Rules and meetings of the stockholders, be entitled to vote for direc regulations. tors, according to the number of shares, he, she or they shall respectively hold, in the proportion following:-' :-That is to say, for each and every share not exceeding ten, one vote; for every two shares above ten, and not exceeding fifty, one vote; for every five shares above fifty, and not exceeding one hundred, one vote; and for every ten shares above one hundred, one vote; but no person, co-partnership, or corporation, shall be entitled to a greater number than one hundred votes: Provided, also, that the stockholders shall have the right of voting by proxy. Third-No director shall receive any emolument for his services as such; but it shall be lawful for the president, to receive such compensation as the directors may deem just and reasonable. Fourth-Five directors shall constitute a board for the transaction of business, of whom the president shall be one, except in case of his absence, in which case the directors present shall appoint a president, pro tempore; but a committee of the directors, with the cashier, may constitute a board for the renewal of loans, when the security is the same. Fifth-It shall be lawful for the directors, to call a meeting of the stockholders, at any time when they may deem the same necessary or expedient. Sixth-A cashier and other officers, clerks and servants of the corporation, shall be appointed by the board of directors; and shall previously to the entering on the duties of their offices respectively, give bond, with such security and in such form, as the board shall require, for the faithful discharge of their duties; and shall receive such salary, as may be agreed upon by the directors. Seventh-The total amount of the bills emitted by the corporation, payable at the bank, at any one time, shall never exceed double the amount of capital stock paid in. Eighth-The stock of the corporation shall be assignable and transferable in such manner, and according to such rules, as the board of directors may prescribe; and they may also establish transfer offices at New York or elsewhere, for the greater convenience of non-resident stockholders. Ninth-All bills and notes which may be issued by order of the corporation, shall be signed by the president and countersigned by the cashier; and all bills and notes so signed, shall be binding and obligatory on the corporation. Tenth-Semi-annual dividends Rules and regulations. shall be made of so much of the net profits of the bank, as shall appear to the directors advisable. Eleventh-The corporation shall have power to make discounts at the following rates:-On notes, bills or bonds, having less than twelve months to run, at the rate of seven per centum per annum; having twelve months, and not exceeding twentyfour months to run, at the rate of eight per centum per annum; and may also, at their discretion, engage to make loans, renewable for one or more years, at the rate of nine per centum per annum: Provided, that in no case, shall more than one year's interest be taken in advance; and in no case, shall nine per centum per annum, be taken, unless the money shall be suffered to remain in the hands of the borrower for three years or more, on his paying the interest, and his renewing the note, with good security annually: And, provided also, the directors may require at each renewal, additional security, should the same be deemed necessary or expedient; and at least one-third of the capital stock of said bank actually paid in, shall be loaned out on notes having twelve months or more to run to maturity: and, provided, the same be applied for; and said long loans shall be made in the months of February, March, and April, in each and every year; Provided, however, upon the subsequent period for making of said long loans as aforesaid, after said third shall be first loaned out on said long loans as aforesaid, only that portion of said third paid in during said months, or paid in during the previous interval between the said periods of making said long loans, and may secure their loans for periods of more than a year, by pledges of real estate. Twelfth-Should any stockholder refuse or fail to pay any instalment of the said stock when called for, the company shall proceed to sell said stock, on giving thirty days notice thereof in some gazette; and the amount already paid in, shall be forfeited to the company, if the arrearage be not paid before the day of sale. SEC. 5. Be it further enacted, That said corporation shall Exchange have power to deal in exchange, foreign or domestic: Provided, that no exchange shall be charged, demanded or Directors chosen. taken on bills of exchange, drawn in Mississippi, on any person, firm, or corporation, resident in Louisiana or Alabama, or payable there; but the same rates of discount or interest, may be taken on such bills, as are allowed on notes having the same time to run, by the provisions of this charter; and the president or cashier, with one or more directors, shall constitute a board for the transaction of exchange business. SEC. 6. Be it further enacted, That as soon as the sum of two hundred and fifty thousand dollars is subscribed, the superintendents shall give notice thereof in the newspapers published in Grenada, and shall within ten days, convene a meeting of the subscribers, for the purpose of electing eleven directors, which directors, thus elected, shall continue in office for the space of one year from the day of their election, and until their successors are elected; and President such directors shall immediately