Ten Direc tors to be chosen. Term of office. President. 100. Sec. V. For the well ordering of the affairs of the said corporation, there shall be ten directors, five of whom shall be elected by the stockholders, and five by the State. The directors, on the part of the stockholders, after the first election hereinafter mentioned, shall, on the first Monday in January, annually, be elected by the stockholders or proprietors of the capital stock of the said corporation, and by plurality of the votes actually given in; and those who shall be duly chosen at any election, shall be capable of serving as directors by virtue of such choice, until the end or expiration of the first of January next ensuing the time of such election, and no longer; and the said directors, at their first meeting after such election, shall choose one of Vacancy of their members as president; and in case of his death, resignation, president. removal from the State, or from the board of direction, the said directors shall proceed to fill the vacancy by a new election for the remainder of the year: And it is further provided, that in case it should at any time happen that an election of directors should not be made upon the day when, pursuant to this act, it ought to have been made, 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 shall have been regulated Vacancies of by the rules and by-laws of the said corporation; and provided, that in case of the absence or removal of a director, his place may be filled, by a new choice for the remainder of the year, by the remaining directors. Failure of election. Directors. Shares forfeited for failure of payment. May appoint officers. Qualification of voters. Qualification of Directors. 101. Sec. VI. If there shall be a failure in the payment of any sum subscribed by any person, copartnership, or body politic, when the same is required to be paid by this act, or when it shall be requir ed to be paid by the directors, the share or shares, on which such failure shall accrue, shall, for such failure, be forfeited, and may be again sold and disposed of in such manner as the directors shall order and provide, and the sums which may have been paid thereon shall enure to the benefit of the said corporation. 102. Sec. VII. The directors for the time being shall have power to appoint such officers and clerks under them, &c. [Same as Sec. 46.] Sec. VIII. [Respecting the commencement of the banking opera tions. Temporary.] 103. Sec. IX. The following rules, restrictions, limitations, and provisions, shall form, and be fundamental articles of the constitution of the said corporation, Rule 1st. [Same as rule 1st of the State Bank. See Sec. 78.] 104. Rule 2d. None but a stockholder, entitled in his own right to fifteen shares, and being a citizen of this State, and not being a director of any other bank, shall be eligible as a director; 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, his seat thereupon shall become vacated; provided the above qualification be not necessary to the directors on the part of the State: Vacancies in Provided, that in case of a vacancy of any director on the part of the rection, how State, by death, resignation, or otherwise, during the recess of the legislature, then, and in that case, the governor shall have the power of filling the vacancy, by appointing some fit and proper person. 105. Rule 3d. The directors shall make such compensation to the president for his services as shall appear to them to be reasonable. 106. Rule 4th. [Five directors shall form a board. In all else, a transcript of Sec. 81.] 107. Rule 5th. Any number of stockholders, not less than thirty, the State di filled. President's compensation. Board of Directors. Meetings of stockholders. therein. who, together, shall be proprietors of two hundred shares, or upwards, shall have power, at any time, to call a meeting of the stockholders, for purposes relative to the institution, giving at least sixty days' public notice in the public papers, specifying in such notice the objects of such meeting; and in every such meeting of the stockholders, there State's repshall be appointed by the governor three fit and proper persons, who resentation shall have votes in proportion to the stock owned by the State, to attend as representatives of the State's interest in said bank. Rule 6th. [Requires security of the cashier. See Sec. 83.] 108. Rule 7th. The lands, tenements, and hereditaments, which it shall be lawful for the said corporation to hold, shall be only such as estate may may be requisite for its immediate accommodation, in relation to the convenient transacting its business. What real be held. Rule 8th. [Limits the debts to thrice the capital, and provides against excess. See Sec. 85.] Rule 9th. [Certificates of stock, how issued and transferred. Transcript of Sec. 86.] Rule 10th. [Forbids all concern in commerce and insurance- [How liable on contracts. See Sec. 88.] Rule 13th. [Requiring minutes to be kept. Same as Sec. 37.] 109. Rule 15th. The directors shall, within six months after the Branches. said bank shall go into operation, establish an office of discount and deposit, in the town of Milledgeville, and one at some convenient place, contiguous to the Oakmulgee, within two years from the time the said bank shall go into operation, for the purpose of discount and deposit only, upon the same terms and in the same manner as shall be practised at the bank which shall be established in the town of Darien; and, at any time thereafter, to establish one or more offices of discount and deposit, at any other place or places, at the discretion of the directors, or a majority of them, and to commit the management of said offices to such persons, under such agreements, and subject to such regulations, as they shall deem proper, not contrary to law, or to the constitution of the bank; and the amount of stock shall be apportioned, by the directors in the different branches, according to the exigencies. of business. how liable. 