The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1860-08-24
An Act
To Incorporate the Capital Stock Of the Union
and Planters Bank Of Tennessee and to In
corporate the Bank of Trankland.

Union Bank oil tennessee, and the Planters
Bank of Tennessee, be bodies politics and corpo-
rate, until the first day of January, 1875 with all
the powers and privileges, duties and obligations,
md subject to all the stpulatons and provisions
of the acts passed the 18th day of October, 1892.
and the 18th day Of November, 1888, chartering
said Banks, and the acts amendatory thereto, as
now binding on each respectively, except so far
MS the same are altered, repealed or modified by an
act Act passed on the 9th day of February, 1860,
styled "An Act to reform and regulate the bust
mess Of Banking in Tennessee" to which said
charters are subject aud that the existing stock
holders of said corporations respectively, Tor those
who shall be such, at the time of acceptance)
shall have until the first day of October, 1sCO, to
accept this charter.
SEC. 2. Be il further enacted, That the capital
stock of said Planters Bank of Tennessee" may
be increased 10 the sum of two millions Of dollars:
and the said additional stock may he subscribed
for at the principal Bank ut Nashville without
any right of pre- emption ON the part of existing
stockholders at any time within two months after
the acceptance of this charter and until the whole
additional stock shall be taken; individual
company or corporation being allowed to take or
subscribe for more than two hundred and fifty
shares, until six months after the books shall be
opened for subscription.
SEC. 3. BE IL further enacted That whereas the
State of Tennessee has sold out the stock hereto
fore held by ii in the Union Bank of Tennessee
the affairs of said corporation shall be admins
tered by eleven Directors, to be elected by the
stockholders.
SEC. 4. BE Il fmtlor enacted, That the Planters
Bank of Tennessee may establish branch at
Murfrcesboro', in Rutherford county, and II branch
at Livingston, in Overton county, and also q
branch at Chattanooga. in Hamilton county, and
that the Planters and Union Banks, or either of
them, may establish branch at Purdy, McNairy
county. at Waynesboro' Wayne county, at Nc
Minnville Warren county. and at llartsvillc, Sum
ncr county, at any time after the passage of this
Act.
SEC. 5. BE il further enacted, That the stock of
said Banks shall be transferable and assignablc
according to such rules and ordinances as shall be
prescribed by the President and Directors thereof
SEC. 8. BE il further enacted, That said Banks
shall have the privilege of issuing notes of the
denomination of five dollars, whenever that prvi-
lcge shall be granted to any other Bank in this
State
SIC. Z. BE Il further enacted, That the Union
Bank and its Branches may pay out all of the
netes of said Bank.
SEC 8. BE il FURTHER enacted, That the Planters
Bank and its Branches may pay out all of the
notes of said Bank
SEC. 0. BE il further enacted, That the Directors,
officers and employees of the Union and Planters
Banks shall take the same OATH and he subject to
the same penalties imposed on the Directors and
officers of the Bank of Tennessee, when meeting
ON the discharge of duties as Directors. officers,
&C., of said Bank of Tennessee
SEC. 10. BE il further enacted, That the Bank
of Tennessee and Branches shall have the same
powers and privileges in regard to paying out the
notes of each other are allowed the Union and
Planters Bank by the General Banking Law and
by this Act.
SEc. IL. BE Il further enacted, That body
polite and corporate is hereby established under
the ramc and style of "Tho Bank of Farmland"
of Tennessee, to bo located in tic city of Knox
Vile, in the State of Tennessee with all the pow
ers, rights privileges and immunilies, and subject
to the same restrictions, regulations and liabilities
granted and imposed by an act passed October
18th, 1892, entitled "An Act to charter the Union
Bank of Tennessee" and acts amendat0ry thereto,
subject however to such alterations, notifications
or changes and granting also such further powers
and privileges as may be created by this Act for
the said Union Bank of the State of Tennessee,
not inconsistent with the provisions hereinafter
set forth.
SEC H. BE II further enacted. That VIM. A.
