Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-04-15


MA shall accept the terms oi tho SAID act. and shal
establish the Branch therein authorized to be cs,ab
,shed nj Portsmouth,, with capital OF one hun
drcd and seventy five thousand dolla,s on or befors
the first day of July next, the said Bank So cstab
fishing the Branch in Portsmouth shall not be re
! quircd IL furnish tho remaining one hundred
/ aud reyenty- five thousand dollars Of capital uu
! III the first day OF July, eighteen hundred and
! forty
! II. BE ii further enacted, Tha, the capital stock
OF the Exchange Bank of Virginia shall be, aud the
same is hereby Increased two hundred thousand dol
lars on condition that the SAID increase shall BIO
made by individual subscribers, aud tho said Bank
shall establish a branch IN the town OF Falmouth, IN
tho county OF Stafford with capital OF two thousand
dollars on OF before the FIST day OF July, eighteen
hundred aud forty, OF Ms soon nv one hundred aud
fifty thousand dollars of the increased capital here.
by authorized shall have been subscribed for as a.
totesald and paid.
II, The Banks accepting the provisions Of this net
OF that INCREASING tho Banking capital OF this
Comma nwealh, passed Marsh Goth, 1887" aud
the Bank OF kanawha, IN lieu Of tho classified alton IN
its charter, shall class all applications or discounts
into three classes tho first class shall consist OF all
applI1a FOR sums OF one thousand doais and un
der, the second class Tor sums over one thousand
dollars and not exceeding ten thousand dollars aud
the thld class Tor sums ten thousand dollars
and not exceeding twenty thousand dollars 1t shall
be the duty ot,ho Banks to koepa list OF all app-
cations Tor discounts the names Of the parties thereto
endoiscfs and amounts, aud the decisions thereon.
No person or company shallat an, tlno oMa any one
Bank OF Gommonw ealih, - drawer OF acccpur
sum exceeding dliv thousand dollars, nor M
endorsci greater sum than huy thousand dol
lars,
-. And be 1t Irther enacted. That all tho laws
now III iotoc, designed to prohibit tho issue and cir
culation OF paper medium Tor sums less than five
dollars, shall be aud hereby eoared 10 be IN full
iorce and effect in nil cases which such paper the
In inYa doll all
sons OF bodies corporate violating the splt OF such
acts shall be subject 10 all the pains and penalties
therein imposed, prorided however, that nothing
herein shall be construed TO prohibit tho circulation
OF Bank notes under the denomination OF ten dollars
except by the Bank Banks which may have emit.
ted or issued the same.
Il. 30 ii further enacted. That If the Bank Of
Virginia and the Farmers Bank # Virginia, or
either of them shah refuse accept the provisions OF
this act, and of tue act " increasing the Banking
Capital Of the Commonwealth" passed March Goth
1857, and tho Merchants aud Planters Bank Of
Lynchburg, sl,ll, IN conformity herewith 70 into
operation, the said Bank shall be subject to all the
provisions OF this act prescribing the regulations and
Government OF tho Bank of Virginia, the Farmers
Bank OF Virginia. and the Bank OF the alley IN
Virginia.
Is. This act shall DO in force from tho passing
thereof.
RELIEF FROM TIE PENALTIES OF SUS-
PENSION.
BY il, the Banks are relieved from tho penalties
and toreitures incurred by their failure to pny spc-
Gle, and their charters are restored.
PROPORTION OF CAPITAL TO CIRCULA-
TION.
1t provides that il the Bark OF Virginia, the Far
mcrs' Bank, and the ALLEY Bank accept the prov-
sons of the act increasing the Banking capital OF
1897, modified by II, they shall not discount a
nv amount exceeding twice their capital. IA
TINE ALLOWED THE BANKS TO AC-
CEPT.
The benefits of this act and the act Of e37 above
named, are denied to the Bank Of Virginia and the
Farmers Bank they fail to accept tho PROVISIONS OF
those acts within 80 days after the passage Of this act,
and the same benefits denied to the Valley Bank
unless II accept those provisions within four months
from the passage of this act.
APPOINTMENT AND NUMBER OF DIREC-
TORS.
The Bank accepting as above, is not required to
change the number OF, mode Of appointing its di-
tec,ors.
The Bank ofVirgnia is authorized TO increase its
ta6;,al S6Oo, 900. The Farmers Bank to increase its
caui,al S735 900 ocinc an increase in each, in
lion to that authorized by the act of1s37) The
branches TO be established aud the increase TO be
distributed accordngt 10 the &C, Of 1897, and the
mainder to be retained in Richmond.
INCREASE OF BRANCH AT BUCHANAN.
The Bank Of Virginia is required TO increase the
canlia of its Branch at Buchanan 500, 600 out OF
the 100000.
The 18th section of tho act of 1887 ID. ISL peal
ed.
STATE DEPOSlTES.
The Treasurer IS required after the LIST OF June.
1912 (f the Banks accept to deposte one third OF
the public moneys in the Bank OF Virginia, one
ia; IN tba nd n