Sidebilder
PDF
ePub

tion, any condition or covenant or agreement to the contrary notwithstanding. But this shall not be construed to exempt the said Corporation, or the lands, tenements, goods, and chattels of the same, from being also liable for and chargeable with the said excess, and such of the said directors, who may have been absent, when the said excess was contracted or created, or who may have dissented from the resolution or act, whereby the same was so contracted or created, shall be liable as other directors for said excess. But such directors may be entitled to recover out of the directors assenting to such excess, by action of debt or on the case, the amount which they may have been compelled to pay.

[ocr errors]

Rule 9th. The directors shall have power to issue to the subscribers their certificates of stock; and no transfer of stock in this company shall be considered as binding upon the company, unless entered in a book or books, kept for that purpose by the company, by personal entry of the stockholder, his legal representative or attorney,, duly authorised by special power for that purpose. Provided, That no stockholder, indebted to the Bank, shall transfer his or her stock, until all debts, due said Bank by such stockholder, shall be paid.

Rule 10th. The company shall in no case directly or indirectly, be concerned in Commerce or Insurance, or Importa tion or Exportation, Purchase or Sale, of any goods, wares, or merchandise, whatever, (bills of exchange, notes, and bullion only excepted,) except, such goods, wares and merchandise, as shall be truly transferred, conveyed, or pledged to them, by way of security for money actually loaned, and advanced, or for debts due, owing or growing due to the said Corporation, or to effect insurance on the property that may belong or be thus pledged to the said Corporation for its security.

Rule 11th. The bills obligatory, and of credit, notes and other contracts whatever, on behalf of the said Corporation, shall be binding and obligatory upon the said company: Provided, the same be signed by the President, and countersigned or attested by the Cashier of the said Corporation. and the funds of the Corporation shall in no case be held liable for any contract or engagement whatever, unless the same shall be so signed and countersigned or attested as aforesaid: And the books, papers, and correspondence, and the funds of the company, shall at all times be subject to the inspection of the board of directors and. stockholders, when convened according to the provisions of this act.

Rule 12th. No instalment shall be required by the board of directors to be paid on the capital stock of the said Corporation, without giving the stockholders notice thereof by publishing the resolution of the said directors, calling for the same, in one of the public gazettes in Macon, Milledgeville, and Augusta, at least sixty days before the day on which the said instalment is made payable.

Rule 13th. Dividends of the profits of the Corporation or of so much thereof as shall be deemed expedient and proper, shall be declared and paid half yearly (the first half after the Bank shall have been in operatiou excepted) and the said dividends shall from time to time be determined by, a'majority of the directors, at a meeting to be held for that purpose, and shall in no case exceed the amount of the nett profits actually acquired by the Corporation, so that the capital stock thereof shall never be impaired.

Rule 14th. The directors shall keep fair and regular entries in a book to be provided for that purpose, of their proceedings; and on any questiou when two directors shall require it, the yeas and nays of the directors voting, shall be duly inserted on their minutes; and those minutes be at all times, on demand, produced to the stockholders, when at a general meeting the same shall be required.

Rule 15th. The persons and property of the stockholders in the Commercial Bank at Macon, shall at all times be pledged and bound in proportion to the amount of the value of share or shares that each individual or company hold, possess, are interested in, or entitled to in the said Commercial Bank at Macon, for the ultimate redemption of all notes or bills issued, or that may be hereafter issued by and from the said Commercial Bank at Macon, in the same manner as in common commercial cases, or simple actions of debt..

[blocks in formation]
[ocr errors]

AN ACT to incorporate the Insurance Bank of Columbus.

Whereas, Insurance companies properly conducted are beneficial to society, by dividing among many losses which would otherwise fall heavily on few: And whereas the good of this State would be promoted by keeping within it, the large sums of money which are now annually sent to the North, to pay Insurance on Southern property: And whereas, an Insurance Bank located at Columbus, willing for a reasonable premium to take risks on buildings and merchandize, is much desired by the merchants and others of that and the neighboring towns.

Be it therefore enacted by the Senate and House of Representatives of the State of Georgia, in General Assembly met, and it is hereby enacted by the authority of the same, That James Boykin, George Granbury, William H. Harper, James Wadsworth, James C. Watson, Wilkins Hunt, John Milton, Springer Gibson, Farish Carter, James B. Caswell, Thomas W. Baxter, Allen Lawhon, Hugh W. Ector, John Martin, Felix Lewis, Wiley Jones, Charles Phillips, Barkley Martin, George H. Paddock, John W. Gordon, Williams Rutherford, Henry H. Lowe, Daniel McDougald, Norborne B. Powell, William D. Lucas, William L. Wynn, Thomas L. Jackson, Lewis C. Allen, Shadrach Perry, Edward Featherston, and such others as may hereafter become associated with them, be, and they are hereby declared a body corporate and politic, by, and under the name and style of "The Insurance Bank of Columbus," and by that name may sue and be sued, plead and be impleaded, answer and be answered unto, in any Court of law or equity in this State, or elsewhere, having competent jurisdiction; and shall enjoy perpetual succession of officers and members, may have and use a common seal, and make and ordain and establish such bye-laws, rules and regulations, as they may deem expedient and necessary to carry into effect, the objects of the institution: Provided, such bye-laws, rules and regulations, be not repugnant to the Constitution or laws of this State or of the United States.

