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Whereas, it appears that the general assembly of the state of
2 Georgia have passed an act entitled an act to incorporate the
3 Planters insurance, trust and loan company, and to confer certain
4 powers and privileges thereon, in the words following, to wit:
“1. Be it enacted by the senate and house of representatives
2 of the state of Georgia, in general assembly met, and it is hereby
3 enacted by authority of the same, that the owners of the shares
4 herein authorized to be issued be and are hereby made a body
5 politic and corporate, and as such, under the name and style of
6 ‘The Planters Insurance; Trust and Loan Company,’ may purchase,
7 hold and acquire any property and estate, real and personal
8 and the same may use, let, lease, mortgage, transfer and
9 convey, and otherwise dispose of; and may sue and be sued,
10 plead and be impleaded, contract and be contracted with, and use
11 a common seat; and the same may change at pleasure; and may
12 make by-laws and regulations for the management of their affairs,
13 and have and use all the rights, powers and privileges which may
15 company: provided said company shall not hold in
16 this state at any time more real estate than may be necessary for
17 the convenient transaction of business, unless it be purchased
18 bona fide in payment of debts.
2. The purpose of this act is to organize an incorporated company,
2 whose capital, or such part thereof as they may deem expedient,
3 may be invested in rail road company bonds and shares,
4 and other public and private securities, which being placed in
5 Europe or elsewhere, may be sold or otherwise become the basis
6 of a credit enabling such company to obtain money or credit
7 upon such time and upon such terms as to enable them to use
8 the same in loans and advances to rail road companies, planters,
9 manufacturers and others, at a less rate of interest and for a longer
10 period than such loans and advances are usually made by banks,
11 and also to authorize them to insure houses, goods and all species
12 of property against damage or loss by fire or water, or any other
13 casualty; and also to make insurance of lives, and to guarantee
14 the payment of notes and bonds and the performance of the contracts
15 of companies, corporations and individuals; and to authorize
16 them as a company to make all requisite contracts, and especially
17 to receive and hold, on deposit and in trust, any estate or
18 property, real and personal, including notes, bonds and accounts;
19 and the same to purchase, collect, adjust and settle; and to sell
20 and dispose thereof in any market, in the Confederate States or
22 on between them and the parties contracting with them; and also
23 to make advances of money and of credit, and to deal in exchange,
24 foreign and domestic.
3. The capital of the company shall consist of shares of one
2 hundred dollars each; and that fifty per cent. thereof shall be
3 appropriated for, and used as the active capital; and that fifty per
4 cent. shall be invested by the directors in good securities, and
5 held as a reserved fund, pledged for the payment of any contingent
6 liability which may be created in the course of the business
7 of the said company. And should any part of the reserved
8 fund be at any time used in payment of such liability, it shall be
9 the duty of the directors to reinstate the sum thus taken for that
10 use, by appropriating thereto so much of the current income of
11 the company, as may be requisite therefor; and no distribution of
12 profits shall at any time be made, so long as there may be any
13 deficiency whatsoever in the fund reserved as aforesaid: and Duff
14 Green, William Moughon, Augustus Seaborn Jones, William B.
15 Johnson and John L. Jones are hereby appointed commissioners;
16 and they, or a majority of them, may, in person or by proxy, at
17 such times and places as they may deem expedient, open books of
18 subscription; and when four thousand shares shall have been paid
19 in, or satisfactorily secured, the subscribers may proceed to organize
20 the company by the election of four or more directors;
21 and the directors (three-fourths of whom shall be citizens of the
23 name and behalf of the said company, to have and exercise all
24 the rights, powers and privileges which are intended to be herein
25 given; and may from time to time increase the resources of the
26 company, by borrowing money on the pledge of their property,
27 or without such pledge, or by new subscriptions; and any citizen
28 or subject, company or corporation of any state, government
29 or country, may subscribe for, purchase, own and hold shares in
30 the said company; and the owner of such shares shall each be liable
31 for, and bound to pay the said company the sums due or to
32 become due upon such shares; and which sum or sums being
33 paid, such owner shall not be liable for airy further payment on
34 account thereof; and when new subscriptions are made, the
35 shares may be issued at par, or sold for the benefit of the owners
36 of shares previously issued.
