Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-19
A Bill
TO Establish General Banking LGto in the State o.
Tennessee

To Establish General Bdnling LGtc in the State OF
Tennessee
SECTION l. Be It enacted 6y the General Assembly Of
The State Of Tennessee, That and after the pas
Sage of this act, that any organized company con-
sisting of not less than ten in number who may or
ganize themselves according the provisions of this
act. for the express purpose of banking may estah-
Dish Banks of issue discount deposit and circulation
according to its provisions and conditions and shall
shave all the privileges and mmunues hereby grant
ed and be subject all the limitations and restFc-
tons, liabilities and penalties herein contained.
n SECTION 2. Be it further enacted, That any company
aforesaid consisting Of not less than ten stock
holders, and with capital Of not less than two hun
sdred thousand dollars wishing 10 organize for the
purpose of banking and shall be the owners Of real
ESTATE to the amount of stock subscribed and paid
Din AMI should any person or persons, belonging to
said company however, not be the owner or posses
s0r of real estate then such person or persons shall
bs required to give bond, with two good securities.
who shall be the owners Of real estate to the amount
Of stock subscribed. which bond or bonds shall be
approved by the Secretary Of State. and deposited
In his Office. And it shall further be required of
4said securities who real estate, to make oath
before Justice of the Peace, or other qualified
Aocer that they own and possess real estate equal
Ito the amount Of stock subscribed independents Of
sany existing liability whatever. $500. 81.
4 SECTION g. Be further enacted. That whenever any
lsuch company companies. shall organize them
selyes By written articles Of agreement setting forth
4under the signatures OF the stOCknOdersi Lne name
Sby which such banking company is to be designated
tha county, town or city where their business is TO
sbe transacted; the amount of capital stock the
4rIumber Of shares into which it is divided the
$nanes and places Of residence of each stakeholder
the number Of shares owned by each Of them no.
EFFECTIVELY; and the length Of time contemplated for
the continuance of the organization. and shall &C
scompany with it petition for banking privileges
under this act 70 the Secretary of State with snf
cient testimonials Of the solYency and other qualf
cations Of said company. the Secretary Of State
shal report the same to the Governor Of Tennessee
whereupon the Governor shall then. by the proFis-
lions of this act authorize and declare such company
o be an incorporate body for the purpose of bank
ling. &c. They shall be authorized and empowered
First. To have corporate name which they shah
have selected before application for banking, and
shall enjoy the right of succession for time which
shal be expressed in their articles Of sssoclalon
Yin no case to exceed twenty years and ~ tnaI
name ttey may sue and be sued plead and pc I'M
pleaded answer and prosecute all courts OF JUS
tice, &c.
Second. To use a corporate seal which snail oe
Infinitely described in their articles OF aasoclauon
Third. To elect President and Cashier, and sueh
other officers, managers and directors necessAry .
conduct the business Of banking VITA tle Pr!Vhege
of liking the rate of compensation anu sd.~rlss Iof
al persons in their employ Inc mAnAgers, oIncers
and directors, however shall De actual eltzens and
Presidents of this State.
Fourth To discount bills, notes, and other eviden
ices of debt; to receive deposits; to buy and sell
gold and silver bullion foreign coins and bills Of e
change; 70 lend money on real and personal securi
ty, and to exercise all incidental powers necessary
sto conduct the business Of banking.
Fifth They may cause TO be printed and engraved
#on good paper, and in the best manner, 80 as Il
guard against counterfeiting notes for circulation
notes of the different denominations authorized By
the provisions Of this act; which, when signed by
the President and Cashier Of the Bank, registered
and conntersigned BY the Treasurer Of the st4te
Thus signed, countersgned and REGISTERED, they MAJ
be loaned and circulated as money, according to the
ordinary Of banking heretofore, 6y the Avs
and ussges Of Tennessee, payable invariably At IN
coulter where issued. teJ sdl
Sixth. Under their corporate name they shall haY'
powes e hold ans rsesivss purchase end eenvey