The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-02-19
MEMORIAL.

The Memorial below has been presented
to the Legislature and no doubt will secure
that consideration which its Importance de-
mnnds:9a,i % .
To tLe Honorable, the Senate and House 81
Remeseniaiires of the Stale Of Tennessee:
GEETLEMEN I'm view of the bearing INA.
law, enacted 10y your honoraOle oou!
the present session OF the Legislature may
have upon the interests Of the institutions
oy., wbich the undersigned pressure, 'hey
have thought il proper under 'ne u" 90 49, y,
their respective boards oil dfec.ois' ~ "% Ism,
IA vnu The representations eon'a'neu III 'n.s
OyoN "" ~ ,v referred to, is an act emil
a,.. 20 enforce the resumption OF
~ nayments by the suspended hunks; TO
'Ts ~, their acceptance certain amendments
,,.,beir charters; aud .or other purposes. -
nm. Union and Planters Banks OF the State
Tennessee have, through their respective
k.nrjs of directors, taken into consideration
the PROVISIONS of said act, so far as they con-
s,ru them and other banks OF said State, and
TO some Of them would now call your atten-
ton,
To make an acceptance of an amendment
to the charter Of an incorporated Institution
valid, il is well known to your honorable
body, il is repaired that there mast be action
upon il by the stockholders, at Il general
mre.ing regularly called. BY the provisions
of the charters OF both of said banks 10 call II
general meeting Of the stockholders, it is
required that "a number Of Stockholders, not
less than ten, holding at least five hundred
shares, shall demand il; or that the call shall
be made bya majority OF the directors-in
either case, giving at least six weeks notice
in two newspapers of general circulation, and
specifying the object Of said meeting"
Again: the act referred to, in its second
section, requires that its provisions shall be
accepted within forty days from its passage,
or tiat upon failure so to do, proceedings
shall be instituted us for forfeiture against
iii, recasant bank. 1t will be seen them that
compliance with these terms, by the Union
md Planters Banks, would be impructicabe
for want of the necessary time to take the
proper action. IL has, indeed, been sugges-
ted that the word "passage," in the above
connection refers to the date when the said
act shall become law, that's, forty days at
Ter the rise Of the present Legislature. This
may be a correct construction, but II would
scarcely be expected that the Union aud
Planters Banks would assume such con-
struction ut their peril. 1t is, therefore, re-
SPEC fully sngg sted that said law should be
80 amended as to give said institutions sut-
icient time to present said provisions to
their stockholders in accordance with their
charters. Besides il will be seen by reference
to said act, that in some of its provisions it
is made to embrace only such banks as are
now in n state Of suspension, and further,
that some doubt might arise, whether, it en-
braces the Bank Of Tennessee in such a man
ner as to make it stand upon the same foot
ing with other banks in all future time. 1t
will be obvious to your honorable body, up
ON bare suggestion, that these provisions
should operate alike upon all banks in the
State, either now chartered or TO be hereaf-
ter charlered this is true, whether in refer
ence to the general interests and currency
Of tho State, or in reference to the puculiar
Interests of those banks that may accept the
provisions of said law.
The undersigned, representing the two
Banks aforesaid, would therefore respect
fully suggest to your honorable body that
said act be either 30 amended MS to make its
provisions binding upon the Bank of Tenn
essee, and upon all other Banks now charter.
ell, or to be hereafter chartered in the State
OF Tennessee; or else that said provisions be
made not binding upon the accepting Banks
longer than they are binding upon all other
Banks. And, also, that the clause of the I'd
section of said act, which, speaking of the
case Of any Banks accepting of, and after
wards failing to comply with the terms of
the first section of this same act, declares oil
that Banks contracts, made after the time
when il shall have so failed to comply, null
aud void, and dcprlvos it of the power of
maintaining any sui. either in law or equity,
upon any such contracts, be so altered and
amended ms to take effect, not from and after
such failure, but from aud after the judicial
decision announcing such failure.
With these amendments, the undersigned,
representing the Union and Planters Banks,
under the direction of their Boards are au-
thorized to say, respectfully to your hcnora-
BILE body, that they will immediately have
meetings Of their stockholders respectfully
called, and that they will submit said provis
ions to their action; and that in the mean.
time, they will conform rs near rs in their
power to the general tenor and spirit of
the Act.
o. EWING, President
of the Planters Bank of Tennessee.
J. KIRKMAS, President
Of the Union Bank of Tennessee.