Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-22

dividends profits TO any stockholders owners o
stock, during the time of its suspension of specie
payments, except the profits arising from the Eanl
Of Tennessee or the dividends to which the State ii
entitled from the stock owned by it in the Union
Planters Banks, which to be paid to the State
as directed by existing laws. No bank shall here
after pay interest, any consideration whatever
for money of any kind, deposited with them, wheth
er such money be in gold silver, bank notes, OF
paper currency of any kind No bank in this State
while suspended, failing to redeem its notes il
gold and silver shall be permitted by ITSELF its off
GERS or agents, to sell exchange upon uuy place il
the United States for a higher premium than two
per cent
SEC. 3 Be further enacted By the authority qfors
satd That any bank in this State which has suspen
ded specie payment of its notes. be and is hereby
quired to file its acceptance, in writing, with the
Comptroller of the State, the several Limitations
and provisions contained in the first section of thit
act, within forty days from the time of its passage
amendment to, and part and parcel Of its char
ter. On the failure Of such bank last afo resaid tt
e its acceptance Ofthe provisions of the frat section
Of this act amendment to its charter within the
time above prescribed the Attorney General of the
Judicial circuit in which said bank is located on be-
ing notified of the acceptance by it OF the pro-
visions of the first section of this ac shall proceed
in the name Of the State and ather suit to institute
all legal and proper steps to have such nop-accept
ing bank charter pronounced forfeited and annulled
for violation of its charter by suspension Of specie
payment, other cause or causes, and its affairs
wound up, in such cases is prescribed by law. 1t
shall be the duty of the Comptroller to inform the
Attorney General of any acceptance. Any bank
accepting the provisions Of the first section of this
act, amendment to its charter, and after such
acceptance failing to comply with such provisions,
such failure shall be and is declared of forfeit
ure of charter. All contracts made by it after the
time when it shall have failed to comply with the
of the first section of this act are hereby de-
clared null and void and no suit in law OF equity
shall be maintained by any such bank or banks upon
any contract or demand so made And it is hereby
made the duty of the Governor, on satsfac tory in
formation being given to him that any such accept
ing bank or banks as aforesaid, have failed to
ply wth the provisions of the first section of this
act, to direct the Attorney General or the judi
cIal circuit in which such offending ba nix may be
located to take all legal steps in the and 1.-THE
suit of the State to have the charter IF said bank
declared forfeited and aunulledby judi ,ia sentence,
for noncompliance with the provisions of the first
section of this act before accepted by aforesaid
IT, on the trial. it shall appear that such accepting
bank after lis acceptance has failed to comply with
the provisions of this act Judgment of forfeiture
shall be entered against it, and tn said bank
shall 60 into liquidation, by the appointment of a
Receiver, to be made by the cours rendering such
Judgments and it shall be the duty of such court to
take bond AID ample security from said Receiver,
con itOned faithfully collect all the debts of such
bInk to take safe and proper of its effects and
assets Of any kind, to render true account of the
same. Said Receiver to apply the effects of such
bank: First, to the payment of its note or bill
holders Secondly, to the payment of depOsitors
other creditors pro rata If after payment of all
the Liabilities of such bank and all the costs of its
liquidation, there remains any surplus, then the
same shall be paid tOthe stockholders of the bank or
tho Sc entitled to the
SEC. g. Be it enacted by The authority aforesaid,
That any president cashier, teller, clerk agent or
employee of any bank who shall knowingly violate
its charter, or amendment thereto, or shall re-
move or secrete the effects of such bank, or in
any way conceal the debts, liabilities, or as
sets of the bank, for the purpose of avoiding or
defeating any judgment of the courts, for the
purpose Of defrauding any of the creditors of the
bank the person so offending shall be deemed guilty
of high misdemeanor, and on conviction, shall be
fined in a sum not less than two thousand dollars,
said fine to go to the of the common school fund;
and also shall be imprisoned at the discretion of the
court, not less than one nor than six months.
SEC. l. Be It enacted By the authority aforesaid,
That an act passed en- the 18th February, 1882 and
entitled An act to authorize and regulate the bust
ness Of banking" be and the same is hereby re-
pea ed far TO prohibit and take away all right,
after the passage of this act for any individual
association of individuals, to avail themselves of
the provisions of said act, or any one smendatOry
OF it, for the purpose of creating any new banking
company, bank or association not in existence.
Said act is also repealed, so far to prohibit any
bank now in existence under said acts to increase
its capital stock or circulation.
SEC s. Be II further enacted By the authority qtors-
said That it is hereby required of the several banks
in this State to make quarterly reports to the Comp
troller verified by the oath of the president and
cashier thereof of the true condition of said bank,
its assets and liabilities, stating particularly the
capital stock the amount Of such capital actually
paid in to said bank in gold and silver, and when
maid. and how much of its capital stock paid in,
not in gold and silver; and in such case to show
when, how, and in what paid, and whether such
payment, to its full extent is then, at the time Of
the statement Of the value Of Specie and If not |
how much less in tn cir judgment. Such statements
shall also show the then liabilities Of the bank, the
amount Of specie of its own hand, and the then
amount of notes in circulation. 1t is hereby made
the duty of the Comptroller to cause said statement
to he published in of the leading newspapers IN
the city of Nashville, and also in one paper In the
county or town where such bank is located, If any
there be- if not the next paper to said bank at the
cost of the bank whose statement is published: said
statement, and all bank statements required under
this section, shall be sworn to, true at the time
made which shall be at the hour of two o'clock in
the day on which made out. Banks accepting the |
provisions of this act before in this act provided
for, shall with such acceptance file statement |
Of their then condition, and continue thereaf- |
ter to make quarterly statements, as hern provided
SEC g Be Il further enacted by the authority dtors
said, That the Bank of Tennessee SHALL by the first |
of January, 1852 reapportion and divide the CAPT.
tai stock among her several branches so asIto make
equal the amount of capital receivable by said |
branches respectively, according TO the provisions
of her charter. ProUidsd such re-apportionment
shall not take place until the stock of the State
in he Union and Planters Banks, Strausferred
to the State Of Tennessee, is sold aud its pro-
ceeds received, but the.amOunt lost of the capital
stock Of the parent bank, any branch bank,
shall be discounted out of the sum they would
be entitled to receive under this section, if no
such loss had occurred to such parent bank, or
branch bank
SEQ, 7. b further enacted by The authority Gtsrs.