silver coin, shall be receivable at the treasury of this state, and by all tax-collectors and other public officers, in all payments for taxes or other moneys due to the state. tain trans § 14. The comptroller is hereby authorized and directed to transfer Comptroller to the bank on account of capital, all sums which may be received in to make cer the course of the preceding years, on the first day of January, eighteen fers. hundred and twenty-five, and remaining in the treasury on the first day of March in each and every year. suspend or nished with the condition 15. A majority of the members present, at any regular meeting Board may of the directors of the Bank of the State of Alabama, may suspend expel a di any director with a view to his expulsion; and any member may be rector. expelled at a meeting of a board of directors specially convened by the president for that purpose, as soon after such suspension takes place, as may be practicable; but such expulsion shall not be made by a majority of less than two-thirds of the whole number of directors. §16. The comptroller shall be furnished, as often as he may re- Comptroller quire, not exceeding once a month, with statements of the amount of the to be furcapital stock of the bank, and of the debts due to the same; of the moneys statement of deposited therein; of the notes in circulation; and of the cash on hand; of the bank. and he shall, under the injunction of secrecy, have the right to inspect all the accounts and books of the bank: Provided, That this act shall not be construed to imply a right of inspecting the accounts of any private individual or individuals with the bank. And it shall be the duty of the said comptroller to make an annual report to the legisla- To make ture on the subject of the bank; and if in his opinion the transactions of the bank, or any particular circumstance relating thereto shall re- legislature. quire it, he shall apply to the house for a select committee of three members to be appointed, who shall, under a like injunction of secrecy, take into consideration any matters relating to the said bank, submitted to them by the comptroller, and report thereon, at their discretion, to the legislature. annual re port to the any office. and against § 17. The comptroller for the time being shall not be a director, Comptroller nor hold any office of trust or profit in or under any bank whatever. not to hold § 18. If any person or persons shall be indebted to said corpora- Mode of col tion as maker or endorser of any note, bill, or bond, expressly made lecting for negotiable and payable at said bank, and shall delay payment thereof, the bank. it shall be lawful for the president of the bank, after having given thirty days notice thereof, to move the circuit' court of the county where said bank may be established, on producing to said court before whom the motion is made, the certificate of the president of the bank, that the debt is really and bona fide the property of the said bank, for judgment:-and all debts due by the said bank, by bond, bill, note, or otherwise, to any individual or body corporate, may be sued for and recovered in like manner. ment by offi §19. If any president, director, cashier, or other officer of the state Embezzlebank or any of its branches, shall embezzle or fraudulently convert to cers of the his or their own use, any sum of money, bank note, bill of exchange, bank, how check, bond, or other security placed under his care or management, by virtue of his office or place aforesaid, the person so offending, his aiders, abettors, and counsellors, upon conviction thereof, shall be 1 An act passed in 1824 (see § 26) extends the same jurisdiction to the county court. This and the section referred to, are virtually included in the 1st section of the act of 1828, inserted under the subdivision, "Collection of Bank Debts," and the 6th article of the constitution, (Establishment of Banks, § 4,) which provides that "the remedy for collecting debts shall be reciprocal for and against the bank."-They are retained, however, in order to avoid misconstruction and uncertainty. punished. Ib. Sec. 22. In what the bank shall not deal. Ib. Sec. 23. Bank to be located. Пb. Sec. 24. judged guilty of felony, and be sentenced to imprisonment in the public jail of the county in which the offence has been committed, for a term not less than twelve months, and there remain until he or they shall make good all damages which the bank may have sustained by his or their misconduct, and be fined at the discretion of the jury trying the said offence; and shall forever thereafter be disqualified from holding any office of profit or trust in this state, and shall moreover be liable for the sum so embezzled. § 20. The said bank shall not deal in articles of goods, wares, or merchandise in any manner whatever, unless it be to secure a debt due said bank, incurred by the regular transactions of the same, as is provided for in this act. § 21. The principal bank established by this act, shall be located by joint vote of both houses of the general assembly; and it shall require a majority of the whole number of votes given to make such location. § 22. It shall not be lawful for the president, directors, cashier, or Bank officers other officers of said bank, to become endorsers at said bank for each other, or any other person or persons. not to en dorse. 