Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-04-06

by proxy, such proxy being ciIizen oil this State
and present at such election or meeting And pro-
thcd that no stockholder either IN person or proxy,
shall vote al any general meeting. II any present OBJ
rct thereto unless he shall have made oath or solemn
affirmation that the stock which his vote 10 to
be gwen - bona fde his own property OF tho prop
euy OF hs WARRIOR OF his testatof iAtestaes estate
OF Is bona iido held by him in virtue o. some duly
corded will OF decd in trust for person per-
sons not voting II the meeting upon dat any 9TH
81 sock and moreover that such stock IL nct
huld by hun ~ means OF any transfer, coAtriycd c.
Designed 10 oyade the proyisions OF this net, resula
ting the number oil votes TO be given by The stock
holders respectively. give 10 himself any other
greater number OF votes than he is alry entitled 10
under the provisions Of ths act Provided, that no
director officer of any other banl. shall IL drec-
tor on officer ol such bank, although be may be a
stakeholder aud any director officer accepting
an Office III any Other bank, shall be deemed 10 have
vacated his place. No dncctrrwho shall have scr-
ed tot rlrce consecutive years ina branch or four
y years mother bank, shall lac elected by the
s. orkh"deis u iczappomted BY the Executive for the
next succeeding Year but the director WHO may be
President 1t tlefme o au election, may always be re-
elected or appointed aud aller tie rst election,
Two directors Al least shall be ineligible Tor the second
year and t~o more for the thlrd year, aud more
Tor the fourth year Aud provided further, that in
ease It shall 80 happen that election Of direct crs
shall not be nude On the day when by this act il
ought To have been made, the corporation shall NOT
and may be lawful Ton the stor,holde1s make an O.
lection Of dileeiols on any Other day, III such man
rcI as may he provided Ton by the by laws and ordi-
nInccs OF sald hank P,otidtR Heretiteleas. That It
shall be Lawful ion the General Assembly at any
tunc hereafter 10 provide by law lor the appoint
uncut OF five OF the directors of the principal bank
and loul Al The branches, to he made by the EXccu-
tive OF the State III such other as the Lee
GESTURE mas prescribe
That II shall BE- lawful torcyers bank 10 take inter
4 ln lltla al ,lt Of,
OF one per eeulum tor thirly days
Ih,i the directors duly chosen under the provi-
SONS of this aet shall AS Soou rs may be after the
first and every annual lc,lion elect from thclr own
body President, WHO shall preside IN the board un-
III the ucN annua election and III case o his deal or
resignation, new President shall be chosen or ia
case OF hs necessary Rutonce, his place may be
supplied by any director whom he may, by writing
under his hand. appoint or that purpose; aud If he
make no appointments the directors may appoint a
President Pte femPof1; thcy shall I'LL all vacancies
" Inch may Occur III then own body during the time
lor which the, shall be elected, aud shall appoint a
cashier and al subordinate officers, clerks, agents
and servants o sad banf, hN their compensation,
define thcit powers and prescribe tier duties, and
they shall give such boris, aud III such penal sums
" lth such conditions, and with such securities, as
the sad directors shall prescribe, aud hold ther
ord Offices DUNG the pleasure OF the board under
,uch regulations, restrictions aud limitations, in
consistent will the provisions OF hs act, aud the by
the directors ion thu shall prescribe: the board
ri directors sha make such 10y laws, rules and reg
nl'lon,, ion Then oen government, and iof the
1%'Inrni and disposition OF tue property, estate,
funds aud business Of sad bank, and all matters APP
pertaining thereto, shall be neediu and proper, nor
contrary 10 tht provisions Of this act and the bylaws
rulfs and regulations, adopted ut any
regular meeting urmeotnGso tie stockholders they
shall h'll 81 ted meeting a. often IN every
week, On such day, and ~ such hour oil the day,
hoo /, Ii
nc1 It, the President thoreut shall oaer and direct;
lnd mlJory oflhe hole number shall constitute
quorum, and be competent to the Transaction Of any
1usues' within the scope OF their powers, and
recd with then oflroil duties andall que be-
lore tlIr board 4l1a be dee dcl viva eoce, by ma
ofty oi the directors ltc,tnt, except III matters Of
lls. cunt, III wlrea case TIE concurrence Of three
oullis hail BE- necessary, any Two OF whom my
require the YEA, and my, to b. tlhca any prolo
'luon unlimited, and rHrrol an1 recorded N he our
al OF Their proceedings; nor shall aHS director lie
present. at the board, oryo'c ulon aqueston Of loan
u discount III VIII eli lac /, personally interested, oth-
'IWsc than stoekllodrr, but the board shall not
be Il ohed by sush temporary al setce, aud tie re-
naming directors sbdl Gatc iull power 10 make or
. rct such 4 loan Discount TO the absentee. The
President aud Directors shall On the fiist Tuesday
u Julry and July, ANNUALLY, make AMI declare such
IN1dcnd>, resulting from he profits Of saj bank
all not impair, MOI m any wise lessen, the capital
ock OF the same, and ca.c the same 10 be paid on
hat no dividend ol moIt than AT the rae of six
Der cent. per aunttta hal, be d, q ued and raid
Ia" capital st9fh u s9d bank, any par thereo ,un-
II uchbdni shell nocGmul.te and have ON hand
lrpus or contingent 6,nd arising from tie profits Of
Is bualuc. Of Al least FIVE per ceutum It's capital
lock and 10 slci divide ld shll thereafter be made
~ which such surplus or contingent fund shall be
rIuccd below sad SUN of five per centum on It's
apita stock but sad contingent fund over and a.
,oyc the bad and doubtful debts OF the b,ua, shall
iot any time exceed Ten per centum ON the capital
och pad IN; anl alter each semi annual dividend,
he surplus profits applied to le creation and
inuduCc OF SAID fund and which may have accraed
Il any OF the branches of said bank, shall be restored
. the same, and retained fund to any los
cs su~tgnedby the bank And provided also, That
10 such dividend shall be paid any stock thar has
rot been fully PAID, but shall be passed to the credit
IF such stock part payment thereof: And provided
also, that in case the said directors shall at any
imc make any dividend ofthe profits OF other prop
'rty Of said bank, by which the capital stock shall in
my Wise be lessened impaired or shall, by any
official miSmanasement or neglect of duty, any
uss on deficiencies OF said capital stock, the drcc-
ors conserving thereto guilty of such nlsmanage
ncn or neglect, shal be severaly liable in their in
lNdual aud private capacities, 10 any stakeholder or
rcditor Of SAID bank, who may have sustained injury
hereby, To double the amount of such injury and
each and every director shall be deemed TO have con-
scntcd to such dividend, aud guilty of such mis-
agcment, neglect, unless lie shall forthwith
give notice olhs dissent thereto or absence from the
institutions the Executive of the State, and to the
stockholders in the MANNER heren-belore mention
ed.
No director shall be entitled TO any emolument
unless the same shall have heen allowed bv the