kept and pro entered. absence of the person so appointed, in either event, the board of directors may appoint a temporary president. 10th. The directors shall keep fair and regular entries of their Books to be proceedings, in a well bound book, to be provided for that purpose; and on ceedings any question, where two directors shall require it, the and yeas nays of the directors shall be duly inserted on the minutes, and those minutes shall be at all times, on demand, produced to the legislature, or any committee thereof, who may be legally authorized to require the same; and on all such questions, every member present shall be required to vote. cashier, tel ler, and clerk 11th. Every president and cashier, before he enters on the execution President, of his duty, shall give bond with two or more securities, to the satisfaction of the directors, in a sum not less than fifty thousand dollars, to give secuconditioned for his good behaviour; and the tellers and clerk shall give security in a sum not less than ten thousand, nor more than twenty thousand dollars. rity. &c. to take 12th. The president, directors, cashier, and all other officers and ser- All officers, vants shall take the following oath on entering on the duties of their re- oath. spective offices:-"I, A. B. do solemnly swear that I will faithfully discharge the trust reposed in me as of the Bank of the State of Alabama. So help me God." porated. 13th. This bank is hereby incorporated, and made a corporation and Bank incorbody politic, by the 'name and style of The President and Directors Style of the of the Bank of the State of Alabama, and so shall continue until the corporation. first day of January, one thousand eight hundred and forty-five; and by that name shall be, and is hereby made, able and capable in law Powers. 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, 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, prescribed in this act. notes. 14th. The president and directors shall have power to issue notes, Empowered signed by the president, and countersigned by the cashier, not under to issue the denomination of one dollar, on the behalf of said corporation, for such sums, and with such devices, as they may deem most expedient and safe. or grant of powers. 15th. They shall also be capable of exercising such other powers General and authorities, as may be necessary for the well-governing and dering the affairs of the said corporation, and of promoting its interests and its credit. seal assigna 10. The bills obligatory, and of credit, under the seal of said Bills under corporation, which shall be made to any person or persons, shall be ble by en assignable by endorsement thereupon, under the hand or hands of dorsement. such person or persons, and of his, her, or their assignee or assignees, and so as absolutely to transfer and vest the property thereof, in each and every assignee or assignees, successively; and to enable such assignee or assignees, to bring and maintain an action thereupon, in his, her, or their own name, or names. And bills or notes which may be issued by order of the said corpora- Other notes tion, signed by the president and countersigned by the cashier thereof, and bills as promising the payment of money to any person or persons, his, her, or the notes signable as sons. and bills of their order, or to bearer, though not under seal of the said corprivate perporation, shall be binding and obligatory upon the same in like manner, and with the like force and effect, as upon any private person or persons, if issued by him, her, or them, in his, her, or their private or natural capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons; that is to say, those which are or shall be payable to any person or persons, his, her or their order, shall be assignable by endorsement, in like manner and with the like effect as foreign bills of exchange now are; and those which are or shall be payable to bearer, shall be negotiable, and assignable by delivery only: Provided, That all bills or notes issued by said bank, shall be payable on demand in specie, at the principal bank. No director, &c. to loan out money rate of inter est. § 11. No director, officer, clerk, or servant of the said corporation, shall be concerned, either directly or indirectly, in the practice of adat an illegal vancing or loaning out moneys, at an illegal rate of interest, whether the same be done or effected under the form and color of a purchase or exchange of notes, acceptances, due-bills, checks on banks, acknowledgments, or in any other way or manner whatsoever; and every such director, officer, clerk, or servant of this bank, who shall be concerned as aforesaid, in any such practices, shall, in addition to the usual penalties imposed by law, forfeit and pay for each offence, the sum of two thousand dollars, to be recovered by action of debt in any court of record in this state, one-half to the use of the informer, How recover and the other half to the use of the