Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-02-01

mcnt OF its notes, be and is hereby required
to file its acceptance in writing, with the Comp
Oler of the State, to the several limitations
and provisions contained in the first section
of this act, within forty days from the time of
its passage, rs an amendment to, and a part
and parcel of its charter. On the failure of
such bank last aforesaid, to file its acceptance
of the provisions of the first section of this
act, rs an amendment to its charter, within
the time above prescribed, the Attorney Cen
eral Of the Judicial Circuit, in which said bank
is located, on being notified Of the non-accep-
lance by ii of the provisions of the first sec
ton of this act, shall proceed, in the name of
the State, and at her suit, to institute all legal
and proper steps to have such non-acceptiug
banks charter pronounced forfeited and an
nulled, for violation of its charter by suspen-
sion of specie payment, CT other cause or
causes, and its affairs wound up, as in such
cases is prescribed by law. 1t shall be the du-
" of the Comptroller TO inform the Attorney
General of any nOu-acceptance. Any bank
accepting the provisions of the first section of
this act, as an amendment to its charter, and
after such acceptance failing TO comply with
such provisions, such failure shall be and is
declared cause of forfeiture of charter. All
contracts made by it after the time when it
shall have failed to comply with the terms of
the first section Of this act, are hereby declar-
ed null and void, and no suit i'll law or equity
shall be maintained 10y any such bank or banks,
upon any contract or demand so made. And
il is hereby made the duty of the Governor,
on satisfactory information being given TO him
that any such accepting bank or banks as
aforesaid, have failed to comply with the pro-
visions of the first section of this act to direct
the Attorney General Tor the judicial circuit
in which such offending bank may be located
to take all legal steps in the name and at the
suit Of the State, to have the charter of said
bank declared forfeited and annullcd by judi
cial sentence for noncompliance with the
provisions of the first section of this act, be
fore accepted by it as aforesaid. If, on the
trial, il shall appear that such accepting bank,
after its acceptance, has failed to comply with
the provisions of the first section of this act
Judgment of forfeiture shall be entered against
it, and thereon said bank shall 20 into liqui-
dalton by the appointment of a Receiver, to
he made by the court rendering such judy
meGt; ana it shall be the duty of such court
to take bond and ample security from said
Receiver, conditioned to faithfully collect all
the debts of such bank, to take safe and prop
er care 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-hold-
ers; secondly, to the payment OF Its deposltors
and other creditors, pro rata. If, after pay
ment Of all the liabilities of such bank, and
all the costs of its liquidation, 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 eHmted by Lte authority afore-
said, That any prcsid mt, cashier, teller, clerk,
agent or employee If any bank. who shall
knowingly violate its charter, or amendment
thereto. or shall rem, We or secret the elects
OF such bank or in Y way conceal the debts,
liabilities, or assets Oh the bank, for the pur-
pose Of avoiding or defeating any Judgment
OF the courts, or for the purpose of detraud-
ing any of the creditors on the bank, the per-
son so offending shall lie deemed guilty OF a
high misdcmeanor. aad on conviction, shall be
fined in IA sum rot less than two thousand
dollars. said fine to 20 TO the use of the com
mon school fund AID also shall be imprison-
ed ut the discretion of the court, not less
than one nor more than six months.
Sec. 4. he Il enacted by the authority aforesaid,
That an act, passed On the 18th of February
1852, entitled IAN act to authorize and regu-
late the business of banking" he and the
same is hereby repealed, so far as TO prohibit
and take away all right. after the passage of
this act, for any individual. association of in
dividuaIs to avail themselves of tho proyi-
sions of said act or any one anne datory of it,,
for the purpose OF Grating any new banking
company, bank or association. not now in eX-
isteuce. said act is also repealed SO far rs To
prohibit any bank now in existence, under
said act, to increase its capital stock or cir
collation.. All free banks may have the power
to reduce their circulation to $4,000, by de
posting with the Comptroller their issues, and
they are allowed to draw bonds equal to the
amount they may deposit with the Comptrol-
Ter and il shall be the duty Of the Comptrol-
Ter to burn all such bills ProcH ed, any bank
accepting the benefit OF this clause surrender
its brokerage privilege: Ind FToUidod, That
no bank which has failed to pcsit the second
call of ten per cent. additional bonds, shall
withdraw more than eighty per cent in bonds
10 the amount of notes withdI avn from Cir
culation, and deposited with tie Comptroller.
Sec. 5. BE IL ttfrther eJlactoi In the authority
aforesaid, That il is hereby required of the sew
eral banks in this State to make quarterly re-
ports To the Comptroller, verified by the oath
of the president ard cashier thereof, of the
true condition of said bank, its assets and LA
bilities stating particularly he capital stock,
the amount of such capital at finally paid in 20
said bank In gold and silv,r, and when paid
and how much OF it, capital stock paid in, not
in gold aud silver; aud in. such cas-, TO show
when, how, aud in what paid, aud whether
such payment, TO its full extent, is then, n,
the time of the statement, of the value of spc-
Gle. aud if not, how much less la their b, 81
iud gmcnt. 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 ia circulation. Ii is hereby mad,
the daty Of the Comptroller to cause said
statement 10 be- published in one OF the lead
ing newspapers in the city of Nashville, aud
also in one paper In the county or town where
such baak Is located. u aHR there h, and u MOI
"a tie asige{ Re0spaper % such bank, AT the cost
of the laak WHOSE STATE meat is 80 published
said statement. aud all hank statements re-
quired aud this section, shall b. sworn Co
as true at the time mad, which shall be- a, the
hour of Two o'clock ia the day on which made
out. Banks accepting the provisions Of this
act, ms before IN this act provid for, shall
with such acceptance, die IA statement OF then
then condition, aud continue thereafter iC
make quarterly statements as hersia provid,
Sgc. 6. BE Il further esaacfef by DE Gllfhorlty
oforesdd. That the Bank of Tennessee shall
by the first of January, 1853, re-apportioa
and divide the capital stock among hsr seye-
raj branches, so as TO make equal the amount
OF capital receivable ly said branches respec
lively, according 10 the provisions OF hei
charter. Proriaai, THE amount Lost Of ths
capital stock OF the parent or any branch bank
shall b. discounted GU. of the sum they would
he entitled 10 receive under this section, If M
such loss had accrued 90 such parent bank, OF
branch hank: Propsisi f.ysher, That whenev,l
the stock Of the State in the Union and Plan
tiers Banks is sold. or the proceeds thereof ia
~ manner reaiiz d by the Bank of fennes
see, the same shall be divided and apportion
cd among the branches Of said bank, arcor