Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-19
NUMBER 203.

such property real and personal As may be nsceI-
sary 70 promote the objects Of the Organization IN
Facilitating their legitimate banking operations But
Ony such real estate herein mentioned shall theF
lawfully purchase, hold or convey Ist. They may
hold as corporate body place with suitable build
ings for the transaction Of business %. They may
#pufehase such real estate which may have been
mortgaged to them as security for leans. and such
Jas they may purchase at szles under judgment or
mortgage held By themselves bus they shan aot
hold real eztate only for the purpose Of condEctng
their business for longer period than i've years
- Seventh They shall have power 70 make any such
&bylaws as may be necessary fcr the proper manage
nsnt Of the business Of the corporati6a. and. maF
alter or amend at pleasure proridsd, such bylaws,
elterations or amendments Do not eoldict with The
provisions of this aet or any Of the lawa Of Ten
nessee.
Eighth. They may also provide for sn increase az
Hcapifal the number Of stockholders. and for any
modiAcation addition allegation in the articles 0f
Reorganization Every increase Of capital. nuIn5er0 %
stOckholders modification, alterations additions.
howevef, shall Be submitted 70 q general meeting Of
the stockholders, held after thirty days notice and
shall be approved By twothrds Of the Stockholders
AID should such addition. alteration or modification
be agreed upon, II shall be recorded and pubhshed
as the original article Of Orgznizaton, IN the toaz
lowing section sffsr 81
SECTION f. BE Il further encced, That the article OF
associston shall be registered and recorded in the Of
fee Of the Register of the county in which such asso-
Eciaton may be located and = certified copy o. the
same shall be deposited in the Office of the Secretary
of State and shall be published once week for four
&snccessivs weeks, in the official newspaper jour
hal Of the State .,e'- O. la q l7.l0
SECTION s. Be Il further enacted That all banking
cOapanies under this act shall when they petition
flor banking privileges, have all the stock paid IN
fgold and silver nor shall the Governor issue
&any authority 10 said company to proceed with
banking privileges until he shall be satisfied that tho
actual stock IS paid in.
81 Section g. Be 4 further saGcied, That stock paid
In shall ever be withdrawn by the holder Of said
stock or his transferee, administrators heirs or ex
eeutors, during the continuance of said company IN
business
SECTION !. Be tt further enGded, That the stock OF
3said company may be increased by the provisions
fOf this act, but shall nsYer be diminished or de-
fereased under any circumstance whilst IN bush
mess or organic capacity.
a SECTION 8. Be Il further enacted, That no loans OF
fanny such banking company shall ever be made %
any of its stockholders, pledge Of his OF their
Town stock in said Bank. s--- q
SECTION 9. BE Il further enacted, That no Bank or
ganZed and established under the provisions OF this
act shall issue more than two dollars Of paper for
one of actual capital paid in and shall be required
to keep always on hand at least Onethrd Of gold and
sver to the anOunto of actual indebtedness and for
the remaining twothirds. equivalent 70 specie IN
8sDecie funds bills Of exchange, discounted notes
maturing from thirty, sixty ninety, or one hundred
seCTrox 10 Be further enacted, That should any
Bank or banking company fall below il the prs
Fportions of specie specie funds. or short paper
held by such company. 20 its Liabilities, specified in
SectiOn g. and shall remain so for the space Of tWen
zty DAYS it sLan not be lawful for such Bank Or.
banking company to make any loans, or diseoun
<suy notes or receive any deposits until its their
position is reinstated according 70 the provisions Of
4SeetiOn g. All violations Of TINS provision SHAH De
sheld as an act of insolvency, and they shall be
proceeded against for liquidation Of is or their
affairs, as in all cases OF insolvency or Vloiatsns
-, arda % szlch
violations shall be held individually responsible for
all the debts and liabilities Of said Bank or banking
company. ~r----r-.r u =. -, -.r.-.r
circulation issued by all banking companies. shah be
of no other denomination than tens, twenties ifes
ssand one hundreds. I'D
4 SECTION IL Be e fiatisr enacted, That the prOp-1
4erty of each STOCKHOLDERS shall be liable for the
zdebts of the Bank, in other business trGnsacst
dtions propOrtOned. however, 10 the RmOUnt Of suck
;{taken by each stakeholder and should any stock
sholde- transfer his stock, he shall not be exemps
frOni such liability for the term OF twelve m0atis
after giving public notice through the official paper
or journal Of the State, of such transfer. ~ 20
s. SECTION Is. BE further eaactel, That every Bank
whose capital exceeds the Of six hundred thous
and dollars, may establish branches in other por-
ttiOns of the State: ProUided, however, that the
branches of said Bank come under the same re
8strictons. provisions limitations rules and reua-
5tiOns Of the mother Bank. ...-
4 SECTION IA Be Il further enacted, That any Bank
.4Wllcn now eAl5S. OF MAY heEcAlHcE no NoAAe-
slished under this law, shall not. during a sus-
ponslon of specie payment, be permitted 70 sell
Cor buy exchange, discount notes or bills and
3|shalI not either themselves, or By and through
Their agents, officers, or otherwise, sell gold or
zsver coin at any rate of premium whatever, and :
kshall not purchase or buy in their own notes st
fany rate of discount whatever.
