Banks and Banking. hereby made a first lien, after taxes or money due the State, on the entire assets of said bank, and said bank shall keep in its vaults at all times (in addition to the reserve fund now required by law) in legal tender notes or specie twenty-five per cent. of its outstanding notes, to insure the prompt redemption of said notes on demand. 73. § 6367. Circulated as money.-Such banks or banking associations A. 1898, p. as may comply with the provisions of this Act are hereby authorized, after securing and signing such circulating notes, in the manner required by the provisions of this Act, to make them obligatory promissory notes, payable on demand at the place of business within this State, of such bank or banking association, to loan and circulate the same as money, according to the ordinary course of banking business as regulated by the laws of this State. 73. § 6368. How payable.-If any bank or banking association, after A. 1898, p. receiving and putting in circulation such circulating notes, refuses or delays payment in lawful money of the United States of any such note put in circulation by it and presented for payment in the usual hours of business, it shall pay damages to the holder of such note at the rate of ten per cent. a year for the time during which such payment is delayed or refused, and the holder making such demand may make affidavit of the time and file such affidavit in the office of the Comptroller of the State; therefore the commissioners shall give notice in writing to the bank which circulated said protested note, and if it neglects to redeem the same in lawful money of the United States for ten days after such notice, said commissioners shall immediately, unless they are satisfied that there is a good and legal defense against the payment thereof, give notice by publication in one or more of the public gazettes of this State, one of which shall be published at the State capitol, that they will proceed to foreclose the lien given under the provisions of this act upon the entire assets of said bank, and having realized on said assets by sale or other process conformably to the laws of this State, shall apply the net proceeds of said assets to the payment of all the notes circulated by said bank in pursuance of and by authority of the provisions of this Act; and said commissioners shall adopt and resort to such other measures as will, in their judgment, most effectually prevent loss to the holder of said notes. Any sale of said assets shall be conducted publicly, but only after thirty days' notice of such sale in at least three of the principal newspapers in the State. 73. § 6369. Plates, dies, etc., custody of.-The plates and dies and A. 1898, p. materials, to be procured as aforesaid, for the printing, making and marking the circulating notes provided for by this Act, shall remain in the custody of the Comptroller-General, under the control and direction of the commissioners. The expenses necessarily incurred in executing the provisions of this Act shall be advanced and paid by the bank or banking association, each for its own, applying for such notes, and the commissioners are required to charge against and re A. 1898, p. 73. A. 1898, p. 73. A. 1898, p. 73. A. 1898, p. 73. A. 1898, p. 73. A. 1898, p. 73. Banks and Banking. ceive from such bank or banking association applying for such cir culating notes such rate per cent. thereon as may be sufficient for that purpose and as may be just and reasonable. § 6370. Amount of notes to be delivered to banks.-It shall not be lawful for the Comptroller-General to countersign the circulating notes authorized by this Act for any bank or banking association to an amount in excess of seventy-five per cent. of said bank's unimpaired paid up capital stock. If the Comptroller-General violates the provisions of this section, he shall be deemed guilty of a felony, and on conviction shall be punished by confinement in the penitentiary for a period of not less than one year or more than five years. 86371. Notes, how signed.-Before the notes received under the provisions of this Act are put in circulation, they shall be signed by the President or Vice-President and the Cashier of the bank or banking association to which they are issued. § 6372. Notes returned by banks to be destroyed.-Any bank may, at any time, return any portion of its circulating notes to the commissioners designated in this Act, and they, in the presence of the cashier or one of the directors of said bank, shall forthwith cause them to be destroyed, and a certificate thereof showing the number and amounts of such notes so destroyed shall be entered upon the proper books of the Comptroller-General, and signed by him and said cashier or director. § 6373. Worn or mutilated notes.