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LAW OF GEORGIA.
[RY AUTHORITY.)
An act to incorporate the Hunk of Darien.
Re it enacted by the Senate and House of
Representatives of the State of Georgia, in Gen
eral Assembly met , and it is hereby enacted by the
authority if the same , That a bank shall be es
tablished in the town of Darien, tne capital stock
whereof shall not exceed one million of dollars,
divided into ten thousand shares of one hundred
dollars each, of which live thousand shares shall
be reservetf until the Ist day of January, one tnou
sand eight hundred and twenty, on tne original
terms, then or at any prior time, to be taken by
the state, according to the pleasure of the gener
al assembly; whereby the state, at any subsequent
election, snail be entitled to the appointment of
five directors; and if they be not then taken by
the state, to be disposed ofin manner hereinafter
provided and prescribed.
§ 2. And be ii further enacted by the authority
aforesaid, That the subset iptions for constitut
ing and collecting the capital stock of said bank,
shall be opened in the tow nos Darieii, on the first
of January next, under the direction and superin -
tendance of Thomas Spalding, Jacob Wood,
William A. Dunham, Calvin Bakci and Philip
K. Yongc, a majority of whom shail be compe
tent to the discharge of duties hereby devolved
upon them; also, and for the same purpose, in the
town of Mihedgeville, under the direction and
stiperintendance of Robert Rutherford, Seaborn
Jones, John Howard, Zachanah Lamar and John
Lucas; also, and for the same purpose, in the
town of Dublin, under the direction and superin
tundance of T. Moore, A. Love, N. Munro, Joan
Thomas and John Guyton; also, and for the same
purpose, in the town of Clinton, under the direc
tion and superintciulance of John Mitchell, Isaac
Harvey, Harrison R. Smith, Samuel Cook, and
James Smith; also, and for tiie same purpose, in
the town of Watkinsville, under the direction and
supcrintendance of Joseph Moss, Hezekiah Sto
vall, William Manly, Thomas R. Mitchell, and
John Jackson; also, and for the same purpose, in
the town of Hartford, under the direction and su
lierintewlance of Duncan Ray, John Rawls,
keter Greene, Gray B. Gardner and Eli Lester;
it Eatonton under the direction and superintend
ii.ee of Irby Hudson, William Wilkins, Wiliie
\bercrombie, William Williams, S. W. Harris,
an ‘ D. Ncwnan; at Mondcelio, under the direc
tion and supcrintendance of Joan WLsjn, Wil
li .m Cook, Reuben C. Shot ter, ami Robert
Robey; at Morgan Court-House, under tne
direction and supcrintendance of James Mitchen,
Whiiam Johnson, Adam G. Saffoid, Henry Cook
am! John Wingfield; ui Hancock Court-House,
unoer the dii ection and supcrintendance of Hugh
Taylor, C. E. Haynes, John Lucas am! William
G. Springer; at Sandersviile, under the direction
and supeiinteiidance of Thomas 11. Rutherford,
Morgan Brown, William A. Tennilk, William
Rollins and Benjamin Skrinc; at Lincolnicn, un
de. the direction and supcrintendance of Rem
R mson, Peter Lamar and Lewis Stovall; aiso,
and for the same purpose, in the town of Marion,
under tin* direction and snperintemlance oHlem v
jflßßprrcil, Hope
WUmTI Watkinsville, to hundred ai ' a ht .
m S| at Hartford, i\m> huydre* Purest 11l
WJtwo hundred shares; a? Grcensborough, two
1, unci red share*; at Tiwinton, one humhecl anti
f v shares; at Columbia Court-House, two bun- ,
SL shares at Eatontod, two hundred ant fifty I
sha cs TMonficeno. two httudrcd and fifty
a . Morgan Court-House, two hundred
and fifty shares;’ at Court-Hem,. two
a f ‘rlml shares; at Sandersviile, two Hundu and
kjjLAfty shares; and at Lincolnton, one hundred
HnKl: j'nTtu-'it further enaettd, That should
i*wral assc mhly not authors the
t'oi In o s.tnd s! ; - es m
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made a corporation and body politic, by the]
name and styic of the Bank of Darien, and arc
hereby made alne and capable in law, to sue and
be sued, plead and be impleaded, answer and be;
answered, defend and be defended, in courts of
record, or any place whatsoever; and aiso, to
make, have and use a common seal, and the same
to break, alter and renew at their pleasure; and 1
also, to ordain, establish and put in execution,’
sue bye-laws, ordinances and regulations, as shall
seem neccssa.y and convenient for the govern
ment of said corporation; provided, such by-laws,
rules and regulations, be not contrary to the laws!
and constitution of this state, or of the United j
Slates; and geneialiy to do and execute all and
singular, such acts, matters and things, as to them !
may or snail appertain to them to do, subject!
nevertheless, to the rules, regulations, restric-j
tions, limitations and provisions, hereinafter pre
scribed.
