Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1852-05-26
an AcT
zb Incorporate he NercAanss and Farmers
Bank Of C1arks5arg.

lars, nor more than three hundred thou-
sand dollars, to be raised by subscriptions
in shares Of one hundred dollars each
Books of subscription for raising the stock
aforesaid shall be opened on the first Mon
day in July next, and remain open till the
stock shall be subscribed, at Clarksburg
Ia the county Of Harrison, under the su.
perintendence Of William Johnson, Waldo
p, Gof, Burton DoSpard. Lloyd Lowndes,
Cyrus Vance. Aaron Crisis. ABA Minor
Byron ], Basel,
g. Any three the commissioners shall
have power TO act, and their powers,
rights and duties in relation TO said bank
shall be, in all respects, such as are pre-
scribSd by the Code of Virginia. The
said commissioners shall be and they are
hereby authorized to receive subscriptions,
payable in money, or payable in the stocks
Of the 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 pres
ident and directors shall be elected.
s. 1t shall be lawful for majority Of
the persons named as commissioners at
Clarksburg, to select any additional pla-
COS for opening books of subscription to
the stock of said bank, and appoint COM
missionOra to superintend the same.
4. The said bank at Clarksburg shall
be.called "Ths Merchants and Farmers
Bank of Clarksburg;" aud by this name
and style. the stockholders thereof and
their successors shall be q body polite
and corporate, with all the rights, powers
and privileges conferred upon banks OF
this state by chapters fifty seven and fifty
eight of the Code Of Virginia, except the
seventh section of chapter fifty.sight; 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
thS directors.
8. Whenever the said bank shall legal
ly transfer 10. and deposit with, the trea.
surer of this state, in trust for, and for the
purposes of said bank, certificates of tho
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 Clsrksburg
Ahall 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 tho full amount of tho stock or guar
antied bonds so deposited, upon the face
Of which shall be printed or expressed the
words Secured by pledge of state secu-
rites and such bank notes shall be coun-
terSignsd by said treasurer, and number
ed and registered in the books kept for
that purpose in the Office Of said treasurer;
and such notes. 50 countersigned, shall be
re.delivsred to the proper officer Of said
bank; and the said bank so receiving the
same may thsrsupon issue its notes afore-
said TO the full amount of the stock or
guaranteed bonds by said bank, in sums
Of not less than ten thousand dollars, the
said bank shall thereupon in like manner
issue notes countersigned as aforesaid to
the full amount, SO deposited. but such
issues shall not in the aggregate exceed
the capital herein provided.
8. The treasurer shall, ut the time OF
receiving such certificates of stock, or
guaranteed bonds, give to the said bank
authority 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 nec4s.
sary, to the payment of such notes.
z. 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 tho United States,
the holder of such note or notes making
such demand may cause the same to be
protested for non,pAyment 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 il he or they omit 80 to do
for ten days after such notice, the treasu-
rer shall Immediately thereupon (unless
he shall be satisfied that there is good and
legal defence against the payment of such
note or notes) give notice in at least three
newspapers published in the state, that
all the notes issued by the bank aforesaid
will be redeemed out of the trust proper
ty in his hands, deposited as Aforesaid
And 1t shall be lawful for the treasurer
and he is hereby required to apply the
said trust property tothe payment Of such
notes, with cost of protest and interest,
and to adopt such measures for the pay.
mont of oil such notes as will, in his opin-
ion, most SffUctually prevent loss to the
holders thereof; and to this end he shall
have power to sell the same, or SO much
thereof as shall be necessary, at public
auction.
@ Enla ..;I L....--...-- - L. Z -