stock not to issue cer- agreed on, redeemable at the expiration of twenty years, or at any tificates of time thereafter that the state may choose, and sell said stock for cash, provided the same can be disposed of at par, and the sum so to be in aid of the realized shall be added to the capital stock of the said Bank of the bank's capi State of Alabama. exceeding 100,000 dolls. tal. Ib. Sec. 2. faith of the state pledg. § 38. To secure the regular and punctual payment of the interest Funds and semi-annually, and the ultimate redemption of said stock, all the revenue of the state (except the university fund and three per cent. fund) is hereby pledged, and in case of any deficiency, the faith of the state is hereby solemnly pledged to provide such additional means as may be necessary. ed for its redemption. 1828-(15) Sec. 2. Bank not to § 39. It shall not be lawful for the president and directors of said bank, or any other person or persons for them, to purchase any real purchase real estate, or in any wise be concerned therein, for the use of said bank, unless the same be purchased for the purpose of securing debts bona fide due to said bank, any law to the contrary notwithstanding. estate, unless to secure debts. Ib. Sec. 3. Not to discount for a larger amount than § 40. It shall not be lawful for the president and directors of said bank to purchase or discount any draft or bill of exchange for a larger amount than five thousand dollars; and on every draft or bill of ex5,000 dolls. change purchased or discounted by the said bank, there shall be at least two responsible endorsers, each of whom shall be considered good for the amount of such draft or bill: Provided always, That no Bill to have individual shall at any time be indebted to the bank as endorser on any draft or bill of exchange, for a larger amount than five thousand dollars. two endors ers. Sec. 1. 1829-(11) § 41. The president and directors of the Bank of the State of AlaAdditional bama, shall have power to employ an additional clerk for said bank, clerk may be for not exceeding six months each year, and pay him such compensix months sation as a majority of the board may agree upon, not exceeding sixty dollars per month. employed for in a year. 1832-(26) Sec. 16. President and directors of the bank of the state to ap point com mittee to ex amine branch banks. Committee's duty. Ib. Sec. 17. § 42. It shall be the duty of the president and directors of the Bank of the State of Alabama, to appoint, annually, a committee or committees of not less than two of their board, whose duty it shall be to visit the several branches of said bank, annually, in the month of October, and at such other times as they deem proper, and make a thorough and minute investigation of the affairs, transactions, and condition of said branches; and the said committees are hereby invested with all the powers with respect to said branches, which the joint committees of the general assembly to examine the condition of the state bank, have in reference to it; it shall be the duty of said committees to make full reports of their several examinations to the president and directors of the Bank of the State of Alabama, who shall report the same to the general assembly of this state, within the first week of each annual session. § 43. Each member of the committees contemplated by the foreCompensa going section, shall receive four dollars for every thirty miles in travelling to and from said branch banks, and four dollars for every day that they may be engaged in the examination of said branches. tion of com. mittee. 1833-(5) Sec. 2. Members of general assembly not to be security in the bank of the state, or any of § 44. No member of the general assembly shall become security for each other, or for any other person, upon any note to be offered at the Bank of the State of Alabama, or any of its branches.1 1 The act of January 14, 1826, which is evidently the one intended to be repealed by the first section of the above act, although recited as passed in 1825, prohibited members of the general assembly from being indebted to the Bank of the State of Alabama, either directly or indirectly. An act passed in 1827, provides "that this act (substantially that of January 14, 1826) shall not be so construed as to prevent any member of the general assembly from negotiating any bill of exchange at said bank, either as drawer, acceptor, or endorser." Sec. 1. missioners to § 45. It shall be the duty of the governor to appoint three commis- 1833 (36) sioners for the examination of each of the branches of the Bank of Governor to the State of Alabama, whose duty it shall be within two months im- appoint commediately preceding the annual meeting of the general assembly, to examine. proceed to the branch bank for which they may be appointed, and there to examine all books, papers, and accounts, in said bank or Their duty. branches, that said committee may deem