elect a president, cashier, and other officers, and proceed to procure plates, paper, and whatever else may be necessary, to commence the operations of the bank with the least possible delay. Annual election. Books may be re-opened. Director's accommodation. SEC. 7. Be it further enacted, That there shall be an election for the directors, at the banking house, in the town Grenada, on the first Monday in January of each year, or as soon thereafter as may be convenient, after the first election for directors; but if no election should take place on that day, the directors then in office, may continue until a new election is made; and the board of directors may, at any time, fill any vacancy occurring in said board. SEC. 8. Be it further enacted, That if all the stock be not subscribed for before the meeting of the first board of directors, the books for subscription shall be re-opened at such times and place or places, with such provisions and conditions, and under the superintendence of such commissioners, as the directors may provide and appoint. SEC. 9. Be it further enacted, That no director shall be entitled to a longer standing or continued accommodation as director, than three thousand dollars; nor shall any individual be eligible to the place of director, who shall not own at least ten shares of capital stock. SEC. 10. Be it further enacted, That said company shall Restriction. issue no notes of less denomination than five dollars. examined. SEC. 11. Be it further enacted, That the capital stock of the bank of Grenada, Mississippi, shall be liable to taxation Tax. as other property; Provided, that the tax on said stock, shall not, in any one year, exceed twenty-five cents on each hundred dollars thereof. Before any board of directors shall enter on their duties after their election, by the provisions of this act, they shall examine the condition of said Books &c. corporation, and sign triplicate receipts to their predecessors in office, setting forth the amount in specie on hand, the amount of notes payable at the bank in circulation, the amount of debts due to and by said corporation, and all other property which the said company may own, showing the true condition of said institution at the time they shall take charge thereof; and the president of said company shall, within the first week thereafter, deposite one of said receipts in said bank, one he shall deliver to the members of the preceding board of directors, and shall transmit the other to the auditor of public accounts, for the inspection of the legislature; and should said bank, at any time, refuse to pay its notes in specie, it shall be the duty of the cashier or teller, under the penalty of five hundred dollars, to endorse on such note or notes, when presented, the date of their presentation, and the refusal of the bank to pay, and sign his name officially thereto; and all such notes shall bear interest, at the rate of twelve and one-half per centum, from the day of the presentation. Penalty. Commis SEC. 12. Be it further enacted, That the legislature shall have power to appoint a committee or to elect a commis- sioners. sioner or commissioners, to examine the books, regulations and ordinances of the bank, and more particularly, to ascertain the amount of gold and silver, the amount of notes in circulation, the balance due to and by the bank, and all other affairs of the institution, so as to be able to make a true report thereof to the legislature; and said bank shall not, under the penalty of a forfeiture of their charter, discount any stock-note or other paper, to pay for the stock, nor shall they give any preference to stockholders, over other citizens of this state. Report. To take effect. SEC. 13. Be it further enacted, That this act shall take effect and be in force from and after the passage thereof. Approved, May 9, 1837. AN ACT to legalize certain proceedings of the Commissioners of the Whereas it hath been represented to the legislature, by Preamble. the petition of B. M. Lapier and others, that the commis. sioners appointed by an act, entitled an act to amend the act to incorporate the subscribers to the Mississippi Shipping Company, approved February 26th, 1836, were unable from a cause not within their control, to open books of subscription at or within the time prescribed by the above recited act, but that they did, on the sixteenth day of July, eighteen hundred and thirty-six, open the said books of subscription as authorized by said act, and did keep open the same, until the sum of one hundred and fourteen thousand three hundred dollars was subscribed: Wherefore, Acts declared valid. Books may be re-opened. To take effect. SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That the acts of the said commissioners, and all subscriptions made to the stock of the said Mississippi Shipping Company, on and from the said sixteenth day of July, eighteen hundred and thirty-six, during the time that the said books were kept open, shall be and are hereby declared to be valid, and as obligatory, as if the said subscriptions had been made at or within the times specified by said above recited act. SEC. 2. Be it further enacted, That if the whole of said stock shall not have been taken up, it shall and may be lawful for the said commissioners, to re-open said books of subscription at any time, on giving fifteen days public notice by advertisement, in some newspaper published in the city of Natchez. SEC. 3. Be it further enacted, That this act shall take effect and be in force, from and after the passage thereof. Approved, May 9, 1837. |