The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-03-22

up. Some Of the stockholders had, at the
date Of suspension. paid up in full others
had paid in part-the company holding their
bonds for balance due from them respective
" on account OF their stock. These bonds are
reported as part OF the assets OF the con-
Germ. At a meeting Ct tie Board of Direc-
tors, held in 1871, it was ordered that sin
future the profits of tile bank shall be rata
bly, divided, and that such dividends as may
be declared in honor of the holders of the
cash or full paid stock of the old Virginia H.
snrance Company be withheld and applied
to making good such impairment, until said
deprecated shares have again reached their
par value. But any such stakeholder shall
be at liberty, at any time, to make up the
value of his shares to par by paying up his
ratablc proportion Of the said impairment. :"
| No action of the stockholders and no further
action of the Board appear in regard to this
matter, but among the papers of the bank
was one in the handwriting of the late VIM.
FL. Tams, Cashier aid Secretary Of the Vir-
GINA Banking and Trust Company, at the
/ uhbc VI Jtlc dUotC OLOCls anu W. l. . 4ouAs9 -
clerk in the office from 1874 to 1875, states
that r. G.. Mayo, Cashier after the death Of
NJ. Tans, informed him that this paper
showed how the matter OF stockholders was
settled. as far as 1t was settled ut ALL
The following explanation calculates the
statement
n. N. Young was stakeholder to the ex-
TINT Of forty s,lares-the par value OF the
shares being s25 each, and the amount OF his
Subscription $1,000 He had paid s272 Al,
and owed on his stock bond 1927 50. His
Dayment of So 50 made the sum s275 paid
| w him, and entitled him to eleven shares OF
paid up stock, instead OF forty shares, the
greater part being unpaid for, as before; his
stock bond being then surrendered to him.
Others like him made no payments and their
stock bonds are reported as outstanding as
sets.
The Commissioner confesses that he does
not see how the order above quoted authorized
the proceedings in regard to stock bonds as
here explained. 1t seems to have been I'M
derstood, however, that any stakeholder might
take up his stock bond and retire, or sink
part Of his stock in the manner described, at
any time from the date Of the order until the
bank was closed.
ID. If stockholders fixed the Presidents
salary and at sOAat time?" The charter of the
Va. Banking and Trust Co. being silent on the
subject, the matter Of Presidents salary is
governed by the general law which pre-
scribes "that there shall be no compensa-
tiot for services rendered by the President
or any Director, unless it be allowed by the
stockholders" The stockholders of the COM
pany, at meeting held March %, 1866,
adopted the following resolution.
sResolued, That the matter OF the salary
Of the President of the company for the first
year OF its operation be, and is hereby, re-
ferred to the Board of Directors who are en-
powered and requested to fix its amount and
direct the pay,nen. OF the same.''
At meeting of the Directors, June 10,
1867, the following order was made
:. In the matter of the allowance to- be
made to the President for his past services
as such, the same is fixed at $500 to the LIST OF
June.'
And at another meeting OF the Board, held
January 8, 1868, the following was entered
"President Bell is allowed for his services
from June LIST to January LIST, 1868, at the
rate of $500 per annum."
No other action on the subject was ever
taken by the stockholders or Board. The
Presidents salary, however, was credited to
to him from time to time; the last emery
prior to the suspension OF the bank, be-
ing made March 3lst, 1870, up to April LIST,
1870. On the day Of suspension, October 2sd,
| 1875, the sum of 81, 750 was credited to H j.
NJ. Bel. for salary as President, being at the |
rate Of $500 for five ana a half years, from
April, 1870 to October, 1875. Before said |
entry Maj. Bells account in bank stood as
follows
Aggregate of dcbits............. SO, 053 A
- redits................. 2,276 81 |
Balance due from him. .............. S 776 30 |
Amt. CIR. for salary.....$ 1850 90
Balance to credit Octo-
Der %, 18i5............ $l,973 10 |