Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-28
AN ACT
CONCERNING TUE BANKS OF This COMMON
WEALTH
lrAssEp MARCH 2SrH, lsts.l

hiteen per cent interest Tor ron yment IN specie
Of any note, bill check due from such bank, shall
be and the same is hereby suspended until the frs
day Of November next.
2. And be it further enact, That so much OF any
act or acts as prohibits the several Banks of th,
Commonwealth from issuing or hereafter note,
Tor less sum or denomination than twenty dollar
, and from receiving in payment or on deposit the
bank notes OF any bank located without this State
of less denomination than ten dollars, shall bs
suspen5ed during the pleasure Of the Legislature
PROVIDED, That nothing in this act contained shall
De SO construed as 10 authorize any Bank TO put IN
circulation the notes OF any Bank located without
THIS State OF less denomination than Ave dollars
Ahd provided also, That nothing herein contained
shall be 50 construed to authorize any Bank OF
| branch thereof to issue put in circulation the
notes OF any bank within the Commonwealth, OF q
| less denomination than hve dollars, except as il
hereinafter provided.
;. And be 1t further enacted, That il shall bc
lawful for the said Banks to continue the issue o
notes OF the denomination Of one and two dollars
as heretofore authorized by law, until the FIRST day
OF January next, after which time the authority
hsrehy given shall cease and determine which said
notes "hsther issued before or after the passage oi
inns act, shall he payable in specie on demand
whenever presented at the Bank or branch at which
The same may have been issued: and on failure
thereof 1t shall DO lawful for the holder OF tho said
| notes TO recover the amount thereof with twenty
hve per cent. damages thereon, by warrant before
justice Of the peace: Provided, That the whole
an circulation at any time, shall not exceed ak
per cent. on the whole capital of said Bank or branch
4. BE 1t further enacted, That the several Banks
OF this Common wealth SHALL from and after the hrst
DAY OF November next, pay all demands against
| them in specie, when demanded: Provided That
after the DAY hereby fixed for specie payments, the
said banks shall no: be compelled TO nay specie for
any note held by or due 10 any other Bank, or in
| corpora;ed Company With Banking powers, which
does no; redeem ITS owu nosss ans pay its depos,es
when demanded IN specie
3. BE it further enacted That no director Of any
Bank or Branch thereof shall be allowed to become
Indebted as principal, nor shall any Esm in which
director is partner, become indicted principals
M greater sum than five tho 1sand dollars; but the
Indebtedness Of rm shall 20; DC construed so as 20
affect the right Of the director III his Individual char
acier TO become indebted the said Bank or Btan ch
N greater sum than i've Thousand dollars; ard no
President Director of any Savings Bank, or
general sgent OF any manufacturing or mining
company, SHALL 10 hereafter eligible director Of
any Bank: Provided, h9revSr, That this prov
sion shall not apply TIL after the next annual meet.
ing q the stockholders for the election of directors;
nor shall the said provision 1rpy TO the Exchsnge
Benk OF Virgins, o. to the Bank Of the Valley in
Virginia, until the elee,ioa in MAY, 1879.
3. And be It further enacted, That no officer or
director OF 4 Bank shall hereafter vote by proxy
for any stockhoder in any election Of directors or
officers OF Bank, nor shall any proxy be valid
which shall have been executed sixty days before
the time Of any election.
7. Be it further enacted, That the notes or hill.
of the Northwest Bank Of Virginia and Of the Mer-
chants and Mechanics Bonk OF Wheeling, and their
several Branches, shall heresf:er be receivable in
payment by the sheriff and ether collectors oil tho
public revenue OF oil public dues 10 this Common
wealth, and IN discharge pay msni Of deeds
executions and other demands in conformity TO the
act passed al the present sessoa OF the General As.
sembly, entitled IAN act reviving the act OF 2Srd
June, 1887, concerning the proceedings on oIceu.
tons, trust deeds, and other demands N certain
cases. IN the following counties, that is 10 saw
Brooke, Ohio, Marshall, Tyler Wood, Jackson,
Mason, Cabell, Karawhs, Logan, Wayne Monon.
gala, Preston, Randolph, Marion, Harrison, Lewis
BraKton, FGYelte aCd Nicholas and in no other
county or counties within this Commonwealth.
