Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-03
TENNESSEE.
PUBLuCLAws-OFFICIAL

An act TO amend the Usury Laws of the State
and 70 establish a conventional rate Of interest
Section l. Be il enacted by the Gen.
eral Assembly of the State of Tennessee,
That hereafter it shall be lawful to con-
TRACT for any rate of interest, not exceed
H6g ten per cent per annum provided that
the rate of interest be in writing and ex-
pressed in the face of the instrument Gre
ating the debt or obligation, and when
judgment or decree shall be recovered on
such written contract, it shall bear the
same rate of interest as the written in
strumeut upon which the judgment or
decree is based, and shall be so express
ed in the Judgment or decree and endorsed
upon the execution issued thereon.
Sec. 2 Be it further enacted, That the
rate of interest now established by law
shall continue, equal and uniform through
out the State as heretofore, and no greater
rate of interest than six per cent per an
mum shall be received on any contract or
obligation, unless agreed on by the parties
and reduced to writing IN the face of the
contract or obligation, according to the
provisions of the first section of this act.
Sec. 3. Be it further enacted, That if any
person or persons shall violate the prOvis-
ions of this act, and shall contract for a
greater rate of interest than ten per cent
per annum, as herein provided, it shall be
unlawful, and shall operate as release Of
the debtor or debtors, from all interest in
excess Of six per cent, and if the same has
been paid IL may be sned for and recovered
by the party paying the same or his heirs,
personal representatives or creditors
Sec. 4 Be it further enacted, That a
violation Of the first section of this act is
declared TO be usury, and upon indictment
and conviction, the party or parties shall
pay a fine of not less than one hundred
dollars, and it shall be the duty of the Cir
cult and Criminal Judges to give this act in
charge to the grand jury at each term of
the court.
Sec 3 Be it further enacted, That this
act shall take effect from and after its
passage.
Passed Feb. p, 1870.
w. ON. PERKINS,
Speaker of the House of Representatives.
d. b. THOMAS,
Speaker of the Senate
A true copy of the original, now on file
in my Office. A. J. FLETCHER,
Secretary of State
An act to rctulate the appointment Of State Drec-
tors in railroad companies.
Section l. BE It enacted by the Genera
Assembly Of the State of Tennessee, Tha I
all laws authorizing the Governor of the
State to appoint State Directors in railroad
companies having received State aid, be
and the same are hereby repealed.
Sec. >. Be it further enacted, That here
after the Governor of the State, by and
with the advice and consent of the Senate f,
shall appoint, on the part of the State, in
and for each railroad company that has
received aid from the State in the construc-
ton of its road. number Of discreet men
as directors. who shall correspond in num-
Der with the amount of said aid, and shall
bear the same proportion to such aid that
the directors of the company may bear to
The interest of the stockholders; Pro
vided. that the number of State direc-
TOYS shall in no case exceed the
number Of company directors, nor IN
any instance be less than two; and
provided further, that said appointments
shall be made 50 as to give each county as
nearly as practicable along the line OF
such railroad an equal and just represen-
tation in such Board of Directors.
The said Directors shall hold their offices
for two years after confirmation and quail
ficltion. and the Directors so appointed
when confirmed shall Immediately enter
upon the discharge of their duties. That
the Agent provided for in section second
Of an act passed Dec. ., 1869, entitled an
act to accept, confirm, ratlfy and make
obligatory the lease of the Nashville and
Northwestern Railroad to the Nashville
and Chattanooga Railroad Company, shall
not be appointed until the Directors pro
vidad for IN this act shall be appointed
and confirmed and a majority of then
present at such meeting Of said Directors.
Sec. 3. BE it further enacted, Thai
when any Railroad shall have liquidated it
indebtedness to the State, the Governor
shall not appoint Directors on the part O
the State for said Railroad, and the dutie:
OF said officers at the time such indebted
ness IS liuuidated shall cease.
Sec. T. Belt further enacted, That Nc
person shall he eligible to serve as Stat,
Director on more than one road at thC
same time.
Sec. ,. Be it further enacted, That
shall be the duty of said Directors to attend
tho meetings Of their respective Boards
and watch over and protect the interest
Of the State as far rs practicable, IN salC
railroads.
Sec. 6. Be it further enacted, That
shall be the duty Of the Governor to max,
such nominations Immediately after tn
passage of this act.
Sec. :. BE it further enacted, That th
Governor shall not appoint exceeding tw,
Directors for the State, for any railroa
which has paid its interest upon bond
loaned to or endorsed for said road.
Sec. s. Be it further enacted, That thi
act shall take effect from and after its pas
sage.
Passed Feb 3, 1870.
". ON. PERKINS,
Spoke IS the House of Representatives.
D. b. THOMAS,
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