Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-04-13

establishing general regulations for the in
Corpo'at,on OF banks, which prohibits the
BANKS oil inns commonwealth from issuing
n"'es OF less denomination than ten dollars,
sha'i ne suspended, SO lar as the banks here,
"a 'nen''1ned are concerned, except the EX-
change Bank Of Virginia and n. branches
until the first day Of October. in Tho xe,r If
our Lord one thousand eight hundred and
ihirtv- seven; after hich day, the said hanks
shall be subject in all respects In ,br rio.
items provided in said section.
ID Ind De IL further enacted Thu, :, sb,u
he lawful for the Bank of Virginia md tho
Farmers Bank Of Virginia TO retain o,, ot
the surplus profits thereof resreciiyely IN.
sum oil one hundred and fifty ,bossand dol.
iars LOT lhe former and one hundred and eiyb.
~ I'VE thousand dollars for the latter To- he
held as part OF the increase of the respec,;ve
fore mentioned. oe
10. Ind be IL further enacted Tia, r. ,b.
stockholders of either the Rant or W;ra VIC
or the Farmers Bank II Virginia shall no,
IN three months from the passage of This .,.,
consent IN general meeting to accent This aci
as their charter, and agree 10 conform In and
oe governed by its provisions, and those Of
'he ACT before referred 10, passed durinp The
present session, and notify the Executive
thereof, then the whole increase Of the ca
TAI STOCK oil the bank So refusing mr. G,,J;n,
snail be, and the same is hereby au,horised
20 ne made TO the capital stock of the bank
:" "hich 'he stockholders shall SD consent
"''u aeree; anu IN that event. the bank whose
N"p"'. Is mus increased, shall be and the
same is hereby required to establish al ,,'e
branches which are herein reuu;rad -, ~ ~ o,e
tahiished 10y the other; md ali The incrosso
hereIn allowed 10 the branches of The h.ni,
,,aH'nS 10 accept, shall be applied 10. the
branches respectively in the same tn,yns 81
Tue other bank; and if the last mentioned
oank have no branch in any town where An
Increase OF capital may have been allowed i,
shall be lawful 10 establish one with a c,,',,a \
equai 10 The amount oil such increase. ar
'herwise 10 hold the same as part nj tho
Capi'ai ot the parent bank until oiherw;s. AZ,
rected by law. And if both of the said ba,L
sno'' SO iaii or refuse, then i, shall be law f,
y. W i,.' ease inc capital stock Of the EXCHANGE
bahK OF virginia 10 the further sum of ,hree
hundred and nifty thousand dollars one go
ty OF which shall be subscribed bv ,h, GO
and the bank is hereby required 10 s,.hI,sh
branch at Portsmouth instead of The ono 30
CURED 10 be established by the Bank of VII.
e'his, ana II shall be lawful for The Exe,,-
i've 10 loan oul the residue of the suruluo -
venue acCruIng TO this Stale as q de,nsi,a
from The U. States, for such inleres, apd ~
SuGh security as they may deem satisfsc ,ory
IL. ind be al further enacted Tia, to-, If
me directors OF the branch bank at CIarLos
Vi,'e' may ne citizens of North Carolina r.
o'ner wise qualified according TO law and moi
NOR, more 'nan Two OF The directors of the branch
IT. az. o.tsh'outh shall he residents of any
other city. town or borough.
Is. Ind be ii further enacted Th., -,
subscriptions herein before d;ra,.,ad =, '.o
made on behalf of the State To- the s,oct ~,
me BANK OF the Valley in virginia ,ba
M s, western Bank Of Virginia and the
herchan's and Mechanics' Bank Of Wheel
ing, anu 81 The Exchange Bank of Virg;n;s
shall be paid out ofso much nj Tho sn,a,
revenue which this Commonwealth - ~
ceiVe on deposite from the United Statss =,
jury ana october next, together with On
much OF the portion thereof preyiouslv 30.
eeNea, DIS may be necessary for the purpose
az, 'he SUBSCRIPTION directed TO be made
~ VIC s'ooK OF Inc Bank of Virginia and the
previously received, and the residue p",u
remaining unappropriaied, shall be loaned ~
The PRESIDENT, Directors and Comnanv NJ The
nanK OF virginia, and Of The Farmers Rank
Vi virginia, IN proportion to the CAPITAL ot
each as hxed by this act, if they shall accen,
The same; 10 be held by Inc said banks =,
nTe per cent. per annum interest. until The
Isl day of March next and then 10 he Maid
10 Inc Commonwealth, if required bv install. /
ments not exceeding the sum of fifty ,hons.
ana DOLLARS from each bank = every month !
until The same shall be fully paid, unless =
demand from the Government of The IJni,.a
states shall! render earlier payments necessa-
rry: ReserVng, however, The right of the
TO convert the same into addi-
t'Uhai STOCK al par in said banks, 10 take eE- /
iec' AZ any time after that period Propided /
I'd, me BANK of Virginia and the Farmers
oahN Oh virginia shall not be required TO nav /
one Hoiety OF so much Of the Surplus Reye-
nue. aforesaid, which may have been preyi- |
ous'y deposited with them. as shall hs pao..
sary TO make up the States subscrin,;on r.
inc capital stock Of the Bank ofihe Valley in |
Virginia, the North western Bank of VIZ
ma, ut Wheeling, the Msrchants' and NJ
chanics' Bank OF Wheeling, and OF the ~.
change Bank of Virginia. before The 6rs,
DAY oil July, aud the other moiety before The !
first day OF October. WIS
10 Ind be IL further enacted. Tba, ;ftb. |
stock holders Of either the Nortb-wesleTn
BANK oil virginia, or the Merchants and
Mechanics Bank OF Wheeling, shall not in
'hree months from the passage of this act !
consent IN general meeting to accept this act
as their charter, and agree to conform and
ne governed by its provisions, and those of
'ne ac' before referred TO, passed during the
present session, and notify the Executive
thereof, then the whole increase of The can;,sl !
STOCK ot the bank so refusing or falling shall /
he and the same is hereby autborized IN bo !
made 10 the capital stock ofthe bank of which |
The Stockholders shall consent and agree and
IN that event, the bank whose capiiaI is'tbus
increased, shall be and tho same is hereby |!