Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-04-17
AN ACT,
Concerning the Banks in the Common
eealh Of Virginia.
lPassed April 4, 3

and forfeitures incurred by their failure to pay spe-
Gle, and their charters are restored.
Ii provides, that if the Bank OF Virginia, the
Farmers Bank, and the Valley Bank accept the
provisions of the act increasing the Banking capital
Of 1887, as modified by it, they shall not discount
to any amount exceeding twice their Capital.
The benefits VI this act and the act Of 1897, a.
bove named, are denied to the Bank Of Virginia and
the Farmers Bank, il they fail to accept the proyi-
SONS of those acts within sixty days after the pass
age Of this act, and the same benefits are denied to
the Valley Bank, unless it accept those provisions
within four months from the passage of this act.
The Bank accepting as above, is not required to
change the number Of, or mode Of appointing It's
directors.
The Bank Of Virginia is authorized TO increase
its capital to $500, 000. The Farmers Bank to in
crease its capital S735, 900, (being an increase in
each, in addition to that authorized by the act of
1879 The branches to be established and the in.
crease to be distributed according to the act of 81,
and the remainder to be retained in Richmond.
The Bank of Virginia is required to increase
the capital of its Branch at Buchanan 500, 900 out
Of the 5000, 900.
The 18th section Of the act of 1887 is repealed.
The Treasurer is required after the LIST of June,
1912 (ifthe Banks ascept) to deposite one third Of
the public monies in the Bank of Virginia, one third
In the Farmers Bank, and one third in the Branch
OF the Exchange Bank in Richmond; and ifonly one
accepts, then one halfin the Bank SO accepting
and tho other half in the Exchange Bank, and Il
neither accepts, then tho whole in the Exchange
Bank.
When the Virginia Bank, the Farmers Bank and
Valley Bank or either Of them, accept according to
the conditions Of this ac', the Treasurer is required
TO subscribe in the name Of the Commonwealth for
the stock in each or either of them authorized so
to be subscribed by the oct Of 25th March, 1897 /;
and TO pay tor such subscription out ui the money
heretofore loaned tho said banks by the State. (c.j
Tho Babk Of the Valley is authoi lied to increase
Is capital $50, 900; is required to establish rhe
branches heretofore authorized, and to increase the
capital Of It's Branch at Warrenton (snthorixed by
tie acio OF 1887, with a capitol Of Sl35 ,u00) 49,
900.
If the Bank of Virginia shall accept, or in case
1t refuse, if the Farmers Bank shall accept, the
terms OF the acts before named aud establish the
Branch at Portsmouth with a capital Of $I75, 900
by tbs LIST OF july next, the Bank so establishing
such branch shall not be required to furnish the o.
ther sum of sl75, 900 until the Isl July 1910.
The Exchange Bank is authorized to increase
its capital 5000 900, on condition that the same be
made by individual subscription. and that the Bank
establish u Branch at Falmouth in Stafford county,
With that capital. by the LIST day of July, 1910, or
as soon as sl50, 900 shall have been subscribed and
paid for.
The banks accepting are req tired 10 class all an.
phcations for discounts into three classes. thus-lst
notes OF 81 600 and under, 2nd, notes of 81 600 and
not exceeding $40 1000; Sd, notes of $40 900 and
not exceeding $50, 900. A list of such applications
tho names of the parties thereto, and amounts. with
me decisions thereon, is required to be kept. The
Bank OF kanawha is also subject to these proyi,.
IONS, and further, is relieved from the requirements
efthc Classification provisions in its act of incorpo-
ration.
Limit Of Indebtedness.
No individual or firm is allowed to be indebted
to any one Bank, as drawer or accep,or, a greater
amount of $50, 900.
Ten and hue dollars prohibition.
All laws which prohibit the issue and circulation
OF notes under 80, are declared in force, and qpph- |
cable to notes under $40, but The circulation of
notes under $40 By all Others III ut The Bank
iohich issued them, is authorized.
If the Farmers Bank and the Virginia Bank re-
fuse to accept the acts before mentioned, and the
Merchants and Planners Bank at Lvnchburg shall
go in operation, the law declares that it shall be
subject to this act aud that of 1887.
VIRGINIA BANK BILL.-On Wednesday last.
being the last day of the session of the Virginia
Legislature, an amendment to the Bank Bill late.
ly enacted. was reported to the House of Delegates |
oy MI Robertson. and after passing that body, was
in BY the Sc iate. 1t is US follows;
De u enacted by the General Assembly, That |
20 much ot any ACT as requires that the amount of
the loans di'counts of the Banks Of This Common
wealth shall not exceed twice the amount of the |
capital stock thereof, shall be and the same is here |
by suspended until the first day of January next"
ms act is 10 take effect from the period Of its !
passage. IL was advocated in the House, as A
MEASURE OF urgent exrsiiency, not to say necessity,
In aveitins the evils which, it seems. had not
ueeh 'o,seen, at the tins of the passage of
the bank bill of the present session, of which we
gave a Synopsis IN the Patriot a few days SINCE
he operation OF the section ofthe bill, which is now
suspended as above, till the first of January next.
would have been to compel an Immediate curtail.
men' In the existing discounts of the Bank. of that
commonwealth, to the amount of =" more than a
million and a half of dollars" Thi. evil sfac, ne
hasty legislation. has thus been averted by the PASS.
age OF the foregoing supplementary act: immedi.
a'eIv after which, both Houses ad lourned sine die.
baltimore Patriot.