Bank of Milledgeville

The Bank of Milledgeville was incorporated by a act of the general assembly in 1835.

1836 Board of Directors: R. K. Hines, Esq. President, Col. Farish Carter, Col. Thomas Moughon, R. M. Orme and R. J. Nichols.
Thomas Ragland, Esq. Casher, Thomas H. Hall, Esq. of Columbus, Teller
Stock owned by Col. Farish Carter, Capt. Wm. D. Jarratt, Col. Thomas Broughon, F. V. Delauny, Esq., Col. Benjamin Jourdan, Nichols & Deming, Mis S. A. E. F. Hines, Miss Mary M. Nisbet, Rev. C. W. Howard, Dr. Tomlinson Fort, J. R. St. John & Co., Thomas Ragland, Esq., Col. Archlaus Jarratt, Leroy M. Wilson, Esq., Holcombe, Peck & Co., Seaton Grantland, Esq., Henry B. Holcomb, Esq., Kerr Boyce, Esq., R. M. Orme, Esq., and Wm. Sanford, Esq. 9-15-1836, Macon Weekly Telegraph

ACTS OF THE GENERAL ASSEMBLY OF THE STATE OF GEORGIA, PASSED IN MILLEDGEVILLE AT AN ANNUAL SESSION IN NOVEMBER AND DECEMBER, 1835.

1835 Vol. 1 -- Page: 36

Sequential Number: 024

Full Title: AN ACT to be entitled An Act to incorporate the Bank of Milledgeville with banking and insurance privileges, located at Milledgeville.

Whereas the Directors of the Central Bank of Georgia are obliged by their charter to distribute their loans in small sums among the several counties in this State, thereby furnishing a sufficient circulation to none: and whereas the capital of the Bank of the State of Georgia is so divided among its numerous branches as to render it unable to supply an amount equal to the wants of the business of the place; and whereas the branch banks are under the control of the parent boards, and are frequently from their orders obliged to suspend discounts when most needed by the community; and whereas a number of the citizens of Milledgeville and its vicinity have associated themselves together with the view to remedy these evils, and promote the growth and prosperity of the capital of the State.

Sec. 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 Seaton Grantland, Faris Carter, William Sanford, Green H. Jourdan, Thomas Moughon, Charles Malone, Nichols and Demming, Richard K. Hines, Thomas Ragland, William D. Jarratt, Tomlinson Fort, Owen H. Kenan, Joseph Cooper, Michael J. Kenan, Nathan M'Gehee, Thomas B. Stubbs, Miller Grieve, Warren Jourdan, John W. Gordon, Charles C. Mills, A. Jarratt, Lorenzo D. Buckner, Charles W. Howard and F. V. Delaunay be, and they are hereby incorporated and made a body politic by the name and style of the Bank of Milledgeville with banking and insurance privileges, located at Milledgeville, and so shall continue until the first day of January, eighteen hundred and sixty-five: and by that name shall be, and are hereby made able and capable in law to have, purchase, receive, possess, enjoy and retain, to them and their successors, lands, rents, tenements, hereditaments, so far as may be necessary for the erection of necessary banking houses only, and not otherwise, goods, chattels and effects, of what kind, nature or quality soever, and the same to sell, grant, demise, alien or dispose of; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in any Court of law or equity in this state or elsewhere, having competent jurisdiction; to make, have and use a common seal, and the same to break, alter and renew at their pleasure; and to make and ordain such by-laws, rules and regulations as they may deem expedient and necessary to carry into effect the objects of the Institution; Provided, such by-laws, rules and regulations be not repugnant to the constitution or laws of this State or of the United States.

Sec. 2. And be it further enacted, That the capital stock of said Bank shall be five hundred thousand dollars, to be divided into five thousand shares of one hundred dollars each, and apportioned among the aforesaid stockholders.

