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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-oners. 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
Mississippi Shipping Company, and for other purposes.

Whereas it hath been represented to the legislature, by Preamble. the petition of B. M. Lapier and others, that the commissioners 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.

AN ACT to incorporate the Pontotoc, Oxford, and Delta Rail Road
Company.

to be made.

tions to

SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That for the purpose of making a rail road Rail road from the town of Pontotoc, by Oxford, in Lafayette county, by the seat of justice in Ponola county, through Tunica county to the town of Delta, on the Mississippi river; books shall be opened on the third Monday in October next, for subscriptions of stock, in the town of Pontotoc, under Subscripthe superintendence of B. M. Bradford, John Bell, R. Clark, stock. J. B. Cooper, J. H. Murray, S. S. Macmacin, T. J. Word, and William Edmonson; and in the town of Oxford, under the superintendence of Horatio Nelson, W. C. Mitchell Angus Gills, John Craig, C. G. Butler, William Trigg, and James A. Blanton; and in the county of Ponola, under the superintendence of David McKinney, Henry Laird, Robert Clanton, J. H. Paxton, S. Bobo, M. H. McGehee, and D. Jones; and in the county of Tunica, under the superintendence of Walker H. Ball, Wm. M. Gwynn, E. H. Bridges, T. M. Fletcher, J. N. Smith, and Samuel Carr, who are hereby appointed commissioners, for the purpose aforesaid; which books shall remain open, until the sum of two hundred thousand dollars are subscribed, in shares of one hundred dollars each.

company.

SEC. 2. Be it further enacted, That the subscribers shall be a body corporate and politic, by the name of the Pon- Style and totoc, Oxford, and Delta rail road company; and by that powers of name, shall be capable in law, of purchasing and holding so much real estate, as may be necessary for the tracks of said rail road, for the places of depot and deposite; and said company shall be capable and liable, to sue and be sued, plead and be impleaded, in any suit or action at law or in equity; and they may make and put in operation or execution, all necessary by-laws which they may deem proper.

SEC. 3. Be it further enacted, That the capital stock of the Pontotoc, Oxford, and Delta rail road company, shall be Capital two millions of dollars, to be paid in money, or to be secured by the pledge and mortgage of real estate in this state, as

stock.

Route of

road.

directors.

hereafter prescribed, at the option of the subscribers; which choice must be designated by him, her, or them, at the time of making the subscription; and as soon as the said sum of two hundred thousand dollars are subscribed, the subscribers of said stock, their successors, shall be a body corporate and politic, and vested with all rights and powers necessary for the construction of repairs, and maintenance of a single or double rail road track, from the town of Pontotoc, to the town of Delta, on the Mississippi river; and the said company may cause to be made, or contract with others for making, said rail road or roads, or any part thereof; and to this end, they may purchase of individuals, such lands as they may deem necessary; and in case they cannot agree with any owner or owners on the terms of purchase; or in case the owners shall be incapable in law, they may petition the circuit court of the county in which the land may lie, whose duty it shall be, thereupon to cause to be summoned, twelve disinterested freeholders or householders of said county, to assess the value of such lands; and upon the payment of such assessment of the said court, to convey the said land so valued, to the said company, upon the production of the receipt of the person or persons whose land shall have been so valued, for the amount of said valuation, or upon a certificate of the amount of valuation, being deposited in the branch of the Agricultural Bank at Pontotoc, for the benefit of the owners of such lands.

SEC. 4. Be it further enacted, That as soon as the said Election of sum of two hundred thousand dollars is subscribed, the commissioners shall advertise in the Chickasaw Union and some other newspapers in this state, and call a meeting of the subscribers at the town of Pontotoc, at a time to be named in such advertisement. At said meeting, the subscribers shall proceed to elect from among themselves, thirteen directors; the directors shall choose from among themselves a president, all of whom shall continue in office for one year, and until their successors are elected and qualified.

Votes.

SEC. 5. Be it further enacted, That such stockholder shall be entitled in person or by agents, in all matters in which said corporation may be interested, one vote for each share.

to build

SEC. 6. Be it further enacted, That the said company Company shall cause to be constructed and placed on said rail road, as many cars and locomotives, and all other means of transportation and conveyance, as the public convenience may require.

SEC. 7. Be it further enacted, That the stock subscribed, shall be exempt from taxation for the term of six years, from Tax. and after the passage of this act; after which time the legislature may impose a tax, not exceeding twenty-five cents per annum, on every hundred dollars of capital stock, to be paid into the state treasury.

directors.

SEC. 8. Be it further enacted, That a majority of the directors, of whom the president shall be one, shall consti- Board of tute a board for the transaction of business; but in case of the absence of the president, the said board of directors may appoint a president, pro tempore; and all vacancies in the said board of directors, may be supplied by the said board, until the next annual election thereafter. Approved, May 11, 1837.

AN ACT to incorporate the Bank of Port Gibson.

WHEREAS, in order to secure a sound and healthy currency, and to promote the planting and commercial interest of this state, it is important that there should be an increase of the banking capital of this state:

Preamble.

Corporation

SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That for the purpose of establishing a bank in the town of Port Gibson, the capital stock of which shall created. not exceed one million of dollars, to be divided into ten thousand shares, of one hundred dollars each, books may be opened for subscription of stock, in the town of Port SubscripGibson, under the superintendence of A. W. Putnam, B. tion books Hughes, J. O. Pierson, Joseph H. Moore, H. N. Spencer, H. Anderson, and William R. S. Chaplain, or any four of them, who are hereby constituted commissioners for that purpose. The books shall remain open until the sum of one hundred thousand dollars shall be subscribed, in shares of one hundred dollars, that is to say, until one thousand

opened.

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