Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-02-16

iohsAihcnt Oh an once OF discount and depO
sit at the Town of Lynchburg, and a, one
other place they may select on the east side
OF the AIlegany mountain, to be organized
IN all respects on PRINCIPLES similar to those
whichappertain to the offices of discount and
deposit already established. And all Notes
or Bills negotiable or negotiated, at the said
BANK or any OF its Offices, shall be, and the
| same are hereby placed on the same footing
as foreign Bills of exchange, so that the like
remedy may be had for the recovery there-
OF against the maker or makers, drawer or
drawers, accertor or acceptors and endorser
or endorsers, jointly or severally, or other>
wise, and with like effect as to the principal
deot, interest and costs or charges of protest
and every thing else as by law is given on
foreign bills Of exchange. except so far as
relates to damages which shall not be recos
verable; any law, customer usage TO the
contrary Notwithstanding.
dnd be IL fsrfhc, enacted, That the capital
stock OF the said bank shall be augmented by
the addition of one million of dollars, to be di.
vided into ten thousand shares of one hundred
collars each, eight thousand Of which shall be
disposed of i'm the manner spec fed i'm the fourth
article of the before recited compact, and
ne remaining two thousand shares shall be for
the s le benefit of the commonwealth, t. be
paid for in the manner therein specified And
| " ihaAc shS privilege reserved 10 the Z mmOu>
wealth by the said fouth article available to the
com sennE ealth,
IS, BE a further enacted That the treasurer and
the auditor o. pubic accounts be, and they are
hereby constituted agents for the commonwealth
with iull power TO dispose of and sell, in the
mariner that To them shall seem most beneficial
10 the commonwealth, the said eight thousand
shares OF the new stock proposed to be immedi-
ately added to the capital Of the Bank Of Virgil.
ma; and the said agents arc hereby authorised
and required to advertise forthwith, after the
passage ofthis act, in newspapers printed in the
':'ty OF ichmond, and such others as the time
limited for disposition sale Of the said stock
VIII allow, that he sale or other disposition of
the said stock will commence under their di-.
| rection. in the city of Richmond, at such place
and on such day or days, previous to the thirty
hrst day of M.rch. eighteen hundred md four.
teen, as to them may seem most expedienr.--
And the said agents are hereby required SO to
conduct the sale or other disposition, as to pre-.
vent as Far as practicable the monopoly OF the
whole or any large portion Of the said stock, by
any individual, association, company OF corpo.
| ration IF by the terms of sale or other DISPOSE
ton ofthe said stock, credit shall be given for
the purchase of the whole or any part of the
stock sold or otherwise disposed OF which c e.
dit the said agents, in t. cir discretion are au-
thorised to give, provided such CT. dit shall not
extend beyond he Thrift, tn day of April, eigh-
fault in the payment by any purchaser OF the
sad stock, of the whole any part of the par
chase on the day on which payment in whole
or in part should by the terms OF sale, or other
disposition Of the stock be made, the right OF
the purchaser or purchasers therein, and all
payments made before such default shall be
utterly farfeited, and it shall be lawful for the
president and dir, otors of the sad bank in
Richmond, TO expose the stock thus forfeited to
immediate sale, for ready money, and from the
proceeds OF sale to pay into the bank the monies
due on such stock, and the residue, aftes de-
ifay ing All rSPensc,, TO pa. ov 60 tire o-igtnat
proprietor whose right may have been, by the
foregoing clause forfeited and IL the foriei tied
stock, on such sale, should not produce the
amount due thereon, then it shall be l-wful for
the president, directors and company of the
said bank, To recover any defect, by motion IN
any court of record within this commonwealth,
nm giving to he party charged ten days previ-
Gus notice. No sal other disposition of the
said stock, or any part thereof, shall be m de
by the said agents fer less than one hundred
dollars per share When payments for the pur-
chase ofthe new stock shall be fully made. Ger.
ti6cates Of stock shall BE- issued by the said
corporation to those who may have purchased
and made such full payment OF shalt be other.
wise entt;ed and the new stock shall be trans.
ferabe and assignsble a. the other stock, and
shall confer or the holder thereof, such rights,
privileges ana 1mfnuniLleS as StOCRnOQerS and
as members of the corporation Of the Bank of
Virginia, as belong to the holders of The old
stock, except so far as the terms and conditions
of the before recited compact may affect them.
The dividends on the said 5000 shares stall be
liable to the r-servat ons mentioned in the fourth
article Of tie said compact to pay for the two
thousand shares of the new Stock by that ar
ticle reserved to the commonwealth, in Write
of which shares, tive hks rights, privileges AMI
mr. bel tn ne ali u
as appertain to tho shares reserved to the com.
nonweath by the original charter. And the
said agents shall he entitled to one and half
per centum on the surplus above one hundred
dollars for each share, that the said stock may
sell for
md be IL further enacted, That should the
whole or any part OF the stock he not sold or
disposed of by the agents of the commonwealth
mentioned in the twelfth section o. this ct,
by which event the sale or disposition will de-
voivc on the said corporation, for the b neft
OF the said corporation, then the purchaI
ser or purchasers from the said corporation
shall he iable 20 the like forfeitures for default
Of any payment or payments, and the corpora
ton entitled TO the like remedies as are pr,vi.
ded and prescribed in like cases by the twelfth
section of this act, in cases of sales or ether
d ,positon by the agents ofthe commonwealth,
and default OF payment by the purchaser or
purchasers.
Nothing IN 'his act rs Intended or shall be
construed TO impair or in anywise invalidate
any Of the terms or conditions of the before.
recited comp. CT.
THIS act shall commence and be in force IRON
and after the passing ther eof.
"a true Copy from the Roll
gro VIM SMITH, for
WIN. MUNFoRD, Keeper
Of the rolls
nfIN conformity to the authority vest ed in as
by the foregoing act, we shall proceed on the