Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1851-04-16


hank in the town Of STANTON, the capital stock oi
which shall no, be less than one hundred and my
thousand aor more than three hundred thousalu
dollars-to be- raised by subscription, IN shares VI
one hundred dollars each. Books OF suoscrlPl,o",
for raising the stock Aforesaid, shah DC oPe"eu y"
The first Monday IN May neNt--anu ie','a," r.
viii The stock Shall be subscribed Al otau"son' uu'
dor the snperinteudence of Nicholas y, INJURY" eI
lanes Points, John b BfeckenL'Hso' rug"
shelley. Col. George Baylor, NuIaUH fl"]'el anu
DIR. John A. Davidson. .n..no r,r
9 ANY five of the Commissioners shaii nave i""
no,ver 10 act; and their nights, powers ana au'leS
IN rslaon To said bank, shall be IN all Respects as
Var as sppllcable) such as are perescrioea oy 'he
Code of Virginia. The said commissioners snal'
10 and they are hereby authorized to receive sub
sc,p,ons PAYABLE in money, payable in the stock of
ahe State, or the bonds of any Improvement compa-
nv or companies guaranteed by the State, the nedl
nm of payment tobe expressed atthe time OF maN;"I
such subscriptions; aud the stock or guaF'""e1
hands 10 be transferred to the Banks, ana Lto
ev paid over as soon as the President ana
thereof, shall be elected oe,ho rers,ns
8. II shall be- lawful for a majority OF Tue Pe''O"'
naihed as Commissioners at Siauu'on ,h;'
.sdd;,ional Dlsces for opening the oOoNS Vi suoScP
lion TO the stock of said bank, anu W sPPo'"' 00'''
ahissioners 10 superinend the same .u,a
a. The said bank at S'auh'ou' S"a'i 20 N
"The Central Bank OF Virginia. anu oy '''s nS'he
and style the stockholders Inereo', anu 'ue" s. SUI
cessors shall be body polite aud corpotaee, wan
ali The rights, powers aud privileges Conferred upon
Iaoks of this State, by chapters 81 anc 90 oil Inc
Code Of Virginia. except The seventh section OF
chapter 5S-and shall moreover be sooee' 10 AL
the rules regulations and FeStrieIleRs lhpoSeu oy
the said 57lh and 5Sh chapters, 50 Tar as uey are
not inconsistent with this act; aud except ia''"ei
that the stockholders shall elect the Directors
: Wbonsver the said Bank shall legally trans
fer to. and deposite with the Treasurer OF 'hls
State in trust for and for the purposes OF SAID oanN'
certificates of the public debt Vt the State or the
bonds of any Improvement company OF cainPanleS
guaranteed by the State, bearing SIX per cen' .I.'o
.est, TO the amount OF one hundred anu my ,,
sand dolars-the said" Central BANK Vi ''s"'"'
shall be authorized to deliver notes o, any "o''"
nation il may select, not under lFe uo''a'S' :" '"0
usual form of bank notes intended lo' W
the full amount Ofthe stock, OF gua'a"TeS 'o'u' y
deposited upon the face Of which shall De printed
or e~n,sSsed the words secure by pledge OF State
Securities'-and such bank notes shall be counter
stoned by the said Treasurer, and numbered ana
registered in proper bucks to be provided ana KEEP,
for that purpose in the office of sad treasurer; ana
snch notes SO counlersigued shall be redeuVeIeu :"
the proper officer of said bank-and the saio DAMN
en- receivinu the same may thereapon Issue Hs
notes aforesaid to the full amount Oh tle socNs ~
deposi,ed and none other whatsuever-ano Io."
time ~ lime. up,n further deposlies ofsuch cerun-
Gates NJ debt. or GUARANTEED bonds, by said bank In
sums of not less than twenty thousand Goidis: '"e
said hank shall taereupon. IN IKE manne'' ISSUE
notes counlefsigRed aforesaid, ~ the III" ","u'
Of The stock so deposited but such issues Si'"'' "o'
in the aggregate, exceed 4he caPi'ai heie'" P'0''
ded. -.
