Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-06


additional stock shall BE taken: no individual com
pany or corporation being allowed to take or sub
scribe for more than shares, until six months
after the book shall Be opened for subscription.
SEcu0N 5. 3 It enacted. That said corporation shall
not issue exceeding one dollar and a half in bank
notes for every dollar of capital actually paid
in; that the notes SO issued shall all be made
payable on demand at the principal Bank at Nash
vile. and be signed by the President and Cashier OF
said corporation; and at no tine shall the amount
Of notes prepared for circulation. whether IN actsa
circulation or otherwise, exceed one dollar ana
half for every one dollar of actual paid in capita
SEcTIoN 4 Be Il enacted, That neither sald t9'.ik
nor its Branches shall at any time pay our lof
lation any other than the notes 50 70 DC issued ny Il
as aforesaid .,D-,ss,..,,z -.
statements ouarterlv of its affairs 70 the Comptrol-
Ter of the State. on the lst Mondays IN january,
Apri july and October OF each years which state
ments shall embrace under separate heads. the fol-
lowing items viz: The amount the Bank then has
ndar discount in notes and bids of exchange; the
amount of notes and bills in suit; the amount OF
notes and bills overdue and and sIot in sait; 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; theamOuntd uefrom Banks out of Tonnes
see; all other assets of the Banks; the amount due
to Banks in Tennessee the amount due to Banks out
of Tennessee; the amount due to depOsitors; the
whole amount of its notes prepared for circulation
I the amount OF them actually an circulation
the amount to the credit of profit and loss, and any
other liabilities of the corporation; and that these
statements shall be verified BY the oath Of the
4 President and Cashier.
SECTION G. Be Il enacted, That on the LIST days OF
/ January and July of each year. the nett profits o.
the corporation Of the previous six months shall BE-
carried to the credit OF profit and loss on the book
of the bank at the same time, the directors shal
make thorough examination of all the assets theI
held and owned By the bank and II the debts con
/ silered bad and doubtful amount to as much as
1 OF more than the nett profits OF the previous So
months, no dividend shall be paid 10 the stoclhold
ers but if the debts considered bad and doubtful
do not amount to the nett profits Of the previous SD
months, the directors may declare and pay avn
dend out Of the excess, but in shall diva
dend be paid without first leaving at the credit o
profit and loss, sum sufficient to cover al th'
debts considered bad and doubtful"
/ SECTION z. Be 4 enacted, That said corporation
shall not pealIowed to purchase or hold us owl
stock.
this State, may be elected directors Of said corpara
\ ton, who are not stockholders in it.
SECTION 9. b Il enacted, That as bonus for tn
privileges hereby granted said corporation shall
pay the State of Tennessee on the LIST OF Januar
in each year one-half of one per cent Of its'aetus
capital; this sum to be in lieu of the sum provides
obe paid as a bonus under its original charter.
| SECTIsN 10. BE Il enacted, That said corporation
shall not charge or receive larger rate Of dlscun
than SIX per cent. per annuH, upon any prohlssor.
note or bill of exchange payable within tins STATE bu
may charge in addition to the six per cent discount
the cost Of collec ting notes bills payable at point
where neither the principal bank nor its branche
are located
SECTION IL. Bet enacted That on bills of exchang
drawn on points in and of another State, said col
poration may charge in addition tosix per cent pc
annuIa discount a reasonable sum as for exchange
/ SECTION IL Be Il eRdeiea That. said .corporato
shall always keep on hand gold and silver col
equal to one-fourth Of the Immediate liabilities @
the bank and should its coin aforesaid, at an
time fall below that amount it shall be restore
within sixty days, and if not restored within tina
time no new discount shall be made until 1t is so II
stoped; and IN no event shall the gold and silve
com on hand be, and remain below one-fourth a.
aforesaid longer than seventy-iiye daysin the whol
in any period OF twelve months. 80
SEcrIoN IS Be Il enacted. That said c0rpQratio
shall be open all times to visit from the Legislature
OF any committee or yisiIatOrial officer that may
. appointed for that purpose.
| SECTION II, Be II ea1cief, That said corporate
shall pay such proportion Of the salary Of al of
Ger. TO be called The Visitor Of banks, IF sue
officer shall be hereafter apponted) as the Leglsli
may hereafter provide.
SgCrIoN -. Be II enacted That should said corpt
ration at any time fail or refuse to make paymeI
of its notes in gold and silver coin upon demand,
addition TO the penalty provided in the origin;
charter it shall pay into the Treasury of this stat
( one-half Of one per cent. the actual capital {
the Bank for each month or fraction OF a mont
that il SO remains IN suspense Of payment An
in no event shall said Bank remain in such eond
ton for a longer time than six months, at any on
time. under penalty of forfeit of It's charter.
SECTION L. Be u enacted That for legally ascel
tanned wilful violation Of any Of these provision
anendat0ry cf the original charter, the Legislator
shall have power TO aIgeGl, alter repeal the char
ter OF said corporation