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The Gazette.
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r*M uiaio iniT thursbay.
OMcial OrfHn of Banks Con nty
nm BRIWBTKK, Editor nod Proprietor.
YtSCIRY D. LOCKHART. AuUtast Editor
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Entersi at the Pssloflcs at Homer
#&., me second-clan mail matter.
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All correspondence should reach
this offies by Monday or Tuesday
preceding day of publication.
CstemuaicaUont of any character,
what her an business ar far publication,
should bs addressed la
H. BREWSTER.
Homer, Ga., Dec. 14, 1893.
The Calvin-Veach Substitute.
Following is a copy of the state
banking bill, passed by the Gsergia
legislature:
Section 1. Be it unacted by the
gansral assembly of Georgia, and it is
hereby enacted by autherity of the
same. That from and after the pas
sage of this act there shall be issued
’to ths banks and banking association
of this state, circulating notes upon
the tetms and conditious net forth in
thyL/ollowing sections of this act:
Sec. 2 Be it further enacted by the
authority aforesaid. The governor,
the treasurer and the comptroller gen
eral of this state he, and they are
hereby constituted a commission au
thorized and required to cause to be
engraved and printed, in the manner
best calculated to guard against coun
terfeiting, such quantity of circulating
'notea, in the similitude of bank notes,
■'in blank, of denominations not great
er than one thousand dollars or less
•than one dollar, as they may, from
lime to time, deem necessary, to carry
into effect the provision* of this act,
and of such form as they may pre-
•crip*. Before such circulating notes,
or any portion of the same, are deliv
ered to a bank, they shall be num
bered ard registered in proper books
jto be prorided and kept for the pur
’ pose in the office of the comptroller
. general, and shall be countersigned
by him in the presence of one er more
■of the commissioners, ao that each
denomination of such circulating notes
ahall be of the same similitude and
Dear the uniform signature of such
register.
Sec. 3 Be it further enacted by the
authority aforesaid. That whenever
any bank or banking association, now
or hereafter chartered by the laws of
this state, shall desire to issue circula
ting notes, such bank or banking as
- ahall make and file with the
commissioner aforesaid a written ap
plication, verified by the oath of the
president and cashier, and of a major
ity of the directors of such bank or
‘banking association in which applica
tion ahall be shown:
1. The name of such bank or bank
-ing association.
2. The place where its operations
and business shall he carried on.
3. The amount of its capital stock
and the number of shares into whic.i
the same is divided.
4. A transcript of the records of
such bank or banking associate>a
showing the names and places of res
idence of the shareholders and the
number of shares held by each of
them.
5. The amount of capital etock ac
tually paid by eacli shareholder on
his shares of stock.
6. The compliance of such bank or
hanking association with nil other
conditions and requirement of this net
necessary te authorize it to become
a bank of issue aa herein provided.
7. That such application is made to
enable it to avail itaelf of the provis
ions of this act.
Sec. 4. Be it further enacted by tbe
authority aforsaid. That when such
application is filed, it shall be the
duty of the commission aforesaid to
inquire into the truth of the recitals
of such application, and may require
of each or any of tho shareholders of
such bank a statement nnder his oath
showing his financial condition, and
may require of any officer or director
any other or further ‘statement under
oath showing the financial condition
•f tho bank of the shareholders.
Sec. b, lie it further enacted by the
authority aforesaid. That the capi
tal stock of such bank 01 banking as
sociation shall not be less than twenty
five thousand dollars, bonafide sub
scriped and fully paid in by the stock
holders in gold, silver or lawful cur
ency of the United States.
Sec. 6. Be it farther enacted by
the authority aforesaid. That one
half of the cash fo paid in on the the
, capital ftock shaall be set apart and
kept on the deposit in ihe vaults of
said bank as a fund forlhe redemption
of the bills issued by said bank, and
fhall be used for no other purpose.
Sec. 7 Be it further anacted by the
authority aforesaid, That the remain
ing half of the capital stock so paid
in shall be invested in valin count) ,
municipal, State or United Stales
bonds, as follows:
Not less than one-half os said sum
shall be invested in valid state bonds
or bonds of the United States, but tho
balance may be invested in the valid
bond of any county or municipality
in this state, provided, however that
none of said bonds are below par of
their face value, and provided, fur
ther, that the commission aforesaid
shall approve such bonds.
Sec. 8. Be it further enacted by
the authority aforesaid, That said
bonds, When so purchased by said
bank or banking association, shall be
deposited with tho treasurer of the
state of Georgia, and by him safely
kept until the same are released as
hereinafter provided.
