Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-04-07
AN ACT
Concerning the Banks Of his Common
reahh.
lPas.sa Msreh 2slh. la4a ]

titF DdHhS " luts G1iNtiiSuWehiin 10 pay
ten per cent. damages, and fifteen PEI
cent. interest fer non. payment IN specie
Of any note. bill or check due from such
Bank. shall be and the same is hereby
suspended until the first day Of Novembel
next. -
2. And be il further enacted, That SC
much OF any act or acts as prohibits
the several hanks Of this commonwealth
from issuing now or hereafter notes for a
less sum or denomination than twenty
dollars, and from receiving in payment
or on deposlte the bank notes Of sny bunk
located without this State, Of less de.
nomination than ten dollars, shall he sus-
pended during the pleasure # the legisla.
llure: Provided, That nothing in thus act
contained shall be- so construed as to au-
thorize any bank 10 pu. in circulation the
notes of any bank located without this
Stale of less denomination than i've dol
lars: And provided also, That noihing
herein contained shall be so construed as
to authorize any bank or branch thereof
to issue or put in circulation the notes Of
any bank within the commonwealth, OF a
less denomination Than FIVE dollars, except
as is hereinafter provided.
3. And be ii further enacted, Tha, i,
shall be lawful for the said Banks TO con-
tnue the issue OF notes Of tho denoinna.
ton Of one aud Two dollars, as heretofore
authorized by law, until Tho first day Of
January next, after which time the au-
thority hereby given shall cease and de.
termine which said mites, whether is
sued before or after the passage of this
act. shall bepaynble in specie on demand,
whenever presented at the bank or branch
| n, which the same my have BEEN issued;
aud on failure thereof, II shall be lawful
for the holder Of the said notes 10 recover
the amount thereof. with twenty five per
cent. damages thereon, by warrant before
u Justice Of the Peace: Proridsd, That
the whole amount Of said notes Of any
| Bank or Branch thereof in cire alation Mt
any one time, shall nd, exceed six per
cent on the whole capital Of said Bank or
| Branch.
4. Be ii further enacted, That The sew.
eral Banks Of this Commonwealth shall,
| from and after the first day OF November
next, pay all demands against them in
specie, when demand, d Provided, That
after the day hereby fixed for specie pay
ments, the said Banks sh II not be com.
PEELED to pay SPECIE for any note held by.
ar due to any other Bank, or incorporated
company with banking powers, winch does
not redeem its own notes and pay its Co.
posi,es when demanded in specie.
ID. -
rector of any Bank or Branch thereof,
| shall be allowed 10 become indebted as
principal. nor shall any hrm in which
! Director is a partner become indebted as
principals in greater sum than five thou
sand dollars; but the Indebtedness OF a
| firm shall not be coEstrueJ SO MS to effect
The right of the Director in his Individual
character to become ind bt' to the said
Bank or Branch in grenter sum than
FIVE thousand dollars; and no President
or Director OF any Savings Bank, or Cen
eral Agent Of any Manufacturing Or Min
ing Company shall be hereafter eligible
as Director Of any Bang: PrGrided,
| however, that this provision shall not ap.
| ply till after the next annual meeting of
the Stockholders for the election Of Direc.
tors; nor shall the said provision apply to
the Exchange Bank OF Virginia, or 10 tie
Bank Of the Valley in Virginia, until the
election in May, '43.
@. And be il further enacted, That no
officer or director of Bank shall hereal-
ter vote by proxy for any stakeholder in
/ any election Of directors or officers of
Bank, nor shall any proxy be valid which
shall have been executed sixty days be.
/ fore the time of any election.
Z. BE IL further enacted, That the notes
or bills Of the North-w, stern Bank Of Vr-
ginia, and Of the Merchants and McchGn
les Bank Of Wheeling, and their several
branches, shall hereafter be receivable in
payment by the Sheriffs and other Collect
ors of the public revenue Of all public dues
10 this Commonwealth, and 10 discharge
or payment; of trust deeds, executions, and
other demands, ia conformity to the act
passed nj the present session Of the Gem
eral Assembly. entitled can act r,vivlng
tho act Of 22d Of June, 1887, concerning
the proceedings on executions, trust deeds,
and other demands, in certain cases." in
tHe louoNthp CpublWS, tnhl ~ 10 say,
Brooke. Ohio, Marshall, Tyler. Wood,
Jackson. Mason, Cabcll, Kanawha, Logan,
Wayne, Monongaha. Preston, K ,ndnlph.
Marion. Harrison, Lewis, Braxton, Fay
cite aud Nicholas, and in no other County
or cnunlits in the Common wealth
8. And be- further enacted, That it
shall be the duty Of the Treasurer of lie
Common wealth, on tho fifteenth day oil
January in each year, whatsoever the
mites or bills Of said Banks and Their
| Branches, az either of them, shall be on
that day OF value less than par win
those OF the depos,te Banks at Richmond
to notify the Cashiers OF the said Banks
and thor Branches, or as many OF them
whose notes or bills may be at such time,
or times. Of dcprecisted value at a'ch-
mond as aforesaid, Of ths amour, OF the
no,rs or bills u such Bank or Banks, or
their said Branch or Branches, of the
amount OF its or their O ties or bills re.
spectiycly, that may on that day remain
IN deposit to the credit Of the Treasurer
Of the Commonwealth; and il shall be
ihe duty Of the said B INK or Banks, and
their slid Branch or Branches, aud they
| !, RIA harshy reoiir.sd within ri xtv davR at