Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-03-02
GENERAL ASSEMBLY,.

Begun and held at the Capitol IN the CITY
Of Richmond. ON Mo- day the sixth day Of
December, in the year f our Lord one |
Thousand eight hundred and thirteen, and |
otthe Commonwealth. the thirty eighth.
IN act for extending the Charter of the
Bank ofprgiiia. ana. for othe, t,rhoses.
Passed January gath, 1914
WHEREAS the stockholders Of the Bank
OF Virginia have at their late general meet
ing authorised the pres entation of a memoirs
al to the General Assembly, praying for an
extension OF their charter, and an augmen-
taiion of their capital stock, and duly au-
thorised committee of their bod, to agree
with the proper authorities of the Common
wealth on the terms and conditions ON which
| such extension OF the said charter and aug
| mentation of capital stock shall take place !.
| and the SAID committee representing tho
stock hoiders, to carry into effect the objects
OF the said memorial, has proposed for the
| acceptance Of the Genera. Assembly, the
following as their terms and conditions of a
1 mutual compact between the said stockhold-
y ers and the Com monwealth, to wit:
i First, That the charter of the said Bank
hall be EXTENDED the Term of fifteen years
commencing the first Of May eighteen hum
dred and sighteeH, at which time the orig,,
nal Charter would expire; its capital stock
/ augmented one million of dollars immediate.
ly, to be divided into ten thousand shares of
me hundred dollars each, ard be further
augmented two ha,idreu and forty thousand
dollars in two Thousand four hundred shares
at one hundred dollars, in the manner and
tor the benefit specified in the next stiprla.
tion following
Second, That the old stockholders, shall
pay tor the benefit OF the state twenty dol
lars on each share of their stock i'm sixteen
semi annual instalments of one anda quar-
ter dollars each, commencing at the first di-
vidsnu after the FIRST of May eighteen hum
dred and eighteen. to be reserved out of the
hrst and every subsequent dividend after the
first of May eighteen hundred and eighteen.
until the twenty dollars on each share shall
be paid; and that at the first dividend alter
the hrst of May eighteen hundred and eieh,
teen the capital stock of the said Bank shall
pe augmented the sum of two hundred and
forty Thousand dollars, in two thousand four
hundred shares of one hundred dollars each.
to be for the sole benefit of the state, or it's
assigns, on which the like dividend shall be
payable to the state or it's assigns, that the
state or any other stakeholder would be en-
Titled to ON an equal quantity of other stock
vi the said Bank fr NJ and after the first di-
vidend ter the first of May eighteen hun
dred and eighteen. The said two thousand
tour hundred shares of stock to be paid Tor
by SAID twenty dollars payable as aforesaid
oy the old stockholders on each share of
| their stock.
! Thirdly, That from and after the com.
mencement of the renewed charter, the
Bank OF Virginia shall have right under
| that Charter to the deposit ofone moiety on,
~ OF the inactive or surplus money in the
public L easury.
| Fourthly, That of the said augmented
stock of one million of dollars in ten thou sand
| shares OF one hundred dollars each. eight
Thousand shares shall be disposed of, and two
thousai q shares reserved TOR the state. The
state SNAIL have the privilege of disposing of
or selling eight thousand shares at any time
| before the thirty first Of March eighteen
hundred and tuurteen. buff the sale should
not be effected IN that time by the state, the
| SAID stockholders by their directors IN Richr
rfIond are to have the privilege of dispos,ns
OF the said shares or so many as shall re
man unsoidby the state, on the best terms
| that Can be obtained, for the benefit of the
corporation. But the sales of this stock by
the state or by the stockholders are to be
! made on such terms as TO ensure the pay>
| ment OF one hundred dollars on each share
into the Bank on or before the first of NAV
eighteen hundred and fourteen. and the
stockholders are bound to- sell such part of
the stock as may devolve OH them to sell.
SO as to ensure the said payment of one hun
dred dollars on each share on or before the
| hrst OF May eighteen hundred and fourteen
IL such sale Can be effected before that time
at par. And on The said eight thousand
SHARES there shall be paid twenty five dol.
lars on each share, payable in twenty semi
annual instruments, which twenty five per
centum shall be paid BY semi annual reser
yations ut one dollar and ii quarter out of the
semi-annual dividends on each share com,
| mencing the first dividend on the said eight
Thousand shares, and continuing until the
| sain twenty hive per cenIum be paid, which
reservations shall be applied TO pay the a
| mount OF two hundred thousand dollars
stock, or two thousand shares reserved for
the benefit of the state. On this new stock
| OF ten thousand shares no dividend shall be
! payable until the first of January eighteen
hundred and fifteen.
Fifthly, That the said Bank shall have
the privilege of establishing at any time
| hereafter an Office of discount and deposit
at Lynchburg upon the same terms with
NOSE al Norfolk, Petersburg and Frede-
| ricksburg.
Sixthiy, That notes made negotiable and
payable at the Bank of Virginia, or any of
it's Offices, shall be placed on the footing of
foreign bills Of exchange.
| Seventhly, The Bank Of Virginia obliges
itself to loan to the state whenever required
a sum or sums OF money not exceeding three
hundred and fifty thousand dollars on state
STOCK to be transferable in the manner to be
| prescribed by law, and to be issued under
me authority of the STATE, to bear an inte-
rest OF seven per cent. payable quarter year.
! ~, the state to be under no obliga alton to re-
deem the said stock before the FIRST of ia
1 ruarY eighteen a ,fndred and tmant. ni..