ten per centum of the amount of stock respectively subscribed by them at the time of subscribing, in the notes of such banks as the directors shall consent to receive; and that the residue of all subscriptions shall be paid in such instalments, at such times and under such regulations as the board of directors may prescribe, not extending beyond the time in which they are required to be paid in the original charter of said company. SEC. 4. Be it further enacted, That none of said branches of said bank shall go into operation until one-half of their Branch capital stock shall have been subscribed for, and ten dollars banks. per share be paid in, to and at the respective branch or branches at the time of subscribing, after which time such branch or branches may go into operation upon the capital thus subscribed, any provision in said act to the contrary notwithstanding. SEC. 5. Be it further enacted, That the fourth section of the act to which this is an amendment, be so amended as to Fourth require said company to loan out on paper having twelve section of months or more to run, one-half of its capital paid in, and amended. remaining unexpended upon the work of said road. original act SEC. 6. Be it further enacted, That the sixth section of Repeal. an act, to which this is an amendment be, and the same is hereby repealed. SEC. 7. And be it further enacted, That all parts of the Repeal. said act, to which this is an amendment, contrary to the provisions of this act be, and the same are hereby repealed; and that this act shall be in full force and effect, so To take soon as the same shall be accepted by said Mississippi rail road company. Approved, February 9, 1838. effect. AN ACT prescribing the mode of attesting legal process issuing from the Clerk's office of Copiah Circuit Court. SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That all writs, and other legal process, which issues from the clerk's office of the circuit court of Copiah county, up to the first Monday in May next, shall To take effect. bear test in the name of the honourable Thomas A. Willis, and after that time, in the name of the judge assigned to the district. This act shall be in force from the day of its passage. Approved, February 9, 1838. Repeal. in. AN ACT to alter and amend an act, passed April 28, 1837, incorpo-. rating the Northern Bank of the State of Mississippi. SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That so much of said act as provides for the payment of the stock of said bank be, and the same is hereby repealed. SEC. 2. Be it further enacted, That all subscriptions of Stock, how stock shall be paid in as follows: one-twentieth at the time to be paid of subscription; one twentieth in six months; one tenth in twelve months and one fifth annually thereafter, until the whole amount of the stock is subscribed, or at such other time as the directory of said bank may direct. SEC. 3. Be it further enacted, That said stock shall be Payable in paid in specie, or the notes of such banks as shall be conspecie or bank notes. sidered by the directory of indubitable solvency, the notes of this bank excepted. Security. Commis SEC. 4. Be it further enacted, That to secure the payment of the several instalments on the stock subscribed, as well as the notes said bank may issue and circulate, the stockholders shall be bound to execute a mortgage to the satisfaction of the directors of said bank, on cultivated plantations, town lots, and lands not under cultivation, and on slaves, estimating farms in actual cultivation, and the slaves employed in cultivating the same, and lands susceptible of cultivation, at two-thirds of their appraised value, and all other species of property herein before enumerated, at onehalf of its appraised value. Improved town lots must be insured where the buildings are estimated in the valuation. SEC. 5. Be it further enacted, That three commissioners sioners to shall be appointed by the directors of said bank, whose be appoint- duty it shall be to appraise and value the land and other property of the stockholders, specified in the fourth section ed. of this act; and said commissioners before they enter upon the duties of their office, shall take and subscribe the following oath I, A B., do solemnly swear or affirm, as the Oath. case may be, that I will well and truly appraise and value the property of the stockholders, intended to be mortgaged, under the foregoing provisions of this act, at a cash valuation, without favour or partiality, which appraisement and Descripvaluation shall be returned by said commissioners, with an tions of accurate description of the property valued, to the president of said bank. property. to whom SEC. 6. Be it further enacted, That all mortgages executed under the provisions of this act, shall be executed to Mortgage, the president and the directors of said bank, for the time executed. being, and their successors in office, and spread upon record, as in other cases. SEC. 7. Be it further enacted, That so much of said Northern Bank charter as provides for the construction of a Repeal. rail road from the town of Holly Springs to Phillips' Point, upon the bank of the Mississippi, be, and the same is hereby repealed. SEC. 8. Be it further