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said, That the Directors of said Bank shall cause to be issued to each stockholder, a certificate for the amount of his stock in said Bank; and no transfer of stock shall be made except by the personal entry of the stockholder, his attorney, duly authorized, or legal representative, in the books of said Bank: Provided, that no stockholder indebted to the Bank, shall transfer his or her stock, until all debts due to the Bank by him or her shall be paid.

SECTION 15. And be it further enacted by the authority aforesaid, That the notes, bills, obligations or other contracts in behalf of said Bank, shall be binding and obligatory upon said Company: Provided, the same be signed by the President and countersigned by the Cashier of said Bank, and the funds of the Bank shall in no case be bound for such contracts, unless the same be so signed and countersigned, except for checks signed by the Cashier in due course of business.

SECTION 16. And be it further enacted by the authority aforesaid, That the books, papers, funds and correspondence of said Bank, shall at all times be subject to the inspection of the Board of Directors and of the stockholders when convened according to the provisions of this act.

SECTION 17. And be it further enacted by the authority aforesaid, That any number of stockholders representing five hundred shares or more of the capital stock of said Bank, shall have power at any time to call a meeting of the stockholders for purposes relative to the institution, giving at least sixty days notice thereof, in two of the public gazettes of the city of Macon, specifying in such notice the object of the meeting.

SECTION 18. And be it further enacted by the authority aforesaid, That no instalment on the capital stock of said Bank, shall be required without giving sixty days notice thereof in the gazettes of Macon, or by letter, addressed to the stockholders, at their residence.

SECTION 19. And be it further enacted by the authority aforesaid, That the Directors of said Bank shall keep regular minutes of their proceedings in a book kept by them for that purpose; and on any question before the Board, the yeas and nays may be required by any member of the Board, which shall be duly recorded, and those minutes shall at all times be subject to the inspection of the stockholders, at a regular meeting. The Board of Directors shall from the profits of said Bank, leaving the capital unimpaired, declare, from time to time semi-annually, dividends on the capital stock of said Bank, to be paid to the stockholders or their orders.

SECTION 20. And be it further enacted by the authority aforesaid, That the persons and property of the stockholders in the Manufacturer's Bank of Macon, shall at all times be bound for an amount equal to the proportion of stock which

he, she or they shall own in said Bank, for the ultimate redemption of the notes or bills of said Bank, and any billholder may institute suit against them, as in cases of partnership, for the purpose of enforcing such liability.

SECTION 21. And be it further enacted by the authority aforesaid, That the said corporation shall exist and the privileges hereby conferred shall continue for the space of thirty years from the first day of February, 1850, and no longer, except for the purpose of winding up its affairs, unless by a subsequent act of the General Assembly of this State.

Approved, February 23, 1850.

AN ACT to empower and authorize the stockholders of the Milledgeville Bank to increase the capital of said Bank to five hundred thousand dollars.

SECTION 1. Be it 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 the stockholders in said Bank shall hav power and authority to increase the capital of the Bank of Milledgeville to the sum of five hundred thousand dollars, under the privileges and restrictions of the original charter.

Approved, February 11, 1850.

AN ACT for certain purposes connected with the Bank of

Darien. ›

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WHEREAS there are a number of claims against the Bank of Darien outstanding, for which the State is liable, under the charter of said Bank; and whereas many of said claims are believed to be illegal and unjust, but it being difficult to procure the evidence necessary to show the injustice of said claims :

SECTION 1. Be it 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 the Director of the Central Bank be and he is hereby directed to inquire into said outstanding claims, and ascertain and report on what terms they can be compromised, compounded or settled; that said Director be required to report as early as practicable to the Governor, and that said report be communicated by the Governor to the next General Assembly.

Approved, February 22, 1850.

AN ACT to amend the act incorporating the Bank of Brunswick.

SECTION 1 Be it 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 the Directors of the Bank of Brunswick at Augusta shall be, and they are hereby authorized (when the stockholders in said Bank shall so order or determine, in general meeting to be called for that purpose by the Directors on ten days notice,) to increase the capital stock of said Bank to a sum not exceeding five hundred thousand dollars, which increased capital and the holders thereof shall be subject to all the restrictions and liabilities prescribed in the act incorporating said Bank, except as to the right of voting.

SECTION 2. And be it further enacted, That at all meetings and elections hereafter to be held, each stockholder in said Bank shall be entitled to one vote for each share of stock held by him or her.

Approved, February 11, 1850.

AN ACT to change, point out and regulate the manner in which the returns of the several banking institutions of this State shall hereafter be made.

