Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-16

,,o,hr tho eantal stock of said Bank is paid, and
auv other fact and circumstance, to give the pubic
correct knowledge Of the ctuditon OF the Bank,
which report shah be published by the Comptroller
according to law.
SEcrr,S 49, BE Il further enacted, That whenever
the supervisor shall desire to make an examination
of Bank it shall be the duty Of the ofcers OF the
same to afford him every facility Tor complying
with his duties required by this act; and If the
SUPERVISOR shou;d deem it necessary, he may cause
All or auv of the officers of said Bank to be exam
med under oath, as to any matters necessary for
said examination. And if any officer or officers OF
the Bank shall borrow, or otherwise procure any
assets not legtimately owned by the Bank to be ex-
hibited to the Supervisor. portion of the prop
erty of said Bank it shall be a misdemeanor, IN
those guilty of tie same, and punishable by me anu
Imprisonment.
SEcTIoN 20. Bell further enacted, That when any
Bank shall have suspended specie payment, and re
NAMED in that condition for the period OF sixty
days it shall be hs duty of the Supervisor forth
with to cause PRO eedings TO be instituted IN lne
Chancery Court of the District, where the BANK Is
located in the name of the Supervisor against the
Ran To have its assets subjected to tile payment OF
ts debts and its charter declared to be forfeited
Pro,,iled however, that if the Governor shall be OF
opinion that it is for the public interest, that suce
proceedings should not be instituted he may IN VIII
ting so declare to the Supervisor and suspend all
| proceedings thereon from time to time, until the
| meeting Of the IL G stature.
SECTION q. Be 4 further eiGcfed, That the super
visor appointed under the provisions OF this act be-
fore entering upon the duties of his office, shall give
bond in the sum OF ten thousand dollars with good
security, payable TO the State OF Tennessee and 70
be approved by the Governor for the faithful per-
Torrance of the duties of his Office and that ne
shall receive as compensation for the performance
of his duties the of three thousand dollars TO
be paid to him quarterly out of the Treasury.
SECTION %. Be it further enacted, That there shal
be levied pro rGd tax upon the Banks IN TINS State
except the Bank of Tennessee) which are s9'lec'
to the provisions of this law, upon the ION OF Jan
nary in each year as TO make up the sam o.
three thousand dollars; which tax shall be assessed
and collected by the Treasurer of this State TO pay
the salary of the Supervisor; and if any Bank shall
fail to pay the tax levied 1t shall be the duty
the Treasurer forthwith to take steps TO enforce 1t
collection.
SECTION 3D. BE It further enacted. That whenever
in the opinion of the Supervisor, any Bank III TIN
State shall have exceeded its chartered powers, o.
violated the same it shall be his duty to report tn
fact with his reasons therefor, to the Governor 0
the State; upon such report being made, it shall b
L the duty of the Governor to submit the report o
the Supervisor to the Judges of the Supreme Court
! with any statement that the Bank may prepare AM
verify under oath, and 1t shall De- thereupen the du
ty of the Supreme Judges, after hearing any discus
sion that they may desire thereon, if they or ma
ority of them should be of opinion that there ha
been any abuse of power, or violation OF the Chan
ter of the Bank, forthwith to give their writfe
opinion to that effect TO the Governor, who shall re
and the Legislature may thereupon repeal, alter,
abolish the charter of such Bank.
SECTION "A. Be 1t further enacted, That when an
Bank desires cancel destroy any part OF Its oil
| circulation, the same shall be Cancelled and burne
in the presence of the Supervisor after the amoun
number and denomination of such Cancelled circula
n ton shall have been registered in the "Registr
2 Book of the Bank, as provided in this act
y SEC 25 Be further enacted That each Bank sha
be authorized to discount bills and notes payable
o this State at the rate of six per cent per annum
and if any bill or note thus discounted is payable
point different from that at which the Bank is Il
Gated it may collect in addition TO the SIX per cen
discount the sum it would cost to collect such bill
n note if paid at maturity and each BANK shall U
6 authorized discount all bills payable out of Ii
" State at the rate of six per cent per anuun, with
n reasonable exchange in addition thereto.
y SECTION &c. Bet further enacted, That each stool
holder in any of the Banks of this State, shall be
dividuay liable for any loss sustained by the cree
tors OF the institution, TO the amount and value
his stock until he has paid the same in full on h
original subscription. And if any Director or
g rectors of any Of the Banks in this State shall
guilty of any fraud or wilful Encouragement Of ii
affairs of such Bank, by which any loss shall be o.
casiOned to its creditors such Director or Director
upon legal aScertaiament of the fact, shall be ind
! vidually liable for such loss.
+ SECTION q Be Il further enacted, That Banks an
Banking Companies subject TO the provisions OF tn
act, shall pay such tax upon their stock as the II
- gislature may from time to time impose: frOrtde
! the same shall not exceed the tax upon the money
n the citizens of the State
SECTION % Be II further enacted, That each ar
: every Bank in this State, shall be subject to the e.
: animation of such committees as the Legislator
e may from time TO time appoint. cas-
u SECTION 70. Be Il further enacted That Banks an
the business of Banking in this State shall be subeC
! to such general laws as the Legislature may froI
u time to time enact touching the same