proper and material for the better understanding of the condition of said bank, or branches; also, all cash on hand. Further spe their duties. § 46. If, on the examination of said bank or branches, said com- Ib. Sec. 2. missioners shall find that any officer of said bank has been guilty cifications of of fraud or great negligence in his duty as such, they shall report the same to the board of directors of said bank or branch, as the case may be; and if said commissioners think the case requires it, they may recommend his removal from office; and the board of directors, shall take the case under consideration, and in every vote upon a question of removal from office, the board shall vote by yeas and nays, and shall enter their proceedings on their journals; and the said commissioners shall have power, and it is hereby made their duty, to examine the record of the proceedings of the board of directors of said banks, and if they believe there has been any impropriety of conduct on the part of the directors, either by too great an emission of money, gross partiality, or from any other cause, it shall be their duty to remonstrate in writing with said board of directors, and to transmit a copy of said remonstrance to the legislature at its next session. be removed. § 47. If, in the opinion of said commissioners, any officer of said Ib. Sec. 3. bank or branches shall have been guilty of fraud or gross impropriety, ty of fraud, Officers guil. and the board of directors of said bank or branch, shall not on appli- &c. liable to cation remove said officer, said commissioners shall, by unanimous vote, have power to suspend such officer from office, until the next session of the general assembly; at which time the whole of their proceedings shall be reported within the first week of the session. $48. It shall be the duty of the president and directors, and all b. Sec. 4. officers of said bank, or branches, to furnish said commissioners, when examining the bank or branch of which they may be officers, any information; and they shall be, moreover, bound to answer any inter- amining rogatory, put to them by said commissioners, which may be material banks. to the subject of their investigation. Duty of president and directors in regard to ex ers to report ture. § 49. Said commissioners may select their own time for the exam- Ib. Sec. 5. ination of the bank or any of its branches, and shall report to the le- Commissiongislature any violation of their respective charters, and shall receive to Legisla for their services five dollars for each day they may be engaged in such examination, and four dollars for every thirty miles going to and returning from the same to their respective places of residence, to be paid on the certificate of the president of said bank and branches so Their com examined, stating the time served by each commissioner, respectively, pensation. § 50. Said commissioners shall, each of them, before they enter r. Sec.6. upon the duties hereinbefore assigned them, take and subscribe an oath, faithfully to perform the duties required of them by law. NOTE. For the compensation of bank officers, see "Salaries." COLLECTION OF BANK DEBTS. Commissioners' oath. Sec. 1. $51. If any person or persons shall be indebted or otherwise liable 1828—(17) to the Bank of the State of Alabama, by bill, draft, or any other in- Bank debts strument for the payment of money, as drawer, acceptor, or endorser, may be col 9 lected on motion. Ib. Sec. 2. protest evi facts it certifies. Ib. Sec. 3. holding bank bail. and shall delay payment thereof, it shall be lawful for the president of the bank, after having given thirty days notice to the person or persons so indebted, to move the circuit or county court of the county where said bank is 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 bona fide the property of the said bank, for judgment. § 52. The protest of a notary public of an inland bill of exchange, or other protestable security, the property of said bank, setting forth dence of the a demand, refusal, non-acceptance, or non-payment, and that notice thereof was given either personally or otherwise, to the parties entitled thereto, shall be evidence of such facts: Provided, That nothing herein contained shall be construed to affect the reasonableness or sufficiency of such demand, refusal, non-acceptance, or non-payment. § 53. Whenever the president and directors of said bank may be desirous to hold to bail any debtor thereof, it shall be lawful for said president and directors, or either of them, to sue out of the circuit or county court of the county where said bank is located, a writ of capias ad respondendum against such debtor, and endorse thereon the cause of action, and that bail is required. In compliance with which direction, the sheriff or other officer executing said writ, shall take a bail-bond, with the condition provided by law, which bail-bond shall be assignable, and