110. Sec. X. All notes, discounted by said bank, shall be made Endorsers, payable at the office where they are offered; and if the endorser or endorsers live without the limits of the town where the said bank, or office of discount, may be established, they shall be held and bound for the payment of the note, without any demand being made of the drawer, or notice of its non-payment being served on them. 111. Sec. XI. The sums respectively subscribed for shall be pay- Instalments able in the manner following; viz. twenty-five per centum, as before o how paid in, specified, and the remainder of the sum so subscribed, at such time or times as the directors of the said bank may require and direct; provided that sixty days' notice of the time at which payment is required to be made be given in the public gazettes of Darien and Milledgeville; and nothing herein contained shall prevent any future legislature from Legislature increasing the capital of this bank, if deemed necessary, to the amount may increase the capital. of one million of dollars more. issued. 112. Sec. XII. Notes issued by the mother bank shall be made Notes pay payable at the same, and the notes issued by any of its offices of dis- able where count and deposit shall be made payable at said offices; and if the bank, or either of its offices of discount and deposit, shall at any time Failure to fail, or refuse to redeem their notes in specie, and the same shall be pay specie. protested before any notary public, the legislature may direct its prose Stockholders liable for the notes. cuting officer to commence an action in any court having competent jurisdiction thereof, for such violation, and on the fact being established, the charter may be declared and considered forfeited: Provided, that nothing herein contained shall prevent said corporation, in case of a forfeiture of their charter, from suing and collecting, in their corporate capacity, all debts previously due them, and of being sued and compelled to pay all debts due by said corporation. 113. Sec. XIII. The persons and property of stockholders in said individually bank shall be pledged and bound, in proportion to the amount of the value of shares that each individual or company may subscribe for or hold in said bank, for the ultimate redemption of the bills or notes issued by and from said bank, in the same manner as in common commercial cases, or simple actions of debt, and that the State be pledged for the ultimate redemption of the bills or notes of said bank, in proportion to the amount of the value of shares that shall or may be subscribed for and held by said State. Other banks, &c may be own notes. 114. Sec. XIV. When any other bank, company, or corporation, paid in their shall apply at this bank, or any of its offices of discount and deposit, and demand specie in payment of the bills or notes which said bank, company or corporation, may hold on this bank, the said notes or bills shall and may be paid off, in the whole or a part, by this bank, or such of its offices of discount and deposit, in notes or bills which this bank, or such of its offices of discount and deposit, may hold upon such Oath may be bank, company, or corporation; and the cashier of this bank, or such required that of its offices of discount and deposit, may, if he requires it, demand an oath in writing of the person presenting said bills or notes for payment, that such notes or bills, so presented for payment, are not the property of any other bank, company, or corporation. their de mands are bona fide. Shall discount at 90 days. 115. Sec. XV. It shall be the duty of the president and directors of the mother bank, and each of its offices of discount and deposit, to Shall not re- discount notes at ninety days, without requiring that the drawer, or quire town any one of the endorsers should be residents of the town in which residence. such bank or branch may be located, provided said note or notes should be, in the opinion of the president and directors, safely and sufficiently endorsed, This charter may be rescinded by 116. Sec. XVI. Nothing contained in this act shall be so construed as to take the power of controlling said institution out of the the legisla legislature; but the legislature shall at all times have the power of arresting or suspending said charter, whenever it shall be made appear that the said corporation has not complied with all or any of the aforegoing provisions. ture. Investment of school funds; Act of Dec. 18, 1819. Vol. III. 102. 117. Sec. 1. Enacted, That his excellency the governor be, and he is authorized and required to vest in said stock [of the bank of Darien] the sum of one hundred thousand dollars of the fund heretofore set apart for the establishment and support of free schools; and that his excellency aforesaid be, and he is authorized and required to vest in said stock, the sum of one hundred thousand dollars of the fund of navigation heretofore set apart for the improvement of the internal navigation of this State. funds. Appropria tion for future instal. ments. 118. Sec. II. The further sum of one hundred and seventy-five thousand dollars be, and the same is hereby appropriated, to be drawn for from time to time as future instalments shall be required. An Act to amend an Act, entitled an Act to incorporate the Bank of Whereas, doubts have been entertained whether the Bank of Darien Preamble. could take a conveyance of real estate, or hold, or reconvey the same; Darien may 119. Be it enacted, That from and after the passing of this act, it The Bank of shall and may be lawful for the said corporation to hold all such lands, hold real tenements, and hereditaments as shall have been, or may be, bona fide, estate. mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts. ances hereto 120. Sec. II. All conveyances heretofore made to the said corpo- All conveyration, of any lands, tenements, and hereditaments, shall be held and fore made deemed valid and effectual at law and in equity; any law to the con- valid. trary notwithstanding. An Act to authorize the Bank of Darien to redeem the amount of its bills now in the Central Bank, upon certain terms.