61

AN ACT

To amend and after the laws for the punishment of crimes and Misdemeanors,

Sec. 1. Be it enacted by the Legislative Council and House of Representatives of the Alabama Territory, in General Assembly convened, That from and after the passage of this act; in all prosecutions for capital offenses it shall and may be lawful, for the attorney general, or the person acting as such, to challenge a juror for good cause only, and it shall not be lawful for any peremptory challenge to be made to a juror, on the part of the Territory.

Sec. 2. And be it further enacted, That so much of an act entitled, act for the punishment of crimes and misdemeanors, as requires that the prisoner should be furnished with a list of the jury who are to pass on his trial, two entire days previous to such trial, shall be so construed, as not to disqualify any person who may be summoned as a talisman, in case of a deficiency of jurors of the panel, with


62

a copy of which such prisoner may have been served.

GABRIEL MOORE,

Speaker of the House of Representatives.

JAMES TITUS,

President of the Legislative Council.

APPROVED-13th February, 1818.

WM. W. BIBB,,

Governor of the Alabama Territory

 

---------

 

AN ACT

 

To establish the Tombeckbe Bank, in the Town of St. Stephens.

Sec: 1. Be it enacted by the Legislative Council and House of Representatives of the Alabama Territory, in General Assembly convened, That there shall be established, in the town of St. Stephens, a Bank, the capital stock of which shall not exceed Five Hundred Thousand Dollars, divided into Five Thousand Shares, of One Hundred Dollars each; and the subscriptions; towards constituting said stock, shall, as soon as may be after the passage of this act, twenty days notice being previously given, in some newspaper of St. Stephens, be opened in the said


63

town, under the superintendance of David Files, James A. Torbert, Dennison Darling, Thomas I. Strong, Israel Pickens, James G. Lyon, Jack F. Ross, William Crawford, Abner Smith Lipscomb, William D. Gaines, Nathan Whiting, Thomas Crowell and George Buchanan, and shall remain open twenty days at least, and until the sum of seventy thousand Dollars shall be subscribed: and the money thus subscribed, shall be paid one-eighth part thereof, at the time of subscribing, three-eighth parts thereof, as soon as the Bank may be carried into operation; each of which payments shall be made in specie; when the directors shall give notice thereof, by advertisement, to be published in some newspaper printed in the said town of St. Stephens, at least thirty days previously to the day on which the subscribers shall be required to pay the same; and the remainder at two equal installments, at sixty and one hundred and twenty days thereafter; and as soon as the sum of seventy thousand dollars shall be subscribed, the subscribers, their successors and assigns, shall be a body


64

politic and corporate, by the name and style of the President, Directors and Company of the Tombeckbe Bank; and shall so continue until the last day of December, one thousand eight hundred and thirty eight; and by that name shall be able and capable in law, to have, purchase, receive, possess, enjoy and retain, to the use of them and their successors, lands, tenements, hereditaments, goods, chattels and effects of what kind, nature or quality forever, to an amount not exceeding the sum six hundred thousand dollars; & the same to grant, alien & dispose of at pleasure, & shall, by the name aforesaid, be capable and liable in law, to sue, and be sued, plead and be impleaded, answer and be answered, defend and be defended, in any suit, matter, action or thing depending in any court of law or equity; and, also, to have and keep a common seal, and the same to break, alter or amend, at pleasure; and, also, to ordain, establish and put in execution, such bye-laws, ordinances and regulations, not contrary to the laws of the United States, or of this Territo-


65

ry, as they may deem necessary and expedient for the good government of the said corporation; and, generally, to do and execute all and singular acts, matters, and things which are necessary and incident to bodies corporate, subject to the rules and regulations hereinafter prescribed and declared.

Sec. 2. And be it further enacted, That the following rules and regulations shall form and be the fundamental articles of the constitution of the said corporation, to wit: 1. The number of votes to which the stockholders shall be entitled in voting for directors, shall be according to the number of shares he, she, or they hold, in the proportions following, that as to say: for each and every share; not exceeding five, one vote, for every two shares above five and not exceeding nineteen, one vote; for every three shares above nineteen, and not exceeding forty-nine, one vote; for every four shares, above forty-nine and not exceeding seventy-three, one vote; for every six shares above seventy-three and not exceeding ninety-seven, one


66

vote; and for every eight shares above ninety-seven, one vote; but no person, copartnership, or body politic shall be entitled to a greater number than one hundred votes; and after the first election, no share or shares shall confer a right of voting which shall not have been holden three calendar months previous to the day of election, and stock holders away vote by proxy.