6 The Treasurer shall, at the time OF receiving
.uch ce1li6ca,es ofslocks or guaranteed bonds, give
10 the said bank authority 10 draw the i''e'1s'
1hereon. as the sane may become due aud payaole
sr the use ofsaid bank which authority snail con
tinue IN force until the said hank shall taiI 10 re
deem any of It's said issues in spece-ih whIc case'
the parly CHARGED with The payment Of salu 'n'e'-
est shall be forthwith notified OF such iaure ana
thereafter such interest shall be payable to SAID
Treasurer. 10 be applied if necessary To Ire pay
ment OF such notes. -
7 In case the said bank shall, at any time mere
after, on lawful demand, during ITS uSua' "Ouis u
business at the place where Sucn notes arc PSJa
fail or refuse To redeem any such no'e vi "',eS ="
the lawful money Of the United States, the uo'ueI
,oS such note or notes, making such de'nahu' uisy
cause the same to be protested, Tor non pay 'us". "
The usual manaer--and the treasurer ON 'eee''i"e
and filing such protest. shall forthwith give nouce
in writing TO the Presidentor Cashier OF SAID banN
IN nav the same sand ii he they shall omit W 10
so far len DAYS after such notice, the Treasurer
shall, Immediately thereuPon (unIeSs ne Sud'. oe
satisfied that there is good and legal defence
the payment Of such note or notes. give no',ce !"
At least three newspapers published an the o'ate
thai all the Mates issued by the bank aforesaid, WIN
he redeemed out Ui the trust properly IN MS "a"eS
dep,sted as atOresad-and 1t SHAH De ta"'u' '"'
the Treasurer, land he is hereby requlred) I" @Ppy
the said trust property, to me payment =" '"o"
notes, with Cost uf protest, and ln'eres'-S"u "
dosl sucn measures sor the payment OF all such
Midas as will m his upinlUn, most effeclualy prevent
lnss To the holders lhereul-and TO this end'n Soal
have mower to sell the same, or SO much lhe'eo''
as shall be necessary. at public auction. :,
3 The said Treasurer may re-lTanSier tue s"'u
Certificates If debt or guaranteed bonds OF any part
thereof, upon receiving and cancelllng an e0ua'
,, f The n,,,es issued as aforesaid. unless III MS
opinion the security Of the notes outstanding snoeu
,sou;,s the same to be retained, When the prln,
nal of any of the certificates of debt, or guaranteed
bonds 50 deposited shall be paid to the lreaSd'e''
ne snail notify the said bank thereof. ahd may pay
the money so received, TO such bank. upon e,e ue'
livery IN him of an equal amount OF the circulation
agsaid hank. which he shall cancel as aforesaid, or
NAV invest the same wholly or in part, as he may
deem necessary, for the security OF such notes. III
other such certificates OF bonds
@ Should the Treasurer cnunterslgn notes 0. 'ne
said bank to a greater amount than Tue s'ocN VI
onaranlied bonds so deposited, or wltuIy reduce
The amount of such securities IN any manner ee
low the amnunt Of the cut standing notes OF sald
bank, he shall upon conviction, be Judged gu'iy Vi
felony. and punished by fine OF not less tnan one
Thousand nor more than ten thousand dntIars' anu
hv imprisonmeat ia the PenllenliaTy House, Tor
not less than three, nor more than hiieeh years -
,ny officer or officers of the said bank, VINO Shah
aid or assist the said Treasurer in issuing or coun
tsrsoninu larger amount Of notes, Than The amount
of stock ar Guaranteed bondssj deposited as a'ore
said, shall be adjudged guilty of The Ike odence'
and liable To the same conviction and punishment,
TO- Each aud every stakeholder IN SAID oanN'
shall bs liable and raieabe out OF his private eS-
tate for the circulation and the express contract
debis of said bank to the amount Of the stock own
ed BY him. upon failure OF the said bank to re-
deem its notes or pay said debls. The total a.
monnt of the paper circulation OF The bank hereoy
Incorporated shall never exceed hye Times 'ne a
mount of coin in possession and actually the property
NJ the hank. If the coin be reduced to less than
one.ffh of its paper circulation, the bank snan
bsrcsgrtb make no new loan or discount, untll It's
coin shall be to its paper circulation. at least 'ne
-,ronor,ion of one to five Provided, however 'na'
this act shall not take effect. so as to aulnof'lH Tue
making of loans or DISCOUNTS or the transaction oi
any banking business, until the minimum amour,
of The capital hereby authorized. shall De depoSleu
in stale stocks or guaranteed bonds. as aforesaid.