Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-04-20

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days. The directors 10 elect their avn
PRECEDENT and other necessary officers,
define their power and duties, and fix
their compensationP,ovides reg ula,ions
for declaring dividends; contingen nj
fund OF at least Eve per centum on lis
capital stock always 70 be kept on hand.
A Journal Of the proceedings Of the d.
recto-s 10 be kept. 20 be produced TO the
stockholders. add the books. papers, cor.
resPondence and funds Of the bank 10
be subject 10 the inspection Of the d.
rectors or any committee thereof or ol
joint committee from the Legislature
or commissioners appointed by them or
by the Governor. The stock 10 be con.
sidered ~ personal estate, aud assigns a.
bic a. such; pfescribes the time Of hold.
ing general and extra meetings. ano re-
gulatcs the same: notes and bills nego-
table at such banks are placed on the
footing Of foseiga bills Of exchange; no
loan or discount to be for longer Pc
Rod than SIX months. In consideration
OF the privileges granted. every bank
hereafter chartered Is to pay to the
State out Of each semi-annual dividend
. sum equal to one-fourth Of one per.
cent. upon the then capital stock, to
De paid by creating additional stock 10
that amount for the benefit Of the fund
for Internal Improve uent: the bills and
notes OF the banks 20 be receivable in
oil payments TO the State; declares the
governor. members ofthe executive the
Judges, attorney general, auditors, re-
gister and members Of the Legislature,
and persons holding offices Of trust or
profit under the u. s. Government. 10
be ineligible, o.ihe Office Of director
The banks are prohibited to subscribe
for the stock Of any other bank, and IL
any debt due them shall be paid in such
stock, il Is required TO 6e sold in six
months. and no bank out of the State
can subscribe for stock in any Of the
banks hereafter created, and IL they do
the same is forfeited to the fund for in
ternai Improvement. Bills or notes is
sued by any bank Of the lowest demo-
mination, shall always be paid in gold
Of the United States, ifrequired by the
bearer, Notes issued by the branch
banks 10 be signed by The President and
Cashier ofthe mother banks. No bank
or branch TO require the endorsers on
any note offered for discount, to reside
IN the city. town, borough or county,
where the bank is locafed; and after the
year 1910, the banks are prohibited from
issuing notes Of less denomination
than twenty dollars.
BANKING CAPITAL.
An act increasing the Banking Capi.
tai OF the Commonwealth; provides for
the establishment Of the EXCHANGE
BANK OF VIRGINIA, at Norfolk, under
the regulations and provisions Of the
general Law prescribing regulations for
banks, with capital OF million eight
hundred thousand dollars the charter
to continue till 1852; the Common
wealth TO subscribe for aud hold one
moiety Of the stock; the bank TO esta-
blish branches, st Richmond with
capital Of 500, 900; at Petersburg with
800. 900 dollars, and at Ciarksvlile with
500, 600; authorizes The BANK or Viz.
GINA 20 increase its capital by the ad.
dition Of $3.50. 600; the State 10 take
one moiety of the new Stock, and the
residue 20 be raised by ihe baak. so as
to secure at least one hundred dollars
per share; the new stock, and the ad-
dition from The surplus profit Of the
bank. 10 be divided between the bank
and branches; stLynchburg $50. 600,
at Charleston 500. 600; al Fredeficks-
burg S5O.OOO at Danyille $50. 600;
and new branch to be established n
Portsmouth. within four months after
the stock is raised. with a capital Of
$3.50. 900. The FARMERs' BANK OF
VIRoIEIA 20 increase is capital by the
addition Of one million tea thousand
dollars; The State 20 take one moiety.
and the residue 20 be raised in Ike
manner a. provided for the Virginia
Bank; The new stock 10 Be divided be-
tween the baak and branches: At Rich.
ns0nd so 600: a Petersburg so 900.
81 LynchbuFg s9l9. SO. az Fredegieks-
burg Sli2. 500 81 Winchester $50.
800 a. Dansilie $50, coo; and new
branches 10 Be established. within s,x
months. al FasmSill6 With s2OO. 00D.
~ Scottsvills o. Charlottesville. - che
ssockholders may elect. with $50. OsDO.
and At Abingdon or Eysnsham with
$50, 600. The BANK OF fHE Val
LrY 10 increase iis capital BY the add
ton Of a7l0. 600. tbe State 70 take one
iBoseiy, and The rosidne 30 be raised a.
by the other banks zoe ae~ ssSCs 10
Be divided between the hank snd Il.
Branches 81 Winchssisf sl1O. 600 I'll
Lsesburg 50 100 dolls; a ChaTlssiown
50, 900 % Romnsy $50, Oo0. and ne "
oranches - - es.sblished. within six
monihs. 81 Siaunton Nth s30n giHi.
and II Warentoa With eI3S ,0aO. The
NonTB-WEsTEas BAEK 90 ineFesse ns
cspi,si 81 tie adiiiion % s50D 600.
ihe State - take one moiety. asd TIE
residae - provided ~ ~ ihe othefI
benks. tbe see stock % BE- divided ~.
tween ihe bank and iss braaches. ~
wheeling 8335.ooo. and II iysllsb,srs
SO, oiso; nnd . new bfsnch 20 ke essa.
slished. aiihin siE uaslha. a Psrksss-
hofg wfih q fao 0o{1. Tnr MepcflanTu