Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-30
LAWS OF TENNESSEE.

UT eLft1t P+ ifotle-
Sec /. Bet enacted By the General Assembly 9th
State Of Tennessee That il shall be andis hereby mad
the duty Of the several Banks in this State, which
have suspended specie payment, 70 resume the pay
cnt Of specie on all notes issued by them on or be
fore the first day Of November 1858; and from an,
after the LIST day Of July, 1858, such bank in th
State shall ISSUE emit pay out circulate any not
Of less denomination than five dollars and FROG
and after the fret day Of January, 1853, no note
less denomination than ten dollars and from ani
after the passage Of this Act, no bank, agent, per
son or corporation, licensed or chartered 10 do ban
king OF brokerage business in this State, shall b,
permitted to ray out for circulation. the note Of any
corporation or association Of individuals which has
not been chartered by the State Of Tennessee.
violation Of this provision shall be a misdemeanor
and any person, as aforesaid, or corporations con
vcted thereof shall be fued less than FIVE hun
bred dollars, and not more than two thousand dol
lars; nor shall any bank pay out the notes of any
bank chartered by TINS State, except its own or
branches and then only provided in the 9Th sec
lion of this act and no bank in this State shall d.
rectly indirectly, sell dispose of gold silver,
sell dispose Of the notes of any bank whatever,
Tor any premium or discount whatever; and it IS
hereby expressly declared that the traffic OF trade
IN the legal currency OF in uncurrent bank notes. is
not privilege intended TO be, granted to the
banks by their charters No bank IN this State,
shall pay over any dividends profits 10 any stock
holders. or owners Of stock during the time Of its
arising from the Bank ofTennessee or the dividends
70 which the State is entitled, from the stock owned
by il in the Union and Planters Banks which to
be paid 10 the State as directed, by existing laws
No bank shall hereafter pay interest, or any cOnsd
Grafton whatever. for money Of any kind deposited
with them, whether such money be IN gold or silver
bank notes or paper currency Of any kind. No
bank il this State, while suspended or failing TO
redeem its notes in gold and silver, shall be permit
ted by ITSELF its officers agents TO sell exchange
upon any place in the United States for higher
premium than two per cent.
Sec. .. Be a. tlrt5er enacted. That any bank in
this State which has suspended specie payment Of
its notes, be and hereby required 70 file IT'S Gccep
tance in writing, with the Comptroller of the State,
70 the several limitations and provisions contained
IN the first section Of this act within forty days
from the time of its passage, as an amendment 70,
aud 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,
amendment TO its charter, within the time above
prescribed, the Attorney General Of the Judicial Cir
cult, in which said bank is located On being mott
fed Of the non-acceptauce by il of the provisions of
the first section Of this act shall proceed, In the
Of the State and at her suit, institute all
legal and proper steps 90 have such non-acceptiug
banks charter pronounced forfeited and auuulled,
Tor violation Of s charter by suspension Of specie
payment, or other cause causes, and its affairs
wound up, in such cases Is prescribed by law IL
Attorney General of any non-acCepLauce. Any
bank accepting the provisions Of the first section OF
this act amendment TO its charter, and fter
such acceptance failing 10 comply with such prOvis-
ions, such failure shall be ana is declared cause of
forfeiture Of charter All contracts made by it after
the time when 10 snail have failed TO comply with
the terms of the first section Of this set, hereby
declared null and void, and no suit in law equity
shall be maintained by any such bank or banks,
upon any contract or demand so made Aud 80 is
IL.
tory Information being given 90 him that any such
accepting bank or banks aforesaid have failed 90
comply with the provisions of the first section of
this act, direct the Attorney General for The judi
cial circuit in which such offending bank may be
located to take all legal steps ID the name and 90
the suit Of the State 10 have the charter of said
bank declared forfeited aud anuullei 10y Judicial
sentence for Noncompliance with the provisions of
the first section Of tins act, before accepted hy II
aforesaid IT, on the trial, il shall appear that |
such accepting bank, after lis acceptance has failed
comply with The provisions of the first section of
this act judgment Of forfeiture shall be entered 4
against 1t, and thereon said bank shall 90 into qui
dauon. by the appointment OF "a Receiver TO De /
made by the court rendering such Judgment; and /
I shall be the duty of such court TO take bond and
ample security from said Receiver, conditioned 20 /
faithfully collect all the debts of such bank take
safe and proper of its effects and assets Of any
kind, 20 render true account of the same said /
