To take effect.

test, and this act shall be declared a public act, and be in full force and effect from and after the passage thereof.

Approved, April 28, 1837.

surplus

revenue.

AN ACT to authorize the reception of that portion of the public revenue of the United States, which may be awarded to the state of Mississippi, under the act of congress making distribution of the same.

SECTION 1. Be it enacted by the Legislature of the state Treasurer of Mississippi, That the treasurer of this state be, and he to apply for is hereby authorized to make application to the secretary of the treasury of the United States, or other proper officer, for the distributive share of the state of Mississippi, to the surplus revenue authorized to be distributed to the several states, by the law of congress, entitled 'An act to regulate the deposites of the public money.'

for same.

SEC. 2. Be it further enacted, That the treasurer aforeTo receipt said, is hereby fully authorized and empowered, in the name of the state of Mississippi, and by authority thereof, to receipt for the same, in manner and form, as may be required by the act of congress aforesaid, and in pursuance of such regulations as may be prescribed by the treasury department of the United States; and that he deposite the same in the treasury of the state, subject to the disposal of the legislature.

To take

effect.

SEC. 3. And be it further enacted, That this act be in force from and after its passage.

Approved, May 2, 1837.

tion

created.

AN ACT to incorporate the Citizens' Bank of Madison county.

SECTION 1. Be it enacted by the Legislature of the state Corpora of Mississippi, That a bank shall be established at the town. of Canton, with a capital stock of not exceeding one million of dollars, to be divided into shares of one hundred dollars each; and that books for subscription of said stock, shall be opened on the first Monday of June next, at the town of Canton, under the superintendence of G. W. Henderson,

Books opened.

Samuel F. Feamster, John Stone, jr. John S. Camron, S. C. Tupper, Jesse Heard, or any three of them. At the town of Madisonville, under the superintendence of Benjamin Chambers, W. F. Walker, W. J. Hill, Charles Clifton, John R. Herbert, and George Robertson, or any three of them. At the town of Livingston, under the superintendence of Stiles W. Ewing, Daniel Rice, John A. Pugh, Benjamin F. Ricks, and William Royce, or any three of them. And at the town of Vernon under the superintendence of William L. Balfour, O. J. E. Stewart, L. Campbell, Eli T. Montgomery, and Thomas, or any three of them; and shall remain open during the space of thirty days, at the expiration of which time, the said several superintendents, at the towns of Madisonville, Livingston, and Vernon, shall transmit to the superintendents at the town of Canton, a list of the several subscriptions at the said places respectively; and if it shall appear that the sum of two hundred thousand dollars shall have not been subscribed, the books shall be kept open at the town of Canton, until the sum of one hundred thousand dollars shall be subscribed; and the sum so subscribed, shall be paid in gold or silver, or the notes of any specie paying bank of this state, one-tenth in three months after said bank shall have gone into operation; one-tenth in six months; one-tenth in nine months; onetenth in fifteen months; and the remaining four-tenths, at such times as the president, directors, and company may designate: Provided, that no person, firm, or corporation, Proviso. shall be allowed to subscribe in his, her, or its own name, for more than twenty shares in any one day, until five days shall have elapsed from the time of opening said books.

SEC. 2. Be it further enacted, That as soon as the sum of two hundred thousand dollars shall be subscribed, the Name. subscribers, their successors, or assigns, shall be a body politic and corporate, by the name and style of the Citizens' Bank of Madison county, Mississippi, and shall so continue until the first day of January, one thousand eight hundred and fifty-seven; and by that name, shall be able and capable in law, to have, purchase, and possess, receive, enjoy, and Real estate. retain, to the use of them and their successors, lands, tenements, and hereditaments, goods, chattels, and effects, of such kind, nature, or quality soever, to an amount not

General

exceeding three times the amount of their capital stock; and the same to grant, alien, and dispose of at pleasure: Provided, no real estate so acquired other than such as shall be necessary for the use of said bank, shall be retained or held in their own right, for a longer period than ten years; and shall by the name and title aforesaid, be capable and liable in law, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended in any suit, action, matter, or thing, depending in any court of law or equity; and also to have and keep a common seal, and the same to alter or amend at pleasure; and also to ordain, establish, and put in execution, such by-laws, ordinances, and regulations, not contrary to the laws of this state or of the United States, as they may deem necessary and expedient, for the good government of said corporation; and generally to do and execute, all and singular, such acts, matters, and things, as to them may appear necessary or are incident to bodies corporate, subject to the rules and regulations hereinafter prescribed.

