Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1857-12-03

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Iven by the charters ofthe Union aud
Planters Bank ever their several
branches,
/ SEC. A Should any Bank in the
Estate Of Tennessee fail or refuse to
comply with the provisions of this
act, such Bank or Banks shall be sub
Iject to all the penalties, damages and
forfeitures provided by existing laws.
/ SEC. S. The Free Banks shall,
within ninety daysfrom and after the
passage Of this ACT, deposite with
the Comptroller Bonds Of The State
Iof Tennessee, Sufficient to make
their bonds at par value according
to the New York prices OF said bonds.
or return into the hands of said
Comptroller a sufficient amount Of
their circulating notes, to effect the
aforesaid object.
SEC G. Should any OF the Free
Banks fail or refuse to comply with
the requirements aforesaid, in sec
tion four, then it is hereby made :he
duty of the COMPTROLLER to furnish
information of such noncompliance
to the Governor of the State, whose
duty it shall be TO direct the Attor-
ney General of the district in which
said Free Bank may ne situated, to
issue sare faeias against said
Banks or Banks, which scire faeias
shall be served on the President or
Cashier of such Bank, or left at
the, bnnking house OF. such Bank,
returnable to the Circuit Court Of
said county, and tryable at the first
term of said Court; after the return
of such sarc fdaas. the Judge of
the Court shall set day for the tri-
al Of such eases; and proceed to en-
quire inio the truth Of such alleged
failure, trying all matters of fact by
a jury empsnnelsa for that purpose;
and if such failure to comply With
the requirements aforesaid, on the
time specified as aforesaid, be made
apparent to the Court trying the
Same, then the said Court shall pro-
nounce the Charter Of such Bank
annnlled and forfeited, and upon
certified transcript of such proceed.
ing being given to the Governor, he
shall at once pluce the said Bank,
its affairs aud business ia the hands
of Trustees appointed BY himself
And it is hereby made the defy. of
the said Trustees, after the payment
Of cost and charges necessarily ac-
cruiug: let. To pay the bill holders,
then if any thing should be left, TO
pay pro rata the depositors and o.
ther liabilities Of said Bank; and if
there should be. anything left, then
the remainder to be paid over to the
owner Of said Bank or Banks
Each Bank in the State of Tennes-
see shall furnish to the Governor
Of said State a statement Of its COZ
sdition. verified on oath by the Presi-
dent and Cashier, on the first Mon
day Of January, April, July and De-
tober, of each and every year, which
statement shall be published in one
Or more newspapers, Published at the
city of Nashville, the expenses to be
/ paid by the respective Banks.
Sec Z. Should any President
and Cashier of any Bank in Tennes-
see fail or refuse to comply with the
acquisitions made in section six, then
the same is declared 10 be a misde-
meaner, and punishable by present
ment aud indictment, as other cases
of misdemeanors.
SEC. s. That no Banks in Ten
nessee. while in suspended condi-
lion, shall discount any bill, note, or
any other evidence Of debt whatever
for another Bank.
Sec. 9. Be it further enacted,
That the LIST, Cd, Sd anc 4th sec
lions on an act, entitled an act to au-
thorize and regulate the BUSINESS Of
Banking, passed Feb. IL, 1852, be,
and the same are hereby, repealed;
1t being the intent and meaning Of
this section that no person or associ-
alton of persons, who have not here
tofore, shall hereafter avail the m
selves of the provisions of said ACT;
but that the provisions, restrictions
and liabilities of said act remain in
full force, as to all persons or associ-
ton of persons who have complied
with the provisions Of said act; but
ii shall not be lawful for any person
OF association Of persons to Increase
their circulation by depositing pub.
lie stocks or bonds as in, said act
provided.