Receiver TO apply the effects of such bank first,
the payment OF its note or DiII-holdcr~: secondly
10 the payment ofIs depostors and other creditors
pro rata. If, after payment of all the Liabilities of
such hauk, and an the costs gifts liquidation, there
remains any surplus, then the same shall De paid TO
the stockholders of the bank those entitled the
came
Sec 3. Bet rHa-tsf blythe authority aforesaid. That
any president. cashier teller. clerk, agent, OF en-
pl0yee of any bank, who shall knowingly violate its
charter, OF amendment thereto. shall remove or /
secrete the effects OF such bank or ia &uy way cou-
zeal the debts, liabilities, or assets of the bank for
le purpose of avoiding OF defeating any Judgment
Is tLe courts, or for The purpose of delruinr amy
1t the creditors of the bank, the person so offending
,.lal be deemed guilty of "a high misdemelnor, aud
a conviction, shall DE fined in a not less than
80 thousand dollars, said fine 10 go 10 the use of
ae common school fund; ami also shall De im0ris0u-
a az she discretion of the court, not less than one
iar m0re than SIX mont
Sec 4. Be sHrrtsI By rsr authority aforesaid That
Do act, passed un the l-,h OF February ls52 emit
rI '.au act 10 authorize and regulate the business
DsukinE, be ami the same Is hereby repealed, so
DIP 20 prohibit and take away an right, after the
sage of jhis act. for any individual or associa-
aaa of Individuals Go avail themselves of the ur0v-
Irs of saI3 acl any ameudatory of IT, for the
urpose OF creating any new banking company, hank
.. association, not now Ia existence. said act Is [
d 200 repealed $50 far 20 prohibit any bank now in
.I-leuce, under said acts TO increase its capital
l.ek or circulation. An free banks may have the
DEer 90 reduce their circulation 10 so 900, by de-
.-ing with the Comptroller their issues aud they
-e allowed 60 draw bonds equal 10 The amour they
lIT deposit with the Comptroller; and il shall Doe |
De .uty Of the Comptroller TO burn all such bills:
'Iarai5i, any bank accepting the benefit of this /
au-e surrender its brokerage privilege. And pro-
.EE That no bank which has failed 90 deposit the
acali call of ten per cent additional bonds, shall
u,rJrsw more than eighty per cent In bonds TO The
.raIut OF notes Withdrawn from circulation. and Z
o. ... sited with the Comptroller.
SEC b. Be u fg--.sr enacted a tr aat.5-ifv rf1rr-
~E That 10 is hereby required OF the several banks
lis State 10 make quarterly reports Co the Comp
n.gr, verified by the oath nI The president and
t-nssr thereof of the true condition Of said bank b
S. assets aud Liabilities, stating particularly the D.
tr.al stock. the amount of such capital aIua.lv il
la 10 TO said bank 10 gold and silver, and when Cd
t aud h0W much OF It's capital stock paid in not a
..HI and silver: and In such case TO show when "a
a.. and in what paid, ami whether such payment n
ull extent is then, 80 OBJ. time Of the stale D,
r. uf the value of specie. and Il not, how much rs
their best judgment such tatcmCut shall also 81
a Iac then liabilities of the bank the amount of g.
..... of It's own ou hand and the then amount OF do
IS ..oe5 in circulation. 10 Is hereby made The du- az
d.. .4e Comptroller 90 cause said statement TO be
...-.aI Iu one of the leading newspapers IN the SD
. Nashville and also IN one paper - rac county u7
...a where such bank Is loeaagL . ra. .-s be-. 81
..E. lg tie HsEra7s HaryFT.ar "A. .... ..aE. M oJ
. .- of the bank whose statement ISIS. r.. .agI ar
~..em MT and all bank statements r. aired I'M of
o. ..- section. saa. Doe sworn 90, as tr.e $40 the III
I'D. ,c, which shall Doe 80 the hour us 1870 ueoe, Dab
,a. Jay on which made out. Gauas accepting Oh
DIVISIONS of this aeg before iu TINS a.J pro- an
.e0 ur, shall, with such acceptance. Tile stale ul
r .. racir then condition, aud continue thereafter a
Dr.. --. quarterly statements as herein provided pc
So. OBJ. BsU frtsEr aGr..a D. llf H..gar.H -tr.- ln
D.. That the Bank Of Tennessee shall by the mrs. o.
. ... .ry 1872 re-apportiau and divide the capt n7
49, among her several branches. SD SIS 90 make rh
.. .. amount Of capita. receivable by said A
...... respectively, according tg the provisions
Doe. .s0r,er. Pr1ri3.& The amount lost OF the 20
.a elk OF the parent or any branch bank, tor
ID a. discounted CUT Of The sum hey would Doe pr
allied tu receive under this section il no such loss aE
b s.a.ael Go such parent bank, OF branch bank. tos
..... .a~.s-, That whenever the stock o. the uo
ice a tae Union and Planters Banks is sold, or ing
proceeds thereof H amy manner realized by the thr
4A OF Tennessee, the same shall be divided and mo
.9rtIoueI among the branches of said bank ac- ito
nag 90 the proportion directed 10 be obrcryed sw
SAID atua ia dividing her or. gru4l capital OPT
eg g. BE- further enacted ~ ft. s4.la-ity zfars- the
Z That u0 bank, OF branch bank do Tennessee. par
issue, emit, or pay our, any bank note not on con
face payable, upon demand, - the counter where las
-.. emitted or paid 0ut Ban un grrnr I.gr ,- tho