Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-05


Your Committee deem il proper, in connection with
this subject, to state farther, that the Odd March,
1897 the Legislature passed act establishing general
regulations for the incorporation of Banks by which 1t
was, among other things, provided that the real and
personal estate business, property funds and pruden-
cial concerns of the said Bank and the adminisra-
ton Of its affairs, shall be under the direction, ma
napement and contoul ola Board of nine Directors al
the principal Bank, and seven at each Branch Bank;
that the President of the Bank is of the directors
and the only capable Of being reelected after four
years consecutive service in the Mother Bank and that
he alone receives compensation for his services and
it is moreover provided hat il shall be the duty OF the
directors and they arc hereby requested, often
once in three months, to strict examination TO
be made of the accounts of the Cashier, and full
and complete settlement thereof: and statement OF
such examination and settlement shall be entered on
the journal of the proceedings of said Board that
shall be the duty Of the Board Of Directors Of every
Bank in the month of January, and quarterly there
AFTER to transmit 10 the Executive of the State nc
curate and Just statement of the condition OF SAID
Bank as il existed the first day Of that month"; which
staeme mt shall specify the amount OF capital stock &C
uay paid in and the value of the real estate belong
np to the same the amount Of stock subscribed If any,
and remaining unpaid tho total amount of debts due to
and from the Banks, noting specially the amount oil Deaf
ngs in exchange, and the premium paid thereon, and
also bad and doubtful debts the amount OF gold ana
silver and other coin of the lawful money of the u
States on hand of money deposited OF bills on hand
solvent Banks incorporated by thus State and also OF
those incorporated elsewhere; the rate and amount OF
the last dividends of profit with the amount oil Inc sur
plus or contingent fund of said bank; which statement
shall signed BY at least majority Of S c,ahe5 S
and verified by the oath of the OF ,a
fore Magistrate competent to administer Tue same
that on the 18th March 1887 the Legislature passed
act increasing the banking Capital Of the G9m%on
wealth, and among other provisions authorised te RE-
sdent and Directors of the Bank of Virginia TO increase
the Capital s5ooo out Of the uP Seb Sna smoun
the Commonwealth agreed to subscribe for and hold
moety but expressly requiring that f.he Bank the
capital stock of which thereby authorised 10 oe IN
creased should accept the provision of this act
ing its capital stock the charters of said banks shouio
be extended until the first day of April 1871, exceP.
ing particular section of prior act referring 10 he
bank, and except so much of the charter might oe
contrary the Of 22d March just now referred 70
and it further declared. that the said bank shouIa
he subject in all respects and fully and completely as
if the same were re.enaced 10 a the regulations ana
restrictions provided for in said act of 22d March, being
the act establishing general regulations for the moor.
poration of banks That in May, 1885, the stoekhold
agreed to accept the advantages promised BY the act