Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-02-15
Memorial.

10 me Ii01loTdbte, me Senate ana House o.
Representatives, IF tie State Of Tennessee:
GENTLEMEN:
In view of the barring that law, enacted
by your honorable body at the present session
of the Legislature, may have upon the inter
csts of the institutions over which the under
signed preside. they have Thought it proper.
under the direction of their respective boards
Of directors, tn make to you the representa-
tiOns contained in this paper. The law refer
red 10, is an act entitled IAN act to enforce
the resumption of specie payments by the
suspended banks: TO offer to tn .ir acceptance
certain amendments TO their charters: and for
other purposes" The Union and Planters
Banks of the State of Tennessee have, through
their respective boards of directors, taken into
consideration the provisions Of said act, 80
far as they concern them and other banks of
said State, ard TO some of them would now
call yonr attention.
70 make an acceptance of an amendment
TO the charter of an Incorporated institution
valid, it is well known to your honorable
body. it is required that there must be action
upon it by the Stockholders at general meet
ing regularly call d. BY the provisions of
the charters of both said banks TO call ge-
neral meeting of the stockholders, il is requir-
ed that "a number of stockholders. not less
than ten. holding at least five hundred shares,
shall demand it; or that the call shall be made
10y majority of the directOrs-in either case,
giyingat least six wee Ks notice in two news
papers of general circulation, and specifying
the Obj ct of said meeting"
Again the act referred to in its second sec
ton requires that its provisions shall be ac-
cepted within forty days from its passage, or
that upon failure so to do, proceedings shall
be instituted as for a forfeiture against the re-
cusant bank. It win be seen then, that com
pliance with these terms, by the Union and
Planters Banks, would be impracticable for
want of the necessary time to take the proper
action. 1t has, indeed, been suggested that the
word passage" in the above connection re-
fers to the date when the said act shall become
"A law, that is. forty days after the rise of the
present Legislature. This may he a correct
construction, but ii would scarcely be eXpec-
ted that the Union and Planters Banks would
assume such construction at their peril. 1t
is, therefore, respectfully suggested that said
law should be amended as TO give said in
stitutions sufficient time TO present said pro-
visions to their stockholders in accordance
with their charters. Besides, it will be seen
by reference TO said act, that in seine of its
provisions IL is made to embrace only such
tanks az are now in a state of suspension, and
further. that some doubt might arise whether
il embraces the Bank of Tennessee in such "a
manner ms 10 make il stand upon the same
footing with other banks in all future time. 1t
".
bare suggestion. that those provisions should
operate alike upon all banks in the State,
either now chartered or to be hereafter char
tered this is true. whether i'm reference to the
general interests and currency of the State, or
in ref renee to the peculiar interests of those
banks that may accept the provisions of said
law.
The undersigned, representing the two
Banks aforesaid, would therefore respectfully
- Il
be either 30 am nd Il as 10 make its proyis-
ions binding upol the Bank of Tennessee,
and upon all other Banks now chartered, or
To be hereaft chartered. in the State of Ten
neSSce; or else that said provisions be made
not binding upon the Accepting Banks longer
than they are binding upon all other Banks
aud also, that the clause Of the 2d section of
said act, which, speaking of the case of any
Bank 5 accepting of, and afterwards falling to
comply with the terms of the first section of
this same ac:. declares all that Banks con-
tracts. made ait,r the time when il shall have
80 failed To comply, null and void. aud de-
pTives lt of the power of maintaining any
suit either in law or equity. upon any such
contracts. be SO altered and amended as to
take effect, not from aud after such failure,
bnt from ard after the judicial d.scision an
nouncing such tainfe.
| With these am ,naments. the undersigned,
| representing the Uuioa aud Planters Banks,
under the direction of their Boards are au-
thorized TO say, respectfully To your honora-
bile body, that they will Immediately have
meetings of their stockholders respectively
called, and that they will submit said provis-
ions 10 their action; and that in the meantime.
they will conform near in their power
to the general tenor and spirit Of the Act.
| o. EWING, i'rea'deaf
Of the Pl0nseTs' Bank ef TtaHasec.
j. klRkMAN, Presided
Of Ge Union Bask II Tegsessee.
NASHVILLE, Feby. ., 1855.