The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1856-03-18
The Bank Charters

The House of Delegates yesterday passed the
bills rechsrtering the Banks as they came from
the Senate The Senate had passed them exactly
as recommended by the Committee of Conference
We publish below the bill re-chArtering the Bank
Of Virginia The other bills, rechartering the
Farmers Bank, the Exchange Bank, the Bank Of
the Valley, the Northwestern Bank of Virginia.
the Merchants and Mechanics Bank Of Wheel
ing. and the Bank of Kanawha, are precisely sim.
liar in the length of time for which they are re-
chartered and the restrictions prescribed for their
government. They differ only as to the amount
and distribution of additional capital and this diff
ference has been already fully stated by US.
An Act re.chatring the Bank Of Virginia
l. Be it enacted by the General Assembly Of pirgid
That the charter of the Bank of Virginia be and
hereby extended, from the first day of April, eigh-
teen hundred and ffyseven, for six years; and the
and privileges conferred and MAIDS subject to all the
rules, regulations and restrictions imposed by the If
tysxth, 6yseventh and ffty-ei8hth chapters OF the
Code of Virginia. and the act, entitled, an act to
amend tho tenth section of chapter tyseven of the
Code of Virginia, passed April ninth, ieighteen hun
bred and three, so far as the same may DO app
cable to banks of circulation.
2 The notes of the several banks of this State, re-
ceived in payment of tho public revenue, except the
notes Of this Bank, the farmers Bank OF Virginia
of said banks, shall not be redeemed by the deposit
banks in specie before the expiration of fifteen days
after such deposit.
s. should either of the deposit banks refuse to
ceve deposit for the State the notes of any specie
paying bank, the Governor of the Commonwealth
upon written notice thereof from the Treasurer of
the State, shall direct the removal of the deposits
from such bank, and have them deposited in some
other bank.
The loans and discounts of each ibranch shall be
regulated that they shall at any branch exceed
twice the capital of the branch
3. The total amount OF the paper circulation OF
branch of this bank shall never exceed hve times the
amount of the coin in possession of such branch, and
actually the property of the bank.
The bank shall give no certificate OF deposit draft
other evidence of debt, which ID not payable in
specie.
7. Every quarterly statement of this bank shall in
addition to the information which the Code of Vii
gina requires to be made also exhibit tho aggregate
debt due by such bauk the outstanding debt due to
such bank its discounts of inland and foreign bills OF
exchange; its loans ts Director; Its specie, crcua
ton and deposits the frst day Of Zach month OF
the quarter it embraces.
8. The bank shall not issue pay out any note for
circulation, except of the denomination OF five dol
lars ten dollars or of some multiple of ten.
g. 1t shall be lawful for the said bank to increase Its
capital stock by the amount OF six hundred and nifty
thousand dollars by the sale Of stock provided shall
not be ssd at less than par Tho said capt.
branches, may be distributed between the mother
bank and its several branches the stockholders in
general meeting may determine.
Z 10 This act shall commence and be In force from
and after the time when its provisions shall have
been approved by the stockholders in the said bank
convened in general meeting at any time before the
first day of February next, and such approval shal
have been made and certified by the President and
Cashier of said bank under its corporate SEAL to the
Governor of this Commonwealth.