Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-04-11
AN ACT.
Concerning The Banks ofthis Common
,.~oBb. Passed AprU 2. 1888.

sembly, That so much OF any act or
acts as may subject any Bank or Bank
ing Company now Incorporated by law,
and in actual operation as Bank, to
the forfeiture of its charter for failing
TO pay or redeem its Eotes or debts in
specie and which may subject such
Bank or Banking Company, to the
payment of any damages or rate of
interest exceeding six per cent. per
annum, for so failing or refusing 20
pay or redeem its notes and debts in
specie, shall be, and the same is here.
by suspended, until the LIST day Of
April, 1889; and if any such Bank or
Banking Company shall have forfeited
its charter by falling or refusing to pay
or redeem It's notes or debts as afore-
said, the forfeiture thereby incurred
shall be RENTED, and the charter Of
the Bank, with al! the rights and pow.
ers therein conferred. shall be and the
same is hereby declared to be in full
force and effect, to all intents and pur-
poses Provided, That the amount of
any note or debt due from any Bank
or Banking Company, with legal in
terest thereon, may be recovered in
any of the modes now authorized by
law.
.. And be 1t further enacted, That
the notes of the several Banks which
have been heretofore required to be
received in payment of taxes or debts
due to the Commonwealth, shall con-
tinue TO be so received, and the depos-
ties of the public revenue shall contin-
ue to be made ia the Bank of Virginia
and the Farmers Bank of Virginia,
unless the Treasurer, with the advice
ofthe Executive, shall direct otherwise
in respect TO such receipts or depostes,
or both, in the mode now prescribed by
law.
,. And be ii further enacied, That
every Bank in this Commonwealth
may, from its nett profits, declare a
dividend on its capital stock, not ex-
ceeding three per centum previous to
the LIST day Of August next, but shall
make no dividend thereafter lift shall
fail or refuse to pay or redeem its notes
or debts in specie, every such Bank or
Banking Company shall be bound and
liable TO pay interest thereon, at the
rate of ten per cent. per annum, TO be
recovered in any ofthe modes in which
the amount of any note or debt due
from any Bank may now be sccovera.
Bile by law; any thing herein contain. (
I'd to the contrary Notwithstanding.
4. And be it further enacted, That 5
every Bank, which shall avail itself of
the provisions Of this act, shall so reg.
ulate its loans and discounts, as that
the amount of its outstanding debt on
the lst Of January, 1889, shall not ex.
coed the amount of its debt outstanding
OH the LIST Of January, 1888: Provi.
ded, however, That this section shall
not affect any Bank that shall, before
the first mentioned day, bona iide have
resumed specie payments.
S. And be it further enacted, That
the Banks Of this Commonwealth, du-
ring their suspension of specie pay.
ments, shall furnish to the Executive,
once in every two months, a statement
of their condition, agroeably to the
provisions of the sixth section Of the
act establishing general regulations for
the incorporation of Banks, passed the |
22d Of March, 1887, and the statement
shall be published.
6. And be it further enacted, That
it shall be the duty Of the several char
tered Banks Of this State now in ope
ration, to issue bills or notes Of the de.
nomiaation of one dollar and two dol.
lars, to an amount not less than two,
nor more than four per cent. upon
their respective capitals, until the frs,
day of April, lS39-alter which, this
authority shall cease and determine:
and If any such Bank shall thereafter
issue, reissue, or pay out, or offer to
pay out or circulate, any such note or
bill, every such Bank shall incur and
be liable to the same pains and penal
ties as if this act had not passed and
every such note or bill so to be issued,
may be signed by any clerk or officer
of the respective Banks, who NAV be
appointed for that purpose by the
Board of Directors, and shall be as
binding on the banking company as if
signed by the president and cashier
Provided, however, That nothing here.
in contained shall be so construed as
to repeal any provision Of the several
acts prohibiting the issuing and circu.
lation by the Banks of small notes, but
only to suspend, until the period above
stated, so much thereof as may prohi.
bit the emission and circulation of the
notes or bills in this section mentioned
And provided, also, That if any Bank
shall fail to pay in specie any note is,
sued by it in virtue of this section.
when duly presented for payment, il
Ill L r Il