Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1852-10-27
AN ACT
Eacor7,orQte tile Merchants and turner's
Bank of CIurkS6uTy.

in the town OF harrisburg, IN the county
of Harrison, the capital stock of which
shall not be less than fifty thousand dol
lars, nor more than thee hundred thou
sand dollars, to be raised by subscription
of one hundred dollars each. Books of
subscription for raising the stock aforesaid
shall be opened on the first Monday ofJu-
~ next, and remain open till the stock
shall be subscribed, at Clarksburg in the
county of Harrison, under the superln-
tendence of William johnson, Waldo Z.
Golf, Burton Despard, Lloyd Lowndes,
Cyrus Vance, Aaron Criss, Alba Minor
and Byron j. Basel.
g. ANY three of the commissioners shall
have power to act, and their powers, rights
and duties in relation to said bank, shall
be, in all respects, such are prescribed
by the Code of Virginia. The said conf
missioners shall be, and obey are hereby,
authorized to receive subscriptions, paya-
BILE in money, or payable in the stocks of
this State, or the bonds of any improve
ment company or companies guaranteed
by the State, the medium of payment to
be expressed at the time of making such
subscriptions, and the stock or guaranteed
bonds to be transferred to the bank and
the money paid over so soon as the pre-
sident and directors thereof shall be cleo
ted
3. 1t shall be lawful for majority of
the persons named as commissioners at
Clarksburg, to select any additional pla
ces for opening books of subscription TO
the stock of said bank, and appoint COM
missioncrs to superintend the same.
4. The said bank at Clarksburg, shall
be called g The Merchants and Farmers
Bank of ClarkSburg; and by this name
and sty lie, the stockholders thereof, and
their successors, shall be body polite
and corporate, with all the rights, powers
and privileges conferred upon banks of
this State by chapters fifty and fif-
ty-eight of the Code of Virginia, except
the seventh section of chapter fifty eight;
and shall moreover be subject to all the
rules, regulations and restrictions imposed
by the said chapters, except SO far as they
are inconsistent with this act and except
further. that the stockholders shall elect
the directors.
5. Whenever the said bank shall legal
ly transfer to, and deposite with, the trea
surer of this State, in trust for and for the
purposes of said bank. certificates of the
public debt of the State, or the bonds of
any improvement company or companies
guaranteed by the State, bearing six per
cent. interest, to the amount of fifty thou
sand dollars, the said bank at Clarksburg
shall be authorized to deliver notes of any
denomination it may select, not under five
dollars, to the treasurer, in the usual form
of bank notes intended for circulation, to
the fall amount of the stock or guaranteed
bonds so deposited, upon the face of which
shall be printed or expressed, the words
g Secured by pledge OF State securities y |
and such bank notes shall be countersIgn-
ed by said treasurer, and numbered and
registered in the books kept for that pur-
pose in the office of said treasurer and
such notes, so countersigned, shall be re-
delivered to the proper officer of said bank;
and the said bank so receiving the same,
may thereupon issue its notes aforesaid,
to the full amount of the stock or guaran
teed bonds so deposited, and none others
whatsoever and from time to time, upon
further deposites of such certificates of
debt or guaranteed bonds, by said bank,
in sums of not less than ten thousand dol
lars, the said bank shall thereupou in like
manner issue notes countersigned as afore
said to the full amount 50 deposited but
such issues shall not in the aggregate ex-
coed the capital herein provided.
6. The treasurer shall at the time of
receiving such certificates of stock or guar
anteed bonds give to the said bank autho
rity to draw the interest thereon, as the
same may become due and payable, for
the use of said bank, which authority shall
continue in force until the said bank shall
fail to redeem any of its said issues in
specie, in which case the party charged
with the payment of such interest shall be
forthwith notified of such failure, and
thereafter such interest shall be payable
to said treasurer, to be applied, if neces
sary, to the payment of such notes.
7. In case the said bank shall at any
time hereafter, on lawful demand, during
its usual hours of business, at the place
where such notes are payable, fail or re-
fuse to redeem any such note or notes in
the lawful money of the United States,
the holder of such note or notes, making
such demand, may cause to be protested [
for non-paymeut in the usual manner
and the treasurer, on receiving and filing
in his office such protest, shall forthwith
give notice in writing to the president or
cashier OF said bank to pay the same and
if he or they omit so to do for ten days
after such notice, the treasurer shall i'm
nlcdiateiy thereupon (unless he shall be
satisfied chat there is good and legal de-
Tense against the payment of such note or
uotesl give notice in at least three news
papers published in the State, that al the
notes issued by the bank aforesaid will be
redeemed out Of the trust property in his
hands. deposited as aforesaid. And It'll
shall be lawful for the treasurer, and he
is hereby required to apply the said trust
property to the payment of such notes,
with cost of protest and interest. and to