4. The by-laws may prescribe the number of, and the manner
2 in which the directors and officers and agents of the company
3 shall be appointed, and designate their term of service, powers,
4 duties and compensation. The principal office shall be at Macon,
5 in this state; but the directors, under such rules and regulations
6 as they may approve, may establish branches and agencies in Europe
7 and elsewhere; and the said directors may require all the
8 officers and agents of the said company to take an oath that they
9 will faithfully and honestly, to the best of their ability, discharge
10 their duties as such; and any such officer or agent misappropriating
12 fraudulent intent, shall be personally liable; and all the property
13 and estate of such officer or agent shall be subject to, and bound
14 for the payment of any damage or loss, which the said company
15 or creditor thereof may suffer on account of such misappropriation;
16 and such officer or agent, upon conviction of such misappropriation,
17 shall be held to be guilty of felony, and may be
18 fined in a sum not exceeding one thousand dollars, and imprisoned
19 in the penitentiary of this state for a term not exceeding ten
20 years, at the discretion of the court before whom the conviction
21 is had.
5. So much of the capital of said company as may be used
2 within the limits of this state, shall be assessed in the same manner,
3 and there shall be paid thereon the same tax as is assessed
4 and paid on the capital of other insurance companies in this state;
5 and all acts and parts of acts conflicting with the provisions of
6 this act, are hereby repealed.
6. That this act shall take effect and be in force for thirty
2 years from and after its passage, and until the same be modified
3 or repealed.
7. Be it further enacted, that nothing contained in this act
2 shall be so construed as to give to foreign capitalists a controlling
3 influence in this corporation; but the same shall always be under
4 the direction and control of the shareholders of the Confederate
5 States, or a majority of the stock owned by them.”
Now, therefore, that the said company may be authorized to
2 establish branches in this state:
1. Be it enacted by the general assembly of the state of Virginia,
2 that said act of the general assembly of the state of Georgia,
3 as above recited, be and the same is hereby re-enacted and
4 affirmed, and the said Planters insurance, trust and loan company
5 be and are hereby authorized and empowered to have and exercise
6 within this state all the rights, powers and privileges given and
7 intended to be given by the said recited act (so far as the same
8 is not in conflict with the laws of this state, or inconsistent with
9 the provisions herein after made), and to establish branches in
10 this state, and to issue notes as. currency for a sum not to exceed
11 half the sum of the paid up capital of the said branches: provided
12 the said company shall deposit with the treasurer of this
13 state, as security for the payment of said notes, a sum in rail road
14 bonds or shares, equal to twice the sums of the notes issued from
15 their branches and agencies located in this state: and provided
16 further, that the outstanding bonds issued by a rail road company,
17 whose bonds may be deposited as aforesaid, shall not exceed the
18 value of the assets of such company, estimating the rail road and
19 equipments and real and personal estate at cost. And it shall be
20 the duty of the treasurer of this state to receive the bonds or
21 shares of rail road companies, in whole or in part, of said deposit,
22 and to hold the same in trust as a security for the payment of the
23 said notes; which notes, before they are put into circulation,
24 shall be countersigned by a competent, trustworthy person,
26 which person, for countersigning the said notes, shall receive a
27 reasonable compensation, to be paid by the said company. And
28 in case of non-payment of any of the said notes, the holder may
29 cause protest to be made; and upon proof thereof, thirty days'
30 notice having been given to the said company, if the requisite
31 funds be not otherwise provided, then it shall be the duty of the
32 treasurer to sell so many of the said bonds or shares, deposited as
33 aforesaid, as may be requisite therefor, and with the proceeds of
34 such sale to redeem the said protested notes; and, until the other
35 banks of this state are required to resume specie payments, the
36 said company shall redeem their notes with the treasury notes or
37 the certificates of indebtedness of one of the Confederate States
38 or of the Confederate States; and whenever the other banks of
39 this state shall be required by law to resume specie payments,
40 then the said company shall redeem their notes with specie; and
41 the treasurer shall receive the interest and dividends falling due
42 on the bonds and shares held by him on deposit as aforesaid;
43 which shall be paid over to the said company, deducting therefrom
44 a reasonable sum, not exceeding five hundred dollars per
45 annum, for his services rendered by him as aforesaid.
2. Be it further enacted, that all acts and parts of acts conflicting
2 with the provisions of this act, be and the same are hereby
3 repealed.
3. This act shall be in force from its passage, and shall be
2 subject to amendment, modification or repeal, at the will of the
3 general assembly.