1823-(22) Sec. 1. tal. § 23. The powers granted to the governor, and five commissioners, Supplemen by the eighth section of the above recited act,a are hereby authorized and directed to be performed by a majority of them; and the governor and three of the above named commissioners shall constitute a quorum to transact any business contemplated by said act. a Preceding act. See § 8. Governor, and three commissioners a quorum. 1824-(22) Sec. 1. Post notes, may issue payable, af § 24. The president and directors of the Bank of the State of Alabama, when they find it expedient to issue notes not under the seal of the corporation, and promising the payment of money to any person or persons, his, her, or their order, assignable by endorsement, as provided in the tenth section of the act to establish the Bank of the ter a period State of Alabama, commonly called post-notes, may issue the said notes payable after a period not exceeding one hundred and twenty days, and the said notes shall be payable in specie on demand, when the period for which they shall have issued may have expired; any requisition or construction of the said tenth section to the contrary notwithstanding. of not more than 120 days. Ib. Sec. 2. Powers of at torney may be acknow ledged before clerks of court, and notaries. Ib. Sec. 3. § 25. The clerks of the several circuit and county courts, and public notaries, are hereby authorized and required, upon the application of any person or persons, to take acknowledgments of powers of attor ney to transact business with the said bank, and certify the same under their seals of office; and if there be no seal of office, under their private seal, as their official seal. § 26. The county court of the county where the said bank may be established, shall have concurrent jurisdiction with the circuit court to have con- of said county, for the recovery of debts for and against the bank, in diction with the manner prescribed in the eighteenth section of the above recited circuit court. act.b current juris b First act under this Ib. Sec. 4. § 27. The treasurer is hereby required to pay over to the said bank title. See § 18. the revenue and public dues audited in the comptroller's office, and the State treasu- same shall remain subject in said bank to the checks of the said treathe revenue, surer for the payment of all demands made payable at the treasury of this state. rer to pay &c. into bank. Ib. Sec. 5. Vacancies occurring § 28. All vacancies that may happen in the board of directors, during the session of the general assembly, shall be filled by joint vote while legisla- as in other cases. ture is in ses sion. 1824-(23) Sec. 1. President and directors § 29. The president and directors of the Bank of the State of Alabama are required to take early and effectual measures to provide for the payment of the half-yearly interest which will first become due payment of on the loan obtained for the use of the state: the said payment to be to provide for made at the Phoenix Bank in the city of New York; and also to pro- the interest vide from time to time for every future payment of interest on the of loan to said loan. this state. And to make § 30. It shall be the duty of the said president and directors, to re- Ib. Sec. 3. serve continually from the net proceeds of their banking business, semi-annual full and sufficient sums to meet the said half-yearly payments of in- reservations terest as they severally become due, and transmit the same to the Phoenix Bank in the city of New York. hereafter. Sec. 1. elected by § 31. It shall be the duty of the senate and house of representa- 1826 (2) tives, at every session, each and separately, to elect a joint committee, Joint.comconsisting of three members from each house, who shall, under the mittee to be injunction of secrecy, be invested with full powers to make a tho- general asrough examination of all the books and papers, of what nature or kind sembly. soever they may be, belonging to the said bank; of the specie and notes on hand; of the notes discounted; the applications for discount and the said committee shall, in addition, be further invested with all the powers which the twelfth section of "An act to establish the Bank of the State of Alabama"a may now confer on the joint com- a mittee of both houses of the general assembly. The first May send for act under this title. See § 12. § 32. It shall be the duty of the said committee to report to the Ib. Sec. 2. Duty of comgeneral assembly the amount of specie and notes on hand; the amount mittee. of notes discounted, and each and every case, (if any there be,) of a violation of the charter, of mismanagement of the concerns of said bank, or of fraud or imposition practised by borrowers or others, on the directors or officers of the institution;b for which purposes, or for [b 1828 (15) any other object connected with the interest and well-being of the in- c.4.) stitution, said committee may at their discretion send for persons and persons and papers, and compel the attendance of witnesses: Provided however, Proviso. That nothing herein