state; and to be levied of the goods and chattels, and houses, lands, tenements, and other hereditaments and real estates of the person or persons so offending, if any he or they shall have. Penalty, ed and levied. Unable to discharge penalty, to ed six months at least. And on failure of any property to answer the said penalty, by a return of nulla bona, the person or persons so offending, shall and be imprison may be taken on execution upon a capias ad satisfaciendum, and being so taken, shall not be entitled to the benefit of any act made for the relief of insolvent debtors, until he or they shall have remained, and been confined in prison for the term of six months at least. And any such person being convicted by the verdict of a jury, of any of the practices aforesaid, whether he be a director, or officer, or servant of this bank, shall on motion of any director, be dismissed from the service of said bank. General as furnished with state bank's trans situation. § 12. It shall be the duty of the president and directors to furnish sembly to be to the general assembly within the first week of every session, statements of the amount of capital stock of said corporation, and of the debts ments of the due to the same; of the moneys deposited therein; of the notes in circuactions and lation, and of the cash on hand, together with all other property of said bank, both real and personal. And the general assembly shall have a right to inspect such general accounts in the books of the bank, as shall relate to the said statement; and shall, whenever it may be deemed necessary, appoint a joint committee of both houses of the general assembly for that purpose, with full powers to send for persons and papers. Comptroller And it shall also be the duty of the comptroller to inspect such general account in the books of the bank as often as he may please; and it shall, report to the and it is hereby declared to be his duty, faithfully to report all and every violation of the fundamental rules of this corporation to the legislature: Provided however, That nothing in this clause shall imply a right of inspecting the account of any private individual or individuals, or any body politic or corporate, with the bank. Notes receiv- § 13. The bills or notes of the said corporation, originally made public dues. payable, or which shall have become payable on demand, in gold or to inspect books, and legislature. able for all silver coin, shall be receivable at the treasury of this state, and by all tax-collectors and other public officers, in all payments for taxes or other moneys due to the state. tain trans § 14. The comptroller is hereby authorized and directed to transfer Comptroller to the bank on account of capital, all sums which may be received in to make cer the course of the preceding years, on the first day of January, eighteen fers. hundred and twenty-five, and remaining in the treasury on the first day of March in each and every year. expel a di 15. A majority of the members present, at any regular meeting Board may of the directors of the Bank of the State of Alabama, may suspend suspend or any director with a view to his expulsion; and any member may be rector. expelled at a meeting of a board of directors specially convened by the president for that purpose, as soon after such suspension takes place, as may be practicable; but such expulsion shall not be made by a majority of less than two-thirds of the whole number of directors. nished with the condition 16. The comptroller shall be furnished, as often as he may re- Comptroller quire, not exceeding once a month, with statements of the amount of the to be fur. capital stock of the bank, and of the debts due to the same; of the moneys statement of deposited therein; of the notes in circulation; and of the cash on hand; of the bank. and he shall, under the injunction of secrecy, have the right to inspect all the accounts and books of the bank: Provided, That this act shall not be construed to imply a right of inspecting the accounts of any private individual or individuals with the bank. And it shall be the duty of the said comptroller to make an annual report to the legisla- To make ture on the subject of the bank; and if in his opinion the transactions of the bank, or any particular circumstance relating thereto shall re- legislature. quire it, he shall apply to the house for a select committee of three members to be appointed, who shall, under a like injunction of secrecy, take into consideration any matters relating to the said bank, submitted to them by the comptroller, and report thereon, at their discretion, to the legislature. annual re port to the any office. 