Sec. 3. And be it further enacted, That for the well ordering the affairs of the said corporation, there shall be elected by the stockholders not less than five Directors, as soon as gold and silver coin to the amount of one hundred thousand dollars of the subscription for the said stock shall have been received, and said five Directors so elected shall be capable to serve as such until the first Monday in October, of the year one thousand eight hundred and thirty six; and shall be eligible to re-election, on which day, and in each and every year thereafter on the same day, Directors shall be chosen by the proprietors or owners of the capital stock of said corporation, when a majority of the votes given in shall be required to make a choice, and the Directors thus chosen shall, at their first meeting, and at the first
meeting after each and every such election, make choice of one of their own members as President; and in case of his death, or resignation, or removal from this State or from the Board of Directors, the remaining Directors shall proceed to fill the vacancy for the remainder of the year; and in case it shall at any time happen that the stockholders omit, fail or neglect to elect Directors on the day prescribed and authorized by this act, the said corporation shall not, for such omission, failure or neglect be deemed to be dissolved, but it shall be lawful on any other day to hold and make an election of Directors in such manner as shall have been or may be prescribed by the rules and by-laws of the said corporation: And provided, that in case of the death, resignation, removal from the State, or from the Board of any Director, his place may be filled by a new choice for the remainder of the year by the remaining Directors.

Sec. 4. And be it further enacted, That if there should be a failure in the payment of any sum or sums subscribed by any person, copartnership or body politic, when the same is required by the directors to be paid, the share or shares of stock upon which said failure occurs, shall be, for such failure, forfeited, and may again be sold or disposed of in such manner as the directors may order and provide; and the proceeds of the sale, and the sum or sums which may have been paid thereon, shall revert to and belong to said corporation; Provided, that sixty days notice of the time at which such payment is required to be made, be given in each of the public gazettes of Milledgeville.

Sec. 5. And be it further enacted, That the Directors, for the time being, shall have power and authority to appoint such officers and Clerks under them as may be necessary for executing the business of the said corporation, and shall allow them, together with the President, such compensation as they may deem reasonable, and shall require of the Cashier and other officers under him, such bonds, conditioned for their good behaviour and the faithful discharge of their duties, as to them may be satisfactory; and the President, Cashier and other officers of the Bank shall take the following oath before entering on the duties of their respective offices: I, A. B, do solemnly swear (or affirm) that I will well and faithfully discharge the duties of President, Cashier or other officer (as the case may be) of the Bank of Milledgeville with banking and insurance privileges; which oath shall be entered and subscribed in the minutes of the corporation.

Sec. 6. And be it further enacted, That the number of votes to which each stockholder shall be entitled at any meeting or election, shall be according to the number of shares he may hold; each share to be entitled to one vote: Provided, that no share or shares shall confer a right of suffrage unless the same shall have been holden by the person in whose name it appears at least three calendar months previously to the day of election, and unless the same be holden by the person in whose name it appears, absolutely and bona fide in his own right, or in that of his wife, and for his or her sole use and benefit, or as executor, administrator or guardian, or in the right of some copartnership, corporation or society of which he or she may be a member, and not in trust for, or to the use of any other person. Any stockholder being absent, may authorize, by power of attorney under seal, any other stockholder to vote for him, her or them; Provided, that said power of attorney is filed in Bank sixty days before the day of election.

Sec. 7. And be it further enacted, That any number of stockholders who shall together be the owners and proprietors of five hundred shares or upwards, 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 in the public gazettes of Milledgeville, specifying in such notice the object of such meeting.

Sec. 8. And be it further enacted, That the Directors shall have power to issue to the subscribers their certificates of stock, signed by the President and countersigned by their Cashier, and which shall be transferable in the books of the Cashier only by personal entry of the stockholder, his legal representative or attorney, duly authorized 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; unless by consent of the Directors entered upon their minutes.

Sec. 9. And be it further enacted, That the bills obligatory and of credit, notes and other contracts whatsoever, in behalf of the said corporation, shall be binding upon the said company; Provided, the same be signed by the President and countersigned by the Cashier of the said corporation; and the funds of the said corporation shall in no case be held liable for any contract or engagement whatever, unless the same be so signed and countersigned as aforesaid.

Sec. 10. And be it further enacted, That the Directors shall keep fair and regular minutes of their proceedings; and upon any question, when a Director shall require it, the yeas and nays of the Directors voting shall be inserted in said minutes; and the books, papers, correspondence and funds of the company shall, at all times, be subject to the inspection of the Board of Directors, or stockholders when convened according to the provisions of this act.

