Mobile register and journal., 1845-02-05
AN ACT to seule the affairs uf the State Bank and
 Rinnchns nf lhis Stale -

the time il was msde.-[N. Y Eye. Post.
 
 AN ACT to sellle the affaiIs uf the State Bank and Branches of his State. SEC. l. Be enacted by fhe Senate and House Of Representatives ofthe State of Alabama, i Geaeral Assenbiy conrensd, That the Legislature shall elect two Directors for the Bank of the State of Alabama, and each of the Branch Banks, from five persons to be nominated ly the Gnvernor for. each Bank, who shall hold their offices for he term of one year, and shall with the President 10 be elected as heretofore, resrecseJy take charge of the assets of lhe said Bank and Branch Banks, and proceed 10 adjust and close lhe business thereof as is hereinafter provided hui before the sad President and Directors shall take ,hige of the assets of the said Banks. they shall respectively enter into bo 1d with good and su- ic- II security, payable to the Governor and his sue ct in office, in the sum of twen, thousand dol lars, conditioned faithlul, o perform the duties Of their otiice, which bond shall he approved by Judge of the Cacut Court, or Supr me Court of the S,aIe and be recorded in the office tf ihe County Court where the Bank IS situated, and the original shall be filed with ihe Secretary of State, and cop, of the same dnly certified shall l,e admitted eshence tn any Court in s State in place of iiip original; and if any vacancy uccmr in any of the Boards of Pies dent and Directors d ing the recess of the egsla- turc the same shall be filled is now provided by law.
 SEC. ?. Tha, all debts owing to the said Banks whether the same due or hereafter to become due, except ihe hills pu chased b, the President and Directors oi he Slaie Bank during the year le44, and Bills o Exchange wIGfh were received for cur | laimenis. during lhe Nrar lSl4, all of which said Bills of Exchange shat be collected without the pri- yiegrs uf any exiersnn, ma, be exis nded until the first day o Iunr, iSI6, D, ap, caiion to the Presi. dent and Dire, ,tors of sad Banks: Prcrid.d, the be done Ur leiUre Ile first day of June, lS45, hy pay, ing all cass ard char ges that may have ac- crued upon the same, and nneihrd of the debt prin-
 i al aud ln'tesi due al The lime o' extension. Pro rid,d furhr, that the said President and Directors shall have power in all cases npun the pa, ol the said amount io rrqure additional riTity for the balance "i the del, if in heir judgment security or lhe condition of the dt bior itquiIts Il. Sic That on all judgments now existing. or which may he rendered b,Iore he first day nl June nexi, in favor oi said Bark aud Branch Banks. the PI resident and Directors shall he au,o, zed pend rxecuiiuns thereon, for twelve months, on th. ra, t nt oi all costs, Pnd third oG the principal and interest of sad judgments: Proudtd all he par lies To said judgments Ill file their the sus- pension in wrlling, in ihe Bank or Branch BAnk@, beinr' such suspension shal be granted: And prorded fuffher, that when ilie Secnriiies judgment are dead or removed beyond the ,n sdici"n ofihis State, te principal defendant shall he allowed extend the the terms above stated, bv giving ampr and additional security for the balance by mortgage or personal secui, 10 ihe satisfaction of the President aud Directors of the Bank Branch Bauks, tn which the said judgments na, be uwug: Pro,idtd, that all judgments new rendered in favor ofany of said Banks ur that may hereafter le rendered shall be lien on all ihe Real Esiale of ihe defendants, which lien shal mol be dscta,ged unl the judgmen, is satis- | lied; nor shall an, lien arising from junior judg meuI m favor ol any indi,idi o,efreach such lien. nor shall any contract entered into afer the rendi irn pf such judgment ty il,e defendar, ever over. reach such lien until the judgment is satisfied: Pro- idtd tWfhg, that there shall be but one execution fos cost any judgment
 SFC. 4. That no bank debtor shall be entitled 10 the provisions of the third section of this act unt il h.. or she has filed the written consent of his or | her iies In, strhe i'm ,Lara the same is applied for Propded said securities be
 living or reside within the lIInIIs of the State of a- l Eama -s.@
 | SEC 5. Thai all debts falling due during hc year eighteen hundred and forty five, and after he frs day of June eighteen hundr,d and forty five may be extended according 'he provisions ol e third sec- tion of this acI: Proaadsd the same be done within thirty days alter the same may become due.
 SEC. 6. That il shall be the duty ofhe President and Directors of ihe said Bank and Branch Banks within thirty days after the first day of June. eighteen hundred and forty-fve, 10 place in suit all notes Fills oi Exchange, or other evidences of deb', and | and upon those becoming due alter the first day o June, eighteen hundred and forty five, and in said year, ~i,hin thirty days after the becomes due which may be good, or report ted good, unless the l'provsions of this extending the be conpli | ed wih; and all other debis whether marked bad or doubtful, shall in like manner be placed suit, il l the sad President and Directors believe the same can be collrcted: Prorid.d, the institution oi such
 