2. Not more than three fourths of the directors who shall be in office at the time of an annual election shall be elected for the next succeeding year; and no director shall hold his office, more than three years out of four, in succession; but a director who shall be a President at the time of any election, may always be re-elected.

3. None but a stockholder, a resident citizen of this Territory, shall be a director; nor shall any director be entitled to any emolument; but it shall be lawful for the President to receive such compensation as the stockholders shall, at a general meeting, assign to him.

4. Not less than seven directors


67

shall constitute a board for the transaction of business, of whom the President shall always be one, except in case of sickness or necessary absence, in which case, his place may be supplied by another director, whom he, by writing under his hand, shall depute for that purpose, and the director, so deputed, may do and transact all the necessary business belonging to the office of the President of the said corporation, during the continuance of the sickness or necessary absence of the President.

5. It shall be lawful for the Directors to call a general meeting of the stockholders at any time they may deem it necessary and expedient, and a number of stockholders not less than twenty, who together shall be proprietors of one hundred shares, or upwards, shall have power, at any time, to call a general meeting of the stockholders for purposes relative to the institution, giving at least six weeks notice in the newspapers of St. Stephens and specifying in such notice the object or objects of such meeting.

6. The Directors shall have power, at all times, on giving at least four


68

days notice, in a St Stephens newspaper, to open subscriptions for stock until the whole capital stock is subscribed. Provided, that no person shall subscribe for more than ten shares within the first ten days after the subscription shall be opened.

7. The Cashiers or other officers, clerks and servants of the corporation, shall, previously to entering on the duties of their offices, respectively, give bond with such security, and in such form as the directors shall require; conditioned for the faithful discharge of their duties respectively.

8. The total amount of the Bills emitted by the corporation shall never exceed three times the amount of the capital stock actually paid in; and in case of excess the directors, under whose administration it shall happen, shall be liable for the same in their natural and private capacities; and an action of debt may, in such case, be brought against them, or either of them, or any of their heirs, executors, or administrators, in any court of record in this Territory, by any creditor or creditors of


69

the said corporation; and may be prosecuted to judgement and execution, any condition, covenant, or agreement, to the contrary notwithstanding; but the corporation shall not on account of this provision be the less liable for and chargeable with the said excess; such of the said directors who may have been absent when the said excess was contracted or created, or who may have dissented from the resolution or act whereby the same was contracted or created, may, respectively, exonerate themselves from being so liable by, forthwith, giving notice of the fact, and of their absence or dissent, to the stockholders at a general meeting, which they shall have power to call for that purpose.

9. The corporation shall not take more than at the rate of six per centum per annum, for or upon its loans or discounts.

10. The stock of the corporation shall be assignable and transferable, according to such rules as may be made in that behalf by the directors.

11. The Bills obligatory and of credit, under the seal of the said


70

corporation, which shall be made to any person or persons, shall be assignable by endorsement under the hand or hands of said person or persons, and his, her or their executors and administrators, and of his, her or their assignee or assignees, and so as absolutely to transfer, and vest the property thereof in each and very assignee or assignees, successively, and to enable such assignee or assignees, and his, her, or their executors, or administrators, to maintain an action thereupon, in his, her, or their own name or names; Provided, that said corporation shall not make any bill obligatory or of credit, or other obligation, under its seal, for the payment of a sum less than five hundred dollars; and the bills or notes which may be issued by order of said corporation, signed by the President and countersigned by the Cashier thereof, promising the payment of money to any person or persons, his, her, or their order, or to bearer, although not under the seal of the said corporation, shall be binding and obligatory upon the same in like manner, and with like force and effect, as upon any private person, if


71

issued by him, her or them, in his, her or their private or natural capacity, or capacities, and shall be assignable and negotiable; in like manner as if they were issued by such private person or persons; that is to say, those which shall be payable to any person or persons, his, her, or their order, shall be assignable by endorsement, in like manner and with the like effect, as foreign bills of exchange now are; and those which are payable to bearer, shall be assignable and negotiable by delivery; Provided, that all bills or notes so to be issued by said corporation, shall be made payable on demand, other than bills or notes for the payment of a sum not less than fifty dollars each, and payable to the order of some person or persons; which bills or notes, it shall be lawful for said corporation to make payable at any time not exceeding sixty days from the date thereof.

