Further subscriptions.

Rules and

continue open for five days, unless said stock shall all be taken; and at the end of said five days, may be closed or continue open, as to the directors may seem best; and said directors may continue to open them, until the entire stock shall be subscribed for; subject always to the above restrictions and provisions; Provided, however, that no person, or firm, or corporation, shall, in their own name, subscribe for more than fifty shares within the first five days after the books have been opened under the superintendence of the commissioners, or opened, or re-opened under the superin. tendence of the directors: Provided further, that nothing herein contained shall be construed to exclude any person, firm, or corporation, who shall have subscribed for fifty or a less number of shares, when the books were opened under the superintendence of the commissioners, from subscribing for fifty or a less number of shares, when the books shall be opened or re-opened under the superintendence of the directors. All stock which shall be subscribed for, when the books are opened, or re-opened under the superintendence of the directors, shall be paid for in the following manner, to wit:-One-fourth at the time of subscribing, and the remaining three-fourths within twelve months from the time of subscription, in such instalments, and at such time and place, as the directors may require: Provided, that notice be given of the amount of such required payment, and the time and place for making the same, as is required in the first section of this act. If any stockholder shall fail or refuse to pay any instalment on his stock when due, the company shall sell his stock, on thirty days notice in some newspaper, of the time and place of sale, on account of, and at the risk of the stockholder; and no stockholder shall be entitled to any dividend, until his stock shall be paid for, so far as the same shall be due.

SEC. 5. Be it further enacted, That the following rules and regulations shall form and be the fundamental articles regulations. of the corporation: Article first-Every stockholder being a citizen of the state of Mississippi, shall be eligible as a director. Article second.-Every stockholder shall be entitled to vote for directors, according to the number of shares, he, she, or they shall respectively hold, in the pro

portion following:-That is to say, for each and every Rules and share not exceeding ten shares, one vote; for every two regulations. shares above ten, and not exceeding fifty shares, one vote; for every five shares above fifty, and not exceeding one hundred shares, one vote: Provided, however, that no person, firm, or corporation, shall, in their own right, be entitled to a greater number, than one hundred votes: and provided, further, that no share or shares, shall confer the right of voting for directors, which shall not be holden by subscription, or actual purchase or transfer; and if holden by actual purchase or transfer, such transfer or purchase, must have been executed or made at least ninety days previous to such meeting or election: And provided, further, that all stockholders shall have the right of voting by proxy, subject to the same restrictions and regulations, as if he were present and voted in person. Article third.-No

director shall receive any emolument for his services as such; but the president may receive such salary as the directors shall assign him. Article fourth.-Five directors shall constitute a board for the transaction of business, of whom the president shall be one, except he be absent from sickness or unavoidably otherwise, in which case, the directors shall choose one of their number as president, pro tempore; but a committee of the directors, consisting of three, with the cashier, may constitute a board for the renewal of loans, where the security is the same. Article fifth.-The directors may, at any time, when they shall deem it necessary or expedient, call a meeting of the stockholders, on giving three weeks previous notice thereof, in some public newspaper, published in Port Gibson; which said notice must state the time and place of said meeting. Article sixth. A cashier and other officers, shall be chosen as is provided for in the third section of this act, who shall before entering upon the discharge of their duties, give separate bonds, with approved security, and in such form, and in such penalty, as the directors may demand, for the prompt and punctual discharge of their respective duties. Article seventh. The total amount of bills or notes emitted by the corporation, shall not exceed, at any one time, double the amount of capital stock paid in. Should said bank, at any

Rules and time, refuse payment of any of its notes, agreeably to the regulations. tenor and effect thereof, the cashier of said bank, on being

Loans.