Sec. 9. Be it further enacted by the
authority aforesaid, That when such
bank shall have complied wi h the
provisions aforesaid, it shall be the
duty of said commissioners to issue to
said hank such amount of circulating
notes provided under section 2 of this
act, as as will be equal to three times
the amount of United States legal ten
der coins or currency deposited in
said bank under the provisions of sec
tion 6 of this act. The circulating
notes thus issued shall be of different
denominations as the bank may pre
fer, numbered, registered and coun
tersigned as aforesaid, and shall con
stitute a first and prior lien on all the
assets of the bank-
See. 10. Be it further enacted by
the authority aforesaid, That the cir.
culating notes thua issued and put in
circulation by such bank shall he
promptly paid in legal tender United
States coin or currency when presen
ted and payment demanded by the
holder at the office of such bank, and
failure or refuseal by such bank to ao
promptly redeem and pay its notea or.
demand ns aforesaid shall subject it to
all penalties and liabilities provided
by the laws of this state.
Sec. 11. Be it further anacted by
the authority aforesaid. That the
bonds deposited with the .treasury of
• his state, and also the United States
legal teuder coin or currency set apart
and kept on deposit in the vaults of
of said bank as provided in section 6i
of this act, and all other assets of the
hank shall each and both be end re
main security in pledge for the re
demption and payment of the circula
ting notes aforesaid, and ns additional
security for such purpose, the share
holders of said bank or banking asso
ciation shall be, and they are hereby
made liable to the extent of the
amount ot their stock therein at the
par value thereof, in addition to the
amount iuvested in such shares, which
liability shall bo and remain an addi
tional security for the redemption of
such circulating notes, and whenever
any impairment or reduction of the
fund in the vaults of the bank, devo
ted to the redemption of the bank’s
circulating notes, shall occur ao that
such fund Amounts to less than onc
third of the amount of outstanding
circulating notes, such redemption
fund shall be immediately increased
to au amount equal to one-third of
the outstanding circulating notes of
the bank.
Sec. 12. Be it further enacted by
the authority aforesaid. That the
peisonal liability of shareholders to
the amount of their stock, as provided
in section 11 of this act, shall not
cease for the period of sixty days
from date of any transfer of such
shares of stock by them.
Sec. 13. Be it further enacted by
the authority aforesaid. That such
banks shall, at nlltimes, have and
keep as reserve fund, in cash, an
amount equal to at least 25 per cent
•f the aggregate amount of its depos
its in such bank, tbe shareholders
shall l>c personally liable in an amout'
which, together with the amount of
their liability for the security of the
circulating notes aforesaid, shall equal
the amount of their stock in such
bank at the par value thereof, pro
vided, however, that such personal
liability is hereby pledged, first for
the security of the circulating notes
aforesaid, and subject thereto for the
security of depositors.
Sac. 14. Be it further enactad by
the authority aforesaid. That when
ever it shall appear to the commis
sioners aforesaid that any such bank
has permitted the reserve fund for
security of depositors, as aforesaid,
to fall below the amount prescribed
in section 13 of this act, the commis
sioners shall at once notify sticn bank
to make good such reserve; and if
such bank shall fail, for thirty days
thereafter, to make good such reserve,
the governor shall direct the attorney
general to institute legal proceedings
in the superior court o i the county
where such bank is located for the
appointment of a receiver, and for
the winding up and settlement of the
affairs of such bank.
Sec. 15. Be it further • acted by
the authority aforesaid, That, if at
any any of the bonds de| oiited by
said bank, as herein before required,
shall become valueless or depreciate
in valu*, the commissioners are hereby
authorized and aireeted to require
the banks to which the same belong
to replace said bonds with good and
valid bonds, so that the value of said
bonds deposited shall always remain
equal to the amount of the deposit
required by the provisions of this act.
Sec. 16. Be it further enacted by
the authority aforesaid. That the
commissioners shall make and deliver
to every bank which may deiosit
bonds with the treasurer of this slate,
in tiio terms of this act, a power of
attorney to receive the interest due
on said bonds al any time; but they
shall revoke such power of attorney
whenever, in their judgment, the
safety of the billholders require it,
a id all interest received on such bonds
by the commissioners shall be held
in trust on account of such bank.
