domiciliated within the counties for which said offices shall be established, five of whom shall constitute a quorum to transact business; and said directors shall choose from among themselves a president, and shall be subject to all such regulations and rules as may be adopted by the said board of directors of the mother bank, for the government of said offices, not inconsistent with the provisions of this charter. branch SEC. 35. Be it further enacted, That there shall be appointed for each of the aforesaid offices of discount and Officers of deposite, a cashier, teller, and clerk, and other officers or bank servants that may be required, all of whom shall enter into bond for the faithful discharge of their duties; the amount and conditions of which said bond shall be specified and provided for by the said directors of the mother bank; and the said directors of the mother bank may remove, at their pleasure, any officer in said offices of discount and deposite, whenever the better management of the bank may require such a removal. SEC. 36. Be it further enacted, That the directors of said offices of discount and deposite, shall appropriate two-thirds Quality of of the capital of each office, to loan on mortgage, and one- loans. third to loan on promissory notes and bills of exchange, as far as practicable, and the nature of the applications will enable them so to do; and the board of directors of said offices of discount and deposite may loan or discount upon. notes secured by mortgage. SEC. 37. Be it further enacted, That persons borrowing on mortgage, shall be allowed at the end of twelve months Renewal to renew their bonds or notes for twelve months longer, of bonds. during the space of eight years from the date of their respective loans or discounts: Provided, that they pay and reimburse at the time of each renewal, one-eighth of the whole sum originally loaned or discounted to them, as well as the interest upon the sum for which their said bonds shall be thus renewed; so that at the expiration of eight years, the whole sum originally loaned or discounted to them, together with the interest thereon, be entirely paid and extinguished: And provided also, that loans made on mortgages after the twelfth year of the charter, after being interest not per cent. paid and fully reimbursed, similar loans may again be made, and renewable and payable in the same manner as herein before mentioned. SEC. 38. Be it further enacted, That the loans to be Rate of made by said Union Bank, shall be at a rate of interest not to exceed 7 exceeding seven per cent. on mortgages or bonds and promissory notes, payable at a term of more than six months; and not more than six per cent. on notes or bonds renewable at six months, or at a shorter time; nor shall said bank deal in exchange, domestic or foreign, at a higher rate than six per cent. per annum discount on six months' bills, or a shorter term, at seven per cent. on bills at a longer term. Removal SEC. 39. Be it further enacted, That when either of the said offices of discount and deposite, shall not yield on any of offices. one year, except the two first years from the commencement of the operation, a net interest of six per cent. per annum upon the capital invested therein, the directors of the mother bank shall then remove said office to any other place in the same district, which to them may seem proper, or withdraw the same, as they may deem advisable. val of an SEC. 40. Be it further enacted, That in case any of the Provision branches of the Mississippi Union Bank should be withafter remo- drawn, in consequence of a failure to realize the required interest, then a sum equal to the capital of said branch shall be loaned by the parent bank, as provided for, exclusively to the citizens of those counties for which said bank was established. office. Loans. years of SEC. 41. Be it further enacted, That said offices of discount and deposite, may lend money to the citizens of any other county, not enumerated in the district for which said branch was established, when there are not sufficient applications for the counties for which said offices are established. SEC. 42. Be it further enacted, That the four last years Four last of the time allowed for the continuance of this charter, shall the charter. be exclusively employed in winding up the affairs of the institution, and that no new loans or discounts shall be given or allowed during the said last four years of the charter. districts. SEC. 43. Be it further enacted, That the state shall be Eight divided into eight banking districts, in seven of which said banking districts there shall be established a branch of said bank, with the capital before provided for to each, for the purpose of affording banking facilities to the citizens of those counties that compose said districts; the mother bank shall be required to do the additional business of one district. SEC. 44. Be it further enacted, That after the sale of the bonds for raising the capital of said Union Bank herein Stock to be before provided for, and after the realizing the proceeds of refunded. said sale on said bonds, it shall be the duty of the board of directors of said bank to refund and pay over to the subscribers to the capital stock of said bank, the amount paid by them in