Mobile register and journal., 1845-02-20

| Bring ba,k nfes stream with vital power
 Aud bid ANOTHER HOUR! A thousand years oftoi were vain
 | To gathG up one single grain!
 ... -------------
 | AN ACT tOamend she Laws heretofore acted for h, final settlement of the affairs of the Planters ana Merchants Bank of Mobile.
 SEC. I. Belt enacted by the Senate and House | of Representatives of the State of Alabama, m Ge- l neral Assembly conyend, That the number of Com
 mi issioners lobe appointed under the provisions of the several ats heret tofora enacted for the final
 clement of e affairs of the Planters and Merchants | Bank of Mobile, shall he reduced to two, both of whom shall Ie appointed by the Stockholders, and approved of y the Governor; and the said two Com miss toners shall he vested with all the powers, sub
 ect to all tie liabilities and governed in all respects | by the prostions of the said several acts.
 l SEC. 2 And he it further enacted, That the time of selling rle read estate of the said Bank may be and ,s hereby extended the first Monday in Aprii, lS46 ant then only much of the said real estate shall be sod may be necessary to pay off all the debts then existing against the said Bank, or the Stockholders of said Bank may by resolution direct | to be sold. tf1at ft .t4 .-..-.. | SLc g. And be il further enacted, That for the purpose of ascert ming with certainty the amount of all be outstanding liabilities of the said Bank, the sa id Commissioners shall within three months after the passage of this act, by advertisement 10 be nsert- l ed in one or newspapers published m the city of Mobile, week until the first day of January lS46, notifying all persons having any claims or de- mantIs against the said Bank to present the same to some officer of said Bank, at the office in Mobile, on or bsore the first day of January lS46, or that the same will be barred, and every claim or demand not so pretened within the time aforesaid, shall be | forever barred from payment or recovery, and no suit shall be brought thereon Tn any Court in this | State.
 SEGA And be it further enacted, That it shall be the duty of said Commissioners to call general meeting of the Stockholders of the said Bank, to be holden in the city of Mobile at such time in the month of January l846, as the Commissioners may direct and at such meeting each Stockholder by himself, his agent or proxy many give as many votes as the aumber of shares he may own; and the Stockholders may determine and direct by majority of votes SO given, how much and what parts of the real estate of the said Bank shall be sold by the Commissioners, and on what terms the sale shall be made. provided that at least enough of the said real estate shall be sold to raise in cash amount of money sufficient to pay of all claims and demands against the said Bank which may have been presented as aforesaid and a- | lowed, and may be outstanding and unpaid at the time of such sale.
 SEc 5. And he it further enacted, That the said Commissioners shall make sale of the said real es- tate as they may be directed by the Stockholders aforesaid, and such sale shall be commenced al least as soon as the first Monday of April I846, and may be contiaued from day to day until completed.
 SEC. 6 And be 1t further enacted, That at such meeting of the Stockholders, they may by majority
  two or more persons as Trustees of the said Bank. and may fix the compensation to be allowed 10 such Trustees; and the Trustees so appointed shall each, before entering the discharge of the duties of his office, execute bond with good security to be ap- proved of by the Judge of the County Court of Mo- bile county, in the penal sum of Twenty Thousand Dollars, payable to the Governor of the Stale and his successors in ofce and conditioned for the faithful dircharge of the duties of his office, which bond sha II be filed and recorded in the office of the Clerk of the County Court of Mobile county, and may be put in suit by and for the of any person who may be injured by breach of the condition thereof, and said bond shall not be avoided by any judgement thereon, and certified copy thereof shall be receiv- ed as evidence and have the same effect in any sut as the orIginal.- -'
 SEc.7. Aud he il further enacted, That the said Commissioners may and shall return in their hands, out of the moneys of said Bank, sufficient 70 pay off all outstanding claims against the said Bank | winch may have been presented as aforesaid, and may remain unpaid; and out Ofthe moneys retain sd shall pay off all such outstanding claims, by depo sitting the amount due to each person holding any such claim, to his credit in the Bank of Mobile be- fore tho first day of May lS46, and they shall before the first day of May 1S46, assign, transfer, convey, pay over and deliver the Trustees who may have been elected and appointed as aforesaid, all moneys of the said Bank, except the sum to he retained by them as aforesaid, and all the real estate, goods and chattles deeds, books, papers, cases in action and
  longing to tho said Bank, 10 be held by the said Trustees for the use and benefit of the Stockholders of said Bank, and the office and salary of the said Commi ssioners shall cease and be determined on the first day of May l846. c.,s a.. SEC. 8. And be it further enacted, That the said Trustees or the survivor or survivors of them may use tie corporate name of the said Bank in the col
 lection of the debts due to the same, and may use u the modes and powers gwen 10 the said Bank sy it's original charter, or bv any subsequent acts Of the I-s r-. 1T manner if the charter of the said Bank had never been forfeited; and It shall be their duty to proceed di igently and without delay to collect all debts due to the said Bank; and they shall before the first day of May 1S47, sell all the real estate of the said Bank. eIther privately or publicly in such manner and such terms the Stockhol lders may by lution direct, in default of such direction the said Trustees may deem most conducive to the inter of the said Stockholders provided that no sale of real estate shall be made longer credit as to any part of the purchase money than two years, and that on every such sale the payment of the purchase money shall be secured by notes with good personal security, and also by mortgage deed ofust on the property sold. N.. Ia.f U9 <.
 SEc. 9. And be i. further enacted, That the said Trustees shall on the first days of January and July m every year, divide the moneys in their hands as Trustees, rateably among the Stockholders, and pay to each Stockholder, his agent pr attorney on de- mand. the dividend to which he may be entitled.
 SEC. 10. And be it further enacted. That the said Trustees or any three Stockholders may call gene- ral meeting of the Stockholders at any time between the first day of November of any one year and the first day of May of the following year, as they may appoint, by giving at least thirty days notice oi such meeting by advertisement m some newspaper pub- Iished ia Mobile; and at any such general meeting of the Stockholders. by majority of votes given as aforesad, may fill any vacancy which may occur in
 the office of Trustee of the snid Bank, and may re- move any Trustee from office and elect another in his stead, and nny give any directions in relation to the management ofile affairs of the said Bank, not inconsistent with the provisions of this act. aud such directions shall be obligatory on the said rrus tees. Approved 24h January. l645. ieb2O