Clarksville chronicle. (Clarksville, Tenn.) 1857-1865, 1859-11-18
AN ACT
TO RENEW AND EXTEND TINE CHARTER OF
THE PLANTERS BANK OF TENNESSEE.

hHEhEAb, Dy an ecJ VI Iuo VcHeIai
Assembly of the State of Tennessee, enti
tied ''An Act to Establish the Planters
Bank of Tennessee" passed November
10Th, 1888, body polite aad corporate
was established, to be styled the Planters
Bank of Tennessee, with certain privileges
and powers, duties and obligations and
with certain stipulations and provsos re-
garding penalties and forfeitures, to con-
tinue until the 1st day of January, 1868,
and no longer; and whereas, under and
/ by virtue of said act, the Planters Bank
of Tennessee did take effect and become
corporation and has been carrying on
Banking operations in the city Of Nash
vile, and at various Branches in the State
of Tennessee and, d,swhereas, by amend
ments to said Charter made by said Gen
eral Assembly and accepted by said cor
poration, other provisions have been made
binding upon said Corporation: and where
as, by the terms of said act, the time is
approaching when said Charter will ex-
pire and whereas, it is believed that it is
for the public good that said Charter
should be renewed and extended with
certain amendments and alterations there
in: Therefore, #EH %
Sec. l. Be II enacted by the General As
semJy of the State Of Tennessee, That "the
Planters Bank of Tennessee" be and con-
tinue body polite and corporate, until
the 1st day of January, 1883, with all the
powers and privileges, duties and obliga-
tions, and subject to all the stipulations
and provisions of said act, of the 10Th of
November, 1888, and the acts amendatory
thereto, except so far as the same are al
tered, repealed or modified by the subse-
quent sections of this act and that the
existing stockholders of said corporation,
Cor those who shall be such at the time of
acceptance,) shall have until tbs - day
of ---- 1S -, TO accept or reject
this renewal or extension of charter.
Sec. 2. BE IL enacted By the authority
aforesaid, That the capital stock of said
corporation 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 monts after the acceptance of this ex-
tension 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.
Sec. 3. Be IL enacted, That said cor.
poration shall not issue exceeding one
dollar and a 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 Presi-
dent and Cashier of said corporation and
at no time shall the amount of notes pre-
pared for circulation, whether in actual
circulation or otherwise, exceed one dollar
and half for every one dollar of actual
paid in capital.
SEC. 4. BE II enacted, That neither said
Bank nor its Branches shall at any time
pay out for circulation any other than the
notes so to be issued by it as aforesaid.
SEC. 5. BE 1t enacted, That said Bank
shall make statements quarterly, of its
affairs to the Comptroller of the State. on
the lst Monday in January, April, July
and October, of each year; which state
ments shall embrace under separate heads
the following items, viz The amount the
Bank then has under discount 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 ;
r the amount invested in real estate the
, amount of notes of other Banks on hand
, the amout Of gold and silver in its vaults;
, the amount due from Banks in Tennes
r see the amount due from Banks out OF
r Tennessee all other assets of the Bank
! the amount due to Banks in Tennessee
? the amount due to Banks out of Tennes-
see the amount due to Depositors the
G whole amount of its notes prepared for
e circulation the amount of them actually
- in circulation the amount to the credit
e of Profit and Loss, and any other liabili
Y ties of the corporation and that these
: statements shall be verified by the oath Of
:. the President and Cashier.
# SEC. g. BE Il enacted, That on the Is
t days of January and July of each year
:? the nett profits of the corporation of the
+ previous six months, shall be carried tC
g the credit of profit and loss on the books
t of the bank, at the same time, the direc
i tors shall make a thorough examination
d of all the assets then held and owned by
: the bank and if the debts considered
c bad and doubtful" amount to as mucl
/ as, or more than the nett profits of tn
Il previous six months, no dividend shall b.
o paid to the stockholders but if the debt
e considered "bad and doubtful" do nc
S amount to the nett profits of the previou
d six months, the directors may declare an,
Al pay dividend out of the excess, but i,
IF no case shall a dividend be paid withou
y first leaving at the credit of profit an
- loss, a sum sufficient TO cover all the debt
considered bad and doubtful
~ SEC. 2, BE IL enacted, That said col
4. poralion shall not be allowed to purchas
10 or hold its own stock.
w SEC. s. Be IL enacted, That persons liN
"a ing in this State, may be elected director