12. Half yearly dividends shall be made of so much of the profits of the Bank, as shall appear to the Directors available; and once in three years the Directors shall lay before


72

the stockholders at a general meeting, for their information, an exact and particular statement of the debts which have remained unpaid after the expiration of the original credits, for a period of treble the term of that credit, and of the surplus of the profits, if any, after deducting losses and dividends. If there shall be a failure of the payment of any part of any sum subscribed to the capital of the said Bank by any person, copartnership or body politic, the party failing shall lose the benefit of any dividend which may have accrued, prior to the time for making such payment, and during the delay of the same.

13. No note shall be issued of less amount than one dollar.

Sec. 3. And be it further enacted, That if any person or persons shall be indebted to said corporation, as maker or endorser of any note, bill, or bond, expressly made negotiable and payable at said Bank, and shall delay payment thereof it shall be lawful for the corporation, after having given at least ten days notice thereof, and producing to the Court


73

before whom the motion is made, the certificate of the President of the Bank, that the debt is really and bonafide the property of the Bank, to move for judgment and the award of execution against such debtor or debtors, his, her, or their heir or heirs, executors or administrators, in any Court of record within this Territory: Provided, always, that if the defendant or defendants shall appear & contest the claim, the Court shall, instanter, impannel a jury to try the issue, and thereon give judgement accordingly: and provided, also, that no note, bill or bond, shall be negotiable at said bank, unless it shall be so expressed on the face of such note, bill or bond, and all debts due from the said corporation, by bond, bill, note or otherwise, to any individual or body corporate, may be sued for and recovered in like manner.

Sec. 4 And be it further enacted, That as soon as the sum of seventy thousand dollars shall be subscribed with the superintendents, it shall be lawful for them to rent or lease a house and sit it for the business of the Bank, to procure paper, plates


74

chests, books, stationary and whatever may be necessary to begin the operations of the Bank; and as soon as they shall have made such progress therein, as will justify the measure, call a meeting of the stockholders in the town of St. Stephens, of which they shall give public notice for twenty days, in some newspaper printed in St. Stephens; and at such meeting of the stockholders they shall proceed to the election of thirteen directors, who shall continue in office until the first Monday in January following, when there shall be a new election, and soon, in each and every year on the same day, until there shall be a dissolution of the corporation. Immediately after each election the directors shall meet and choose one out of their own body as President. In case of death, resignation or absence of a director or of the President out of the Territory, for upwards of six months the vacancy may be supplied by a majority of the board.

Sec 5. And be it further enacted, That for all debts contracted by said


75

corporation, either by bond, bill, or note, or other contract, the stockholders, at the time the said debt or debts may have been contracted, shall be liable for the same in their natural and private capacities, in proportion; to the number of shares by them held, and may be proceeded against therefor, jointly or severally, in any court having jurisdiction of the same; but this provision shall not be construed to exempt the said corporation, or the lands, tenements, goods or chattels of the same, from being also liable.

Sec. 6. And be it further enacted, That it shall be the duty of the directors to reserve, for ten years two fifths of the said capital stock, to be subscribed for by the Territory or State as it may be, at any time within the ten years: and at any time the Legislature of the Territory or State shall have the aforesaid two fifths, or any part thereof subscribed for; then the Governor of the Territory, or State, shall have power to appoint a number of Directors, proportionate to the number of shares held by the


76

Territory or State, in said Bank, and the stockholders shall, at the next annual election, proceed to the election of the residue of the Directors, as authorized by this act; and the Territory or State shall be liable for all debts contracted by said Bank, in their capacities as such to the extent of the interest held by the Territory or State in said Bank.

GABRIEL MOORE,

Speaker of the House of Representatives.

JAMES TITUS,

President of the Legislative Council:

APPROVED- 13th February, 1818.

WM W. BIBB,

Governor of the Alabama Territory

 

---------