The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-04-11
VIRGINIA. I.EGlST.ATURr

VIRGINIA LEGISLATURE.
This body sdJoarned on ThuEsdsy las
An important hank Law vas rasssd az.
Ing the last week, The chief pr0Eision,,.r
which may b. learned from Ihe follow.
ing synopsis furnished By The RieLnspd
Compiler
Rs!isf from Tie penalties of Sasrss.
si0n.-iiy II, tie banks are fsllsssd nom
the penalties and lofssiluEes incurred Nv
their failure - ray specie. and their char.
teEs are restored.
Proportion of eapiial 10 rirculafiou
II proEides. thar II he Bank 0I Ylrsin;,
the Farmers Bank, and Tie Valley Bari
accept The provisions of ihs ael irrrsa..
irg ,he banking capital Of 1887. a. moi.
fied by il. they shall not discount "a an
amount exceeding twice their capital.
Iimt Giioirsi The banks 10 aecspf
The benefits Of this act and she act az
1897 above named. are denied 10 he
Bank Of Virginia and the Farmers Bank.
n they fail 10 accept The provisions Of
those acts within sixty days after tho
passage 81 this act. and lie same benefits
are denied 10 the Valley Bank. unlss, i,
accepts lhose provisions within four
months from the passage Of this act.
Increase Of Tirginia and Faraers
Bdak.-The Dahk Of Virginia Is suihor.
lied 10 increase its capital 5000. 900.
The Farmers Bank 10 increase iis capital
$4,000. being an increase in each. in
addition 10 that aulhorized BY The &C, Of
1881 The branches 10 be established
and The increase 10 be distributed accord.
ing 20 The act Of ls3s. and the remainder
10 be retained in Richmond.
ScIe DsFosiiss.-The Treasurer il
required After lie IL, Of June. 1879 IL
The banks accept to dsposiie one third Of
the public moneys 10 the Bank of ylrri.
MIA. one third in the Farmers Bank. ami
one third in tie Branch Of the Exchange
Bank in Richmond. and il only one &C.
cepis. then one half in lbe bank 90 ACCEPT.
ing and tie other bali 10 The Exchange
BaRk: aud il neither accepts. then tho
whole in the Exchange Bank.
STATE Proportion. " hen the firgi.
MA Bank. the Farmers Bank and Valley
Bank. or either oi them, accept according
To The conditions Of this act. the Tressu.
rer 10 inquired 10 subscribe in The name
Of tie Commonwealth foE the stock 10
each or either VI them authorized 90 TO
be subscribed by the &C, Of 2Slh March.
1897. add 10 pay Tor such subscription
out Of the money heretofore loaned Ito
said banks By the State.
Increase Of The Iiaisy BGnk.-Tls
Bank Of the Valley is authorized 10 in.
crease ils capital $3.50. 900; 10 required
u establish tie branches heretofore ~
lhnriset, and 10 increase tie capital Of ito
branch 81 warren,on tsaIhuristd by tho
act Of ls31. with capital Of Sl3j.osO)
$4,000.
Porismsu'h branch Of The Tirgiaia
Bank.-Ii The Bank Of Virginia shall &c.
cepi. OF in case j, refuse, IL the Farmers
Bank shall ascep, the terms Of the acts
before named and establish the branch a,
Portsmouth with capital Of Sl75,oOosy
the lsi Of Jolly next. the bank 50 es.a5.
fishing such branch shalt not be required
10 furnish The other sum Of Ella, 900 IN
Ill the lst July. 1910. .
! Branch al Faimoulh.--The Exchange
Bank is authorised % increase is caPi.
tai $500. 900. on condition that The same
be made by individual Subscription, and
that The Bank establish Branch al F.I'
mouth in Stafford county. with that eaPl.
lal, by die ls, DAY OF July. 1870. OF as
sooa as $50. 600 shall have been sub
scribed and paid for.
Classification Of Lodns.-The Bsns'
accepting are required TO class all app''-
cations for discounts into three classes.
Ihus-ls,, no,ss of 81 900 and under; 3D.
Notes Of 81 900 and not exceeding 0,Ooe;
; 81. notes OF $4,000 and not exceeding
$4,000. A list OF such applications. the
names Of tho parties thereto and smouni'.
, si,h tho decisions thereon. is required
to he kept.
limit Of inGeJtfinsss.--No indivi'
dual or firm is allowed to be indebted TO
any one Ilank. as drawer or aceepior'
, greater amount Than $4,000.
Ten and fire dollars prohibiiion.--A AN
laws which prohibit the issue and euea'
l laiIon OF notes under IS. are declared 10
] fnrcc. and applicable to no,es under sio'
, but the circulation OF notes under $40 oy
D all Others excep, the Bank which issued
them, is authorized.