1000. 90
has been paid in in cash the said corpora.
ton may begin business.
V.
The business of said corporation shall
be managed by a board of directors con
sisting of not less than five nor more
tInv, rD,vAN ,,nrll@.- G-sl IsA-a |
shall be stockholders in said cooperation
and shall be elected annually by the
stockholders Of said corporation. They
shall have full management and control
of the corporate business subject to di-
r~ections and limitations by the bylaws
of said corporation.
VI.
The officers of said corporation shall
be a President, Vice-President and
Cashier or Assistant Cashier. All OF
said officers shall be stockholders. 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.
VII.
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. This
lien may be waived at any time by the
board of directors evidenced by a writ
ten statement to that effect signed by
the President or Vice-president of said
corporation.
VIII.
Any stakeholder who may desire to
sell the whole or any part of his capital
in said corporation shall, before
such stock, mail or deliver to
said corporation a written notice of
such intention, stating the amount of
sale, and the price which has been 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 written
of its intention to purchase such
The said corporation may de-
cline to transfer any stock until after
the provisions of this section shall have
been complied with by the owner there
of.
TX.
The first meeting Of the Stockholders
Of said corporation may be held after a
three days notice in writing deli vered
in person or mailed to each Of the sub