Repeal. said provisional directory in the original charter, and that the choice of a president for the said bank shall be confined to their own body, and the president and directory so appointed shall remain in office until they are superseded by the election of successors by the stockholders, and by the legislature, as provided for in the charter. SEC. 18. Be it further enacted, That so much of the nineteenth section of the original charter as entitled the state to one-tenth of the whole profits of the bank, be repealed, and so much of the thirty-first section of the original charter as entitled the state to a credit of two hundred thousand dollars, be and the same is hereby repealed. SEC. 19. Be it further enacted, That the advance required Advance to to be made on the subscriptions for stock of said bank, as be made on required in the eleventh section of the original charter, may stock. be paid in by the subscribers in the current bills of the banks of undoubted solvency of this state, and that no more than two and a half per cent. on the stock shall be required to be paid at the time of subscribing: Provided however, that when this amount so advanced be refunded to the subscribers, as provided for in the forty-fourth section of the original charter, the same shall be in funds similar in value to the description of funds paid in by the subscribers. SEC. 20. Be it further enacted, That if any stockholder should be dissatisfied with the graduation of the stock subscribed for by them, they may have the right to withdraw the property pledged, and cease to be stockholders, and the said stock so refused to be taken, may be again subscribed for by giving thirty days public notice of the time of opening the books of subscription, which shall be governed by the same rules and regulations as in the first subscriptions. Approved, February 15, 1838. AN ACT to change the time of holding the Circuit Court of Marshall SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That instead of the time now fixed by law, court shall the circuit court shall hereafter be held in the county of Time at Marshall on the first Monday of March and September, in which the each and every year, and continue three weeks, if business be holden. so long require, and no longer. last term. SEC. 2. Be it further enacted, That all suits and cases, civil or criminal, pending and undetermined, at the last Relative to term of the circuit court of said county, and not tried and suits of the determined at any special term which may have been holden, shall stand for trial, and shall be determined in their proper order, at the first term provided for by this act. be issued. SEC. 3. Be it further enacted, That all writs, bonds, recognizances, and other proceedings, which may issue, or Writs, &c. may have been issued, taken or entered into, returnable or issued, or to requiring the appearance of any person or party, to the term of the circuit court of said county, as heretofore required to be held, shall have the same effect, and be returnable to the next term of the circuit court of the proper county hereby directed to be holden. SEC. 4. And be it further enacted, That this act shall take When to effect and be in force from and after the twentieth day of take effect. January, eighteen hundred and thirty-eight. Approved, January 13, 1838. AN ACT to authorize the judge of the Circuit Court of Yazoo county, in this state, or the sheriff of said county, to select and designate a house for holding the future sessions of the said circuit court. Judge or select a SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That the judge of the circuit court of Yazoo county, in this state, or the sheriff of said county shall have sheriff may power, and is hereby authorized to select and designate any house. house within the corporate limits of the town of Benton, in said county, for the purpose of holding the future sessions. of said court, that may be deemed appropriate, and which can be obtained for such purposes: Provided, that this act Proviso. shall cease and be inoperative, when the court-house for said county contracted to be built, shall have been completed and received by the lawful authority, from and after which time said court shall be held in said court-house. Act to SEC. 2. Be it further enacted, That this act shall be in take effect. force and take effect from and after the passage thereof. Approved, January 13, 1838. capital stock. AN ACT to incorporate the Port Gibson Insurance Company. SECTION 1. Be it enacted by the Legislature of the state Amount of of Mississippi, That a fire and marine insurance company shall be established in the town of Port Gibson, with a capital of two hundred and fifty thousand dollars, to be divided into twenty-five hundred shares, of one hundred dollars each share, to be subscribed and paid for by individuals, co-partnerships and corporations, in the manner herein specified. SEC. 2. Be it further enacted, That subscriptions for the said twenty-five hundred shares shall be opened in the be opened. town of Port Gibson, under the superintendence of the Books to Subscribers created a following commissioners, namely: Horatio N. Spencer, Passmore Hoopes, William T. Purnell, Joseph O. Pierson, and William E. Wells, or a major part of them, and shall continue open six days, unless said capital stock shall be subscribed in a less period of time; and if one thousand shares of said stock shall not be subscribed, during that period of time, said subscription shall be kept open by said