Clarksville chronicle. (Clarksville, Tenn.) 1857-1865, 1858-02-05


judicial circuit In which such offending
bank may be located, to take ell legal stops
in the name and at the suit Of the State, TO
have the charter of said bank declared
forfeited andannulled by Judicial sentence
fer noncompliance with the provisions of
this act, before accepted by 1t as aforesaid.
If, on the trial, it shall appear that such
accepting bank, after its accepting bank,
has fai lie d to comply with
the provisions of the first section Of
this act, judgment Of forfeiture shall to
entered against it, and thereon said bank
shall go into liquidation by the appoint
ment Of a Receiver, to be made by the
court rendering such judgment; and it
shall be the duty Of such court to take
bond and ample security from said Reeeiv-
Ter, conditioned to faithfully collect all the
debts Of such bank, TO take safe and prop
err care off 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 its
depositors and other creditors, pro rata
II, after payment ofall the liabilities of
; such bank, and all the costs Of its liquida-
ton, there remains any surplus, then the
same shall be paid to the stockholders of
the bank, or those entitled to the same.
SECTION 3. Be Il enacted by the authority
aforesaid, That any president, cashier,
teller, clerk, agent, or employee of any
bank, who shall knowingly violate its char
ter, or amendment thereto, or shall remove
or secret the effects of such bank, or in
any way conceal the debts, liabilities, or
assets of the bank, for the purpose of
avoiding or defeating any judgment of the
courts, or for the purpose of defrauding
any of the creditors of the bank, the per-
son so offending shall be deemed guilty of
, a high misdemeanor, and on conviction,
shall be fined in a sum not less than two
thousand dollars, said fine to 60 to the use
shall be imprisoned at the discretion Of
the court, not less than one nor more than
six months.
? Sec. 4. Be Il enacted By the antharit,
o. oresaid, That an act passed on the 18th
Of February, 1859, entitled ian act to
authorize and regulate the business Of
, banking" be and the same is hereby re-
: pealed, so far as to prohibit and take away
all right, after the passage of this act, for
any individual, or association of individuals
to avail themselves of the providsions OF
said act or any one amendatory of it, for
the purpose of creating any new banking
company, bank or association, not now in
existence. Said act is also repealed so far
as to prohibit any bank now in existence,
under said act, to increase its capital stock
or circulation. All free banks may have
the power to reduce their circulation to
SOC, 900, by depositing with the Comptrol-
Ter their issues, and they are allowed to
draw bonds equal to the amount they may
deposit with the Comptroller; and it shall
be the duty of the Comptroller to burn all
such, bills: Provided, any bank accepting
the benefit of this clause surrender its
brokerage privilege And provided, That
no bank which has failed to deposit the
second call of ten per cent. additional
bonds, shall withdraw more than eighty
,, per cent. in bonds to the amount of notes
withdrawn from circulation, and deposited
with the Comptroller.
Sec. 5. Be IL further enacted Jy the
authority aforesaid, That it is hereby re-
quired Of the several banks in this State
to make quarterly reports to the Comptrol-
Ter, 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
paid, 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 state
ment, Of the value of specie, and if not,
how much less in their best Judgment
Such statement shall also show the then
liabilities of the bank, the amount of specie
of its own on hand, and the then amount
of its notes in circulation. 1t is hereby
made the duty of the Comptroller to cause
said statement to be published in one of
the leading newspapers in the city Of
Nashville, and also in one paper in the
county or town where such bank is loca-
ted, u any there be, and IF not, IN dte nearest
newspaper to such bank, at the cost of
the bank whose statement is so published;
said statement, and all bank statements
required under this section, shall be sworn
to, as 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, as before in this act
provided for, shall, with such acceptance,
file statement of their then condition,
and continue thereafter to make quarterly
statements as herein provided.
Sec. 6. Be Il further enacted by The
authority aforesaid, That the Bank of
Tennessee shall, by the first of January,
1859, re-apportion and divide the capital
stock among her several branches, so as to
make equal the amount of capital receiv-
able by said branches respectively, accord
ing to the provisions of her charter
, Provided, The amount lost of the capital
stock of the parent or any branch bank,
shall be discounted out of the sum they