--It shall be the duty of the commissioners aforesaid to receive worn out or mutilated circulating notes of any bank or banking association, which may accept the terms of this Act, and, after memorandum of the same shall have been entered by the Comptroller-General in the proper book or books, to cause the same to be destroyed in their presence, and a record of the destruction of such worn out or mutilated notes shall be made in the proper book or books of the Comptroller-General. Thereupon said commissioners shall deliver in place thereof to such bank or banking association other circulating notes to an amount equal to those mentioned in this section. § 6374. Denomination of notes.-No bank shall have in circulation at any one time notes in denomination under five dollars to an amount exceeding one-fourth of its capital actually paid in. $6375. Liability of shareholders.-The shareholders of such banks as may avail themselves of the privileges of this Act shall be, and they are hereby, made additionally liable to the amount of the face value of their shares for the circulating notes obtained and circulated under the provisions of this Act. No shareholder shall escape the liability imposed by this section by any transfer or sale of his stock, if such transfer or sale is made within sixty days before the surrender or forfeiture of its charter. No bank shall be permitted to avail themselves of the provisions of this Act except those whose charters conform to all the requirements of this Act. Banks and Banking. 73. § 6376. Diligence of Commissioners.-The chief officers, consti- A. 1898, p. tuted as a commission under this Act, namely, the Governor, the Treasurer, and the Comptroller-General of this State, are required to give diligence to the performance of the duties assigned. them by this Act; failure, neglect or refusal on the part of the above named officers to perform these duties shall subject them to all the pains and penalties now provided by the statutes of this State for failure, neglect or refusal to perform any other duties provided for by law. 73. $6377. Redemption of notes.-Every bank or banking association, A. 1898, p. which shall avail itself of the provisions of this Act, shall make such arrangements as may be necessary to insure the circulation of its notes at par in every portion of this State, and to this end shall name, subject to the approval of the commissioners, one bank in the State at which the circulating notes of said bank shall be redeemed at par; provided, that nothing in this section shall relieve any bank from its liability to redeem its circulating notes, at its own counter, in lawful money of the United States on demand. 73. $6378. United States tax.-Should the Government of the United A. 1898, p. States seek to collect the tax of ten per cent. on the circulating notes of any bank or banking association conducting business under the provisions of this Act, and said bank or banking association refuse to pay the same, the president thereof shall immediately notify the governor of all the facts in the case, whereupon the latter shall at once instruct and require the Attorney-General instantly to take whatever legal steps may be necessary to carry the question of the constitutionality of the said Federal tax of ten per cent. to the Supreme Court of the United States for final adjudication. 57. $6379. Obligations payable in silver bullion; form and amount x. 1897, p. of-Any State bank now existing under the laws of the State of Georgia, or that may hereafter be chartered under the laws of this State, may make, sell and deliver to any person or persons, who may purchase the same, the obligations of said bank in such sums as said bank may desire; said obligations to be signed by such officer of said bank as may be designated by it for that purpose and be directed to such other officer of said bank as may be selected by it. Said obligations shall be payable to the person or persons purchasing the same, or bearer, to the amount named in said obligations in merchandise silver bullion at retail; said obligations shall not be less than 7 1-12 inches long and 3 1-12 inches wide, and shall not be in similitude, in color or design of national bank notes or Federal currency; and shall be so printed or engraved as to be easily distinguishable therefrom. Said obligations shall not be issued by any bank to an amount greater than 50 per cent. of the fully paid-up, unimpaired capital stock of said bank. § 6380. Lien on all the bank's property.-All of the property, A. 1897, p. both real and personal, of any bank selling obligations of the kind and 57. A. 1897, p. 57. A. 1898, p. 72. A. 1896, p. 55. A. 1896, p. 55. A. 1896, p. 55. Uniform Amendment of Bank Charters. description hereinbefore set forth in paragraph 1 of this Act, shal! be, and the same are, hereby pledged, and a lien is hereby created thereon, for the payment of the obligations aforesaid in favor of the holders thereof, and said lien so created on the property of said bank, both real and personal as aforesaid, is hereby declared to be a prior lien to any judgment or decree, or lien whatsoever, except taxes due the State or any county or municipality thereof. § 6381. Bank not liable for tax on such issue.