SEC. 3. Be it further enacted, That the following rules and regulations, shall form and be the fundamental articles regulations. of the corporation. First-Every stockholder shall be Directors. eligible as a director; and at all meetings of the stock

Votes.

holders, 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, 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; and for every ten shares above one hundred, one vote; but no person, copartnership, or corporation, shall be entitled to a greater number of votes than fifty: Provided, that after the first election, no share or shares shall confer the right of voting, which shall not have been holden by subscription, actual transfer, or purchase, at least sixty days previous to such meeting or election: Provided, also, that the stockholders shall have the right of voting by proxy. Second-No director shall receive any emolument for his services as such; but it shall be lawful for the president gratuitous. and cashier, to receive such compensation as the stockholders shall, at a general meeting, assign them: Provided,

Directors

services

that at said meeting, at least one-half of the stock represented, either by the actual stockholders or their proxies. Third-And the said board shall, at all times, have power Vacancies. to fill vacancies. Fourth-Five directors, of whom the president shall be one, shall constitute a board of directors President. for the transaction of business; and in case of the absence of the president, the said board shall appoint one of their own body president, pro tempore; but a committee of two, 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 Meetings. at any time when they may deem it expedient. SixthThe directors shall, from time to time, at intervals not Notice. exceeding twelve months, public notice being given in one or more newspapers published in this state, for four successive weeks, of the time of opening said books for subscriptions for stock, at the aforesaid places, to continue open for four weeks, or until the whole capital stock of one million of dollars shall have been subscribed. Seventh-A cashier and other officers, clerks, and servants of the incorporation, Bond from officers, &c. shall be appointed by the board of directors; and shall previously to entering on the duties of their offices respectively, give bond, with such security as the board of directors shall require, for the faithful discharge of their duties; which officers and servants may be removed at any time, by a majority of the directors. Eighth-The total amount of bills emitted by the corporation, shall never exceed double Circulathe amount of capital stock paid in. Ninth-The stock of the corporation shall be transferable in such manner, and Transfers. according to such rules, as the board of directors may prescribe. 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 or notes so signed, shall be binding and obligatory on the corporation. Tenth-Semi-annual dividends shall be made of so much of the net profits of the bank, as shall appear to the directors Dividends. advisable. Eleventh-The corporation shall have power

tion.

to make discounts at the following rates, to wit:-On notes, Discounts. bills, or bonds, having not exceeding twelve months to run,

at the rate of seven per centum per annum; having more

Loans.

than twelve, and not exceeding twenty-four months to run, at the rate of eight per centum per annum: Provided, the discounts on such loans, shall be taken in advance, for a period not longer than twelve months: and, provided also, the directors may require at the end of twelve months, additional security, should the same be deemed necessary.

SEC. 4. Be it further enacted, That said bank shall make one half of its loans for a term of not less than one year: Provided, it shall be asked for in the months of January, April, July, and October.

SEC. 5. Be it further enacted, That said corporation shall Exchange. have power to deal in bills of exchange, either foreign or domestic: Provided, no greater discount be taken, than at the rate of eight per centum per annum: and the cashier and any two or more directors, shall constitute a board for the transaction of exchange business.

Notice given.

SEC. 6. Be it further enacted, That as soon as the sum of two hundred thousand dollars shall be subscribed, the superintendents at the town of Canton, shall give notice thereof in the newspaper in the town of Canton, and shall within thirty days, convene a meeting of the stockholders, Directors. for the purpose of electing nine directors for said bank, at the banking house in the town of Canton; which directors, thus elected, shall continue in office for twelve months, or until their successors are duly qualified; and said directors shall immediately elect a president and other officers, and proceed to procure plates, paper, and whatever else may be necessary, to commence the operations of said bank.

Tax.

Delin

quents.

SEC. 7. Be it further enacted, That the capital stock of the Citizens' Bank of Madison county, shall, from time to time, be liable to taxation as other property: Provided, the annual tax on said stock, shall not exceed twenty-five cents on each and every hundred dollars thereof.

SEC. 8. Be it further enacted, That all moneys arising from the sale of the sixteenth sections of the county of Madison, or any other county in the state, may be invested in stock in the said bank, at par value, any law to the contrary notwithstanding.

SEC. 9. Be it further enacted, That delinquent stock may be sold, by giving sixty days public notice thereof; and the