17. The comptroller for the time being shall not be a director, Comptroller nor hold any office of trust or profit in or under any bank whatever. not to hold 18. If any person or persons shall be indebted to said corpora- Mode of coltion as maker or endorser of any note, bill, or bond, expressly made lecting for and against negotiable and payable at said bank, and shall delay payment thereof, the bank. it shall be lawful for the president of the bank, after having given thirty days notice thereof, to move the circuit court of the county where said bank may be established, on producing to said court before whom the motion is made, the certificate of the president of the bank, that the debt is really and bona fide the property of the said bank, for judgment:-and all debts due by the said bank, by bond, bill, note, or otherwise, to any individual or body corporate, may be sued for and recovered in like manner. ment by offi § 19. If any president, director, cashier, or other officer of the state Embezzlebank or any of its branches, shall embezzle or fraudulently convert to cers of the his or their own use, any sum of money, bank note, bill of exchange, bank, how check, bond, or other security placed under his care or management, by virtue of his office or place aforesaid, the person so offending, his aiders, abettors, and counsellors, upon conviction thereof, shall be 1 An act passed in 1824 (see § 26) extends the same jurisdiction to the county court. This and the section referred to, are virtually included in the 1st section of the act of 1828, inserted under the subdivision, "Collection of Bank Debts," and the 6th article of the constitution, (Establishment of Banks, § 4,) which provides that "the remedy for collecting debts shall be reciprocal for and against the bank."-They are retained, however, in order to avoid misconstruction and uncertainty. punished. Ib. Sec. 22. bank shall judged guilty of felony, and be sentenced to imprisonment in the public jail of the county in which the offence has been committed, for a term not less than twelve months, and there remain until he or they shall make good all damages which the bank may have sustained by his or their misconduct, and be fined at the discretion of the jury trying the said offence; and shall forever thereafter be disqualified from holding any office of profit or trust in this state, and shall moreover be liable for the sum so embezzled. § 20. The said bank shall not deal in articles of goods, wares, or In what the merchandise in any manner whatever, unless it be to secure a debt due said bank, incurred by the regular transactions of the same, as is provided for in this act. not deal. Ib. Sec. 23. Bank to be located. Ib. Sec. 24. § 21. The principal bank established by this act, shall be located by joint vote of both houses of the general assembly; and it shall require a majority of the whole number of votes given to make such location. § 22. It shall not be lawful for the president, directors, cashier, or Bank officers other officers of said bank, to become endorsers at said bank for each other, or any other person or persons. not to en dorse. 1823-(22) Sec. 1. tal. § 23. The powers granted to the governor, and five commissioners, Supplemen by the eighth section of the above recited act,a are hereby authorized and directed to be performed by a majority of them; and the governor and three of the above named commissioners shall constitute a quorum to transact any business contemplated by said act. a Preceding act. See §8. Governor, and three commissioners a quo. rum. 1824-(22) Sec. 1. Post notes, may issue payable, af § 24. The president and directors of the Bank of the State of Alabama, when they find it expedient to issue notes not under the seal of the corporation, and promising the payment of money to any person or persons, his, her, or their order, assignable by endorsement, as provided in the tenth section of the act to establish the Bank of the State of Alabama, commonly called post-notes, may issue the said of not more notes payable after a period not exceeding one hundred and twenty days, and the said notes shall be payable in specie on demand, when the period for which they shall have issued may have expired; any requisition or construction of the said tenth section to the contrary notwithstanding. ter a period than 120 days. Ib. Sec. 2. Powers of at be acknow. § 25. The clerks of the several circuit and county courts, and public torney may notaries, are hereby authorized and required, upon the application of any person or persons, to take acknowledgments of powers of attor ney to transact business with the said bank, and certify the same under their seals of office; and if there be no seal of office, under their private seal, as their official seal. ledged before clerks of court, and notaries. Ib. Sec. 3. county court § 26. The county court of the county where the said bank may be established, shall have concurrent jurisdiction with the circuit court to have con of said county, for the recovery of debts for and against the bank, in diction with the manner prescribed in the eighteenth section of the above recited circuit court. act.b current juris b First act under this Ib. Sec. 4. § 27. The treasurer is hereby required to pay over to the said bank titles See $ 18. the revenue and public