§ 5. And he i\further enacted by the authority
aforesaid , That for the well ordering of the
ass airs of the said corporation, there shall be ten
directors, five of whom shall be elected by the
stockholders, and live by the state. The direc
tors on the pai l of the stockholders, after the first
election hereinafter mentioned, shall, on the first
Monday in January annually, be elected by the
stockholders or proprietors of the capital stock
of the said corporation, and by plurality of the
votes actually given in; and those who shall he
duly chosen at any election, shall be capable of
serving as directors by virtue of such choice, un
til the end or expiration of the first of January
next ensuing the time of such election, and no
longer; and the said directors, at their first meet
ing after each election, shall choose one of their
memberas president, and in case of his death,
resignation, removal from the slate, or from the
board of direction, the said directors shall pro
ceed to fill tiie vacancy by anew election for the
remainder of the year; And it is further Jirovid
ed, that in case it should at any time happen,
that an election of directors should not be
made upon the day, when pursuant to this act, it
ought to have been made, tne said corporation
shall not for that ca sc be c e m and to be dissolv
ed, but its ailbe lawful on a.v o .her day, to hold
and make an election of directors, in suen man
ner ass ah hav e been regular cl by tne rules and
bye-iaws ol the said corporation; And provided,
t.iat in case ol the absence or removal of a direc
tor, Ins place may be filled by anew choice for the
remainder ot Lie y< ar hy ,he remaining directors.
§ 6. And be it further < nacted by the authority
aforesaid. That if there shad be a failure in the
payment of any sum subscribed by any person,
copartnership, or body politic, when the same is
required to be paid by this act, or when it shail
be required to be paid by the directors, the share
or shares on whic:i such failure shall accrue, shall
lor such failure he forfeited, and may be again
soul and disposed ofin such manner as the direc
tors shall order and provide, and the sums which
may nave been paid thereon, shall enure to the
benefit of the said corporation.
§ 7. And be it further enacted by theauthoritu
afov said, That llm d^J^sfot-JMB^
0
be accordU^^^^^
SrofEn- he shall hold, in tte *WJ ’
proportion, viz. for one share, one vote, tot
shuts and not exceeding
,vi V {> shares above five, one vote, j
t; £ no pc i sow, corporation, or hotly politic, s ta
be entitled, m his, her or their .™r#h“
more than thirty votes; and aftei t .
CISL on shares shall confer a right tot
wT*sch sIS been holden three
calender months prevfcusVo the d>y of^leetton.
°d None but a stockholdei, ei _ . „
own righVto fifteen shares, and being
this stain W not being a direct* of Wg>
bank, shauSbe efigible ash.di.ecto., 5” any
! one of the diWc.di s, al^ng
tJfc^vsisssesßSW:
thgjetipon, slian inxom'jr, * .
! above qualification be fol no Q f
to s on’ the ,*vt of the /ate: SM
a vacancy of any director on the j/* s^ ng the
r *|by deatn, resignation, or otlßll f*/• t u at case ,
. recess of the legislature,, then, an
L t ., , t ;k . s ad ! ave the power of blbng tt*J
P clb 1 *
3d. The directors shall make such compensa-1
tion to the president for his services as snail ap
pear to them to be reasonable.
4th. Not less than five Ylirectors shall consti
tute a board for the transaction of business, of
whom the president shall always be one; unless
in case of sickness or necessary absence, in which
case, his place may be supplied by any director,
to be elected president pro tern, by a majority
of the board present.
sth. Any number of stockholders not less than
thirty, who together sha.ll be proprietors of two
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’ public notice in the public pa
pers, specifying in such notice the objects of
stfch meeting; and in every such meeting of the
stockholders, there shall be appointed by the
three fit and proper persons, who shall
have votes in proportion to the stock owned by
the state, to attend as representatives of the
state’s interest in said bank.
6th. The cashier of the bank for the time be
ing, before he enters on the duties of his office,
shail give bond, with two or more securities to
the satisfaction of the directors, in a sum not less
than forty thousand dollars.
7th. The lands, tenements and hereditaments,
which it snail be lawful for the said corporation
to hold, shall only be such as may be requisite
for its immediate accommodation in relation to
the convenient transacting its business.
7th. The totai amount of tne debts which the
said corporation shall at any time owe, whether
by bond, bill, note or other contract, shall not ex
ceed three times their capital stock, over and a
bove the amount of specie actually deposited in
their vaults for safe keeping; in case of an ex
cess, this charter shall be deemed and consider
ed as forfeited to ah intents and purposes, and
the directors under whose administration it shall
happen, shall be liable for the same in tlieir indi
vidual, natural and private capacities;—and an
action of debt may in such case be brought a
gainst them, or any of them, their, or any ot
their heirs, executors or administrators, in any
court of. record in the United States, or of this
state, having competent jurisdiction, or either of
them, by any creditor or creditors of said institu
tion, and may be prosecuted to judgment and
execution, any condition, covenant or agreement
to tho contrary notwithstanding: but tnis shall
not be construed to exempt the said corpoiation,
or the lands, tenements, goods and cnattles of the
same, from being also liable for, and chargeable
with, the said recess; and such of the said direc
tors who may have been absent when the said
excess was conttact<*d or created, or may have
dissented fiopoWie resolution or act, whereby
the same was “ contracted or created, may re
spectively exonerate themselves from being so
liable, by having their dissent, if present, enter
ed on the minutes of tb^A : and corporation.