thereto required by the holder, shall endorse such demand of payment and refusal on the note, and date the same, and sign his name thereto; and such note shall bear interest at the rate of twelve and a half per centum per annum from the date of such refusal till paid; and the cashier being required to make such endorsement, and refusing to do so, shall forfeit to the holder, the full amount of such note. Article 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 establish transfer offices at Philadelphia or elsewhere, for the greater convenience of non-resident stockholders and others. Article ninth.-All bills or notes which may be issued by the corporation, shall be signed by the president and countersigned by the cashier; and all bills or notes so signed, shall be binding and obligatory on the corporation. Article tenth.-Semi-annual dividends shall be made of so much of the net profits of the bank, as shall on deliberation by the directors, be deemed advisable. Article eleventh.-The corporation shall have power to make discounts at the following rates :-On notes or bonds having less than twelve months from date to run, at the rate of seven per centum per annum; having twelve months or more, and not exceeding twenty-four months from date to run, at the rate of eight per centum per annum; and may also at the discretion of the directors, engage to make loans renewable for one, two, or more years, at the rate of nine per centum per annum: Provided, however, that on such loans, the discount be taken in advance for no longer period than twelve months: And provided further, that the directors may require at each renewal, additional security, should the same be thought necessary or advisable.

SEC. 6. Be it further enacted, That said bank shall (if applied for upon sufficient and safe security) employ onethird of their capital stock actually paid, in long loans to wit:-On loans for a time not less than one year, accommodations of this sort being deemed most advantageous to the planting and commercial interest of the state.

SEC. 7. Be it further enacted, That said bank shall have power to deal in exchange, and in bank and other public Exchange. stock; Provided, that the president and cashier, with two

or more directors, shall constitute a board for the transaction of exchange business.

election.

SEC. 8. Be it further enacted, That there shall be an election of directors of the said bank, at the banking-house Annual in the town of Port Gibson, on the first Monday in March of each year; and that such directors, immediately on their election and qualification, or as soon as possible thereafter, shall choose from among their number, a president, who shall hold his office until the first Monday in March, following his election, or until his successor shall be elected and qualified; Provided, however, that if no election shall take place on the first Monday in March, the old directors may continue in office until their successors in office shall be elected and qualified: and, provided further, that if no election shall take place on the first Monday in March of any year, that it shall take place on the first day thereafter; when one-half of the capital stock subscribed for, shall be represented at a meeting.

SEC. 9. Be it further enacted, That no director of any Restriction. other bank, shall be eligible as a director of this bank.

examined.

SEC. 10. Be it further enacted, That before any board of directors shall enter on their duties after their election, by Books, &c. the provisions of this act, they shall examine the condition of said corporation, and sign triplicate receipts to their predecessors in office, setting forth the amount of specie on hand, the amount of notes in circulation, the amount of debts due to and by said corporation, and of 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, and shall transmit the other to the office of the auditor of public accounts, for the inspection of the legislature; and the legislature shall have power to appoint a committee or to elect a commissioner or commissioners, to examine the books, regulations, and ordinances of the

bank, and more particularly, to ascertain the amount of cash, 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. SEC. 11. Be it further enacted, That in all cases of Vacancies. vacancy in the board of directors, occasioned by death, resignation, or removal from the state, the vacancy may be supplied by the directors, until the next succeeding annual election.

SEC. 12. Be it further enacted, That the directors of the Record of bank shall keep a book or books, in which all the proceedproceedings. ings of the board shall be entered and recorded, as well as the number of votes, including the yeas and nays on every question, when demanded by a member of the board, with the names of the voters; which proceedings shall be written out by the cashier, and signed by the president and countersigned by the cashier. It shall be the right of any three or more stockholders, within one month preceding each each election for directors, to examine said books; and for that purpose, may apply to either the president or cashier of the bank.

When charter

amended.

SEC. 13. Be it further enacted, That this charter shall not be subject to be altered by the legislature, except by the assent of two-thirds of the directors of the bank. Approved, May, 11, 1837.

certain

and paid.

AN ACT to extend the powers of the police courts in certain counties therein named.

SECTION 1. Be it enacted by the Legislature of the state Accounts of of Mississippi, That the courts of De Soto, Tippah, Lafaysheriffs to ette, Pontotoc, Tishamingo, Marshall, Chickasaw, and be examined Itawamba, be, and they are hereby authorized and required, to examine and audit the accounts of the sheriffs of said counties, for extra and other services, and to make them such allowance, payable out of the county treasury, as they may deem reasonable and right.

To take effect.

SEC. 2. Be it further enacted, That this act shall take effect, from and after its passage.

Approved, May 11, 1837.