sued on as bail-bonds in other cases. And the said bank, upon the production of said writ and endorsement, and the return of the sheriff or other officer, that the same is executed, together with the certificate of the president that the debt sued on is bona fide the property of said bank, shall recover a judgment therefor, at the return term of said writ: Provided, That no person shall be held to bail, unless the president, agent, or attorney of the bank will make affidavit to the amount of the debt due the same, and that bail is not required for the purpose or vexing or harassing the defendant. Ib. Sec. 4. Notice to principal. § 54. A notice left at the usual place of residence of the principal, in each case, shall be good and sufficient notice in all cases as to such principal, to entitle said bank to recover judgment against such principal. 1832-(29) Sec. 6. BRANCHES. § 1. The several branches of the Bank of the State of Alabama, shall Branches of provide funds for the payment of the interest on the five per cent. state bank stock, of which their respective capitals are composed, and shall pay funds for the over the same to the order of the president of the Bank of the State of payment of Alabama, semi-annually. to provide interest for their respective stock. 1832-(14) Branch esta. blished. Style. Principal bank to sup ply it with a capital of BRANCH AT MONTGOMERY. § 1. Be it enacted, &c. That a branch of the Bank of the State of Alabama, be, and the same is hereby established, at such place as shall be determined upon by joint vote of both houses of the general assembly, at the present session, to be known and styled "The Branch of the Bank of the State of Alabama." § 2. The president and directors of the Bank of the State of Alabama, 1 Fixed at Montgomery by joint vote, January 21, 1832.-See journals of 300,000 dolls. the general assembly for 1831-2. are hereby required, in behalf of the state, in eight months after the passage of this act, to supply the branch bank hereby established, with three hundred thousand dollars, to be set apart and applied to said branch bank: Provided, The same can be obtained by loan not exceeding five per centum per annum; and no part of the present capital stock of the Bank of the State of Alabama, shall be furnished said branch bank. to elect presi §3. For the management of the concerns of said branch bank, the Legislature legislature shall proceed to elect, by joint vote of both houses, a pre- dent and disident and twelve directors, whose office shall continue for one year, rectors. and until their successors shall be duly qualified; and all subsequent elections for president and directors, shall be by joint vote of both houses of the general assembly. rules, &c. Discounts rectors. § 4. The following powers, rules, conditions, limitations, and re- Powers, strictions, shall be the fundamental laws of said branch bank, viz: 1st. The president and directors, for the time being, shall have power to elect and remove the cashier, and such other officers, and clerks under them, as shall be necessary to execute the business of said branch bank, and allow them such compensation for their services, as shall be fixed by law. 2d. They shall receive money on deposit, and pay out the same to order, free of expense; deal in bills of exchange, and discount notes, made payable and negotiable at said branch bank, with two or more good and sufficient securities thereon, at a rate of interest not exceeding six per cent. per annum : no individual, limited. partnership, or body corporate, (the trustees of the university of the state of Alabama, in their corporate capacity excepted,) shall be indebted, either directly or indirectly, by discount of any note or notes, in a greater amount than two thousand dollars. 3d. In case of vacan- Vacancy in cy, by death, resignation, or removal out of the state, of any director, board of dia majority of the directors shall fill such vacancy, and the directors so appointed, shall hold his or their offices during the unexpired time of the director or directors, dying, resigning, or removing out of the state. 4th. In case of death, resignation, or removal out of the state, In office of of the president, unless such removal be temporary, and he has per- president. mission of the board of directors, the directors shall appoint one of their own body president, who shall serve until his successor shall be elected by the next general assembly; no person, who is not a citizen who disof this state, or who is a director of any other bank, or a copartner of qualified. any such director, shall be eligible as president or director of said branch bank. 5th. Not less than five directors shall constitute a board for Not less than the transaction of business, of whom the president shall always be one, five to be a except in case of sickness, or necessary absence, in which event the board may appoint, for the time being, a president