cash on the said stock, as required in the eleventh section of this act, with interest at the rate of five per cent. per annum; said refunding to take place, and be made as follows: one-third in thirty days; one-third in sixty days, and one-third in ninety days, after the said time herein above recited and provided for. sioners. SEC. 45. Be it further enacted, That the board of directors of said Union Bank, are hereby authorized and em- Salary of powered to fix such salary or compensation, as they may commisdeem necessary and proper, for the commissioners appointed by the thirteenth section of this act, and to pay the same out of the funds of said bank. SEC. 46. Be it further enacted, That when the said Relative Union Bank shall have gone into operation, as provided to loans. for in the twelfth section of this act, the said bank shall not be required to loan on mortgages or stock, until the bonds specified in the fifth section of this act, shall have been sold, and the proceeds of sale be realized by said bank; but the said bank may loan, deal in exchange, discount, and take such securities as they shall deem proper, and on such time as the board of directors of said bank may prescribe Provided, however, that the loans so to be made, shall be at the same rate of interest as prescribed in the thirty-eighth section of this act: And provided further, That said loans may be made to any citizens of the state. SEC. 47. Be it further enacted, That the fifth section of this act, whereby the faith of this state is pledged for Reference the payment and redemption of the loan contemplated by to the next this act, be referred to the next legislature of this state, in legislature. pursuance of the ninth section of the seventh article of the constitution; and that this act be published, under the direction of the governor, in at least three newspapers of this state, for three months previous to the next regular election; and that this act, together with the yeas and nays thereon, be entered on the journals of the Senate and House of Representatives. JOHN L. IRWIN, Speaker of the House of Representatives. President of the Senate. Approved, so far as the action of this Legislature is The governor shall sub for the state. AN ACT supplementary to an act to incorporate the subscribers to the Mississippi Union Bank. SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That as soon as the books of subscription for stock in the said Mississippi Union Bank are opened, scribe stock the governor of this state is hereby authorized and required to subscribe for, in behalf of this state, fifty thousand shares of the stock of the original capital of the said bank; the same to be paid for out of the proceeds of the state bonds, to be executed to the said bank as already provided for in the said charter; and that the dividends and profits which may accrue and be declared by the bank on the said stock subscribed for in behalf of the state, shall be held by the said bank subject to the control of the state legislature for the purposes of internal improvement, and the promotion of education. sioners to SEC. 2. Be it further enacted, That three commissioners be, and they are hereby appointed within each county in Commisthis state, viz: In the county of Adams, Wm. B. Howell, Henry L. Conner, and James Bisland; in the county of property. Amite, David Lee, Solomon Wethersby, and David Pemble; in the county of Attala, Nathan Sims, Samuel Little, and Isaiah Vick; in the county of Bolivar, Reddick Smith, Joseph T. Henderson, and Wm. B. Cook; in the county of Choctaw, Harrison L. Watts, Wm. Perry, and John Prewett; in the county of Copiah, Samuel T. Scott, L. W. Ellis, and Benjamin Grissom; in the county of Chickasaw, Henry W. Norton, Benjamin Kilgore, and David Griffin; in the county of Covington, John Watts, sen. Robert Magee, and Moses McLemore; in the county of Coahoma, George B. Warren, David B. Allen, and Matthew Farrar; in the county of Carroll, Greenwood Leflore, James W. Eskridge, and John T. Brown; in the county of Clarke, Isham Evans, Alexander Trotter, and Edward Dease; in the county of De Soto, Gen. James Tate, Rev. Wm. McMahan, and Thomas W. Hancock; in the county of Franklin, George Holliway, James Hariton, and Charles Stewart; in the county of Greene, Norman McLeod, James Walley, and Thomas Baird; in the county of Holmes, John W. Cowen, Wm. Walton, and John M. Brown, in the county of Hinds, Perry King, Ira E. Williams, and Alexander McKay; in the county of Hancock, Julius Monett, George Holly, and Thomas Badson, in the county of Itawamba, Wm. Meadley, M. Green, and T. I. Foster; in the county of Jones, Angus Ferguson, Cornelius Shaws, and Evan Elzy; in the the county of Jasper, John McDonald, Wm. Bridgers, and Doctor Dozier; in the county of Jefferson, Philip O. Hughes, Joseph Dunbar, and Neil Buie; in the county of Jackson, James F. Bradford, Andrew W. Ramsay, and Charles Holland; in the county of Kemper, Harrison Anderson, W. C. Taylor, and Alsa Pace; in the county of Lauderdale, Samuel Griffith, Peter Marsh, and B. F. Park; in the county of Lawrence, John H. Otis, John H. Hilliard, and Wm. Smith, sen.; in the county of Leake, Patrick Sharkey, Richard H. Walker, and Robert E. Halford; in the county of Lowndes, Geo. B. Watts, Eli Abbot, and Asa |