Sec. 17. Be it further enacted by
the authority aforesaid, That the
bonds so deposited with the treasurer
thill not be withdrawn until said
bank shall have redeemed all of its
circulating notes and paid ail of its
de| oiitors, unless necessary to jjjtll or
In vj sold for the purpose of liquida
tion, provided, that any such bank or
banking association shall have the
privilege at any time of paying to
said commissioners, to be turned into
the state treasury, an amount of law
ful money of the United States equiv
alent to its outstanding circulating
notes, and shall thereupon be enti
tled to withdraw its bonds then on
deposit with said commissioners, and
the holders ot said circulating notes
shall thereafter present the same to
the state treasury for the redemption
or payment, and the said state treas
urer shall pay the same out of the
said hrfui money of the United
States so paid by such bank or bank
ing association.
Sec. 18. Beit further enacted by
the authority aforesaid, That every
such bank shall make four quarterly
reports during each year .o said com
missioners according to the form
prescribed by the latter, which re
ports shall be verified by the oath of
the president or cashier of such bank,
and attested by the signatures of at
least three of the directors. Each
report shall exhibit in detail -and un
der appropriate bends the resources
and liabilities of said bank at the close
of business on any past day by said
commissioners specified. Such re
port shall be by said bank transmitted
to said commissioners within five
days after the receipt of a request or
requisition therefor from the commis
rioners, and the same shall be pub
lished in the newspaper in which
sheriff's sales are published for the
county wherein said bank is located,
at the expense of said bank, and
proof of such publication shall be
furnished by Baid bank to said com
missioners as required by them-
Said commissioners shall also have
power to call for special reports from
any particular bank whenever in the
judgment of said commissioners the
same are necessary in order to a full
and complete knowledge of tho con
dition of such bank.
Sec. 10. Be it further enacted by
the authority aforesaid. That it shall
be the duty of tbe bank inspector,
now provided for by tbe laws of this
state, to visit every such bank as of
ten as directed by said commissioners
and make thorough examination of
the affairs of such banks, with full
power to examine any of the officers
or agents of *uch banks on oath, and
•hall make a full and complete report
of the condition of such bank or
banks to said commissioners.
Sec. 20. Be it further enacted by
the authority aforesaid. That it shall
be unlawful for any such bank to
loan in the aggregate more than 25
per cent of the amount of its capital
stock to the officers and directors
thereof, or to loan more than 10 per
cent thereof to any one of such offi
cers or directors.
Sec. 21 Bo it further enacted by
the authority aforesaid. That it shall
be unlawful for such bank to loan
any of its funds to any person on the
endorsement of any of its officers or
directors.
Sec. 22. Be it further enacted by
the authority aforesaid. That any
officer, agent or direclar of such bank,
violating the provisions of sectons 6,
21 and 22, of this act, or either of
them, shall he punished by imprison
went in the penitentiary for n term
not less than one year nor more than
twenty years.
Sec. 23. Be it further enacted by
the authority aforesaid. That no div 1
i dends shall be declared by any such
bank until after the net earnings
shall reach an amount equal to 5 per
cent of the capital stock, which 5 per
cent Bhall constitute a surplus, to
winch shall be added annually there
after 5 per cent of the net earnings
of the bank, and no dividend shall be
New Furniture Store.
HARMONY GROVE. GA.
New GOods and Jjow Prices !
Will save you money on Furniture. Coma and see me before buying
elswhore. Gunnels old stand, Carnesvllic St.
J. J. SHEPPARD.
NeveiHf ever! If ever!
In the History of the
DRY GOODS TRADE
Has there been shown such a Complete Stock as
M. METERS & CO.,
of Athens, are showing in their NEW STORE!
Dress and Fancy Goods!
Shoes of all kinds
CARPETS RUGS AND CURTAINS
TO SUIT EVERYBODY!
No matter what want, Come to see us and we can please
You in Goods and Prices.
WE QUOTE NO PRICES.
Come to SB3 us and prices will convinc you that we
MEAN BUSINESS.
M. MEYERS & CO-
declared at any time except from the
net earnings after deducting there
from 5 per cent of the same to be
added to the surplus as above pro
vided.
Sec. 24. Be it further enacted
That the cashier of the bank availing
itself of the privelege of doing busi
ness under the provisions of this act,
shall be required to furnish the gov
ernor of the state a good and suffi
cient bond in an amount equal to the
redemption fund held in the vaults
of such bank, and that this bond shall
be conditioned on the good and faith
ful stewardship ef said redemption
fund, as providen by law, and which,
in all instances, shall equal one-half
of the paid in c apital of the bank,
said bond to be de]>osited with the
state treasurer and made payable to
said treasurer.
Sec. 25. Be it further enacted by
the authority aforesaid. That all laws
aud parts of laws in conflict with this
act be, and the same arc, hereby re
pealed.
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