Planters Loan and Banking Association.

Jackson, and George T. Jackson, or any five of them, who may organize, under this Act, and [are?] with their associates and successors, Incorporated. hereby constituted a body corporate and politic, to receive deposits of money on interest, or for accommodation, and to loan the same, under the name and style of the "Mechanics Savings Bank of Augusta", and by this name and style are hereby invested with the following rights, powers, and privileges, and made subject to the following restrictions:

Name.

SEC. II. The capital stock of said Company shall be two hunCapital stock. dred thousand dollars, divided into shares of fifty dollars each, with the privilege of increasing the same to any sum, not exceeding four hundred thousand dollars, as may be deemed expedient by them, to meet the wants of the community, and the said capital stock shall stand pledged as a fund for the security of deposits.

By-laws.

Powers.

SEC. III. The Stockholders shall have power to make rules, regulations, and by-laws, for the management and direction of the affairs of the corporation, and in accordance with the laws of this State, through their properly constituted officers. They shall have power and authority to have and use a corporate seal, and to alter the same, to sue and be sued, plead and be impleaded, to hold, possess, and enjoy property, real, personal or mixed, and sell, transfer and convey the same, to discount notes, and buy and sell bills of exchange, and to do all things which they may deem needful, for the safe and successful management of the corporate business. They may also issue certificates to depositors, but shall not issue notes or bills as a circulating me lium. This Bank may commence Commence business so soon as fifty per cent on each share subscribed for, is paid in.

Not to issue bills.

business, when.

Duration.

Incorpora

tion.

Name.

Capital stock.

SEC. IV. This Act shall take effect from the time of its passage, and continue in force for thirty years.

SEC. V. Repeals conflicting laws.

Approved 21st March, 1866.

(No. 134.)

An Act to incorporate the Planters Loan and Banking Association.

SEC. I. The General Assembly of the State of Georgia do enact, That Walter Goodman, Ayers P. Merrill, Jr., George M. Miller, J. Q. A. Odor, J. J. Porter, John Richardson, John Jackson of Albany, E. S. Greenwood, Thomas Hardeman, Jr., Robert Paris, Robert H. May and H. B. Plant, and such other persons as may hereafter be associated with them, and their successors and assigns, are hereby constituted a body corporate, under the name of the "Planters Loan and Banking Association", and by that name shall have perpetual succession, and may sue or be sued, in any Court whatever, with such powers and privileges as are hereinafter provided.

SEC. II. That the capital stock of said Association shall not exceed five millions of dollars, divided into shares of one hundred

Planters Loan and Banking Association.

dollars each; but when one hundred thousand dollars thereof, shall have been actually subscribed, and fifty thousand dollars paid in, in cash, the said Association may organize, and proceed to business, under this Act.

make advan

ces.

&c.

est.

SEC. III. That the said Association shall have power to make Power to advances to Planters, for the purpose of developing the agricultural interests of the State, upon loans, mortgages, or part interest in the crops to be raised. It shall also have power to receive de- Receive deposits of money and other valuables and issue certificates therefor, to buy and sell bonds, bills of exchange, and promissory notes, and to advance and loan moneys, securities and credits, may charge Loan money, and receive commission on advances of money, and negotiating loans upon such terms and conditions, and at such rates of interest Rate of internot exceeding the rate of -per annum, as may be agreed upon between said Association, and the party or parties buying or selling such bonds, bills of exchange, and promissory notes, or borrowing or receiving such moneys, securities or credits, and such rates of interest may be made payable in money or in a share of How payable. the products or profits of the property given or pledged as security for such loans and advances, or partly in money, and partly in a share of such products or profits, without creating any partnership or joint liability, between said Association and said party, or parties; and said Association shall have power to take and hold as security for, or in payment of any loans or advances made, mort- Mortgages. gages, or other instruments, or obligations upon, or affecting real, personal or mixed property, and may cancel or assign the same; and said Association shall have power to purchase, hold, sell, exchange, and convey lands, or other property of any nature, and May hold real may execute and issue all such receipts, certificates, contracts, or other instruments. as may be necessary for the transaction of its business. Said Association may, at their discretion, guarantee the Guarantee payment of the principal or interest, or both, on any notes, bonds, notes, &c. bills of exchange, or other evidence of debt of individuals or bodies corporate, and receive such compensation therefor as may be agreed upon between the parties.

estate.

payment of

its.