dues audited in the comptroller's office, and the State treasu- same shall remain subject in said bank to the checks of the said treathe revenue, surer for the payment of all demands made payable at the treasury of rer to pay &c. into bank. Ib. Sec. 5. Vacancies occurring this state. § 28. All vacancies that may happen in the board of directors, during the session of the general assembly, shall be filled by joint vote while legisla- as in other cases. ture is in ses sion. 1824--(23) Sec. 1. President and directors § 29. The president and directors of the Bank of the State of Alabama are required to take early and effectual measures to provide for the payment of the half-yearly interest which will first become due payment of on the loan obtained for the use of the state: the said payment to be to provide for made at the Phoenix Bank in the city of New York; and also to pro- the interest vide from time to time for every future payment of interest on the of loan to said loan. this state. And to make § 30. It shall be the duty of the said president and directors, to re- Ib. Sec. 3. serve continually from the net proceeds of their banking business, semi-annual full and sufficient sums to meet the said half-yearly payments of in- reservations terest as they severally become due, and transmit the same to the Phoenix Bank in the city of New York. hereafter. Sec. 1. elected by § 31. It shall be the duty of the senate and house of representa- 1826—(2) tives, at every session, each and separately, to elect a joint committee, Joint comconsisting of three members from each house, who shall, under the mittee to be injunction of secrecy, be invested with full powers to make a tho-general asrough examination of all the books and papers, of what nature or kind sembly. soever they may be, belonging to the said bank; of the specie and notes on hand; of the notes discounted; the applications for discount-and the said committee shall, in addition, be further invested with all the powers which the twelfth section of "An act to establish the Bank of the State of Alabama"a may now confer on the joint com- a mittee of both houses of the general assembly. The first act under this title. See § 12. Ib. Sec. 2. Duty of com May send for § 32. It shall be the duty of the said committee to report to the general assembly the amount of specie and notes on hand; the amount mittee. of notes discounted, and each and every case, (if any there be,) of a violation of the charter, of mismanagement of the concerns of said bank, or of fraud or imposition practised by borrowers or others, on the directors or officers of the institution; for which purposes, or for [b1828-(15) any other object connected with the interest and well-being of the in- Sec. 4 stitution, said committee may at their discretion send for persons and persons and papers, and compel the attendance of witnesses: Provided however, Proviso. That nothing herein contained shall imply the right of said committee to report to the general assembly the situation of any private debtor or creditor of the bank, or the name of any private debtor or creditor, unless their situation or names are palpably connected with some imputed violation of the charter, mismanagement in the concerns of the bank, or of some fraud or imposition practised on the directors or officers of the institution. Injunction of §33. The injunction of secrecy imposed on the committee as afore- Ib. Sec. 3. said, shall not be removed, except by a joint resolution of both houses secrecy on of the general assembly. committee. Sec. 2. § 34. The compensation to be allowed to the cashier and other of- 1827-(8) ficers and servants of the Bank of the State of Alabama, shall be fixed General asby the general assembly: Provided, That no allowance shall be made sembly to fix by the directors to the cashier, clerk, or teller, unless the cashier be tion of bank required to live in or adjoining the banking-house, in which event rent may be allowed him by the board, according to their discretion. compensa. officers. Sec. 2. 35. All monies which have arisen, or which may arise from the 1827—(22) profits of the bank, shall be vested by the president and directors, Profits of the under the direction of the governor, in bank stock in the said bank, bank to be until otherwise directed by law. vested in stock. Sec. 1. Directors certain du § 36. The directors of the bank of the state, shall be exempted 1827 (18) from serving as jurors and performing militia duty. §37. The governor, comptroller, and treasurer of the state, and the exempt from president of the Bank of the State of Alabama, are hereby authorized ties. and required to issue certificates of stock of the state of Alabama, to see. 1. an amount not exceeding one hundred thousand dollars, to bear inter- Governor, est at the rate of six per centum per annum, payable semi-annually at treasurer, the Bank of the State of Alabama, or at such other place as may be and preba 1828 (8) comptroller, dent of bank, |