j SECTION Is Be It further enacted, That Bank or
banking company shall be permitted 20 discount
notes or bills at greater rate than six per cent
sper annum, nor to sell exchange at higher ratio
Ethan and one-hxf per cent, under any circuni-
sstances.
SECTION l6. Be it further enacted. That tins Cover
nor of the State shall appoint Once in every two.
wears three supervisors, who shall have the power
Eat any time to enter and examine every Bank in the
Estate and whose duty it it shall be 70 make quar-
tery reports, thrOsgh the official paper OF tsstate.
sthe true condition Of said Banks. r... Eli. ..-.-
SECTION IT, Be Il further enacted That the officers
Of the Bank, the President and Cashier. shall give
sworn monthly statement Of the amount of its La
bitea; amount of Deposits amount Of circulation;
of nOtea discounted the amount OF exchange On b
hand: of gold and silver in their vaults. They SHALL
ALSO every six months be required to give the names
and residence Of every STOCKHOLDERS, and his amount
OF stock and should any change or transfer OF stock
be made they shall be required in their next month
ly report succeeding, to give the name, place and
residence ofsuch transferee and the amount ofstock
transferred.
8 SECTION Is. Be It further enacted That bonus Of
one-haf of one per cent shall be paid on the actual
capital of every Bank organized under this act for
the purpose of creating fund to be appropriated
! to the payment of the supervisors Of said Banks,
whose annual salary shall not be less than two thou
4saEd dollars each; If said bonus should create
farger fund than required to pay the Bank supervi
sors then the residue of said bonus shall 60 into the
4COmmon School Fund; should it not be adequate 70
the amount required, then the deficit shall be sup
ped from the Treasury of the State, and the Urea
surer by this act is hereby authorised and empow-
8ered to pay out the same when satisfied Of such de-
Efficiency, -7e
q SECTION ls Be Il further snacisd, That any Bank
(which shall suspend for a longer period than thr
ty days or shall refuse to pay any notehOlder the
&full amount of the note or notes held against
fsaid Bank or shall violate any Vt the provisions
of this act it shall be forfeiture Of charter. or any
thanking privilege herein granted. and the superyl-
sors when thew shall have been satisfied By a thor
Cough investigation Of such violation shall proceed
Ito attach the assets of the Bank for the benefit OF
creditors, and to prosecute the Bank TO judgments
4 of forfeiture.
SECTION 20. Be 81 further enacted, All Banks organ
lied under The provisions of this act hereby pro-
hibited from buying, selling baFtering t=ading in
any of the products of the country or products Of
any foreign State country. For violation Of this
Mess than three thousand dollars and every Director
asserting thereto, ahaH be fined in sum Of one
thousand dollars. 800
charter shall hereafter be granted to any company
for banking privileges, or that no present EXIST
ling Bank shall be rechaFtered except By the pro-
visions Of this act but any company conforming 70
THE provisions, regulations and restrictions in the
foregoing sections of this act shall have and receive
all the banking privileges and benefits intended %
be conveyed hereby. -.t-. ~ &.
q SECTION o. Be Il further enacted. That this law
lmay be repealed amended or abolished. as the
good Of the country and interest Of the people may
Sdemand.
81
ANEARSHAL,S NOrICE.--Robers L Wszklsy. Ne
NJ fsslfn stEer Sthrs stoanhoat Blanche sais-
Libel n reuBy virtue Of EaAnso arrest issued from ne