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![handle is hein.slavery/ssactsal0226 and id is 1 raw text is: 18.97
[No. 15.] AN ACT
To reguIate the comino cerment ani porosecution of suits in certain caseq.
Section 1. Be it enacted by the Scn aleand [louse oflaRepresen-
tatives of the State of Alabania in General Asq, mbly Convened,
That the Bank of the State of Alabama and its llranchcs; shall be
authorised andswlien the samle can be done conveniently,aro required
to commence and prusecute all suits against the draivers and endor-
sets of every Bill of exchange and of every promisory note joint- Danksto Coma-
ly, that may be due and owing the said banks, and judgement shall mence suit.
be given against the parties thereto, jointly, and a joint execution
shall issue against the said parties; Provided, that the provisions of
this act shall not prevent the said parties f;rom making their defence
by separate plea, nor with the liabilities of the several parties to each Proviso.
other. And, Provided further, that it shall be the duty of the
clerk of the court, to endorse upon the execution which party is
drawer, first, second, third or other endorser, and that the monies
shall be collected out of the party first liable.
Approved. June .0. 1837.
[No. 16.]j AN ACT
'T extendth time of Indebttedness to the Baic of the State of Alabinn and its Branch.
eR, and legalizing the suspension ofspecic. payrmentsof the same, nod fur other iu.
posRe.
WLREAs, the 1ank of the State ofAbihama and its several Bran-
ches have recently suspended Specie payments; and whereas it is emble-
believed said suspension has been produced by causes beyond the 7 ea
control of the President and Directors of said 11inks, in the exercise
of ordinary prudence and caution.
Snc. 1. Be it enacted by the Y'enate and Hus.ie of Representa-
tives of the State of .&/abama in Ocueral Assembly convened, unsion <
That said suspension is hereby approved of and sanctioned, and ients appro-
that any and every provision of law now in force, requiring or au- ve.
thorizing proceedings against such Banks, with view to the farfeit.
ure of their charters, or by which forfeitures and penalties have
been incurred by them, he and the same are hotehy declared inope-
rative for those purposes; and that the suil charters remain in full
force and effect notwithstanding such suspension. Provided, that
the bills, notes, and obligations of said banks, shall be receivable as
heretofore at the treasury of this State and of the several counties, in
payment of fines and forfeitures accruing, notwithstanding such sus-
pension.
Ssc. 2. A,2ndbe itfurther enacted, That all debts now due to
said Banks, or which may be running to maturity in the same,
either by bills ofexchange, or promissory notes or judgments shall
be divided into three annual instalments, to wit: one of twenty-five Debtduo the
per cent, to becotme payable (luring the months ofiMarch, April May hanks divided
or June next; one of thirty-seven and a halfper cent to become due int t in.
and payable during the months of March, April, May or June in
the year one thousand eight hundred and thirty-nine; and one for
thirty-seven and a half per cent. to become due and payable during
the months of March, April, May, or June,in the year one thousand
eight hundred and forty, and the interest, calculated at eight per Interest.
cent upon the whole debt up to the time, when each insialment shall
become due, or each instalment shall be paid in the same manner of](ViewImageLocal?handle=hein.slavery/ssactsal0226&div=1&collection=&method=preview&ext=.png&size=3)