Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-05-10

ry Manufacturing company, in the city
of Richmond.
/. 16& An net amending the laws con-
corning emancipated slaves, free ne
groes, and mulatoes gives the county
and corporation courts the power to
grant any person emoncipatcd since
the LIST Of May, 1906, or who may be
hereafter emancipated, permission to
remain in the said county or corpora
ton; all the justices having been pre-.
viously summoned, and majority be-
ing present, and notice of the applica.
ton having been posted at the door Of
the court house at least two months
preceding; three.lourths of the JUST.
ces present coneurring in granting the
permission, and the attorney for the
Commonwealth having defended the
application the court to certify that
the applicant is person Of good char
acter ; The act not to embrace persons
heretofore emancipated, not now resi-
dents of the State. The counties Of
Accomac and Northampton TO be ex.
empted from the provisions of the act.
A majority Of the justices of any court
have the power to revoke such per.
mission.
1863. An act establishing general re-
gulations for the incorporation ofbanks
provides, that all banks hereafter
Incorporated shall be governed by It's
I provisioas invests such banks with
corporate powers authorizes the COM
missioners to open books for receiving
subscription to the capital stock; to
| appoint the time and place for the
meeting Of the subscribers requires
the subscriptions to be paid in gold or
silver, $40 at the time Of subscribing,
1915 after the election Of directors, thir-
| ty days thereafter $25 more, and the
balance in equal payments offs $50 each,
in three and six months thereafter and
provides remedies against delinquent
subscribers; the banks to be put in OPP
Grafton when three flths of their capt.
tails are subscribed and are actually
paid in, and after proclamation thereof
by the executive; authorizes banks to
loan money, buy, sell, and negotiate
and discount bills of exchange, and TO
discount other negotiable paper and
obligations, TO issue notes payable on
demand, to bearer, and TO issue post
notes and bills Of exchange on indiyid-
uals, companies, &C., payable TO or.
der, but not for sum less than $40;
the Legislature roserving the power
hereafter to prohibit the issuing notes
for less sum than twenty dollars.
| The amount of debts due for moneys
! deposited not 10 exceed the amount de.
posted, and twice the amount Of CAPT.
tai actually paid in. The amount of
notes in circulation not TO exceed FIVE
times the amount Of gold and silver on
hand fixes the damages TO be reco-
vored against the bank for failing to
pay specie and provides, that on such
: failure, its charter shall be forfeited
for all purposes except for winding up
its concerns places the concerns OF
the bank under the direction Of board
Of nine directors for the parent bank
and seven for the branches, four al the
| former and three at the latter, to be
appointed by the Executive, each d.
rector to hold at least five shares Of
| stock, and to be citizens Of the State;
fixes the ratio Of voting by stockhold-
ers, and reserves to the Legislature the
power hereafter to provide for the APP.
poiutment Of five directors for the
principal bank and four for the bran.
ches. Directors of other banks not to
he ,i;o;LIo ~ Tho oop,o n0ica IN fho
banks thus Incorporated, and no direc-
tor to hold his office for more than
three consecutive years, except the
President. The bank TO take interest
on its loans and discounts at the rate of
one.half Of one per centum for thirty
days. The directors to elect their own
President and other necessary officers,
define their power and duties, and fix
their compensation /; provides regula-
tons for declaring dividends; a con-
tingent fund Of at least FIVE per centum
on its capital stock always TO be kept
on hand. A journal Of the proceed
ings of the directors to be kept, to be
produced to the stockholders, and the
books, papers, correspondence, and
funds Of the bank to be subject to the
inspection Of the directors or any COM
mittee thereof or Of n joint committee
from the Legislature or commissioners
appointed by them or by the Govern
or. The stock to be considered as
personal estate, and assignable as such;
prescribes the time of holding general
and extra meetings, and regulates the
same notes and bills negotiable at
such banks, are placed on the footing
of foreign bills of exchange; no loan
or discount to be for longer period
than six months. In consideration OF
the privileges granted, every bank
hereafter chartered is TO paw TO the