No bank-bills $5 to be circulated. leges and advantages in obtaining specie or interest as now exist by the laws of this State. An Act to prevent the circulation of Bank Bills, under the denomination of five dollars, within this State.-Passed Dec. 24, 1832. Pam. 26. Whereas, the circulation of bank bills of a small denomination, has been productive of fraud and loss to the public, and has a tendency to prevent or retard the general and speedy restoration of a specie cur rency. 4. Be it therefore enacted, That from and after the first day of of less than September next, it shall not be lawful for any bank or body corporate, invested with banking privileges, or person or persons whomsoever, within the limits of this State, to issue, emit, pay away, pass or circulate, any bank bill, note, ticket, or paper, purporting to be a bank note, or of the nature, character, or appearance of a bank note, or calculated for circulation as a bank note, either of the banks of this State or of any other State, of a less denomination than five dollars. Provided, that nothing herein contained shall be so construed, as to make it unlawful for any corporation or person or persons whomsoever, to present for payment or in any other mode, transmit for redemption to any bank either of this or any other State, any bill or bills of such bank of the denomination aforesaid, remaining in circulation after the time aforesaid, with the view and in the mode to stop the future circulation thereof. Proviso. Penalty $100. Every issue a new offence. liable to pay per cent. 10 5. Sec. II. Any bank or corporate body, or person or persons whomsoever, offending against the provisions of the first section of this act shall forfeit the sum of one hundred dollars, to be sued for in the name of the State, by any licensed attorney, on the application of any informer cognizant of such offence, who shall be a competent witness on the trial, and recovered by an action of debt or on the case, in any court of competent jurisdiction in this State, with full costs, one half whereof when recovered shall be paid to the use of the State, and the other half to the use of the informer. 6. Sec. III. Each and every issuing, passing, paying away, or circulating, of each and every such bank bill or note, as is specified in the first section of this act, contrary to the spirit, true intent and meaning thereof, shall constitute a new separate and distinct offence, and shall be liable to a new separate and distinct penalty. An Act to regulate the intercourse between Banks and private individuals, so as to subject Banks to payment of damages, if they refuse or fail to pay specie when demanded, under certain circumstances.Passed Dec. 24, 1832. Pam. 29. Banks failing 7. When any bank now incorporated or which may hereafter be to pay specie, incorporated in this State, shall refuse or fail to pay specie for any of its bills, notes, drafts or other writing for which they may be bound when demanded, by any individual or individuals, and held as his or their own property, upon suit thereof such individual or individuals in addition to the lawful interest shall receive ten per centum damage, for such refusal or failure upon the amount so refused or failed to be redeemed in specie, Provided, That nothing in this act shall be so construed as to authorize any bank, other incorporated institution or broker, to recover the damages contemplated by this act. Proviso. An Act more effectually to secure the solvency of all the banking institutions in this State.*-Passed Dec. 24, 1832. Pam. 29. Whereas, the enormous amount of banking capital chartered by the laws of this State, and her circulating currency being composed almost entirely of the bills of her own banks; and whereas, the safety and best interest of our citizens require, that the true condition and solvency of each bank or incorporated company, exercising banking privileges, should be known to the community, so as to guard the great body of the people from receiving a depreciated or doubtful paper, and for remedy whereof; make semi stockholders 8. Be it enacted, That from and after the passage of this act, it Banks to shall be the duty of the President and Directors of each incorporated annual rebank or company exercising banking privileges in this State, to make turns of the a semi-annual return on the first Monday in April and October, in and funds, each year, of the names of all the stockholders, the amount of stock owned by each individual or company, and the amount of money actually paid into the funds of each bank, on each share respectively, and forward the same to his excellency the governor, for the time being, and to be subject to the examination of the general assembly. management. 9. It shall be the duty of the President and Directors aforesaid, and of the and they are hereby required to give a minute statement of the stand- standing and ing and management of each incorporated bank or company exercising banking privileges in this State, and their branches, on the first Monday in April next, and thereafter semi-annually, and forward the same to his excellency the governor, for the time being, showing particularly the amount of bills on other banks in this State, the amount of gold, silver and bullion in their vaults, the amount of debts due them at the North, or elsewhere, which may be denominated specie funds, the amount of active or running paper, the amount in suit, the amount under protest, and not in suit, and clearly stating what amount of all the debts due the bank, is considered good, what amount doubtful, and what amount is considered bad and lost to the bank, the amount of issues by each bank, the amount of bills in circulation, and the amount of bills of said bank in circulation under the amount of deposits, and the highest amount due and owing by each bank, all of said reports to be subject to the examination of the general assembly. 