Neal v. Moultrie
Supreme Court of Georgia
Debt, in Bibb Superior Court. Tried before Judge Powers, May Term, 1852. This was an action of debt, brought by the plaintiff in error against the defendants, as directors of the Commercial Bank at Macon.
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Debt, in Bibb Superior Court. Tried before Judge Powers, May Term, 1852. This was an action of debt, brought by the plaintiff in error against the defendants, as directors of the Commercial Bank at Macon. The action is founded upon the following clause in the charter of the Bank: “ The total amount of the debts which the said corporation shall at any time owe, whether by bond, bill, note, or other contract, shall not exceed three times the amount of their stock paid in, over and above the amount of moneys actually deposited in their vaults for safe keeping.. In case of excess, the directors…
1Opinion of the Court
By the Court.
Nisbet, J.
delivering the opinion.
[1.] The important question made in this case is, whether the action is subject to the limitation of six months, prescribed by the Act of 1776, for penalties, fines and forfeitures. Prince, 576. It is an action of debt, brought by a creditor of the Commercial Bank, at Macon, as holder of the bills of that institution, against the defendants, as directors, under the 8th rule of the charter. *107This rule is made, by express provision in the charter, “ a fundamental article of the constitution of the Corporation.” That is, it is part and parcel of the…
2Cited by43 opinions
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