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

The Memorial below has been presented
10 ths Legislature and no doubt will secure
that consideration which its Importance de.
mands:
To tie Honorable, the Senate and House of
Representatives Of the State of Tennessee,
GRNTLsMsN in view of the bearing that
a law, enacted by your honorable body at
n the present session Of the Legislature may
have upon the interests Of the institutions
over which the undersigned preside, they
have thought It proper under the direction of
their respective boards OF directors, to make
to you the representations contained 10 this
paper. The law referred to, is an act enti-
tied "An net to enforce the resumption of
specie payments by the suspended banks; to
offer TO their acceptance certain amendments
to their charters; aud for other purposes."-
The Union and Planters Banks of the State
Tennessee have, through their respective
boards OF directors, taken into consideration
the provisions Of shid act, 30 far as they con-
corn them and other banks OF said State, and
to some of thcin would now call your atten-
tion.
To make m acceptance of an amendment
to the charter Of an Incorporated institution
valid, II Is well known to your honorable
body, 1t Is required that there must be action
upon II by the stockholders, ut u general
meeting regularly called. BY the provisions
of the charters OF both Of said banks to call
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 II; or that the call shall
be made by majority of the directors--in
either case, giving ut least six weeks notice
In two newspapers Of general circulation, and
specifying the object Of said meeting"
Again: the act referred to, In It's second
section, requires that its provisions shall be
accepted within forty days from its passage,
or that upon failure SO to do, proceedings
shall be instituted as for u forfeiture against
tho recusant bank. 1t will be seen then, that
compliance with these terms, by the Union
and Planters Banks, would be imprnclcable
for want OF the necessary time to take the
proper action. II has, indeed, been sugges-
ted that the word "passage," in the above
connection refers 10 the date when the said
act shall become law, that is, forty days af-
ter the rise Of the present Legislature. This
may be correct construction, but II would
scarcely be expected that the Union aud
Planters Banks would assume such con-
structon ut their peril. 1t is, therefore, re-
specially suggested that said law should be
so amended as to give said institutions suf-
ficient time to present said provisions to
their stockholders in accordance with their
charters. Besides il will be seen BY reference
to said act, TINT In some of its provisions il
is made to embrace only such banks as are
now ina state Of suspension, and further,
that some doubt might arise, whether, it en-
braces the Bank of Tennessee in such man.
ner us to make it stand upon the same foot
ing with other banks in all future time. II
will be obvious to your honorable body, up
on bare suggestion, that these provisions
should operate nike upon all banks ia the
State, either now chartered or TO be hereaf.
ter chartered; this is true, whether in refer.
ence to the general interests and currency
ofthe State, or In reference to the pucuIiar
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 80 amended rs to make its
provisions binding upon the Bank of Tenn
essee, and upon all other Banks now charter.
ed, 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 %
section OF said act, which, speaking Of the
case any Banks accepting Of, aud after
wards failing to comply with the terms Of
the first section of this same act, declares all
shat Banks contracts, made after the time
when il shall have SO failed to comply, null
and void, and deprivcs it of the power Of
maintaining any sui. either in law or equity,