Acts Passed at the Second Session of the Twenty-Fourth General Assembly of the State of Tennessee, 1842 (Classic Reprint)

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Excerpt from Acts Passed at the Second Session of the Twenty-Fourth General Assembly of the State of Tennessee, 1842State of Tennessee, That the Pre sident and Directors of the Bank of Tennessee, be, and they are hereby permitted to issue and put into circulation such an amount of notes under the denomination of ten dollars and not less than one, as they may deem expedient, Provided, That the amount so issued shall be divided between the Bank and Branches, in proportion to their respective capitals, and that the several Stock Banks in the State of Tennessee, to wit: the Planters' Bank of Tennessee, the Union Bank of Termessee and the Farmers' and Merchants Bank of Mem Phis, shall have the right and they are hereby permitted to issue and put into circulation 'bills of the denomination of one dollar and upwards to the denominati on of five dollars, to an amount expedient and necessary to the present te lief of the community, in the discretion of the President and Directors of the several Banks respectively: Provided, however, that the right and power by this act given to said Stock Banks, shall not be taken, deemed or construed, as an additional grant of power to the incorporated rights and powers of said Banks respectively, but in the use and ex ercise of the right and power by this act given, said Stock Banks shall be subject to the action of this General Assem bly, who ma at any time alter, rescind, repeal or amend the right an power by this act given to said Stock Banks: Provided, that the right thus given to the aforementioned Banks to issue small notes, shall ex ire on the first day of January, 1845, unless a new Legisfhtive grant is obtained to that effect. But if they suspend specie Pa meats, their power to make such issues shall cease entirelgr.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.