 ment contract made by ihe said Banks with their debtors, previous 10 the passage Ot this act.
 SEC. T That all cases marked bad, doubtful, and unknown, may be placed in the hands of such trust worthy agents or attorneys as they may select, in tie county where the debtor resides who shall give bond and security, in such sum as may be required by said President; and Directors for the faithful per- lOrmance o saio trust, and said agents attorneys shall have full power to collect or compound sai debts on the best practicable terms: Promdtd, ihai | said settlement compromise be approved and sanco, ,ed by the President and Directors of ,he said Bank or Branch Banks, but in no case shall the Bank or Stale he lable for costs, unesss the Presi dent and Directors expressly direct suit be brought for the same ihe said agents atorneIs shall not have more than fifteen per the amount col lected from debtors of this Stae and uot more than twenty live per cent on the amount collected from | non-resi sidenis ....l t...'
 SEC That in addition to the duties now re. qured of ihe attorneys of the several Banks, they shall within twenty days after the adjournment o each and every Court, m which suits may be brought in favor of sand Banks, file full statement showing | the condition of each and every suii; which state. ment shall be certified h, the Clerk of said Court, and lodged with the President and Dir. ciors of sa i'd Banks. .ser.sls.e..
 SEC. 9. That the President and Dire ctors are hereby authorized sell all the pc, sona rsiale oi said several Banks, at any time they may think pro- per, during the year one thousand eight hundred and forty five, at public auction, for cash. giving thirty days n0fice as now provided by law, Oi the tune and place of sale; and they shall sell simply such title the Banks have, without any warranty Of title. 4s 1 SEC. TO- That the President and Directors of said Banks shall sell the real esine be longing to said Bauks, either at public private sale, aud at such time during the year thousand eight hundred and forty five, us they shall deem expedient: Pro- rided, thai in all of sale three lon tls of the amount at which the land WIS valued be obtained and the tcrlus of sale and payment be the same as are provided in the act appro ed the twenty first January, one thousand eight hundred and forty ihrce And prorided fher, that the said real esia,e be sold for specie Or specie funds. -ni | SEQ. II That il shall be the duty of the Presi. l dent and Dreciurs Of the several Bauks to make port 10 be Legislature at the commencement of eve " session of the General assembly, show ing the con diton of their Banks; which shall conian a state. ment showing all the debts due sald Banks. what amount they have collected, what property they have sold, and to whom, and fot what price.
 | SEC. l2. That Ihe compensation O6 the President and Directors of said several Banks, shall be the same as now provided by law.
 SEC. l3 That in all cases where special con- tract has been made wuh any debtor of said Bank Branches, taking the particular case out of the ope- ration of the general extension laws heretofore pa ed, and givng said debtora longer time pay his det, It shall be lawful foI such debtor take the benefit of this aw bu in all such shall be the duty of said President and Directors to place the debt in suiI unless the same, or the several n- stanents of ihe same he promptly paid al maturity. l SEC II. That the President and Directors of the Bank of the State of Aaiama. are hereby authorized and required to make provision for ihc payment of the interest the State Bonds, issued account of said State Bank. and each of its Branches; and any funds in either of said Banks, in lhe Slate Treas UT, not otherwise appropriated shall be subject to I e..t II -f--:. .t