enacted, That it shall be, and is hereby made the duty of the directors of the Northern Bank Duties of to receive a transfer of all the securities and effects of the directors. real estate banking company, and also, of the banking company of McEwin, King & Co. of Holly Springs, upon such terms and under such restrictions as their discretion may deem proper; and the said Northern Bank shall be, and it is hereby made responsible for the issues heretofore made by said banks, to the extent of the effects so transferred, in the same manner as though the said issues had been made by the Northern Bank. execute and SEC. 9. Be it further enacted, That the board of directors shall have the power to execute and sell the bonds of Power to said bank, for the amount of the capital stock of the bank, sell the in such sums, and due at such times, as they may think bonds, &c. expedient, bearing interest at the rate of five and one-half per centum per annum; the bonds shall be signed by the president, and countersigned by the cashier of said bank, and shall be a lien on all the property mortgaged, to secure the payment of the stock of the bank. When dividends may be paid. SEC. 10. Be it further enacted, That no dividends shall be paid out on the stock of this bank, until the profits shall equal the capital stock; but semi-annual dividends shall be declared, credited to the capital stock, but not to be withDividends drawn or paid out to the stockholders, but to be used as a sinking fund, for the benefit of the stockholders, until such profits or dividends shall equal the capital stock. to be declared SEC. 11. Be it further enacted, That the bank shall have power to compel a foreclosure of mortgages, executed foreclosure under the provisions of this act, against all defaulting of mort gages. Repeal. stockholders, in the same manner that such mortgages are foreclosed in other cases, for such amount only as may be due and unpaid. SEC. 12. And be it further enacted, That all the provisions of the Northern Bank charter, inconsistent with the provisions of this act, be, and the same are hereby repealed; and that, so soon as the capital stock is paid in, the mortgaged property shall be released, and this act be in force, and take effect, from its passage. Approved, February 9, 1838. AN ACT to amend an act to incorporate the Hernando Rail Road and Banking Company. SECTION 1. Be it enacted by the Legislature of the state Rail road. of Mississippi, That the president and directors of the Hernando rail road and banking company be, and they are, by this act, authorized to construct a rail road from Hernando, the seat of justice in De Soto county, to the town of Peyton, in the county of Tunica, on the bank of the Mississippi river, any thing in the act, to which this is an amendment, to the contrary notwithstanding. Repeal. Commissioners. SEC. 2. Be it further enacted, That so much of the first and third sections of the act to which this is an amendment, that provides for the appointment of commissioners to superintend the subscription of stock, and to organize a board of directors, be, and the same is hereby repealed. SEC. 3. Be it further enacted, That Andrew Carr, James H. Maury, Felix Labauve, Stephen Nowlin, Lawrence W. Evans, William Lusher, and John Wormick, esquires, be, and they are hereby appointed commissioners, to carry into effect the provisions of the act, to which this is an amendment, that said commissioners, or a majority of them, shall cause books of subscription to be opened for the capital stock of said banking company, at the town of Peyton, in the county of Tunica, and at the town of Hernando, in the county of De Soto, under the direction of any persons that a majority of said commissioners may appoint for that purpose. paid in. SEC. 4. Be it further enacted, That whenever the amount of stock is subscribed and paid in, as directed by the Stock, original charter, in gold and silver, or in the notes of banks when of undoubted solvency, said bank may commence issues and go into operation: Provided, that there shall not be a greater number than seven directors, any five of whom shall constitute a quorum to do business; and that the stockholders shall elect a president, who, at the time of his election, shall be one of the directors. SEC. 5. Be it further enacted, That so much of the second section of the act to which this is an amendment, as limits Repeal. the subscription of stock to forty shares, and all parts of the act coming within the meaning and purview of this act, be, and the same is hereby repealed. Approved, February 9, 1838. AN ACT to amend an act entitled an act to incorporate the Vicksburg SECTION 1. Be it enacted by the Legislature of the state of Mississippi, That no person or persons who hold any who shall office appertaining to the Vicksburg water works and not be a banking company, shall hereafter be entitled to act as proxy of any stockholder of said company, in any election wherein the vote of such stockholder is to be taken. proxy. SEC. 2. Be it further enacted, That the fourteenth and sixteenth sections of the act to which this is an amendment, Repeal. be, and the same are hereby repealed; and that, hereafter, the president and directors of the Vicksburg water works |