Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-31

u'e iu't amount thereof IN gold and silver coin,
or notes OF the Bank of Va. or Farmers Bank of
Va the share or shares of such stock holder. on
winch the said deficiency shall be unpaid shall
be forfeited to the Bank. Ifany subscriber or
subscribers his. her or their assignee or assig-
iees or other representative, shall at any time
ne ueiuIucnt Ter the space OF DAVIS
In TIE payment osany nStalment orinstalments
required as above to be paid upon any share or
shares such share or shares, together with any
dividend or dividends which then may he due
thereon, shall be forfeited to the Bank. Books
OF subscription, for dispoSing of the shares of
the SAID stock shall be opened on the first dav
otSeptember next in the town OF Morgan
town aforesaid, under the supi rintendance and
control of
-, or majority of
them. The persons appointed Commissioners.
or majority or them, are hereby authorized to
receive ali monies which NAV become due
previous to the time when the Banks shall be
organized under this i ct BY the election OF di
feclorS;on the shares which shall have been sub
Scrinec Tor IN their books. 4 majority of them
snail he sufficient TO perform the duties of their
appointment; and they shall keep the sub
ted.
[rhe second section declares that the shares
shall stand for the exclusive benefit of the
persons, &c. in whose names they were
subscribed; any private bargain in any
WISE contravening this provision, shall be
The third Section endows the subscribers
OF the bank with all the privileges OF a corpo
raton-to have, purchase, receive, sc. lands
rents, tenements, Entertainments, goods chat
els ana effects, 10 an amount not exceeding
three times tie amount OF their capital, &c
sc.
The fourth Section provides :hatanv number
OF shares not exceeding one hundred NAV be
subscribed tor III any enc day.
The fifth Section provides that there shall
De thirteen directors, ten of whom TO be elect
ed by the stockholders, and the residue in
the mode hereinafter provided. In case, of the
death, &C. OF any director, his place TO be filled
by majority OF the directors for the remainder
of the year.
The Sixth Section provides, as soon rs the
whole number of shares to be disposed of shall
nave peen subscribed, public notice shall be
given; in thirty days from such notice. direc
tors shall he appointed, who shallput the bank
| into operation, &c.
| Seventh Section-The Directors shall ap
point sucll oincers, clerks, &c. rs may be ne
ceSsary, allowing them reasonable comncnss
ton.
9Th Scction-defines the fundamental arti-
Giles OF the constitution OF the said corporation
I'VE nave not had time TO compare them with
those OF the Farmers Bank OF Virginia hut
tn, y seem 30 us nearly the same.-'The 18th
art, provides that the Executive is to he
furnished annually with statements Of thcce-
neral situation OF the bank, and may depnte
any competent agent to Inspect such general
accounts in the books shall relate to the said
statement; 10 private accounts to he inspec-
ted, &c.
The 9th Seciion-punishes any member of
TINS corporation for dealing or trading in buv-
ing or selling, any goods, wares or merchat-
! die, or commodities whatsoever, contrary TO
1 the provisions OF this act, &c
Tie 10Th Sectiou--forbids any note being ne
| Soiiable at bank, unless it be expressed on its
| face.
| The llth-forDids the issue of any notes for
| smaller sum than
| The three last Sections are in the following
| words
| 4ud be it further enacted, That for the
more eftcctual protection of the interest of the
| commemorative as proprietor ofthe stock of
| the said bank, there shall be annually appointed
three directors thereof, i'll the manner to be
| prescribed by law.
. Ind be IL further enacted, That if at any
| time, the said banks hereby established, or eli
| ther ofthem, shall fail or refuse to pay in spe-
| Gle. any note, bill or check justly due from
| such bank, after the same shall have been
| presented Tor payment, within the usual hours
Tor doing business at such bank, the person OF
| persons, body or hodes polite or corporate,
| injured by such failure, shall and may obtain
| Judgment and execution for the amount of
| such bill, note or check, with ten per centum
damages thereon, and costs on mo-
| ton In any coaft OF record, having jurisdicti-
| on thereof, upon ten days notice Of such mo-
| ton, to be served in writing upon the cashier,
| chief clerk, or any director or manager Of such
| bank.
Ind be II further enacted, That the banks
| hereby established, shall upon any failure TO
| pay specie as aforesaid be deemed bv such
| failure to have forfeited the charter hereby
| granted, and the General Assembly may en-
| force such forfeiture at any time, By directing
! the Attorney General, or the Attorney for the
| Commonwealth, i'm the circuitwhere such bank
| may be, to prosecute writ OF quo icarranf0,
to enforce such forfeiture.
Mr.. Mercer after stating that this 1st
section was almost literally a transcript
from the bill discussed last winter-pro-
posed to strike out from the end thereof
| the words until the same shall be COM
| pleted," and to add the following
| At least for the term of ten days, and if not
completed at tie expiration OF dat term, then
| sheyshall keep the same open until the Ilnm-
| Der Of shares shall be subscribed for and no
longer buff the subscription shall DC filed ~
/ any time before The expiration of said term Of
| ten DAYS then, and Immediately after tie same
| shall be so filled, no person, orcopartnershp or
| body polite, shaIl during tic remainder Of the
| term, aforesaid, be permitted 20 subscribe for
/ more than two shares. IN all respects not
| herein provided, the said Commissioners shall
| adhere TO the regulations contained in the 18th
| scctioa of the Act, entitled An Act for incOr-
| poratng the Bank Of Virginia, which passed
January goth. 1901 as if the same were incor-
ofaH To- - AZ