10. Should the President and Directors, of any one or more of the On failure, aforesaid banks, fail to comply with the spirit and true meaning of this their bills not act, it shall be the duty of his excellency the governor, for the time the State. being, to notify the Treasurer of this State, and the President and Directors of the Central Bank, of said delinquent bank or banks, whereupon, it shall not be lawful to receive the bills of any such delinquent bank or banks, in payment of any debt due the State of Georgia, or the Central bank, until the President and Directors of such delinquent bank or banks, shall have made such returns as are required by this act. receivable by advertised. 11. It shall be the duty of his excellency the governor, for the time And such being, to publish the name or names of any bank or banks, which banks to be may fail to comply with all the requisitions of this act, in all the newspapers printed in Milledgeville, as often as he may think expedient for the public good. 12. The notes and bonds hereafter made payable at and discounted Notes and by any bank, shall when transferred to any other bank continue payable forred by a bonds trans Bank, still to its bills. For provisions in the criminal code against the fraudulent management of be payable in banks. See Penal Laws, Sec. 151 to 158. Proviso. Returns to be on oath. in the bills of the bank at which they were so made payable and discounted, in the same manner and on the same principles as if they were still holden by the bank, at which they were made payable and by which they were discounted. Provided, That nothing herein contained shall be construed to take away from any bank, any rights which are secured to it by the provisions of its charter. 13. All returns required to be made by this act, shall be made on the oath of the president and cashier of the respective banks, and that a copy of such oath shall accompany and be appended to said returns. An Act to alter and amend an act, entitled an act more effectually to secure the solvency of all the banking institutions in this State, as passed on the 24th December, 1832.-Passed Dec. 21, 1833. Pam. 38. act 14. From and after the passage of this act, the first section of an "entitled an act more effectually to secure the solvency of all the banking institutions in this State, passed on the 24th December, 1832," shall be so altered and amended as to authorize his excellency the governor, on the reception of the reports of the president and directors of each incorporated bank, or company exercising banking Bank returns privileges in this State, to cause the same to be published in as many of the gazettes of this State, as he may deem necessary to secure a general circulation of the said reports, and that the expenses of publication be paid out of the contingent fund, any law, usage or custom to the contrary, notwithstanding. to be pub lished. BANK OF AUGUSTA.-1810. An Act to incorporate the Bank of Augusta.-Passed Dec. 6, 1810. Whereas Thomas Cumming, president, and John Howard, Richard Tubman, John McKinne, James Gardner, Hugh Nesbit, David Reid, John Moore, John Campbell, John Willson, Anderson Watkins, John Carmichael, and Ferdinand Phinizy, directors of the said bank, have petitioned the legislature, that they the said president and directors, and others the stockholders of the said bank, may be incorporated under the name of "The Bank of Augusta." And whereas it is deemed expedient that the said company be incorporated under proper restrictions; therefore, Directors and 15. Sec. I. Be it. enacted, &c. That the said [persons before stockholders named] with all such persons as are now, or may hereafter become incorporated. stockholders in the said company, be, and they are hereby incorporat Corporate name. and privi leges. ed and made a body politic, by the name and style of "The President, Directors, and Company of the Bank of Augusta," and so shall continue until the 1st of May, 1830. And by that name shall be, and are Their powers hereby made able and capable in law, to have, purchase, receive, possess, enjoy and retain to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects of what kind, nature, or quality soever, and the same to sell, grant, demise, alien or dispose of, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended in courts of record, or any other place whatsoever; and also to make, have, and use a common seal, and the same to break, alter and renew at their pleasure, and also to ordain, establish, and put in execution, such by-laws, ordinances and regulations as shall seem necessary and convenient for the government of the said corporation, not being contrary to the laws or to the constitution of this State or of the United States, or repugnant to the fundamental rules of this corporation; and generally to do and execute all and singular such acts, matters and things which to them it shall or may appertain to do; subject nevertheless to the rules, regulations, restrictions, limitations and provisions hereinafter prescribed and declared. elections. 16. Sec. II. For the well ordering of the affairs of the said corpo- Their annual ration, there shall be thirteen directors chosen annually, on the first Monday of December in each year, the first election to be on the first Monday of December, 1811, until which time the present board of directors shall continue in office. of voters. 17. Sec. III. In all future appointments of directors, the number Qualification of votes to which each stockholder shall be entitled, shall be according to the number of shares held, in the proportions following; that is to say, for one share and not more than two shares, one vote; for every two shares above two, and not exceeding ten, one vote; for every four shares above ten, and not exceeding thirty, one vote; for every six shares above thirty, and not exceeding sixty, one vote; for every eight shares above sixty, and not exceeding one hundred, one vote; and for every ten shares above one hundred, one vote; but no person, corporation, copartnership or body politic, shall be entitled to more than thirty votes, and no share or shares shall confer a right of suffrage which shall not have been holden three calendar months previous to the day of election, and unless it be holden by the person in whose name it appears, absolutely and bona