fxcfiange atitt fipsit fault
OF
BL3NTOXVILL,E!„
PASSED MAKCH 15, I860.
, || f—
THE CHARTER
OF THE
— . * we
KINTOXVIXjljiX: :
PRINTED AT II. BARRY'S BOOK AND JOB OFFICE,
I860.
AN ACT
TO CIIARTEK A BANK OP
DISCOUNT, DEPOSIT & EXCHANGE,
At Brownsville, and other places.
After chartering- the "Bank of Browns¬
ville," the Act proceeds as follows :—
"S'ec._ 10. Be it further enacted, That
John Baxter and Samuel Morrow shall
open books for subscription, and they and
their associated-, successors and assigns,
shall be land they are hereby constituted
a body politic and corporate, and by such
name and style as they may choose to
adopt, shall have succession and a com¬
mon seal for a period of twenty years
from and after the 1st day of April, 1860,
and as such, may sue and be sued, plead
and be impleaded, and have and possess
all the powers incident to corporations,
and necessary and proper to carry on the
4
business and effect the objects content"
plated by this Act, but subject in the ex¬
ercise of the powers herein conferred,
to such public and general statutes, as
far as the same may be applicable to this
Act, as may be enacted hereafter in re¬
gard to Banks, Banking and Brokers.
"Sec. 11. Be if further enacted, That
the Capital Stock shall not exceed Five
Hundred Thousand Dollars, to b.e divided
into shares of Fifty Dollars each, and
transferable on the books of the Compa¬
ny as the By-Laws may prescribe.
"Sec. 12. Be it further enacted, That
said Corporation may deal in Gold and
Silver Coin, and Bullion, public and pri¬
vate Securities, buy and sell any descrip¬
tion of Negotiable Paper, buy and sell
Exchange, current and uncurrent Bank
bills, borrow and loan money or currency,
discount Notes and oth§r evidences of
debt, receive and keep deposits upon such
terms as may bo agreed upon by the
parties; Provided, Said Corporation docs
not charge' for the discount of any such
evidence of debt, more than the rate of
interest allowed by law; and Provided
further, That said Corporation shall not
pay out for circulation Currency which is
or may be forbidden by law, to circulate
within the State
5
" Sec. 13. Be it farther enacted, That
said Corporation shall in no event issue
hills to circulate as currency, nor shall its
discounts at any time exceed the amount
of capital actually paid in, and two-thirds
of its dej^osits.
" Sec. 11. Be it further enacted, Thatf
said Corporation may transact its busi¬
ness through such Officers, Agents and
Agencies as it may choose to appoint, at
Knoxville, Tennessee, and prescribe such
By-Laws for its government, as the Stock¬
holders may deem necessary and proper
for that purpose.
" Sec. 15. Be it further enacted, That
in the event of the insolvency of said
Corporation, the individual Stockholders
therein shall be liable for all its unsatis¬
fied debts'.
" Sec. 46. Be, it^further enacted, That
in consideration of the franchise, said
Corporation shall pay into the public
Treasury for the'use and benefit of the
State an annual Tax of one half of one
per cent, for its capital stock.
Sec. 17. Be it further enacted, That
for the violation of any of the provisions
of this Charter, the same may be declar¬
ed null and void by judgment of any
competent Court, regularly obtained in
due cbursc of law; Provided, That no
judgment of forfeiture shall operate en
as to prevent said Corporation from col-
lecting its debts and closing its busi¬
ness."
The Corporators have organized with
a Capital Stock of Fifty Thousand Dol¬
lars, under the name and style of
EXCHANGE & DEPOSIT BANK
OF KNOXVILIiE.
To enable persons at a distance to un¬
derstand the necessity as well as the ad¬
vantage of this Charter, the following
Sections from the " Code of Tennessee,"
recently enacted, and now in full force,
arc appended :—
"Sec. 1810. No pepson, association or
corporation, unless authorized by law of
this State or of the United- States, shall
establish or put in operation any bank¬
ing institution, or office of discount or
deposit. A violation of this section is a
misdemeanor, punishable by a fine of ten
thousand dollars, to go into the common
school fund.
"Sec. 1814. No bank shall pay out the
notes of any bank chartered by this State,
except its own or those of its branches
<>
7
nor After tlie first day of September, 1859,
issue or pay out any note not payable
on demand at the counter where issued
or paid out.
" Seo. 1815. No bank shall sell or dis¬
pose of gold or silver, or the notes of any
bank, for a premium or discount
" Sec. 1816. No bank shall pay any
interest or other compensation in consid¬
eration of deposits.
" Sec. 1817. No bank agent, person, or
corporation, licensed or chartered to do a
banking or brokerage business in this
State, shall pay out for circulation the
note of any corporation, or association
of individuals, which has not been char¬
tered by this State."