-Approved Dec. 22d, 1829. Vol. IV. 89. Whereas, a resolution passed both branches of the legislature in Preamble. 1827, making it obligatory upon the Bank of Darien to redeem, semiannually, $75,000 of its bills then in the treasury; and whereas, by the act chartering the Central Bank, it is the opinion that the aforesaid resolution has been repealed; 121. Sec. I. Be it enacted, That from and immediately after the The B. of Darien bound by passage of this act, that the Bank of Darien shall be bound by the res- the Res. of olution already above cited. 1827. Bank shall 122. Sec. II. It shall not be in the power of the directors of the The Cen. Central [Bank] to call upon the Bank of Darien for a redemption of more than $75,000 of its bank bills semi-annually. 123. Sec. III. All laws and parts of laws militating against this act are hereby repealed. An Act to extend the charter of the Bank of Darien, and the acts now of force amendatory thereto.-Approved 19th Dec., 1834. Pam. 44. Whereas, the president and directors of the Bank of Darien have petitioned for an extension of the act incorporating the Bank of Darien, and the acts now of force amendatory thereto― demand only $75,000 semi annually. tended to Jan. 1, 1855. 124. Be it enacted, That the charter of the Bank of Darien, Charter exgranted on the 15th day of Dec. in the year 1818, and the acts of the general assembly amendatory thereto now of force be, and the same are hereby prolonged to the 1st day of January, A. D. 1855: Provided, that nothing in this charter shall be so construed as to pre- Proviso. vent the State from selling out her stock, and thereby withdrawing her interest at pleasure; in which case the stockholders should have the privilege of choosing five more directors: nor shall any thing be so construed as to authorize the president and directors to call in an additional instalment upon the stock owned by the State. 125. Sec. II. The said bank shall, at the discretion of its directors, Branch at or a majority of them, establish a branch at Dahlohnega, in Lumpkin Dahlonega. county, with a capital of not less than one hundred thousand dollars, within six months after the commencement of the recharter; and the Seven State Preamble. The Central said branch shall be permanent thereat, subject to the same regulations and restrictions as are other branch banks. 126. Sec. III. From and after the passage of this act, the State shall elect seven directors, and the stockholders three directors. CENTRAL BANK. An Act to establish a bank at Milledgeville, to be called and known by Whereas, it is deemed expedient and beneficial both to the State and its citizens, to establish a bank on the funds of the State, for the purpose of discounting paper, and making loans upon terms more advantageous than has been heretofore customary; 127. Be it therefore enacted, That a bank shall be established in behalf of the State of Georgia, at Milledgeville, in said State, to be tablished at known and called by the name and style of "the Central Bank of Georgia," in the manner and on the conditions and limitations hereinafter expressed. Milledge ville. What shall constitute the capital stock. 128. Sec. II. The money in the treasury of this State, not otherwise appropriated; the shares owned by the State in the bank of Augusta, in the Planters' Bank of the State of Georgia, in the Bank of the State of Georgia, and in the Bank of Darien; and all bonds, notes, specialties, judgments due the State; and all moneys arising from the sales of fractions and town lots heretofore made (and hereafter to be made); and all other debts and moneys at any time due the State, shall constitute and form the capital stock of said bank; and the same are hereby appropriated for that purpose, and are and shall be vested in the president and directors of said bank, and their successors in office, as hereinafter prescribed; and shall be and remain the capital stock of said bank, and subject to the payment of all bills and notes issued by said bank and it shall be the duty of tors to collect the directors to collect the debts due the State as early as practicable; Provided, however, that every person in debt to the State may be allowed to renew his, her, or their notes, bonds, or other specialty, agreeably to the provisions of this act, in the same manner as persons borrowing money on accommodation paper and provided further, that when the time of payment has been extended by the State, and when payments are not yet due, no suit shall be commenced until the times of payment shall arrive. The Direc debts due the State. Proviso. Taxes and Bank divi dends to be deposited. Proviso. Directors to by the gover nor. 129. Sec. III. All the taxes hereafter to be collected on account of the State, and all its dividends arising from stock in other banks, shall be deposited in said bank, to aid and facilitate its operations; subject, nevertheless, to all the drafts on the part of the State, authorized by legal appropriations; Provided, nothing in this act shall be so construed as to interfere with the appropriations of the proceeds of the bank stock heretofore set apart for the of internal improvepurposes ment and education. 130. Sec. IV. There shall be three directors of said bank, who be appointed shall be appointed by his excellency the governor, to superintend and manage the affairs of said bank; which said directors shall elect a president from among their own body to preside over said institution; ident, cashier and the said president and directors shall have power to elect a cashier and clerk; and the said cashier and clerk, so appointed, shall remain They shall elect a pres and clerk. |