-Whenever the president of any State bank shall notify the Governor that any tax whatever is sought to be enforced against said bank, by reason of said bank having taken advantage of the provisions of this Act, it shall be the duty of the Governor to at once instruct and require the Attorney-General of the State of Georgia to take whatever legal steps may be necessary to prevent said bank from the payment of said tax. § 6382. Private banks, examination of.-[Act of 1897 p. 59, repealed.] UNIFORM AMENDMENT OF BANK CHARTERS. § 6383. Provisions of general law incorporated in special charters by amendment.-Any banking corporation of this State heretofore incorporated by any special Act of the General Assembly of this State, shall be entitled to have its said special charter amended, so as to incorporate therein any provision of the general law for the incorporation of banks, entitled "an Act to carry into effect paragraph 18 of section 7 of article 3 of the Constitution of 1877, as amended in relation to chartering of banks, to provide for the incorporation of banking companies by the Secretary of State, and for other purposes," approved December 20, 1893, and of any amendments of the same now made or which may hereafter be made. 86384. Method of obtaining amendment.-Whenever any bank may desire to have its said special charter amended, it shall, by resolution of its board of directors, authorize its president to make and file in the office of the Secretary of State a declaration in writing signed by said president and given under its corporation seal, designating the provision in the general law for the incorporation of banks above referred to, or of any amendment thereof, which it desires to have incorporated into and made a part of its said special charter. Such declaration must be accompanied by a copy of the resolution of the boards of directors and by a statement of the date of the said charter which it desires to have amended, and of any amendments thereto, certified by the secretary of the said board of directors, under the seal of incorporation, and a fee of twenty-five ($25.00) dollars shall be paid at the same time into the treasury of the State. $6385. Certified copy of declaration and amendment to be furnished applicant; publication of.-When the declaration is filed in the office of the Secretary of State as provided in the preceding sec tion, it shall be the duty of the Secretary of State, upon the applica Insurance companies; generally. tion of said president, to certify and deliver to him a copy of such declaration and certificate, and it shall be the duty of the said president to cause to be published in the official organ of the county in which said bank does business, once a week for four weeks, such certified copy declaration and certificate. 55. § 6386. Certificate as to publication; record of.—When said dec- A. 1896, p. laration and certificate shall have been published as provided in the third section of this Act, said president may apply to the ordinary of the county in which said bank does business, to certify the fact of the publication of said declaration and certificate, and it shall be the duty of such ordinary to certify the fact of such publication to the Secretary of State and upon said certificate being filed by the said president in the office of the Secretary of State, the Secretary of State shall issue to the said president a certificate of amendment of its special charter under the seal of the State, certifying that the designated provision of the general law for the incorporation of banks has by amendment of said special charter been incorporated into and made a part of the same; and that said corporation, in addition to the powers conferred by its said special charter, has the capacity and powers conferred by said amendment, and shall then and there record the declaration, certificate, and certificate of the ordinary, and certificate of incorporation in the order named. TITLE XIV. INSURANCE COMPANIES. Chap I. Generally. Chap. II. Foreign Fire Insurance Companies. Chap. III. Assessment Life Insurance Companies. Chap. IV. Mutual Insurance Companies, Insuring against loss by Chap. V. Fraternal Beneficiary Orders. CHAPTER I. GENERALLY. 76. § 6387. Capital stock, increase or diminution of.-The capital a. 1900, p. stock of any fire insurance company organized under the laws of this State, whether incorporated by special Act of the General Assembly or by the Secretary of State under the general law, may be increased to such an amount as may be desired by the stockholders of such company, or said capital stock may be decreased to any sum, not less than one hundred thousand dollars, as may be desired by the stockholders of such company, at a meeting of such stockholders, called for the special purpose by order of the board of directors of such |