Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-02-16

al at W hAuchu ACT eDHlieu an at W huS
thorize and regulate the business Of Banking"
Sec /. Be il enacted BY the General Assembly
Of the State Of Tennessee, That no bank shall here
after organize under the Free Banking Law OF this
State passed February 10Th, 1852, until the sum OF
one hundred thousand dollars of the lawful currency
Of the United SUtes of America is bO1td tide sub.
scribed and paid in and for this purpose, the Gov
ernor Of the State shall appoint upon application
for organization, five commissioners, residents OF
the county where the bsnRis 10 be located whose
duty it shall be 70 open books, receive the spbscTip
tons, collect the money, and hand over the same TO
the Treasurer and Comptroller OF the State, under
whose superintendent the bonds shall be purcha
sed.
SEc. Be It enacted, That no part Of the origi-
nal capital paid H. shall be withdrawn either directly
or indirectly neither by discount TO stockholders,
or otherwise, ia any way TO evade the full force and
intention Of this section failure TO comply with
this provision shall be deemed violation Of the
charter of any bank so diminishing its capital and
the Comptroller upon proof Of the same, Is authori-
zed and directed TO put said bank banks immedi-
aely into liquidation, in Case Of suspension ac-
cording 10 the provisions OF said &C! passed Feb.
II, 1852.
SIC 3. Be it enacted, That should The bonds of
tits State or any other bonds authorized to be used
for the purpose OF banking, decline, and remain be
low par, 10 the city Of New York. for thirty days,
as shown by the sales of the Stock Board in that
city, iL sla be the duty of the Comptroller and he
is hereby authorized ana directed TO retain the in
terest which has or may accrue on such bonds as
deposited with him, until additional amount
Of bonds deposited as will fadly make good the
par value Of said bonds.
SIC 4. Be it enacted That in the event Of such
depreciation, the Comptroller is hereby authorized
and directed TO give notice to all such banks as
have deposited said deprecated bonds, and upon
their refusal or failure TO make the required sddi
toaal deposit Of bond, or return and surrender az
amount Of their circulating notes counersigned by
the Comptroller equal to the depreciation on said
bonds, within sixty days after receiving said notice.
il sha! be the duty Of said Comptroller, and he is
hereby directed to proceed at once to take charge
of the assets Of said bank or banks and wind it or
them up, ia case Of suspension, in accordance
with said act passed Feb. y, 1852.
SEC 5. Be it enacted, That no bank shall here
after organize under the Free Banking Law of this
State, without at least ten bona tide stockholders,
who shall be residents Of this State, and said bank
shall not at any time contain less number Of stock
holders than ten, and majority,oi the stock must
at all times be owned bona fde by actual residents
OF this State aud it shall be the duty of the Cashier
or President Of all banks doing business under this
law 70 report under oath, in their semi annual re-
port, the name, residence, aud amount Of stock
owned 10y each stakeholder
SEC Be it enacted, That the Comptroller is
hereby directed and empowered, by and with the
consent OF the Governor and Secretary Of State, 10
sell the bonds deposited by any bank which may
suspend may be put in liquidation, for violating
any Of the provisions OF the Free Banking Law,
in the city Of Ncw York, at public auction, after
giving thirty days notice in at least two prominent
daily newspapers and in the same number pub.
lished in this State
SIC T. Be it enacted, That should any bank or
banks organized under the free banking law OF this
State be put into liquidation for violation of any of
its provisions or by the voluntary ofhe stockhod.
ers il shall he she duty Of the Comptroller to give no
tce to the note holders in one newspaper published
IN Nashville and one in the county where the bank
is located Gf any Of such liquidation, at least once
month for two years; and if, at the end Of that
time, all the circulating notes have not been re-
deemed lac is authorized 10 hand over the remain
ing assets, including bonds to the stockholders II
in case OF voluntary liquidation, or distribute the
same or the proceeds thereof among the creditors,
~ case OF involuntary liquidation.
SIC. &. BE II enacted, That any bank organized
under this act may increase or decrease its cirru-
lHtiug notes pleasure, 10y Withdrawing or increas.
ing its bonds, III the hands of he Comptroller
provided the amount OF bonds is never diminished
below one hundred thousand dollars, nor increased
above three times the amount OF paid in capital
SIC. 8. Be it enacted, That the violation Of any
section sections Of this act shall be deemed Ton
ieiture OF such bank or bauks charter, and upon
proof Of same the Comptroller is hereby directed to
proceed TO put such bank or banks into liquidation,
as in case Of suspension.
SIC 10 BE it further enacted, That should any
bank organize under the provisions OF this act or
the act that this is intended 70 amend fail TO redeem
It's issues, and have TO be wound up, any person or
persons holding. one thousand dollars OF the notes
pt no
and receive from him in lieu OF said notes thou
sand dollars, per cent coupon bonds at the New
ork market value-provided that the same is not
under par.
SIC. IL. Be It further enacted That all persons
exercising the privilege OF banking under the pro-
visions OF the act this is intended 10 amend, shall
not be authorized 20 discount shave notes direct
ly nor indirectly at greater discount than the 9TH
or banks are allowed under existing laws, and Ii
violation Of this section shall forfeit all rights of
banking under this act, and shall also be declared
guilty Of a misdcmeauor, and GA conviction, shall
toe hued 10 a sum not less than fifty dollars,
more than i've Hundred dollars for each aud every
offence
SIC. l2. Be it further enacted, That the Comp
troler is hereby authorized 10 have constructed IN
his office vault for the safe keeping Of the notes
# she free banks aud State bonds Glazed in his
hands to be signed final deposit Of said notes.
SIC -. BE II enacted, That it shall he the duty
Of the Comptroller to keep in his office, well
bound book, ia which he shall enter the number
and amount Of all bills issued under the free banking
law Of this State, which may be fled with said
for final settlement.
SIC II Be u enacted That the provisions of
his act shall apply to those banks which al
ready organized ludrr the free banking law, fully
A. to those which may hereafter organize under the
s9Ine so far as the same can be done without in
.rius iug their vested rights
SIC -. BE IL further enacted, That the bonds
required TO be deposited with the Comptroller 10y
virtue Of this act aud the act which this is intended
10 amend, shalt br placed upon deposit in the Bank
Of Tennessee, snd that no notes -hsll be counter
signed ISSUED 70 any person, bank or association
until this Is first done.
SIC 10 BE 10 further enacted, That the bonds
90 deposited shall be subject tothe order of the
for the purpose Of carrying into
fleet this ac;and the act which this is intended to
amend.
SIC II. BE it enacted, That this act shall take
Effect from and after its passage.
PATENT SHOULDER SEAM SHIRTS.