Moore, Samuel N. Fain, IL. T. Dick, Frank But
Ter, and L. W. Taylor OF the county Of Jefferson;
james Sharp, of the county of Sewer; X. j. Will
son, and j. NJ Toole, of Blount; Geo Jones, and
VIM. NJ. Lowry, of the county of Greene; Hugh
Graham and Joseph White, of the county Of Clai-
borne; VIM. Casey, Of the county of Campbell
VIM. Cross and John Whitson, Of the county OF
Anderson; j. NJ. Alexander and J. c. Carlock, OF
the county of McAlinn; Ezekiel Dunn, of the
county of Polk; James Gcttys, of the county OF
Mcigs; James A. Coffin and Samuel j. Rowan, OF
the county of Monroc John Baxter, llu. A. NJ.
White, Jno. Il. Moses, j. :. Van Glider, :. b.
Boyd, p. NJ McClung, Gaines Mcmillan, Samuel
Bowman, VIM. X. Ecke, David Burnett, and j
A. Rayl, of the county of Knox; Samuel Gill
Pryor Jennings and John Nance of the county
of Grainger; Joshua Phipps and James Simpson
OF the county of Hawkins Lee jesse, of the
county CT Hancock; DIR. Greene +. Magee and
Nathaniel NJ. Taylor, of the county of Carter; DR.
James D. Donnelly and NJ. I. Waggoner, of the
county Of johnson; David Rankin and Greene
Pryor, of the county of Marion; Joseph r. An.
dcrson and j. r. Dulanoy, of the county Of Sulli.
van; A. G.. Graham and VIM. +. Sewer, of the
county of Washington; VIM. L. McEwen and W
Lenoir, of the county of Roane; Abram Hayes, OF
the county of Union John Hoyls and r. n. Gil
lcspie, of the county of Rhea; 10. Tucker and
VIM. II. Tibbs, of the county of Bradley; II. C
McCrcc, John French and ID. c. Luttrcll, of tn,
county of Hamilton; G. Cannon and G. W. Coffin
of MariOn X. p Lloyd and James Tullas, of tn,
county of Bledsoe; b. +. Staples and NJ. Stephen,
of the county of Morgan; John l.. Smith of tn,
county of Scott; A. f. Smith and VIM. Robertson
of the county Of Cooke be and they are hereby
appointed Commissioners, any five Of whom may
act, who shall open books and receive subscrp
lions for the capital stock of said Bank of Frank
land, at any time or times they may select from
the date of this act to the first day of January
1861. The subscribers at the time of their sub
scription, shall pay ten dollars on each share O
one hundred dollars so subscribed for, and after
wards such installments as may be fixed by thu
Commissioners, or Board Of Directors of sale
Bank.
SEC. IS. BE Il further enacted, That the affair
of said Bank shall be conducted by nine Directors
who shall elect one of their number as Prcsiden
thereof; and five Directors, of which the Prcsi
dent, or his representative duly appointed bein!
one, shall form a quorum to transact all the bust
ness of the Bank. Ordinary discount may b.
done by the President and three Directors; an,
in of sickness necessary absence, the plac
of the President may be supplied by any other Di
rector whom he in writing may nominate for tina
purpose; or in case Of his not making such nomi
nation, the Board may appoint President pr
tempore.
SEC. H. BE il further enacted, That the capi
tai stock of said Bank of FARMLAND shall be on
million of dollars, but may be extended to tw
millions by vote of the Stockholders; and sal
Bank of FARMLAND is hereby authorized to com
mence the business of banking with paid i
capital stock of three hundred thousand dollar:
and upon the certificate of the Supervisor
Banks" of a compliance with this section, sal
Bank of FARMLAND may commence business q
contemplated in this act, and continue the sam
as hereby chartered for the period of fifteen year
from the date of said certificate.
SEC. Is. BE il further enacted That the Com
missoners appointed by this Act shall open book
for subscriptions to the capital stock of the Ban
of FARMLAND at each of the county towns of Ea'
Tennessee, and keep the same open for the spaC
OF sixty days, ana mat they snail publish IN a
the newspapers of East Tennessee advertise
ment of the time and place Of opening books, AZ
companying which advertisement shall be q cop
of this Act. IF more than the capital stock |
subscribed, then the subscriptions shall be scale
to bring them within the amount and within 81,
ty days, if the capital stock be not subscribe,
then the books are to remain open until the sui
scription is made; provided that no person sha
subscribe for more than fifty thousand dollars.
W. c. WHITTHoRNE,
Speaker Of the House of Representatives.
TAI. W. NEWMAN,
Speaker IF the Senate.
Passed March LIST, 1860.