Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-04-27
Virginia Legislature.
SKETCH OF THE ACTS.


banks hereafter incorporated shall be gov.
erned 10y its provisions invests such banks
win general corporate powers; authorizes
the commissioners TO open hooks for receiv-
ing subscriptions TO the capital stock to ap-
poih' The lime and place for the meetings ui
.he subscribers requires the subscriptions
10 De paid IN gold or silver, s 10 at the time
OF subscribing, $50 after the election of di.
reciors, thirty days thereafter S25 more. and
the balance in equal payments of $50 each
IN three and six months thereafter /; and pro
vIdes remedies against delinquent subscrib>
eIs the banks 10 be put in operation when
three'hi'hs of their capitals are subscribed
and are actually paid in, and after proclama-
Ton thereof by the Executive authorizes
sara banks 10 loan money, buy, sell and ne.
so'ia'e ana discount bills of exchange, and
10 discount other negotiable paper aud obi
cations, 10 issue notes payable ON demand TO
bearer, and 10 issue post notes and bills OF
exchange on individuals, companies, Sc.
payable 10 order, but not Tor less sum than
SlO The Legislature reserving The power
hereafter Ia prohibit their ISSUING notes for a
less sum than twenty dollars. The amount
oil debts due ior moneys deposited not 10 eX-
coed The amount deposited, and tw ice the a.
mount oicapilal actually paid in The a.
mount oil notes in circulation not 10 exceed
I'VE times the amount of gold and silver on
hand likes the damages 10 be recovered a..
gainst The bank for failing 10 pay specie !;
and provides, that on such failure, its charter
shall be forfeited Tor all purposes except the
winding up It's concerns places the concerns
oil the bank under the direction of board of
nine directors for the parent bank and seven
for The branches, four at the former and three
al The latter, to be appointed by the Execu-
1--WE, each director 10 hold at least i've shares
OF stock, and TO be citizens the State fix
es The ratio of voting by Stockholders, and
reserves 10 the Legislature the power here
alter to provide for the appointment of fiye
directers Tor the principal bank and four for
the branches Directors Of other banks not
10 oe eligible 10 the same office IN the banks
thus incorporated, and no director 10 hold his
| olhce for more than three consecutive wears.
except the President. The bank TO take in '
terest on lis loans and discounts al the rate of
one'half OF one per centum for thirty DAYS.
The directors 10 elect their own President
ana other necessary officers, define their
power and duties, and fix their COMPENSATION;
provides regulations for declaring dividends:
a contingent fund Of a: teas, five per centum
on ITS capital stock always to be kept ON
hand A journal ofthe proceedings OF the
directors TO be kept, 10 be produced TO the
| stockholders, and the books, papers, cores.
J Pohdence and funds OF the bank TO be suhiec,
| 10 The inspection OF the directors or any com.
mitiee thereof, or of a joint committee from
ihe Legislature, or commissioners appointed
| by them or by The Governor The stock ,o
be considered as personal estate, and ASSIGN.
able as such prescribes the lime of holdino
general and eXtraneetings, and regulates the
same notes and bills negotiable at sucl
banks are placed on the footing of foreigr
bills OF exchange no loan or discount TO b.
ior longer period than six months. In con
sioeraiion OF The privileges granted, ever,
bank hereafter chartered is 10 pay 10 The stat,
! out OF each semi annual dividend sum eou.I
10 one fourth Of one per cent. upon the lhen
capital stock, TO be paid by creating addition
al stock 10 that amount for the benefit of the
iund for Internal improvement the bills and
notes OF the banks to be receivable in all
payments 10 the Slate declares the governor
members of the executive, the Judges, sttor.
ney- general, auditors, register and member,
oil The legislature, and persons holding Office.
oil trust or profit under the T. S. Govern.
ment, 10 he ineligible 10 the Office of direc
Tor. The banks are prohibited TO subscrib,
Tor the stock of any other bank, and if an,
debt due them shall be paid in such stock, i
IS required 10 be sold in six months, and n,
oank out oi the State can subscribe for stool
~ any q! the banks hereafter created, and i
They do, the same is forfeited to the fund fo
internal improvement. Bills or notes issuet
ny any bank Of the lowest denomination
shai: always be paid in gold OF the United
S'atee, ii required by the bearer. Notes is
sued by the branch banks 10 be signed by
The President and Cashier Of the mo,hei
banks. No bank or branch TO require IN,
endorsers on any note offered for discount. {.
reside IL the city, town, borough or county
| where The bank is located /; and after the YEA
lo40, the banks are prohibited from ISSUING
| noies oil less denomination than twenty dol
/ lars.
An act providing for The payment Of TIT
/ subscription The State 10 the James rive,
and Kanawhs Company authorizes n,
! Board oil Public Works, from fine 70 Tim
ss may be necessary, TO borrow r sum mo
exceeding one million nine hundred and nine
~ thousand eight hundred dollars. TO be mai,
! TO meet the acquisitions by the COMPANY. a
The same rate, and in proportion, with the re
QUESTIONS on the stockholders generally.
An act TO authorize subscription on III
part OF the State TO the stock ofthe Baltimor
and Ohio Railroad Company authorizes
subscription 10 The amount Of 1902. 100; III
boaid 0l Public Works being authorized {
borrow The amount necessary therefor, sub
Ject TO The condition that the companv sbal
complete their road 10 The Virginia line. {
no part 10 be paid till The board be sstisie
that the road will be finished TO lis Wester
termination in this State the subscr;ptio
} to be made upon The same terms as require
by The State of Maryland The propert
&c, OF the company not TO be exempted .ror
taxation, and the company be subject TO III
provision reseTyinp TO the State ,bS ,,o,roz ,