President

security.

SEC. 21. And be it further enacted, That every president and cashier, before he enters upon the duties of his office, and cashier shall give bond, with three or more good and sufficient to give securities, to be approved of by the directors, in a sum not less than fifty thousand dollars, conditioned for the faithful performance of his duties as such, and all other inferior officers shall, in like manner and upon the same condition, give bond in a sum not less than fifteen thousand dollars. SEC. 22. And be it further enacted, That the amount of notes emitted by said corporation shall not, at any time, ex- Amount ceed three times the amount of the stock actually paid in, emitted including all moneys in deposite in said bank, and it shall ⚫ not be lawful for said bank to discount any. note or notes which shall not be made payable and negotiable at the said bank or some one of its offices of discount and deposite, nor shall it be lawful for said bank to demand or receive a higher rate of interest on any note made payable at said bank, than seven per cent. per annum.

of notes

limited.

One-half of capital

ed on mort

gage.

SEC. 23. And be it further enacted, That an amount not exceeding one half of the capital actually paid in, may be appropriated to the sole purpose of being loaned upon notes to be loanor bonds, secured by mortgages on immovable property: provided, that no mortgage shall be taken upon lands not in a state of improvement, and the value of the property so mortgaged, shall be ascertained to the satisfaction of the president and directors in the following manner, to wit: Any person, or persons, who shall apply for loans to be secured by mortgage as aforesaid, shall present a just and true account of the real estate proposed to be mortgaged, and the titles by which the same may be holden, which said property shall be valued by commissioners, who shall be appointed as hereinafter directed.

missioners to be ap

each sena

SEC. 24. And be it further enacted, That the president and directors shall have power to appoint five commission- Five comers in each senatorial district, to value and appraise the lands which shall be offered in mortgage to the bank, and pointed in every valuation of lands in each senatorial district, shall be torial certified by at least three of said commissioners, and the president and directors shall have power to fill up all vacancies or to remove any such commissioner at pleasure, and

trict.

dis

loaned on

tioned

each and every commissioner shall be entitled to one dollar per day for every day which he shall be employed as a commissioner, to be paid by the party applying for the loan.

SEC. 25. And be it further enacted, That the sums of Money money loaned out on mortgage of real property shall be mortgage to apportioned among the several senatorial districts throughbe appor- out the state, and whenever the sum allotted to any paramong the ticular district cannot be loaned on good terms to the inhabitants thereof in a reasonable time, it shall then be loaned to the inhabitants of any part of the state who shall apply for the same.

districts.

SEC. 26. And be it further enacted, That the mortgage Form of shall be taken in the form following, to wit: I, A. B., do mortgage. assign over to the president, directors, and company of the

be removed

govern

Planters' bank of the state of Mississippi, my (here describe
particularly the estate,) which estate, I, by these presents,
declare to be in mortgage for the repayment of the sum of
with interest at the rate of seven per

centum per annum, from the date hereof, and I do hereby
agree that the same may be exposed to sale, according to
an act entitled an act to establish a Planters' bank of the
state of Mississippi, if I do not repay the interest and prin-
cipal at the several and respective times in which they shall
be lawfully due and payable: witness my hand and seal
this
day of
in the year one thousand eight
hundred and
which mortgage shall be accom-

panied by a bond for the sum, and shall be binding and
valid to all intents and purposes, and all mortgages so taken
and remaining in possession of the said bank shall be
deemed as recorded, and shall have priority of all bonds or
deeds not previously recorded in the proper office.

SEC. 27. And be it further enacted, That the principal bank established at the city of Natchez may be removed to Principal bank may the seat of government whenever the same shall become perto seat of manently fixed, and that the president and directors of the said bank shall, after the organization of the same, establish a bank at the town of Vicksburg, for the purposes of disBank to be count and deposite upon real security, under the rules, established regulations and restrictions hereinbefore established, and to appoint the directors and officers of said branch, and to

ment.

at

burg.

Vicks

fix their salaries and prescribe their duties, and shall allot them a portion of the active capital of said bank not less than five hundred thousand dollars, and it shall, also, be the duty of the said president and directors to establish in like manner and under the same rules and regulations, a branch at the town of Rodney, in the county of Jefferson, so soon as the said bank shall be organized, and to allot to said branch, a portion of their capital, not less than two hundred and fifty thousand dollars, which said amount may at any time be increased at the discretion of the said president and directors, and said amounts at any time may be increased by the said bank at Natchez, or by a resolution of the legislature directing the same, and it shall be the duty of the president and directors of the said principal bank to establish a branch or branches at any point or points in the state, which they may deem expedient, and to allot them such portion of the capital of said bank as can be successfully employed thereat.

ture to be

with state

tions of

SEC. 28. And be it further enacted, That the legislature of this state shall be furnished with a general statement of Legislathe transactions of the bank as often as they may require furnished the same, which shall be signed by the cashier, and coun- ment of tersigned by the president, and also be the duty of the transac auditor to inspect such general account on the books of the bank. bank when he shall deem it necessary; and it is hereby declared to be his duty faithfully to report every violation of the fundamental rules of this corporation to the legislature: Provided, that this shall not be so construed as to give a right of inspecting the private account of any individual or individuals, or any body corporate with the bank.