contained shall imply the right of said committee to report to the general assembly the situation of any private debtor or creditor of the bank, or the name of any private debtor or creditor, unless their situation or names are palpably connected with some imputed violation of the charter, mismanagement in the concerns of the bank, or of some fraud or imposition practised on the directors or officers of the institution. papers. Injunction of § 33. The injunction of secrecy imposed on the committee as afore- Ib. Sec. 3. said, shall not be removed, except by a joint resolution of both houses secrecy on of the general assembly. committee. Sec. 2. compensa. officers. § 34. The compensation to be allowed to the cashier and other of- 1827--(8) ficers and servants of the Bank of the State of Alabama, shall be fixed General asby the general assembly: Provided, That no allowance shall be made sembly to fix by the directors to the cashier, clerk, or teller, unless the cashier be tion of bank required to live in or adjoining the banking-house, in which event rent may be allowed him by the board, according to their discretion. §35. All monies which have arisen, or which may arise from the 1827-(22) profits of the bank, shall be vested by the president and directors, Profits of the under the direction of the governor, in bank stock in the said bank, bank to be until otherwise directed by law. § 36. The directors of the bank of the state, shall be exempted from serving as jurors and performing militia duty. Sec. 2. vested in stock. 1827-(18) Sec. 1. Directors certain du 1828-(8) § 37. The governor, comptroller, and treasurer of the state, and the exempt from president of the Bank of the State of Alabama, are hereby authorized ties. and required to issue certificates of stock of the state of Alabama, to sec. 1. an amount not exceeding one hundred thousand dollars, to bear inter- Governor, est at the rate of six per centum per annum, payable semi-annually at treasurer, the Bank of the State of Alabama, or at such other place as may be and presi comptroller, dent of bank, stock not to issue cer. agreed on, redeemable at the expiration of twenty years, or at any tificates of time thereafter that the state may choose, and sell said stock for cash, provided the same can be disposed of at par, and the sum so to be in aid of the realized shall be added to the capital stock of the said Bank of the bank's capi State of Alabama. exceeding 100,000 dolls. tal. Ib. Sec. 2. Funds and faith of the state pledg ed for its redemption. 1828-(15) Sec. 2. Bank not to § 38. To secure the regular and punctual payment of the interest semi-annually, and the ultimate redemption of said stock, all the revenue of the state (except the university fund and three per cent. fund) is hereby pledged, and in case of any deficiency, the faith of the state is hereby solemnly pledged to provide such additional means as may be necessary. § 39. It shall not be lawful for the president and directors of said bank, or any other person or persons for them, to purchase any real purchase real estate, or in any wise be concerned therein, for the use of said bank, unless the same be purchased for the purpose of securing debts bona fide due to said bank, any law to the contrary notwithstanding. estate, unless to secure debts. Ib. Sec. 3. count for a larger amount than 5,000 dolls. § 40. It shall not be lawful for the president and directors of said bank to purchase or discount any draft or bill of exchange for a larger amount than five thousand dollars; and on every draft or bill of exchange purchased or discounted by the said bank, there shall be at least two responsible endorsers, each of whom shall be considered good for the amount of such draft or bill: Provided always, That no Bill to have individual shall at any time be indebted to the bank as endorser on any draft or bill of exchange, for a larger amount than five thousand dollars. two endors ers. 1829-(11) Sec. 1. § 41. The president and directors of the Bank of the State of AlaAdditional bama, shall have power to employ an additional clerk for said bank, clerk may be for not exceeding six months each year, and pay him such compensix months sation as a majority of the board may agree upon, not exceeding sixty dollars per month. employed for in a year. 1832-(26) Sec. 16. President and direc. tors of the bank of the state to ap point com mittee to ex amine branch banks. Committee's duty. Ib. Sec. 17. § 42. It shall be the duty of the president and directors of the Bank of the State of Alabama, to appoint, annually, a committee or committees of not less than two of their board, whose duty it shall be to visit the several branches of said bank, annually, in the month of October, and at such other times as they deem proper, and make a thorough and minute investigation of the affairs, transactions, and condition of said branches; and the said committees are hereby invested with all the powers with respect to said branches, which the joint committees of the general assembly to examine the condition of the state bank, have in reference to it; it shall be the duty of said committees to make full reports of their several examinations to the president and directors of the Bank of the State of Alabama, who shall report the same to the general assembly of this state, within the first week of each annual session. § 43. Each member of the committees contemplated by the foreCompensa going section, shall receive four dollars for every thirty miles in travelling to and from said branch banks, and four dollars for every day that they may be engaged in the examination of said branches. tion of committee. 