Clarksville chronicle. (Clarksville, Tenn.) 1857-1865, 1860-04-06
An Act to Charter the Bank of
Clarksville.

SECTION l. BE it enacted by the General Assem-
bly, of the State of Tennessee, that john d. Tyler
VIM, A Quarles r. S. Moore, Alfred Robb Reuben
I. Pollard, Robt Ferguson, George p. Allen, Thos
Ramey, James II. Williams, and james Nolin, oi
Montgomery county; G. Dudley of Stewart county;
Thomas Overton, OF Dickson county; and Edward
Fort, of Robertson county, any FIVE of whom may
act, are hereby appointed Commissioners TO receive
subscriptions of Stock to the Bank of Clarksville,
hereinafter incorporated.
SECTION 2. The said Commissioners shall, after
thirty days advertisement in such papers as they
may see proper, open books for the reception OF
said subscription in the town of Clarksvie, Mont
gomery county; and every person, making sub
scrpon of Stock shall pay FIVE per cent thereof to
the Commissioners, at the time of making the
same
SECTION B. The Stock in said Bank shall be divi-
ded into shares Of one hundred dollars and no
person shall he authorized 70 subscribe more than
five hundred shares and the said Commissioners
may close the books for subscription at any time
they may see proper, after keeping the same open
for thirty days; and should there be more than ten
thousand shares subscribed the stock shall be
scaled so MS to bring the aggregate amount to one
million dollars ProUided the subscription of no
stockholder shall be scaled below one hundred
shares.
SECTION q. And when there shall be as much as
three thousand shares subscribed to said Commission
ers, the subscribers thereof are hereby created a
body corporate and polite by the name and style Of
the Bank of Clarksville, with power to sue and be
sued; and shall be Bank Of issue, of discount and
deposit and have all the right and privilege, and he
subject to all the liabilities and restrictions, men,
toned in the Act passed 9th day of February 1860,
entitled "An Act to reform and regulate the busi-
ness of Banking in Tennessee"
SECTION 3. The said Stockholders shall meet in
the capacity of Corporators as soon said Commits
subscription, and adopt such bylaws for the gov
ernment of themselves and Directors as to them
may seem fit; may elect such number for the
management Of said Bank, as they choose, not cx-
ceedng, however, nine in number, and ever there1
after the Directors shall be elected annually.
SECTION 6. The Board Of Directors shall elect
their President ana Cashier and other officers; fix
their salaries, and take from them such bond and
security as they or the corporation may order; and
may adopt rules for their own government, not in
consistent with this Charter, or the bylaws Of the
Stockholders and all officers shalt take oath to
faithfully perform the duties of Office, before enter
ing upon the same
SECTION T. In the meetings of Stockholders each
share shall be entitled to one vote.
SECrToS 8. Should there not be as much as one
million dollars subscribed at the organization of said
Bank, the stockholders may at any time increase
the same to sum not exceeding that amount.
SECTIQN o. After the organization of said Bank,
the Commissioners shall settle with the Directors
thereof and pay them all such collections as they
may have made on account of said Bank, and all
stockholders not paying the subscription Of stock,
so called for by said Commissioners, shall forfeit the
same and also the first call of five per cent. shall be
forfeited to said Bank
SECTION To- BE it further enacted, That the
prohibition upon the sale Of Bank stock, aud upon
discounlng for Stockholders contained in Section
3d of the "Nct to reform and regulate the business
Of liankng in Tennessee shall not he construed
a9 TO prevent the sale of stock or discount to
Stockholders after a sufficient amount of stock has
been actually paid in 10 make the sum Of three
hundred thousand dSilars
W. G. WllTTHORNF,
pratr # The House IF Representatives..
TAZ W. NEWMAN