Sec. 11. And be it further enacted, That no notice or protest shall be necessary to charge any maker or indorser of any note, bill or other obligation discounted by said bank; and in all suits commenced by said corporation upon any note, bill, bond or obligation, upon which there shall be any indorser or indorsers, the maker or makers, together with the indorser or indorsers, or their representatives, may be embraced and sued in the same action; and no proof of notice, demand or protest, shall be required on any trial to authorize a recovery.

Sec. 12. And be it further enacted, That in no suit or action, in any Court of this State in which the said Bank may be a party, shall it be lawful for the other party or parties to require the said Bank to produce the books of the Bank into Court as evidence: nor shall it be lawful for such party or parties to require, by subp[UNK]na or otherwise, the attendance of any officer of the said Bank in Court on the trial of such case. But whenever, in any such suit, it may become necessary for the attainment of justice that the evidence contained in the said books, or the testimony of such officer should be had, it shall, and may be lawful for either party in such cause, requiring such evidence or testimony, to take out a commission, in the usual manner, to examine the officers of the said Bank as to the contents of the said books, or as to their own knowledge of the facts, notwithstanding such officer may reside in the county in which such suit may be pending.

Sec. 13. And be it further enacted, That it shall not be lawful for the President, Directors or officers of said Bank to borrow any amount of money from said Bank.

Sec. 14. And be it further enacted, That the said Bank of Milledgeville with banking and insurance privileges, shall be permitted, and are hereby authorized, to issue bills or notes of credit, payable to bearer on demand, signed by the President and countersigned 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 the capital stock actually paid in; and in case of excess, it shall be the duty of the President and Cashier to notify the Governor, in writing, of such excess; upon the receipt of which, it shall be the duty of the Governor to issue his proclamation declaring the charter of said Bank forfeited, in consequence of said excess, and calling a meeting of the stockholders; who shall have power and authority to adopt such measures as may be deemed prudent and effectual in bringing the affairs of the said corporation to a speedy close.

Sec. 15. And be it further enacted, That the said Bank of Milledgeville with Banking and Insurance privileges, shall be at liberty to establish one or more branches or offices of discount and deposit, or agencies, at such place or places, and at such times as a majority of the stockholders may deem suitable and proper, and at their option to discontinue the same: Provided, that such branches or agencies are not objected to by the town or city where they may be established.

Sec. 16. And be it further enacted, That any Bank, or the branches thereof, which may make a demand of specie from the Bank of Milledgeville with Banking and Insurance privileges, shall be compelled to receive the bills of the said Bank making the demand.

Sec. 17. And be it further enacted, That dividends of the profits of the corporation, or so much thereof as may be deemed expedient and proper, shall be declared and paid half yearly. And the said dividends shall be determined from time to time 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 net profits actually acquired by the corporation, so that the capital stock thereof shall never be impaired.

Sec. 18. And be it further enacted, That the persons and property of the stockholders in the Bank of Milledgeville with Banking and Insurance privileges, shall at all times be pledged and bound in proportion to the number of dollars issued upon each of the share or shares that each individual or company hold, possess, are interested in, or entitled to in the said Bank of Milledgeville, for the payment and discharge of the debts or contracts of said Bank,
or for the ultimate redemption of all notes or bills issued, or that may be hereafter issued by, and from the said Bank of Milledgeville with Banking and Insurance privileges, in the same manner as in simple actions of debt or common commercial cases.

Sec. 19. And be it enacted by the authority aforesaid, That the said Company, when organized as aforesaid, shall have full power and authority to insure property and effects of every nature and description, against losses by fire or water, and all other accidents, dangers and casualties for which Insurance Companies are usually established, or to buy or sell life annuities; Provided, that the insurance shall at no time exceed the amount of capital stock paid in; and whenever the same shall reach that amount, then the issues of said Bank shall not exceed double that sum.

Sec. 20. And be it further enacted, That all transfers of stock in said Bank shall be wholly void, if made within six months previous to the failure of said Bank, but that said stock so transferred shall be deemed and held liable for the debts of the institution, notwithstanding said transfers.

JOSEPH DAY,

Speaker of the House of Representatives.

ROBERT M. ECHOLS,

President of the Senate.

WILLIAM SCHLEY, Governor.

Approval Date: Assented to, 22d Dec. 1835.