SEC. IV. That the said Association shall have power to receive Receive and moneys in trust or on .deposit, and to invest or accumulate the invest depossame at such rate of interest as may be obtained or agreed on, or to allow such interest thereon as may be agreed; shall have power to accept and execute all such trusts of every description, as may Trusts. be committed to them by any person or persons, whatsoever, or any corporation, or may be committed or transferred to them by order of any Court; and shall have power to take and accept by grant, assignment, transfer, devise, or bequest, and hold any real, or personal estate on trusts, created in accordance with the laws of this State, and execute such legal trusts in regard to the same on such terms as may be declared, established, or agreed upon in regard thereto.

Planters Loan and Banking Association.

SEC. V. That the business and corporate powers of said Association shall be exercised by a.board of not less than nine, nor more Directors. than twenty-one directors, to be chosen as hereinafter provided who shall elect from their number a President, and may declare by by-law, what number of said directors shall be a quorum for the transaction of business.

SEC. VI. That Walter Goodman, Ayers P. Merrill, Jr., George M. Miller, J. Q. A. Odor, and J. J. Porter, John Richardson, John Jackson of Albany, E. S. Greenwood, Thomas Hardeman, Jr., Robert Paris, Robert H. May, and H. B. Plant, named in the first books of sub-section of this Act, shall be, and they are hereby appointed Com

Commission

ere.

To open

scription.

First Directora.

missioners to open books for subscription to the capital stock of said Association, at such time and place, and for such amounts, as they, or a majority of them, shall deem proper, but for no less amount of subscription than one hundred thousand dollars, as hereinbefore provided. The persons named in the first section of this Act shall be directors of said Association, for one year after the passage of this Act, and until others shall be elected in their stead; the remaining directors for the same period shall be elected by a majority in interest of the Stockholders of said Association voting at an election to be held under the inspection of said Commissioners, at such place as they may designate, within twenty days from the closing of the subscription called for by them; and such directors, when elected, together with the persons named in the first section of this Act, who shall become directors of said Association, as herein before provided, shall divide themselves by lot, into Classes and three classes, as nearly equal as may be. The term of office of the first class shall expire at the end of one year from the passage of this Act; that of the second class at the end of two years thereafter; and that of the third class at the end of three years thereafter; and at the end of said first year, and annually thereafter, there shall be chosen a number of directors equal to the number of directors in the class whose term will then expire, who shall hold their office for three years, or until their successors are elected. Vacancies occurring in the board of directors, during the intervals of elections, shall be filled by said board.

terms of Directors.

Vacancies.

Agencies.

By-laws

Soal.

SEC. VII. That the board of directors shall have power to establish agencies for the transaction of the business of said Association, at any place they may think proper, and to appoint all such agents, officers or employees, as may be considered necessary, and may delegate power to transact any of its business, to committees of directors, or to its officers or agents, as it shall deem proper; and said 'board of directors may, by a majority of their whole number, make such by-laws, not inconsistent with the Constitution (and laws) of this State, as may be deemed necessary for the management of the property, the government of the officers, and the regulation and conduct of the affairs of said Assoclation; and may adopt a corporate seal, and change the same at pleasure.

SEC. VIII. That the minutes of the proceedings of the board of

Savings Bank of Augusta.

shares.

directors, shall be kept, and the same shall be entered in a book to Minates. be provided for that purpose, and signed by the President, or acting Chairman, or Secretary. Stockholders shall be entitled to certifi-Certificates of cates of their respective shares of capital stock, which shall be transferable as provided in such certificates; and the board of directors shall cause suitable books for the registry and transfer of Transfer of. such shares to be kept; and every such transfer, to be valid, shall be made on such books, and signed by the shareholder or his or her attorney, duly authorized in writing; and the board of directors may close the transfer books, from time to time, as the convenience of the Association [may require.]

