The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1859-11-18
Planters Bank.
An Act to Renew andsExtond the Charter of
the Planters Bank of Tcnnessee


18th, 1893. body polite and corporate
was established, to be styled the Planters
Bank Of TENNESSEE, with certain priyi-
leges and powers, duties and oblioations;
and with certain stipulations and proyi-
Sos regarding penalties and forfeitures.
to continue until the LIST day of January.
1868, and no longer; and whereas. ui,
der and by virtue of said, act. the Plnn-
ters' Bank of Tennessee did take effect
and become a corporation and has been
carrying on Banking operations in the
city OF Nashville, and at various Branches
in the State of Tennessee. and whereas.
by amendments to said Charter made by
said General Assembly and accepted by
said corporations other provisions have
been made binding upon said corporations;
and whereas by the terms Of said act, the
time is approaching when said Charter
will expire; and whereas it is believed
that it is for the public good that said
Charter should he renewed and extended
with certain amendments and alterations
thereon; therefore.
SECTION l. BE il Eracted JV he General
AssrmJH Of tie .S'ate Of Tunessce. That the
Planters Bank of Tennessee be and
continue body of polite and corporate.
until the lst day of January. 1889. with
all the powers and privileges. duties and
obligations. and subject to all the stipu-
latons provisions Of said act. of the 18th
Of November, 1893, and the acts amcnda-
tory thereto. except so far as the same
are altered, repealed or modified by the
subsequent sections of this act and that
the existing stockholders of said corpora
ton, Tor those who shall be such ut the
ti,,,n Of, \ hall Al.
day of Is to accept
Charter. .....
SECTION .. BE il enacted By he authority
aforesaid, That the capital stock of said
corr Grafton may be increased to the sum
of two millions of dollars and that said
additional stock may be subscribed for at
the principal Bank at Nashville. without
any right OF pre-emption on the part of
existing stockholders at any time within
two months after tho acceptance of this
extention of charter. and until the whole
additional stock shall be taken no indi-
vidual, company or corporation being al
lowed to take or subscribe for more than
shares. until six months after the
book shall be opened for subscription.
SECTION g. BE Il enacted. That said cor
poration shall not issue exceeding one
dollar and half in bank notes for every
one dollar of capital actually paid in !:
that the notes so issued shall all be made
payable on demand at the principal
Bank at Nashville. and be signed by the
President and Cashier of said corporation,
and at no time shall the amount of notes
prepared for circulation. whether in actu-
nj circulation or otherwise. exceed one dol
lar and half for every one dollar of ac-
tual paid in capital.
SECTION :. Bet Cpncted, That said Bank
shall make statements quarterly of its
affairs to the comptroller of the State, on
the lst Mondays in January. April. July
and October of each year. which state
ments shall crnbraos,- ,nder separate
heads, the following items, viz The
amount the Bank then has under dis
count in notes and bills of exchange: the
amount of notes and bills in suit, the
amount of notes and bills over due and
not in suit: the amount invested in real
estate; the amount of notes of Other
Banks on hand the amount of gold and
silver in its vaults; the amount due from
Banks in Tennessee: the amount due
fIom Banks out of Tennessee; all other
assets of the Bank: the amount due the
Banks in Tennessee the amount due to
Banks out of Tennessee. the amount due
! to depositprs the whole amount of its
notes prepared for circulation: the
amount OF them actually in circulation
| the amount to the credit of profit and
loss, and any other liabilities of the cor
poration, and that these statements shall
be verified by the oath of the President
and Cashier. .
| SECTION 6. BE i enacted. That on the
! lst days of January and July of each year
| the nett profits of the corporation Of the
! previous six months, shall be carried tc
the credit of profit and loss on the books
of the bank. at the same time. the direc
| tors shall make II thorough examination
of all the assets then held and owned by
the bank and if the debts considered
bad and doubtful" amount to "a much
| or more than the nett profits OF the pre-
vious six months, no dividend shall be
! paid to the stockholders but if the
debts considered bad and doubtful " dc
not amount to the nett profits of the
previous six months, the directors may
declare and pay dividend out of the eX
cess. but in no case shall dividend b,
paid without first leaving at the credit o
profit and loss sum sufficient to covel
all the debts considered "had ano
doubtful"
SEcTIoN Z. BE ea0ciGd, That said corpo
ration shall not be allowed to purchas,
or hold its own stock
SEcTIoN s. Be enac'c9, That persons
living in the State. may he elected Iii
rectors Of said corporation, who are no
stockholders in it.
SpCr,oN u RI u rD1cfsJ Tbot os a bon,,
for the privileges hereby granted. sait
corporation shall pay to the State of Ten
nessec. on the LIST of January in eacl
year. one half Of one per cent. of its-ac
tual capital; this sum to he in lieu o
the sum provided to be paid as bonu
under its original charter.
SECTION 10, BE Il Cndctcd, That said cor
poration shall not charge or receive
larger rate of discount than six per cen
per annum. upon any promissory.note o
bill of exchange payable within this State
but may charge in addition to the six pc
cent. discount, the cost of collectin
notes or bills payable at points wher
neither the principal bank nor its branch
es are located
SECTION II. Bel enacted, That no bill
of exchange drawn on points in and q
another State said corporation ma
charge in addition to six per cent. pc
annum discount, a reasonable sum as 70
exchange.
SECTION II. BE il enacted, That said col
poration shall always keep on hand, go
and silver coin equal to one-fourth of tn
immediate liabilities of the bank an
should its coin as aforesaid, at any tim
fall below the amount. il shall be restore
within sixty days, and ifpot restored will
in that time, no new discount shall
made until 1t is so restored and in n
event shall the gold and silver coin o
hand be, and remain below one-fourth q
aforesaid, longer than seventy.five DAYS i
the whole in any period of lively
months. -.. -