Moneys to be depo

SEC. 29. And be it further enacted, That all bills or notes of said bank, originally made payable, or which shall become payable on demand, shall be received in all pay-sited ments to the state, and all unexpended money in the treasu- bank. ry of this state, and all the money hereafter received by the state on account of taxes, and all other moneys collected for the state by the officers thereof, shall be deposited in said bank, to aid and facilitate the operations thereof-subject, nevertheless, to all drafts on the part of the state, authorized by legal appropriations.

Semi

dends to be

cases mort

mises to be

sold.

SEC. 30. And be it further enacted, That semi-annual annual divi- dividends shall be declared of so much of the profits of said declared. bank as shall be deemed advisable by the directors thereof. SEC. 31. And be it further enacted, That in all cases In what where the interest, or interest and principal of any loans gaged pre- hereafter to be made by said bank, in pursuance of this act, shall become due and in arrear, the directors of said bank shall be, and they are hereby authorized and empowered to advertise the mortgaged premises, for four weeks, in one or more of the newspapers of Natchez, and in the county where the mortgaged premises be, if any newspaper shall be there published: otherwise, by notice posted up at the court-house door for the same period; and on the first Monday of December, in each and every year, shall cause the same to be exposed to sale by the sheriff of the county in which said premises shall lie, at the court-house thereof; and the president and directors are hereby fully authorized to make conveyances for the same to the purchasers thereof, or to buy the same in, if they shall think proper, for the benefit of the bank. And in all cases where powers of attorney shall be given, to confess judgment in favor of the president, directors and company of said bank, for any sums due said bank for any loan or discount, which shall be made pursuant to this act, and the same become due and be in arrear, it shall be lawful for the president and directors to enter up judgment upon such power of attorney in the circuit court of the county in which such party shall live, and execution shall issue thereon, in the name of the said president, directors and company for the whole amount of the debt which may be due said bank.

stock ex

SEC. 32. And be it further enacted, That no tax of any Capital kind whatever, shall be levied or collected from the capital empt from stock of said Bank; and further, the president and directaxation. tors are hereby declared to be capable, and to have full

Seven directors appointed.

power to accept of any amendment or alteration of said charter which shall be made by the legislature.

SEC. 33. And be it further enacted, That there shall be appointed by the governor, by and with the advice and consent of the senate, seven directors, whose term of service shall commence on the first Monday of March next, and continue for the term hereinbefore prescribed.

SEC. 34. And be it further enacted, That in case a vacan

cy shall occur, by death, or otherwise, among the directors, Governor to supply it shall be the duty of the governor for the time being, to vacancies. supply such vacancy or vacancies by appointment, which shall continue until the next appointment of directors; and in case any vacancy or vacancies shall occur among the directors elected on the part of the stockholders, the directors elected by the stockholders shall have power to supply such vacancy or vacancies by election. And it is provided that in the event of a failure on the part of the state to appoint seven directors as is herein prescribed, the said corporation shall not, on that account, be dissolvedbut the governor of the state shall, after the rising of the legislature, appoint the said number of directors, who shall continue in office for the time prescribed.

tors

be

SEC. 35. And be it further enacted, That so soon as there shall be stock in said bank subscribed for, to the Five direcamount of two hundred thousand dollars, the superinten- elected. dents appointed at the city of Natchez, shall call a meeting of the subscribers for stock, giving twenty days' notice thereof in the gazettes of Natchez. And the said stockholders shall, at such meeting, elect five directors, who shall remain in office until the next annual election of directors.

Approved, February 10, 1830.

AN ACT, for the relief of the securities of public officers, in certain

cases.

securities.

SEC. 1. Be it enacted by the Senate and House of Representatives of the state of Mississippi, in General Assembly convened, That in case the securities or either of them, Relief to of any clerk of the county court, clerk of the circuit court, register of the orphans' court, sheriff, constable, county treasurer, ranger, or other county officers, shall conceive himself or themselves in danger of suffering by being such security, and shall petition the county or circuit court, as the case may be, for relief in the premises, the said court shall have full power to order that the said offi