SEC. 3. Be it further enacted, That the subscribers for How capital the capital stock for said company shall pay to the said stock to be commissioners at the time of subscribing twenty dollars for

paid in.

Powers of

each and every share by them subscribed for, and the remaining eighty dollars, which shall be due on every share thus subscribed for, shall be paid in five instalments of sixteen dollars each, and at periods of four months each, dating the time for the payment of the first of said instalments to be at the time of the first regular meeting of the board of directors of said banking company; and in the declaration for the dividends to be made, none shall be allowed to any stockholder who shall not have discharged all arrearages due on his stock at the time such dividend shall be declared.

SEC. 4. Be it further enacted, That the subscribers to the said capital stock of said company, their successors and corporation. assigns, shall be, and they are hereby created a corporation and body politic, by the name and style of the Bank of Lexington, and shall so continue until the first day of January, in the year one thousand eight hundred and fiftynine, and by that name shall be, and they are hereby made capable of building, receiving, and holding property and estate of whatsoever nature, and the same to alien and dispose of at pleasure, to sue and be sued, plead and be impleaded, answer and be answered, to have a common seal, and the same to alter and renew at pleasure: Provided, said bank shall not hold any real estate for a longer period than seven years after acquiring it, except so much as may be necessary for the banking houses of said bank and its branches.

directors.

SEC 5. Be it further enacted, That so soon as fifty thouElection of sand dollars of the stock so subscribed for shall be paid in, the subscribers therefor may proceed to the election of directors; and it shall be the duty of the aforesaid commissioners in this act appointed to superintend the opening of books at the town of Lexington, for the subscription of stock as aforesaid, when such amount shall have been paid in, to convoke the stockholders of said company (giving at least ten days notice of the time and place of meeting) with a view to such election, that the number of persons to be elected as directors of the office of said company shall be

eleven, who shall annually choose one of their number to act as president; the election of directors shall be annual, every stockholder shall be eligible as a director, and shall at all meetings of the stockholders be entitled to vote for directors 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; for every ten shares above one hundred, one vote: but no individual, or corporation, or company, shall be entitled to more than one hundred votes; and after the first election of directors, no share or shares shall confer the right of voting which shall not have been holden by subscription or actual transfer, at least ninety days previous to such election.

SEC. 6. Be it further enacted, That it shall be incumbent on said company to loan at least one half of the amount of Loans. capital actually paid in by the stockholders at periods of not less than twelve months, and in sums not exceeding four thousand dollars to any one individual or company during any period of twelve months, nor shall any discount be made by said company, on business paper having twelve months or longer to run, for the benefit of any one individual or company, for a larger amount than four thousand dollars; and the rate of discount which said company is authorized to take on paper having twelve months or longer to run is hereby declared to be nine per centum per annum, and on notes having less than twelve months to run, not exceeding seven per cent. per annum: Provided, however, that nothing in this section shall be so construed as to prevent the said company from loaning, at their discretion, to any individual who may have been accommodated to the extent of four thousand dollars, as aforesaid, at periods short of twelve months.

SEC. 7. Be it further enacted, That the stock of said company shall be assignable and transferable in such man- 'Transfers. ner as may be prescribed by its by-laws; the directors for the time being shall have the power to appoint and remove such officers, clerks, and servants, under them as may be

Quorum.

necessary for conducting the business of the said corporation; and the cashier, teller, and clerks of said corporation shall, previous to entering on the duties of their offices respectively, give bonds payable to the bank of Lexington, in such penalty and with such conditions and securities as the board of directors shall prescribe.

SEC. 8. Be it further enacted, That five members (of whom the president shall be one) shall constitute a quorum for the transaction of business, and each stockholder may vote by proxy for directors; (the company prescribing the mode in which the delegation of such authority shall be evinced ;) but none but citizens of this state shall be eligible as directors.

SEC. 9. Be it further enacted, That the said company Exchange. shall have power to deal in exchange and to secure their loans of periods of more than a year by pledges of real estate, but shall in no case purchase the real estate so pledged.

