Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-12-09

in the opinion of the Supervisor any bank in this
State shall have exceeded its chartered powers, or
violated the same. it shall be his duty to report the
fac. with his reasons therefor to the Governor Of
the State; upon such report being made it shall be
the duty of the Governor TO submit the report of
the Supervisor to the Judges Of the Supreme Court
with any statement the bank may prepare and veri
~ under oath and it shall be- thereupon the duty
of the Supreme Judges, after hearing any discus
sion that iliy may desire thereof, if they or
jority of them should be of opinion that there has
been any abuse of power. violation of the char
ter OF the bank forthwith to give their written opn-
ion to that effect. TO the Governor who shall report
the same TO the next session of the legislature and
the Legislature may thereupon repeal alter or
abolish the charter OF such bank And If the Su-
preme Court declines to give opinion it shall be
the duty Of the Governor to submit the report of the
| Supervisor to the Attorney General OF the State
and If they think any bank has exceeded ITS char
! tered powers. violated the same it shall be the
duty OF the Attorney General to file a bill! in the
Chancery Court for the district where said bank is
situated and when it shall be legally ascePancd in
this way way that any bank has exceeded its char
! tered powers. or violated the same, the Governor
shall report the fact to the next session of the Lee
/ gsldvure, and the Legislature may thereupOn repeal
alter or abolish the charter Of any such bank
Section "a. BE it further enacted That when any
Bank desires cancel or destroy any part 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 circula-
ton shall have been registered in the Registry
| Book OF the Bank, as provided in this act.
section %. BE i further c1aeied That each bank
shall be authorized to discount bills and notes paya-
bic IN THIS State. at the rate ct six Per per
hha ana 1t any bill or note thus discounted. is pay
able IT point different from that at which the
Bank Is located it may collect in addition 10 the six
per cent. discount the sam il would cost to collect
such bin or note, il paid maturity; md each bank
snail be authorized discount bills payable of
the STATE. at the ra;c of six cent per alnum with
/ u reasonable exchange in adati0n thereto.
Section ~. BE i further e'Jqctei That each stock
holder, IN any OF The banks of this state, shall be
individually liable for any loss sustained by the cred
tors CT the Institution, 10 the amount and value Of
ms stock, until he has paid the same in fun on his
original subscription And if any Director or Di-
rctorS Of any of the banks in this State shall be
sullty OF any fraud or wllful acknowledgement of the
affairs of such bank by which any loss shall be Oc-
casloned to its CREDITORS such Director Directors.
upon legal asccranmcnt Of the fact, shall be indi-
vdually Liable for such loss.
Section y. BE Il firtier caTciqi. That banks and
banking companies subject to the pr0visOns.Of this
act shall pay 20 the State bonus such tax upon
their capital stock rs the Legislature may from time
10 time impose. provided the same shall not exceed
the tax upon the money Of the citizens Of the Stats
Section -. BE e fatisT snGcled, That each and
every bank in this state. snail be subject to the ex-
animation Of such committees as the Legislature
may from time TO time appoint
Sec. 20 Re u further eHHciei. That banks ard the
DuoillNSs OF IN TINS state shall De subject
such general laws the Legislature may from
time 70 time enact: PrOrtiei, such laws shall not
have the effect to impair or destroy the right OF
any bank secured by a charter under the proyis-
ions of this act
Mr. PAYNE moved that the Chairman be instruct
ed to report the bill to he Senate as adopted and
recommend it, passage; taat the Committee rise.
and that the CLairmen report progress and ask
leave to sit again to-norro at ten O'Clock.
The notion was agreed 10 aud the Committee
rose
REPORT FROM COMMITTEE OF THE WHOLE.
Mr. RICHARDSON, Chairman Of the Committee
Of the Whole, repaired progress, ard asked leave
fer the Committee sit again Tomorrow at ten
y clock.
Leave was granted.
NOTICE OF 4 RESOLUTION.
Mr.. LANE cave no ice taat On tomorrow, be
should iutroiuce o res linton - resciud he rule
requiring the Senate to hold oGe session day.
MARRIAGE OF COUSINS.
Mr.. Peters bill. No s., 10 prevent the marri.
age Of cousins of the FIRST dsgrea beiag a special
order, vas taken up, and having been read
Mr.. PETERS offered bill IN lieu, which was
adopted ard then
GA motion OF Mr.. STOKES. the Senate ad-
journed.