5. And De It further enacted, That it shall be the
duty olihe treasurer Of the commonw ealth on the
fifteenth day - January in each year. whensoever
the notes OF bills OF said banks and their branches
or either of them, shall be on that day of value
less than par with those Of the deposi, banks At
Richmond, TO notify the cashiers OF the said Banks
and their branches or as many OF them whose notes
or bills may be at such time times Of deprociai
ei value al Richmond as aforesaid, Of the amount
OF the notes or bills OF such Bank or Banks or their
said branch or branches, Of the amount Gifts or their
notes or bills respectively, thai may an that day
remain on deposit to the credit Of the treasurer Of
the commonwealth; and !, shall be the duty of the
said Bank Banks and their said branch or lrarch.
es, and they are hereby required within SIX y DAYS
after having received such notice, TO paw or so 10
| provide, that 0ny balance or balances which may
remain against them respectively on deposite on
said day, TO the credit Of the treasurer shall be paid
at the city of Richmond in other money or funds OF
par value with the NOES bills Of the deposit
banks in said city.
8. And ne 1t further enacted, That the several
Banks shall report TO the executive, in addition 10
the quar.erly statements OF their condition now re.
CURED by law, a comparative statement OF their con-
dton for tAe corresponding quarter of the preceding
year, which statements shall be published by the
executive IN at least two newspapers IN the city Of
10. Be il further enacted. That the general meet.
ins Of the stockholders Of the Bank OF Virginia
shall be hereafter held the second Monday in
January annually, and the general meeting of the
stockholders of the Farmers Bank shall be held on
the Wednesday after the ID Monday in January in
each year instead Of the days as heretofore required
by law.
II. BE it further enacted, That the Banks of this
Commonwealth shall not, while in state Of sus-
pension, sell or dispose Of any draft or bill Of ex-
change, commonly called specie funds, al pro-
MUM OF more than one half Of one per cent. be.
yond the cost Of such funds to the Bank.
IL BE Il further enacted, That itshall bo the du-
" OF tie President and Directors Of the several
Banks, and each branch thereof, to keep and offer
ing book rJOurnal in which shall be entered week
ly, fair and full list of all notes drafts acceptan
ces snd bills, foreign and domestic loaned discount.
ed or purchased, stating distinctly the amount Of
eaeh, and the names Of the several drawers payers
aecep,ors and eudorsers thereof which said journal
public, at the counter Of saii Bank or Branch dur
ing ITS business hours; on failure whereof, or on a
refusal 10 exhibit slid journal to public inspection
the President and Cashier Of said Bank or Branch
shall be subject to penalty Of one hundred dollars
each Tor every failure, 70 be recovered by nforma-
ton or presentment in any court Of record having
Jurisdiction Of the same.
IS. And he it further enacted Thu. the director,
Of the several Banks OF this Commonwealth who
are now IN office, and such as shall he bereaC,e,
appointed, shall hold their Offices until the nexten
nual meeting Of the stockholders, unul their cue
ecssofs are appointed and notified Of such appoint-
menii provided such notification shall be made bv
me Cashier OF the Bank without delay after tho an
pointmenL
II. And DO it further enacted, Tha, 70 much m
me seventh section Of the oct passed March 22d
1897, entitled an oct establishing general regula.
tons Tor the Incorporation Of Banks as provides
that the bonus Of one fourth per centum paid out Of
each semi-annua dividend upon the stock Of The
several Banks Of his Commonwealth shall be p,d
by creating additional stock 10 tina. amount in the
name OF the Commonwealth Tor tho benefit OF the /
iund for internal improvement be ard the ssrne i,
hereoy repealedi and hereafter the saiu bonus ne In
SAID section provided for including The bonus on the
STOCK az provided in the l2.h section or the act an
ttied an act Incorporating the banking aptaI Of the
Commonwealth, passed March q b, 1887, fhaI be
pad semi'annual'y by the said Binks into the
treasury Of this Commonwealth upon the warrant
Of me IND Auditor 70 be applied IN payment Of
interest on the public debt created for Internal I'm.
| proyemenL
10 And be !, further enacted, Tba, nothing here.
~ eontaincd shall prevent tho Legislature al any
time hereafter from altering. modifying or repeating
lhe ehsTlefs Of the several banksa { pleasure.