SEC. 10. Be it further enacted, That the capital stock of this bank shall be exempt from taxation, for one year after the same shall go into operation, after which time the legislature may impose a tax on said stock of any sum not exceeding twenty-five cents per annum on each share of stock subscribed, to be paid into the state treasury; and the legislature shall have power at any time to appoint a committee, or elect a commissioner or commissioners to examine the books, regulations, and ordinances, of the bank, and more particularly to ascertain the amount of notes in circulation, the balance due to and by the said bank, and all the officers of said institution, so as to be enabled to make a true report thereof to the legislature, before any board of directors shall enter on the duties of their office after their election, by the provisions of this act: they shall examine the condition of the 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 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 preceding board, and shall transmit the other to the office of the auditor of public accounts for the inspection of the legislature; and should the said bank at any time refuse to pay its notes in specie, it shall be the duty of the cashier or teller thereof, under the penalty of five hundred dollars Penalty. for each and every offence, to endorse on such note or notes, when presented, the day and 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 per annum, from the day of their presentation; all loans having twelve months or Loans. more to run shall be made annually in the months of January and February, in each and every year: Provided, the same be then applied for on good security, and in no case shall more than one year's interest be taken in advance; a majority of the commissioners at each of the places aforesaid named in the second section of this act shall have power to superintend and receive subscriptions, and all payment for stock shall be made in gold and silver, or in the notes of the specie paying banks, the notes of this bank excepted. SEC. 11. Be it further enacted, That if all the stock be not subscribed for before the meeting of the first board of Further subscripdirectors, the books for subscription shall be re-opened at such place or places, with such provisions and conditions, and under the superintendence of such commissioner or commissioners as the directors may provide and appoint. SEC. 12. Be it further enacted, That no director shall be entitled to a longer standing or conditioned accommodation Limitations than four thousand dollars, nor shall any individual be eli- of loan. gible to the place of director who shall not own ten shares of capital stock.

tions.

charter

SEC. 13. Be it further enacted, That this charter shall When be subject to amendment or alteration, by the legislature, amended. with the assent of three-fourths of the directors.

tions.

SEC. 14. Be it further enacted, That said company shall Restricissue no notes of a less denomination than five dollars, nor shall their circulation at any time exceed double the amount of capital paid in.

What officers to

receive

pay.

Elections provided

for.

To take effect.

SEC. 15. Be it further enacted, That no director shall receive any compensation for his services as such; but the president, cashier, and other subordinate officers of the corporation, shall receive such salaries as may be agreed on by the directors.

SEC. 16. Be it further enacted, That if by any casualty any election should not take place at the time prescribed by this act, it shall not amount to a forfeiture of the rights herein granted, but the same may be held at any time thereafter, as may be prescribed by the directors.

SEC. 17. Be it further enacted, That this act shall be deemed a public act, and shall be in full force and effect, from and after the date of its final passage.

Approved, May 11, 1837.

Term of

court defined.

When writs

AN ACT to extend and change the terms of the Circuit Court in the county of Hancock, and other purposes.

SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That the terms of the circuit court in the county of Hancock shall commence on the last Monday in February and August of each and every year, and continue each term twelve judicial days, if business so long require, and no longer.

SEC. 2. Be it further enacted, That all business now pending in said court, which stands adjourned, or which returnable. shall be made returnable to the next September term, heretofore appointed, shall be adjudged and considered as if made returnable to and adjourned over to the August term hereby established, and shall in all respects take its order and have day therein, as if the same had been returnable in form, or adjourned to the said August term.

Jurors to

SEC. 3. Be it further enacted, That the clerk and sheriff of said county shall proceed forth with together at the clerk's be drawn. office therein, to draw thirty-six additional names from the list of freeholders and householders of said county, to serve as jurors for the first week of the next August term of said court, as hereby appointed (in addition to those that have or may be drawn under the existing law) who shall be