1833-(5) Sec. 2. Members of general assembly not to be security in the bank of the state, or any of $44. No member of the general assembly shall become security for each other, or for any other person, upon any note to be offered at the Bank of the State of Alabama, or any of its branches.1 1 The act of January 14, 1826, which is evidently the one intended to be repealed by the first section of the above act, although recited as passed in 1825, prohibited members of the general assembly from being indebted to the its branches. Bank of the State of Alabama, either directly or indirectly. An act passed in1827, provides "that this act (substantially that of January 14, 1826) shall not be so construed as to prevent any member of the general assembly from negotiating any bill of exchange at said bank, either as drawer, acceptor, or endorser." Governor to missioners to § 45. It shall be the duty of the governor to appoint three commis- 1833—(36) sioners for the examination of each of the branches of the Bank of Sec. 1. the State of Alabama, whose duty it shall be within two months im- appoint commediately preceding the annual meeting of the general assembly, to examine. proceed to the branch bank for which they may be appointed, and there to examine all books, papers, and accounts, in said bank or Their duty. branches, that said committee may deem proper and material for the better understanding of the condition of said bank, or branches; also, all cash on hand. Further spe § 46. If, on the examination of said bank or branches, said com- Ib. Sec. 2. missioners shall find that any officer of said bank has been guilty cifications of of fraud or great negligence in his duty as such, they shall report their duties. the same to the board of directors of said bank or branch, as the case may be; and if said commissioners think the case requires it, they may recommend his removal from office; and the board of directors, shall take the case under consideration, and in every vote upon a question of removal from office, the board shall vote by yeas and nays, and shall enter their proceedings on their journals; and the said commissioners shall have power, and it is hereby made their duty, to examine the record of the proceedings of the board of directors of said banks, and if they believe there has been any impropriety of conduct on the part of the directors, either by too great an emission of money, gross partiality, or from any other cause, it shall be their duty to remonstrate in writing with said board of directors, and to transmit a copy of said remonstrance to the legislature at its next session. be removed. 47. If, in the opinion of said commissioners, any officer of said Ib. Sec. 3. bank or branches shall have been guilty of fraud or gross impropriety, ty of fraud, Officers guiland the board of directors of said bank or branch, shall not on appli- &c. liable to cation remove said officer, said commissioners shall, by unanimous vote, have power to suspend such officer from office, until the next session of the general assembly; at which time the whole of their proceedings shall be reported within the first week of the session. sident and regard to ex § 48. It shall be the duty of the president and directors, and all b. Sec. 4. officers of said bank, or branches, to furnish said commissioners, when Duty of preexamining the bank or branch of which they may be officers, any in- directors in formation; and they shall be, moreover, bound to answer any inter- amining rogatory, put to them by said commissioners, which may be material banks. to the subject of their investigation. Commission ture. § 49. Said commissioners may select their own time for the exam- Ib. Sec. 5. ination of the bank or any of its branches, and shall report to the le- ers to report gislature any violation of their respective charters, and shall receive to Legisla for their services five dollars for each day they may be engaged in such examination, and four dollars for every thirty miles going to and returning from the same to their respective places of residence, to be paid on the certificate of the president of said bank and branches so Their com examined, stating the time served by each commissioner, respectively, pensation. § 50. Said commissioners shall, each of them, before they enter 1b. Sec 6. upon the duties hereinbefore assigned them, take and subscribe an ers' oath. oath, faithfully to perform the duties required of them by law. NOTE.-For the compensation of bank officers, see "Salaries." COLLECTION OF BANK DEBTS. Commission. Sec. 1. § 51. If any person or persons shall be indebted or otherwise liable 1828-(17) to the Bank of the State of Alabama, by bill, draft, or any other in- Bank debts strument for the payment of money, as drawer, acceptor, or endorser, may be col 9 lected on motion. |