Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-12-21

think any Bank has exceeded its chartered
powers, or violated the same, it shall be the
duty of the Attorney General 10 file bill in
tie name of the State OF Tennessee, in the
Chancery Court for the District where said
Bank is situated and when 1t shall he legal
ly ascertained in this way, that any Bank has
exceeded it's chartered powers, or violated
the same, the Governor shall report the fact
TO the ncxt session of the Legislature, and
the Legislature may, thereupon. repeal. al
ter. or abolish the charter Of any such Bank
SIC. "a Be flstkeT enacted. That when
any Bank desires to cancel or destroy any
pati of its old circulation. the same shall be
Cancelled and burned in the presence OF the
Supervisor, after the amount, number and
denomination of such cancelled circulation
shall have been registered in the Registry
Book of the Bank, aud certified. as provided
in this Act.
SEC. %. Be il further enacted, That each
Bank shall be authorized to discount bills
and notes, payable in this State. at the rate
= Of six per cent. per annum and If any bill
or note thus discounted is pay able at point
different from that at which the Bank is loca-
ted, it may collect, in addition TO the six per
cent. discount, the sum il will cost TO collect
such bill or note, il paid at maturity; and
each Bank shall be authorized to discount
bills payable out Of IL State, at The rate OF
six per cent. per aDnum, with a reasonable ex-
change in add ton thereto.
SIC. 20. Be IL further enacted. That each
stt ckhOider. in any oi the Banks OF this State
shall be Individually liable for any loss sus-
tanned by the creditors of the institution. to
the amount and value of his stock, until he
has paid the same i'll full on his original sub
scripti0n. And if any Director or Directors
Of any of the Banks in this State, shall be
guilty OF any fraud or wIlful mis- mana cement
of the affairs of such Bank, by which any loss
shall be OccasiOned TO it's creditors, such Di-
leciOr or Directors, upon legal aFcerlainment
Of the fact, shall be individually liable for
such loss, and all the stockholders asserting
thereto. shall be liable ill like manner.
SEC. u. BE ii further enacted That Banks
and Banking Companies. subject TO the pro-
visions OF this act. shall pay bonus to the
state, for the privilege Of banking, IN the
first day Of January, of each year, one-half
ol one percentum on their actual capital.
SEC. 70. BE II further enacted, That each and
every Bank in this State, shall be subject
TO the examination of such committees as the
Legislature may, from time to time, appoint
SEC. ~ Be II further enacted, That Banks
and the business of banking in this State
snail be subject to such general laws regula
ting the same, as the Legislature may from
time TO time enact.
SIC 80 BE ii further enacted, That in case
Of The Insolvency of any Bank or Banking
ASSOCIATION. the blll-holders thereof shall be
entitled TO preference in payment, over all
o'htr creditors of such Bank or association;
ana no transfer, or assignment of any note,
OIL OF exchange, or other evidence of debt
by the Bank. shall prevent the debtor from
paying the same in the hands of the assignee,
III the currency Of such Bank
SEC. 81. BE Il further enacted, That if any
Bank OF this State shall suspend specie pay
ment, the Dote-holders thereof may present
The same for payment, and if payment is re-
fused, said note-holder may have such notes
protested, and shall receive interest at the
rate of six per cent. per annum from the date
ol protesting, and the cost of protesting.
SEC. 81. BE IL further enacted, That Banks
chartered subject TO the provisions Of this act,
may surrender their charters and discontinue
business; and the period of five years shall
be allowed such Banks within which to liqui-
date and close their affairs PrOUdtd that if
whilst so doing, they engage to any extent in
The business of banking, the same shall be
done in accordance with the provisions of this
act, and such supplemented legislation as
may be from time to time enacted. regulating
Banks aid the business OF banking in til
State.