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Georgia ®* Carolina 'Gazette.
V OLUM2 I.]
(BY AUTHORITY.)
AN ACT
To Incorporate ‘ the Bank of the
State cf Georgia.
Jin the Iloiife of Representatives.
Read i ft. tiipe Bth of Nov. 1804.
2d. time 1 oth Nov. 1804. 3d.
time 2 id Nov. 1804. And
Faffed.
H. HOLT, Clk.
In Senate.
Read ift. time 23d Nov. 1804.
2d. time 24-th Nov. 1 804. And
pojlponed dill the next SeJJiolt cf
the Legiflature .}
% 7S J HERE AS it is concefv
v V cd that the establish
tnent of a (late Bank In the city
of Savannah, will be productive
of confidcrable advantage to the
fame, and trade and induflry in
general. Therefore, be it en
abled by the Senate and Houle
of Representatives of the Rate
of Georgia, now met and fitting
in General Alicmbly, and by
the authority of the fame, That
a Bank be cflablifhed the capi
tal flock whereof (hall be fix
hundred thousand dollars ; Pro
vided always, that at any time
after the establishment of the
said Bank, the dire&ors may in
crease the said flock to such o
ther amount as they shall think
proper not exceeding one milli
on of dollars, divided into 6,0c0
shares, each share being too
dollars, and that subscriptions
towards conflicting the said
Rock shall, on the iecond Mon
day in January next, be opened
at the city of Savannah and Au
gufla, under the fuperintendance
of Edward Telfair, William Ste
phens, Charles Harris, George
Anderfcn, John H. Morel,
Thomas F. Williams fk Jo*. A.
Scott, at Savannah, andjofhua
Meals, James Murren, John
Connie, John Wiilfon, junr.
John M'Kennee, Samuel M.
Smith and Thomas Barrett, at
Augußa, or a majority of them,
which subscriptions shall conti
nue open until the whole of the
laid flock, shall have been lub
feribed; and that it shall be
lawful for any person, copart
ner fbip or body politic to fub
feribe for such or so many shares
as, he, die or they shall think
fir, not exceeding fifty, except
as shall be hereafter directed, re
latively to the State of Georgia.
Provided always. That if the
said capital Rock fnall not be
filled up in fix months after the
the Commifiioners herein ap
pointed shall open their books
tor subscriptions for that pur
pnfe, that then and in that case
any person, copartnerfhip or
body politic may fubferib'e for
such or so many shares as he,
foe or they shall thick fir, not
exceeding in the whole one hun
dred shares: And provided aljo,
that if more than the capiral
Rock shall be fubferibed the
iurplus fral’i be dedudLd from
•he highell mur. her cf ih ires.
PETERSBURG :—(Georgia) — Printed by BURKE & M'DONNELL.
I Ssc. 2. And he it further en
{ aided, That all tnofe who shall
become fubferibers to the said
Bank, their fucceflbrs and af
signs, shall be and are herebv
created and made a corporation
and body politic by the name
and Rile of (< The Prcfldent,
Directors and Company of the
Bank of the State of Georgia,”
and by that name ftiaii be and
are hereby made able and capa
ble in law, to have, purchase,
receive, pofiefs, enjoy and re- •
tain, to tnem and'their fuceef
iors, lands, rents, tenements,
Hereditaments, goods, chattels
and effects, of w.nat kind, na
ture or quality f cv*-r, to an a
novmt not exceedng in the
whole two millions of dollars,
including the amount of the
capital flock of the said Bank,
and the fame to fell, giant, de
mfe, alien or difpole of; to sue
St be hied, plead Hz be implead
ed, anfvver and beanfwered, de
fend and be defended in courts
of record or any other place
whatsoever, and also to make,
have and use a common leal,
and the fame to break, alter and
renew at their pleasure, and also
! to ordain, eftabl.fh and put in
execution such bye-laws, ordi
nances and regulations as shall
seem needfary and convenient
for the government of the said
corporation not bemg contrary
to law or to the constitution
thereof, for which putpofe ge
neral meetings of the Rock
holders shall and may be called
by the directors at such time or
times aswfco them shall be deem
ed necessary and generally to do
and execute all and finguiar such
abb, matters, snd things which
to them it shall or may apper
tain to do, fubje<sl nevertheless
to the rules, regulations, refine
tiens, limitations and provifnns,
herein after preferibed and de
clared.
Sec. 3, And be it further ex
alted by the authority aforefatd,
That for the well ordering of the
affairs of the said corporation,
there shall be fifteen directors,
four of whom final i be appointed
by the Leg fiature, ih the man
ner herein after mentioned; and
the remaining eleven directors
shall be chosen annually, on the
second Monday in January in
each year, by the private Rock
holders or proprietors of the
capital Rock of the Rid corpo
ration, ancl by plurality of the
votes actually given; and thole
who shall he duly chosen at any
election, shall be capable of
serving as directors, by virtue or
Rich choice, until the end or
expiration of the Monday next
annually ensuing the time of
such election, and no longer;
and the said directors, at taeir
fit fb meeting after each cledlion,
shall chocic one of their number
as president. And in case ot
the death, resignation, or uoier.ee
from the Siam, or removal of a
(hnClor, bv th** fiock-ru rk M s,
jiis phtce be filled up by
T II U R S D A 2~, Siptembeb 12, 1805.