pro tem. 6th. The Directors to directors shall keep fair and regular entries of all their proceedings, in keep regular a well-bound book to be provided for that purpose; and upon all ques- their protions, when one director may require it, the yeas and nays shall be ceedings. duly recorded on the minutes, and those minutes shall at all times, on demand, be produced to the legislature, or any committee thereof, who may be duly authorized to require the same; and on all such questions, every member present shall be required to vote. 7th. The Official oath president, directors, cashier, and officers and servants, shall take and of president, subscribe the following oath, before entering on the discharge of the duties of their respective offices, to wit: "I, do solemnly swear (or affirm, as the case may be,) that I will faithfully and correctly, to the best of my skill and ability, discharge the trust reposed in me as of the branch bank of the state of Alabama, so long as I may continue to discharge the duties of said office. So help me God." quorum. entries of &c. powers of directors. Duration of § 5. The branch of the Bank of the State of Alabama, hereby estacharter, and blished, shall continue until the first day of January, one thousand president and eight hundred and forty-five, and the president and directors shall have power to ordain, establish, and put into execution, such by-laws, ordinances, and regulations, as shall seem necessary and convenient for the good government of the same, not contrary to the laws and constitution of the state; and generally to do and execute all and singular such acts, matters, and things as to them shall or may seem necessary to be done, subject however, to the rules, restrictions, limitations, and provisions prescribed in this act: Provided, That they shall not be authorized to expend more than five thousand dollars, for a banking house. Proviso. Its notes, how issued and where payable. President and directors to report to the state. § 6. The president and directors of the branch bank hereby established, shall have power to issue notes, signed by the president, and countersigned by the cashier, not under the denomination of one dollar: Provided, All bills or notes issued by said branch bank, shall be made payable in specie, at the counter of said bank. § 7. It shall be the duty of the president and directors of the said branch bank, to furnish the president and directors of the Bank of the bank of the State of Alabama, at least once every three months, if required by said bank, statements showing the amount of notes discounted, the amount of specie and bank notes on hand, the debts due to and from the same, and the amount of moneys deposited therein; and the preșident and directors of the Bank of the State of Alabama, or a committee of the same appointed for that purpose, shall have a right to inspect the books of said branch bank whenever they may deem it necessary; and they shall faithfully report every violation of the fundamental rules of said branch bank, to the general assembly. Punishment &c. for em § 8. If any director, cashier, or other officer, or agent of said of officers, branch bank, shall embezzle, or fraudulently convert to his or their bezzlement. own use, any sum of money, bank notes, bill of exchange, check, bond, or other security, placed under his or their care and management, by virtue of his or their trust or place aforesaid, the person or persons so offending, his or their abettor or counsellor, upon conviction thereof, shall be judged guilty of felony, and sentenced to imprisonment in the jail of the county in which the offence may have 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 said offence, and shall for ever thereafter be disqualified from holding any office of profit, trust, or emolument, in the state of Alabama. May collect its debts by motion in court. § 9. If any person shall be indebted to said branch bank, as maker or endorser of any note, bill, or bond, expressly made negotiable and the circuit payable at said branch bank, or on any bill of exchange purchased by said branch bank, payable at any place in or out of the state of Alabama, and shall delay payment thereof, it shall be lawful for the president thereof, after having given thirty days notice to the maker or endorser, as the case may be, to move the circuit court of the county in which said branch bank may be established, on producing to said court, before whom the motion is made, the certificate of the president thereof, that the debt is really and bona fide the property of the branch of the Bank of the State of Alabama, for judgment; and the court shall proceed to render judgment accordingly. vilege in Citizens' pri. § 10. The citizens of this state shall be, and they are hereby authorized and at liberty to borrow money of the principal bank, or any branch or branches thereof, wherever they may choose to apply. borrowing. |