SEC. IX. That the board of Directors, out of the funds of said Association, shall defray its expenses, and pay its debts, and may declare, and pay out of the surplus net profits of its business to its Dividends. shareholders, or their duly authorized Attorneys, such dividends as they shall deem expedient.

capital stock.

SEC. X. That the capital stock of said Association may, at any time, be increased to any amount not exceeding in the aggregate, Increase of five millions of dollars, by the addition of new shares of one hurdred dollars each, duly subscribed for and paid in, in such manner. and upon such terms, as the board of Directors shall prescribe; Provided, That such increase shall have been first authorized by the votes of two-thirds of all the directors of said Association.

date with oth

er

SEC. XI. That the Association incorporated by this Act, are authorized and empowered to consolidate, with any other Association May cont incorporated by Legislative enactment, in any one or more of the Southern States, with the same powers and restrictions contained in this Act, or an Act similar, so as to form one Association, under one organization and management.

State.

SEC. XII. That the said Association shall keep an office, and an Office in this agent, within this State. The service of process or notice on said agent, in any action or proceeding against said Association, shall Service. be as valid as if executed on the President or Directors, or Corporators.

SEC. XIII. That this Act shall take effect immediately upon its passage, and shall continue in force for thirty years thereafter; Provided, That all the rights and privileges granted by this Act, may be withdrawn at any time, when any future Legislature may see proper.

Approved 27th March, 1866.

(No. 135.)

An Act to incorporate the Savings Bank, of Augusta.

Duration.

WHEREAS, There exists a class of persons, who, from want of experience, are incapable of investing their small incomes and earn- Preamble. ings, and as it is desirable to encourage economical and provident

Savings Bank of Savannah.

habits, in all classes, and more especially in the young, the laboring, and dependent, therefore,

SEC. I. Be it enacted by the General Assembly of the State of Georgia, That H. H. Hickman, E. P. Clayton, J. B. Walker, T. W. Chichester, B. Conley and C. F. McCay, and their associates and sucIncorporated. cessors, be constituted a body corporate and politic, to receive deposits of money at interest, and to loan and invest the same, under Name. the name of "the Savings Bank of Augusta", and by this name are invested with the following powers, rights and privileges, and subjected to the following restrictions:

SEC. II. The capital shall be thirty thousand dollars, with Capital stock. the privilege of increasing it to any amount not exceeding one hundred thousand dollars. This capital shall be a fund pledged for the security of depositors.

Pledged.

SEC. III. Each share of the stock shall be one hundred dollars. Shares, &c. There shall not be less than twelve Stockholders, and they shall vote at all their meetings in proportion to the number of their shares.

Powers.

When commence.

Preamble.

Corporate

name.

Powers.

SEC. IV. The Stockholders shall have power to make rules, regulations, and by-laws, for the management and direction of its affairs, in accordance with the laws of this State, through their properly constituted officers. They shall have power and authority to do everything necessary and proper, for the safe and successful management of the Bank.

SEC. V. This institution may go into operation as soon as the capital stock shall be paid in, and not before.

SEC. VI. Repeals conflicting laws.

Approved 21st March, 1866.

(No. 136.)

An Act to incorporate the Savings Bank of Savannah.

WHEREAS, There is a large class of persons of small means and earnings, who, from their want of experience, are unable to invest and accumulate money; and whereas, it is advisable to encourage economical and prudent habits, in all classes, but especially in the one above referred to;

SEC. I. The General Assembly of the State of Georgia do enact, That Edward Padelford, Charles T. Mills, Aaron Champion, William P. Hunter, W. H. Lincoln, and James G. Mills, and their associates and successors, be constituted a body corporate and politic, under the name and style of the "Savings Bank of Savannah", to receive deposites on interest, and to loan the same, and by this name and style, are hereby invested with the following powers and privileges, and made subject to the following restrictions :

SEC. II. That the capital stock of said Institution, shall be thirCapital stock, ty thousand dollars, with the privilege of increasing it to any sum