new ch* ice, for the remainder
of the year. But fnould it so
happen, that an election of di
rectors should not be made on
tire said second Monday in Ja
nuary in each year, or any other
day appointed by the flock
holders, the said corporation
shall not, for that cause, be
deemed to be difTolved; but
it shall be lawful on any other
* day, to hold, and make an elec
tion of directors in such manner
as may be regulated by the laws
and ordinances of the said cor
poration, and in case of ‘ the
death, resignation, or absence
from the Rate, or removal ofall,
or either of the directc/rs repre
fennnj'm.he Rate in said corpora
tion, t uring the rccefs of the
leg’fiature, che vacancies shall
be filled up by such proper per
son or persons as the Governor
for the time being, shall or may
appoint to serve as director or
directors of the said corporation,
until anew appointment shall or
may be made by the legifiature :
Provided always, and it is here
by enabled, that as foorr as tfv
sum of two hundred thousand
dollars'in gold and River shall
have been actually received, on
account of the subscriptions to
the said Rock, notice thereof
snail be given by the persons
who arc hereby appointed to
tuperinfend the fame, or a ma
jority of them, :n at lead two
Public Gazettes, printed in the
State of Georgia, and the said
persons shall, at che fame time,
in like manner, notify a time
and place within the City of
Savannah, at the distance of
sixty days from the time of such
notification, for proceeding to
the election of directors; audit
shall be lawful for such ele&ion,
to be then, and there made,
and the persons, who shall then
and there be chosen, lhali be
the firft directors and shall be
capable of serving, by virtue of
such choice, until the end or
expiration of the second Monday
in J anuary next ensuing the time
of making the fame, and (hall
forthwith thereafter commence
the operations of the said Bank,
at the laid City of Savannah.
Sec. 4. And be it further en
abled, That the following Rules,
restrictions, limitations and pro
visions shall form and be funda
mental articles of the Conflitu
tionofthe laid Corporation, viz.
Rule rfl. The directors for
the time being shall have power
to elect and remove the Qafhier,
and such officers, clerks, and
servants, under them, as /hall be
nto flirv for executing the busi
ness of the said corporation, and
allow them such compenlation
f ;r their services reflectively as
shall be rcafonable. They fnall
receive money on deposit and
pay away the fame to order, free
of expence, difeount bilfi of ex
change accepted, and payable in
die city of Savannah, and notes,
with t o or moire • mod f. nrv -s
the cor, c- Rcure: dp a i yuhe
of Bank Rock, at a rate of in
cereft riot exceeding one per
cent, difeount for sixty chys.
Provided, the said bills & noes,
have not more than ninety divs
to run. They shall have pover
to ifiue notes signed by the Pe
fident, and countersigned by he
cashier, on bctialf of the fiid
corporation, for such sums end
with such devices as they nay
deem moft expedient and life.
They shall also be capable of
executing such other powers md
authorities as may be necefiary
for the well governing and or
dering the affairs of the aid
corporation, and of promoing
ts incerefls and irs credit, and of
such as shall be authorifed by
.he rules thereof or by the di
rection of the Rock-holders.
Rule 2. In voting for direc
tors, and all other questions on
which the Rock-holders may be
called to give their votes, the
number of votes to which each
liock-holder shall be entitled,
shall be according to the num
ber of shares he shall hold in the
proportion foliowi >g, that is to
fay : tor one share, one vote ;
tor two shares, two votes; for
every two shares above two and
not exceed'ng eight, one vote ;
for every four shares above eight
and not exceeding twenty, < lie
vote; for every eight shares
above twenty and rvjt exceeding
sixty, one vote; for every twelve
shares above sixty, and not ex
ceeding one hundred, one vote.
The Rate by the authority of
the majority of their directors
shall be entitled to two hundred
and forty votes, except in elec
tions for directors representing
the private Rock holders. The
manner iTowever of voting for
the directors, for the private
Rock-holders, and in all other
queßions relating to the officers
of the said corporation, shall, at
any time be altered by such pri
vate Rock holders, at any public
meeting, to be for that purpose
called, after two weeks previous
notice in two public gazettes.
Provided, that at f< h meeting’
a majority of all the private
shares of the Bank are represen
ted, and the holders of two thirds
of such fhare3 concur in such
alteration.
Rule 3. Afrer the firft electi
on, .no lharc or shares shall con
fer a right of fufifrage which shall
not have been holden three ca
lender months previous to the
day cfeie&ion. No other than
stockholders, who are citizens
of the United States, in the
United States or not, shall be
allowed to vote by proxy, or
other wife, provided fucli proxy
be a stockholder, anti a citizen
of the United States.
Rule 4. To prevent a division
of shares, m order to obtain to
the peifori or persons lo divid -
ing them an undue influence, the
mauap,: rs of elections for direc
r. >rs shall admin filer to every
Rock ho der o Bering to vote, the
ibllovfip.g oath : “ You A. B do
[Number 15.