Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-03-25

T., .enarate The state from the Bank, 10y sale
gift. stock therein. aud the application 1T the
proceed. to the redemption of the public debt
Passed March 18th. 1855.
/ Re IL enacted hy the General Assembly,
That the Auditor of public Accounts be. and be
i hereby authorized and directed under the su-
neryision of tie Governor. TO sell the stock held
!. the hunks hv the Commonwealth. whether
standing IN the name at the Commonwealth or
hfiho board If Public Works.or of any other de-
nartfneut af tie government. except the Literary
Fund.
> The sad sales shnl be maze from time 10
time. as the same can be effected Mt fair prices,
provided that none of the said stocks shall he
sal5l at les than the par value thereof aud such
a premium a may bear 70 the said proportion a
ratio of the surplus or contingent fund of such
hafk at it, last quarterly return before the pas
saee Of this act to its whole capital stock shall
be sold at less than its current market price: and
provided TINT all Of them shall be sold in not
more than three years from the passage OF this
uct.
B The several banks shall have the privilege
Of contracting for the purchase of stocks, or any
part in the stocks. held by the commonwenlth,in
each of them respectively, upon the following CON
dltion, Ia wit: One fourth part thereof to be
bought aud paid for within one year of the pas
sage of this uct; one fourth part thereof TO be
bought and paid for within three years from the
date: one fourth part thereof to be bought aud
paid for within three years from the date;
or the payments may be arranged at shorter dates
f so desired by the bank buying: provided, that
the Merchants and Mechanics bank of Wheel
ing may at once purchase on the terms hereinbe-
fore named the stock held therein by the com
monwealth. The price to be paid for such stock
shall be equal 10 the par value thereof with tie
addition OF such premium as may benr to the
said par value ratio equal to one half the ratio
of the surplus or contingent fund of such bank.
at It's last quarterly return before the passage of
this act, to lis whole capital stock: provided that
stock shall be sold ut less than its carrent
market price.
T. The proceeds Of the sales of tho hnnk stocks
hereby directed to be sold -hnll be paid into the
sinking fun !. 10 he applied to the payment aud
redemption Of such part If the state debt rs may
be redrcnahle and if no part therefore be III
deennbIc then n purchasing and cancelliug such
outstanding bonds certificates of the debt Of
Commonwealth ns wcro issued prior Ia the hit
day of january. 1852. In purchasing such bond
or certificate Of debt, those which are rrdeema
bile at nm early date shall be bought in prefer
ener 10 those which are redpemable Mt II ator
date; provided they can be boughta Mt the sumo
price. Purchasers # the same stock may at
their option make payment thereof Ia the treas
urer either IN lawful money Of the United States
or in any bonds or certificates If debt of this
Commonwealth at the IN" par value thereof Which
were issued prior To the day of January, 1852
}. )" soon n one fou tn part o the said ocks
in any bunk are sold, only three directors in the
said mother bank, and two in each of the branch
-. shall be appointed on the part Of the State,
aud sd soon rs hall thereof Is sold, only %
directors in the said mother bank. aud one in
each of the branches, shall he appointed ON the
part of tie Stnte, and 50 soon three fuurtbs
Of the said stock is sold. only ono director IN the
mother hank. aud none in the branches, shall be-
appointed on the part of the states and after all
nj the SAID stocks in any bank have been sold,
neither proxies nor directors therein shall be np
pointed ou the part of the State. But the Gov
ernor may ut any Time appoint commissioners.
with power to examine III papers aud officers OF
the said banks. ar any OF them. and To enquire
whether the luw- applicable to the said banks
hive been strictly observed.
Il. An laws or part of laws inconsistent here
with are hereby repealed.
:. This act shall be in force from its passage