Bill $Jp. 59, A BILL To authorize the Planters insurance, trust and loan company of the state of Georgia to establish branches in this state, and to confer certain pow- ers and privileges thereon. Jan. 30, 1865 — Read first, to be read second time. 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 6 politic and corporate, and as such, under the name and style of 6 'The Planters Insurance; Trust and Loan Company,' may pur- 7 chase, hold and acquire any property and estate, real and per- r 8 sonal, 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 seal; 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 528888 2 Bill No. 59. 14 be necessary or proper for them to have, use and enjoy as an ia- 15 corporated 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 com- 2 pany, whose capital, or such part thereof as they may deem ex- 3 pedient, may be invested in rail road company bonds ahd 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 con-' 15 tracts of companies, corporations and individuals; and to autho- 16 rize them as a company to make all requisite contracts, and espe- 17 cially 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 Bill No. 59. 3 21 elsewhere, for such price and upon such terras as may be agreed 22 on between them and the parties contracting with them ; and also 23 to make advances 6f money and of credit, and to deal in exchange, 24 foreign and domestic. 3. The capital of the company shall consist of shares of olie 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 con- 6 tingent liability which may be created in the course of the busi- 7 ness 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 pei-son 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 or- 20 ganize the company by the election of four or more directors; 21 and the directors (three-fourths of whom shall be citizens of the 4 BiU No. 59. 22 Confederate States) are hereby authorized and empowered, in 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 citi- 28 zen 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 lia- 31 ble 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 owuer shall not be liable for any 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 4 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 Eu- 7 rope 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 misappropria- Bill No. 59. 5 11 ting the assets of said company, or of any creditor thereof, with 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 misappropria- 1 6 tion ; and #uch officer or agent, upon conviction of such misap- 17 propriation, 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 man- 3 ner, 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." 6 . Bill No. 59. 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 Vir- 2 ginia, that said act of the general assembly of the state of Geor- 3 gia, 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: pro- 12 vided 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, Bill No. 59. 7 25 selected by the treasurer, with the assent of the said company ; 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 speciei payments, 40 then the said company sliall 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 there- 44 from a reasonable sum, not exceeding five hundred dollars per 45 unnum, for his services rendered by him as aforesaid. 2. Be it further enacted, that all acts and parts of acts con- 2 flicting 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.