9th. Fhe directors,have power to issue
to the of stock,
Gficfi sludJtik- the books of th^
when two A\vfijk shalfreqmre it, 1d >
nays of the jlifecTors votm ? , shall be duly msen
ed on their minutes, and these to be at 1
all times, on demand, produced to the stocky
holde#, whgda* meeting the same, |
11 1'tth b 'rhe <l a)i'poratiolf'shall exist and CO “V
nnc until
eight hundred and thirty-stten,
afferthudisJuaoboft^gjb^rrSk
‘last appointed, and
concerns of the corpor&on.
ing theJjmckTiolders, *o them rfspc
The directors shallj, .witlun
si***!! a r.x;:rr a....
, • r*’
place contiguous to (he Ocmulgec, within two
years from Lie time the said bank shall go into
operation, for the purpose ot discount and depo
sit only, and upon the same terms and in the same
manner as snail be practised at tne bank which
shall be established in the town ol Darien; and
at any time thereafter, to establish any one or
more offices of discount and deposit at any other
place or places, at the discretion of the direc
tors, or a majority of them, and to commit the
management ot said cilices to suen poisons, and
under such agreements and subject to such
reguia ions, as they* shall deem proper, not
contrary to law or to the constitution ol t!.c
bank; and the amount of stock shall be ap
portioned by the directors in the different bran
ches according to the exigencies of business.
§lO. And be further enacted, That all notes
discounted by said bank, shall be made paya
ble at the office where they arc offered; and
if the indorser or indorsers live without the lim
its of the town where said bank or office of dis
count may be established, they shall be held and
bound for the payment of the note, without any
demand being made of the drawer, or notice of
its nonpayment being served on them. 1
§ 11. And b it further enacted by the authori -’
ty aforesaid, That tne sums respectively sub
scribed for, shall be payable in the manner fol
lowing, viz. twenty-five per centum as before spe
cified, and the remainder of the sum so subscrib
ed, at such time or times as the directors of the
said bank may recjuiieand direct; / irovidecl , that
sixty days notice of the time, at which payment
is required to be made, be given in the public
gazettes of Darien and Milledgeville; and noth
ing herein contained shall prevent any future
legislature from encreasing the capital of t.fis
ba k, if deemed necessary, to tne amount of one
million of dollars more.
§ 12. And be it further enacted, That notes is
sued by the mother bank, shaii be made payable
at the same, and the notes issued by any of its
offices of discount and deposit, shall be made
payable at said offices; and if the bank, or either
of its offices of discount and deposit, shall at any
time fail or refure to redeem their notes in spe
cie, and the same shall be protested before any
notary public, the legislature may direct its pro
secuting officer to commence an action in any
court having competent jurisdiction thereof, for
such violation, and on the fact being established,
the charter may be declared and considered for
feited: Provided , that nothing herein contained
shall prevent said corpoi ation, in case of a for
feiture of their cnarteik from collecting,
in iheir corporate capßtity, previously
due them, and hi heifl compelled to
pay alt debts due by e. ration.
§l3. And be itfurftyFenacted, That the per
sons and property in said bank
snail be pledged in proportion to the
amount ol the s that each indivkiu-
for hold said
‘'or
bunk, .11
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17 >; \f- rßpl'd’diieCji'ii S & ‘
m “ddd'hof fjf.eot M
ninety dais. w'u,d
. IP 1 --/ amogne of thb
magHMyr Mdent v , ton n >n
.v Pickin’ ted, / r ■■
f ‘i} Jd" It . in tropin
s:t:-*f\ aii'l viib-
n§thii^
lx so <•■ ‘ir,trued as ’o
said institution < tit
■jpljin, but tel. gislature shall at all
power etarresting or suspending
saiTSßcr, vhenevrf llshall be made jty*car
that the said juration Jias n
all or any of
• s[Attesjf(yt'oolsth ■cc6mbci’, 1818. W
■ [ y.
IMPORTANT *I'RIAL. l/
, November 27*
The suit of general Adair agaipst general
Wilkinson, 3#false imprisonment, in the supe
rior court mv sitting, in this-city, on trial
tile cay Stmlay'V The examination of
the testimoyflasteefc argument
rof counsel .ok up the next. The jury retired
last nightJ determine oy the veyflict that should
be rewfom and this morning, found for gener
al of §2,500. -
Itvjnt recollected that during the period of
whajjis trued the Burr4Monspiracy, general
.•Vtlaif.arnim: ia^ew-Orlajtfis, was immediate
. l*Bm:sti jradßtaffder ol general Wilkinson,
- the tfien ■ armies, and shipp 1 and
tdacity : Int general
for <; i
1\