commissioners until said one thousand shares, at least, are .subscribed, and may then be closed: Provided, however, That said commissioners, or a major part of them, shall give at least two weeks previous notice of the time and place of opening said subscription, in the newspapers printed in Port Gibson: And provided also, That no person, copartnership, or corporation shall subscribe for himself or themselves, for more than fifty shares of said stock, until the expiration of the six days previously noticed, upon which said subscription shall be opened. SEC. 3. Be it further enacted, That the subscribers to body the said company, their successors and assigns shall be and corporate. are hereby created a corporation and body politic by the name and style of the Port Gibson Insurance Company; and so shall continue until the first day of January, Anno Name, style, and powers. Domini eighteen hundred and seventy, and by that name, shall be and are capable to buy, receive, possess, contract for, hold, use, and enjoy, real and personal property, moneys, notes, credits and effects, to an amount not exceeding in value the capital stock paid in, and to sell, alien, demise, transfer and dispose of the same; to sue and be sued, answer and be answered unto, plead and be impleaded, in all manner of actions, complaints and controversies whatsoever; and to compromise and settle the same, and to have a common seal, and the same to alter or renew at pleasure. make SEC 4. Be it further enacted, That the said company shall have full power and authority to make insurances Power to upon ships, and other sea vessels, upon steamboats, and all insurances. other boats and river vessels, freights, seamen's wages, goods, wares and merchandise, and gold and silver bullion, and money; and all kinds of property against all maritime risks, and risks of the river, and such as are usually insured, and upon houses, stores, cotton gins, and all other buildings and goods, wares and merchandise, furniture, and other articles against fire, and upon lives, and to fix premiums thereon, and to collect and receive the same, and to do and execute all necessary acts and things, for the well-being of said corporation, not contrary to the constitution of the United States, or of this state. pledged. SEC. 5. Be it further enacted, That the subscribers to said company shall, at the time of subscribing for said Real estate stock, pay ten dollars on each and every share by them may be subscribed, and the remaining ninety dollars for each share, shall be paid at such times as the board of directors hereinafter mentioned shall direct: Provided, That the payment thereof shall be secured by mortgages upon real estate in the state, or by a pledge of the stock of either of the banks of this state, or in part by personal security, to the satisfaction of said board of directors, but the amount secured on personal security shall not exceed twenty-five per cent. on each and every share. SEC. 6. Be it further enacted, That as soon as said subscription shall be closed by the commissioners as directed When subscriptions by the second section of this act, they, or a majority of are closed. Duty of directors, &c. them, shall immediately convene a meeting of the stockholders, at some convenient place in the town of Port Gibson, by giving at least ten days notice thereof, by advertising in the newspapers in said town, for the purpose of electing five directors, for the management of the affairs of said corporation, and the election of said five directors, shall then be made by said stockholders under the superintendence of the said commissioners, or a majority of them; which directors, thus elected, shall continue in office until the first Monday in January succeeding their election, and until their successors shall be elected, and afterwards, an annual election of directors, by the qualified stockholders, shall be held at the office of said company, or some other convenient place in the town of Port Gibson, on the first Monday in January, in each succeeding year; and the directors thus elected shall continue in office for the year ensuing the election, and until other directors shall be elected; and the board of directors shall at their first meeting after their election, elect one of their members to be president, who shall hold his office for the same period of time for which the directors are elected: Provided always, That in case it should happen that an election of directors, or an election of the president should not be so made as to take effect, when in pursuance of this act it ought to take effect, the said corporation shall not for that reason be deemed to be dissolved, but it shall be lawful at any other time to make such election, and the manner of holding the election shall be regulated by the by-laws of the corporation: And provided also, That in case a vacancy by death, resignation, or non-acceptance of a director, the vacancy shall be supplied by the board of directors; and in case the president, at any time, shall be absent, or unable, from any cause, to discharge his duties, the said board shall, during such time, supply his place by appointing from themselves, for the time being, a president. SEC. 7. Be it further enacted, That the directors shall Power to have power to appoint such officers, clerks, and agents appoint as may be necessary for conducting and executing the clerks, officers, &c. business of said corporation, and to allow reasonable com pensation for their services, and to discharge for good |