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

tation of their capital stock. and duly au
thorised committee of their body to agre,
with the proper authorities Of the Common
I wealth on the terms and conditions on which
such extension o. the said Charter and aug
mentation of capital stock shall take place
and the said committee representing the
stockholders. to carry into eject tie objects
OF the said memorial. has proposed for the
acceptance of the General Assembly, the
following as their terms and conditions of a
mutual compact between the said STOCKHOLM
ers and the Commonwealth, to wit:
First, That the charter of the said Bank
shall be extended the erm of fifteen years
commencing the first of May eighteen hun
dred and sighteeH, at which time the origi,
nal charter would expire; its capital stock
augmented one million of dollars immediate.
~, to be divided intot.en thousand shares of
enc h'srdred dollars each, and be fur Their
augmented two hundred and forty thousand
dollars in two thousand four hundred shares
ut one hundred dollars, in the manner and
fer the benefit specified in the next stipula-
ton following.
Second, That the old stockholders, shall
pay for the benefit of the state twenty dol
lars on each share of their stock in sixteen
semi annual ipstalments of one and quar-
ter dollars each, commencing at the first di>
vidend after the first of May eighteen hum
dred and eighteen, to be reserved out of the
first 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 after
the first of May eighteen hundred and eigh.
teen the capital stock of the said Bank shall
be augmented the sum of two hundred ana
forty thousand dollars, in two Thousand fcur
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 ssigns, that tn.
state or any other stockholder would be en-
titled to on an equal quantity of other stock
of the said Bank from and after the First di,
vidend after the first of May eighteen hun
dred and eighteen. The said two thousand
Jour hundred shares of stock 10 be paid for
by said twenty dollars payable as aforesaid
by 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 of one moiety on
ly of the inactive or surplus money in the
public Treasury.
Fourthly, That of the said augmented
stock of one million of dollars in ten thousand
shares of one hundred dollars each, eight
Thousand shares shall be disposed of, and wo
thousaI d shares reserved tor the S. ate. The
state shall have the privilege of disposing of
or selling eight Thousand shares at any time
before the thirty first of March eighteen
hundred and fourteen. but il the sale should
not be effected in that time by the ate, the
said stockholders by their directors in Rich
moad are to have the privilege Of disposipg
OF the said shares n so many as shall re
man unsold by 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 OF 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 Oh OF beiuie the first OF Ma.
eighteen hundred and fourteen, and the
stockholders are bound to sell such part of
the stock as may devolve on them to sell,
SO as to ensure the said payment of ne hun
dred dollars on each share on or before the
first of May eighteen hundred and fourteen
it such sale can be effected before tina. 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
vations IF one dollar and quarter out of the
semi annual dividends on each share cons
mencing the first dividerd on the said eight
thousand shares, and continuing until the
said twenty FIVE per centum be pad, which
reservations shall be applied pay the
mount of two hundred thousand dollars
stock, or two thousand shares reserved for
the benefit of the state. On this new stock
of ten IT, ousand shares no dividend shall be
payable until tile first Of January eighteen
hundred and fifteen.
Filthy. Tina. the said Bank shall have
the privilege OF establishing at any time
hereafter ain Office Of discount and deposit
at Lynchburg upon the sane terms with
those at Norfolk, Petersburg and Frede
ricksburg.
Six,hly, That notes made negotiable and
payable at the Bank of Virginia, or any OF
it's Offices, shall be placed on the fobting of
foreign bills OF exchange.
Seyenthiy, The Bank Of Virginia ob!iges
itself to loan to the state whenever required
a sum or SUMS OF money not exceedingt rec
hundred aud fifty thousand dollars on state
stock TO be transferable in the manner to be
prescribed by law, and to be issued under
The authority OF the state, to bear an inte-
rest of seven per cent. payable quarter year
ly, the state to be under no obligation TO re-
deem the said stock before the first of ia
nuary eighteen hundred and twenty nine,
but to have the privilege OF redeeming il
from time to time in whole or in part at it's
pleas re on giving three months previous
hatice thereof i'll some new s-paper printed
i'm the city OF Richmond And where s this
General Assembly are Of opinion that the
| acceptance of the foregoing pr positions will
be advantageous to the Commonwealth
Be IL therefore enacted by HE Generak
IsSetnbLU. that the said DroDositions on fire