SECTION 1. Be it 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 after the passage of this act, his Excellency the Governor of the State shall twice in each and every year require, by public advertisement for at least two weeks in a gazette printed at the seat of Government, each and every bank and banking institution in this State to make a just and true return under the oaths or affirmation of its President and Cashier, of the state and condition of such bank or banking institution, with the names of its President and Directors, and a list of its stockholders, on the day of the regular weekly meeting of the President and Directors thereof next preceding the date of such requisition by the Governor; and it shall be the duty of each and every bank or banking institution, within thirty days after the date of such call by the Governor, and under the penalty now prescribed by law for a failure to make returns, to make and transmit to the Governor such return so required in lieu and stead of the return heretofore required.

SEC. 2. And be it further enacted by the authority aforesaid, That in the respective returns required by the preceding section, the good, bad and doubtful debts of said bank or banking institution respectively, shall be set forth as now required by law.

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SEC. 8. And be it further enacted, That when any bank or banking institution shall make the return required by this act, the same shall be published by such corporation within the time, under the penalties, and in the manner prescribed by existing laws, publishing the list of stockholders once a year only. And be it further enacted by the authority aforesaid, That all laws and parts of laws militating against this act be, and the same are hereby repealed.

Approved, February 21, 1850.

AN ACT for the relief of the Merchant's Bank of Macon. WHEREAS the Comptroller General did, on the 21st day of May, 1849, issue execution against the Merchant's Bank of Macon, for the tax on its capital stock for 1848, in compliance with the act of the 19th December, 1817, the Bank having failed to make a return deemed in compliance with said act, and with the act of the 27th of December, 1845; and whereas said Bank has reduced its capital by losses and withdrawals of stockholders to a very small amount, upon which amount, as actually used and operated on, she is willing and desirous to make return and pay tax; and whereas the exaction of the amount of the execution issued would be onerous and oppressive:

SECTION 1. Be it 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 the Comptroller General do recall said execution, now suspended by the order of the Governor of the State, upon said Merchant's Bank making return of the amount of capital actually employed and operated on, and paying into the Treasury the tax prescribed thereon for the years 1848 and 1849; and the said Bank shall be permitted to make returns and pay tax hereafter on the amount actually operated upon each year, or until otherwise ordered by law.

Approved, February 23, 1850.

AN ACT to incorporate the Cherokee Insurance and Banking Company.

SECTION 1. Be it 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 William Hammond, Harrison Rodgers, Seaborn Jones, Duff Green, Gustavus Heerbin, J. N. Cate, Henry Jargen, J. A. W. Johnson, and Benjamin Laughridge, or any three of them, be and they are hereby constituted a Board of Commissioners with authority to open books of subscription at

such times and places as they shall deem expedient, and the owners of the shares herein authorized to be created shall be and are hereby made a body politic and corporate under the name and style of "The Cherokee Insurance and Banking Company," with all the rights, powers and privileges, and subject to all the limitations and restrictions given to and imposed upon the Augusta Insurance and Banking Company by the several acts incorporating and relating to the said Augusta Insurance and Banking Company, which acts shall be conformed to in the organization of the company hereby intended to be incorporated, notice of the opening of books for subscription being also given in a public gazette at Dalton.

SECTION 2. And be it further enacted, That the capital stock of said Company shall consist of five thousand shares of one hundred dollars each, and the said Company may commence business in the city of Dalton when twenty-five per cent. of their capital stock shall have been paid in specie.

SECTION 3. And be it further enacted, That the Legislature reserves the right for just cause to revoke at any time the powers and privileges herein granted, and to prescribe the manner in which the affairs and business of the said Company shall be settled.

SECTION 4. And be it further enacted, That the persons and property of the stockholders in said Company shall be pledged and bound in proportion to the number of shares held by them respectively for the ultimate payment of all the debts and liabilities of said Company incurred while they are stockholders; and any transfer of stock made by any stockholder within six months before the failure of said Company shall not exempt a stockholder from such liability. SECTION 5. And be it further enacted, That the total amount of the issues and liabilities of said Bank shall not at any time exceed double the amount of the capital actually paid in.

Approved, February 8, 1850.

AN ACT to extend for five years the charter of the Central Bank of Georgia.

WHEREAS the Central Bank of Georgia expires on the first day of May, eighteen hundred and fifty, and whereas there are suits pending in favor of the said Bank, and notes belonging to it on which it may be necessary to institute suits in its corporate name:

SECTION 1. 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

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