fide in his own right, or in that of his wife, and for his or her sole use and benefit, or as executor or administrator, or guardian, or in the right and use of some copartnership, corporation or society, of which he or she may be a member, and not in trust for, or to the use of any other person; any stockholder being absent, may authorize, by power of attorney under seal, any other stockholder to vote for him, her or them. made out, 18. Sec. IV. A fair and correct list of the stockholders shall be List of stockmade out at least two weeks before any election of directors, to be holders to be submitted to the inspection of any stockholder who shall require to and for what see the same, to the end that public information may be given to the purpose. parties concerned of their co-proprietors and stockholders; and to prevent a division of shares, in order to obtain to the person or persons so dividing them, an undue influence, the managers of elections for directors, shall administer to every stockholder offering to vote, the following oath: "You, A. B. do swear (or affirm) that the stock Voter's oath. you now represent, is bona fide your property, and that you are a citizen of the United States, and that no other person or persons is or are concerned therein;" and to any person voting by proxy, or for a minor, or in right of, or in trust for any other person entitled to vote, the following oath : "You, A. B. do swear (or affirm) that the stock Oath of of C. D. whom you now represent, is to the best of your knowledge proxy. and belief the property of the said C. D. and that he is a citizen of the United States, and that no other person or persons is or are concerned therein;" and any stockholder refusing to take such oath or affirmation, shall not be allowed to vote at such election. serve. 19. Sec. V. Those who shall be duly chosen at any election, shall Directors be capable of serving as directors by virtue of such choice until the how long to end or expiration of one day next succeeding the first Monday of December in each year, and no longer; and the said directors at their To choose a first meeting after each election, shall choose one of their number as president, and in case of the death, resignation, or absence from the president. when to be State, or removal of a director, his place may be filled up by a new Elections choice for the remainder of the year by the directors. But should it regulated by so happen that an election of directors should not be made on the said the by-laws. first Monday of December in any year, or any other day appointed by the stockholders, the said corporation shall not for that cause be deemed to be dissolved; but it shall be lawful on any other day to hold and make an election of directors, in such manner as may be regulated by the rules and ordinances of the said corporation. Capital stock. 20. Sec. VI. The following rules, limitations, and provisions shall form and be fundamental articles of the constitution of the said corporation. Rule 1st. The capital stock of the bank shall consist of three hundred thousand dollars, divided into shares of one hundred dollars each, State stock. of which fifty thousand dollars shall be reserved until the first of January, 1812, on the original terms, to be then or at any prior time taken by the State, according to the pleasure of the legislature,* whereby the governor, treasurer and comptroller general shall be entitled at each succeeding election, to exercise the right of appointing two of the board of directors. The capital may be increased. Reservation to the State. Proviso. Directors' qualifications. Powers of the board of directors. 21. Rule 2d. The capital stock may be increased at any time to the amount of six hundred thousand dollars, whenever a majority of the stockholders shall so determine at any stated or special meeting, by authorizing the directors to receive subscriptions for, or disposing of shares of one hundred dollars each, to any person or persons in such manner as they shall think fit, in which case such new subscribers shall become parties to this association, reserving for the State of Georgia, the one-sixth part of such increased capital, to be subscribed for at the first session of the legislature, after the capital shall be so increased; † and should the legislature fail to subscribe for part or the whole of the capital so reserved, it shall and may be lawful for the directors of the bank to dispose of that part of the capital so reserved for the State, and not subscribed for as aforesaid, to individuals, upon the same terms as are prescribed for the disposal of the other part of such increased capital: And upon the State subscribing for such increased capital, she shall be entitled to appoint one additional member of the board of direction, in the same proportion, and in the same manner as is prescribed in the fundamental articles of this association. Provided, that if any profit shall be made by such disposition, the same shall enure to the use and benefit of all the stockholders previous to the time of every such extension or increase. 22. Rule 3d. None but a stockholder, being a citizen of the State of Georgia, shall be eligible as a director, and no director of any other bank shall be at the same time a director of this bank; and if any one of the directors, after being elected, shall at any time during the term for which he shall have been chosen, cease to be a stockholder, the remaining directors, or a majority of them, shall at their next meeting, pass an order, declaring him thus ceasing to be a stockholder as aforesaid, to be no longer a director of the said bank, and shall forthwith proceed to fill up by a new election, his place for the remainder of the term for which he shall have been elected. 23. Rule 4th. The board of directors, for the time being, shall have power to elect a cashier, and such other officers and clerks under them, as shall be necessary for executing the business of the company, and to allow them such compensation for their services respectively as * This stock has been taken by the State, see Resolution of Dec. 1811. |