And be it further enacted, &c. That the capital stock of said Insurance Bank of Columbus, shall be three hundred thousand dollars, to be divided into three thousand shares, of one hundred dollars cach; with' the privilege of increasLaws of 1831.

3

ing said capital stock to six hundred thousand dollars, whenever at any time hereafter a majority of the stockholders may deem the same prudent and necessary.

And be it further enacted, &c. That for the well ordering of the affairs of said corporation, there shall be five directors, who shall be elected by the stockholders of said Insurance Bank, so soon as the sum of sixty thousand dollars of the capital stock of said Corporation shall have been actually received and paid in, and said five directors so elected, shall be capable of serving as such, until the first Monday in January of the year one thousand eight hundred and thirtythree, and no longer; on which day, and in each and every year thereafter, the directors shall be chosen by the stockholders or proprietors of the capital stock of said Corporation, when a plurality of the votes given in shall be required to make a choice; and the said directors at their first meeting after each election, shall choose one of their own members as President, and in case of his death, resignation, or removal from the State, or from the board of direction, the remaining directors shall proceed to fill the vacancy for the remainder of the year: Provided always, and be it further enacted, That so soon as the aforesaid sum of twenty per cent. shall have been received, due notice shall be given through the gazettes of Columbus, Macon and Milledgeville, at the distance of thirty days from the date of said notification, to the stockholders of said Corporation of the intended election for directors: And provided further, That in case it should happen that no election for directors should be made on the day, when pursuant to this act it should 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 make and hold an election of directors, in such manner as shall have been regulated by the rules and bye-laws of said Corporation: And provided, That in case of the death, resignation, absence from the State, or removal of a director, his place may be filled up by a new choice, made by the remainder of the directors for the residue of the year.

And be it further enacted by the authority aforesaid, That the directors for the time being, shall have full power and authority to require the payment of the residue of the sums owing on the amount of stock originally subscribed for, or held, at such times and by such instalments as to them may seem reasonable and proper, sixty days notice being first given through the public gazettes, of such requirement; and if there should be any failure in the payment of any sum cr sums subscribed by any person, copartnership or body po

litic, when the same is required by the directors to be paid, the share or shares upon which said failure shall happen or accrue, shall be for such failure forfeited, and may be again sold or disposed of in such manner as the directors shall order or provide, and the proceeds from such sale, together with the sum or sum's which may have been paid thereon, shall enure to the benefit of said Corporation.

And be it further enacted by the authority aforesaid, 'That. the directors for the time being, shall have power and authorty to appoint such officers and clerks under them, as shall be necessary for executing the business of the said Corporation, and to allow them such compensation for their services respectively, as to them shall appear reasonable.

And be it further enacted by the authority aforesaid, That said Insurance Bank shall be permitted and they are hereby authorised to issue bills or notes of credit, payable to bearer on demand, signed by the President, and countersigned or attested by the Cashier, but the total amount of debts which the said Corporation shall at any time owe, whether by bond, bill, note or other contract, shall not exceed three times the amount of their capital stock paid in, over and above the amount of specie actually deposited in their vaults for safe keeping, and in case of excess, the directors under whose administration it shall happen, shall be liable for the same, in their individual, natural and private capacities, and an action of debt may in such case be brought against them, or any of them, their or any of their heirs, executors, or administrators, in any court of record in the United States, having competent jurisdiction, or either of them, by any creditor or creditors of the said Corporation, and may be prosecuted to judgment, and execution, any condition, covenant, or agreement to the contrary notwithstanding: but this shall not be construed to exempt the Corporation or the lands, tenements, goods, and chattels of the same, from being also liable for, and chargeable with, said excess; and such of the said directors, who may have been absent when said excess was contracted, or created, or who may have departed from the resolution or act, whereby the same was so contracted or created, may respectively exonerate themselves from being so liable by having their dissent if present entered on the minutes of said Corporation.

And be it further enacted by the authority aforesaid, That said Corporation when organized as aforesaid, shall have full power and authority to insure property and effects of every

« ForrigeFortsett »