The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-12

OF different denominations. In blank. re.
gistered and countersigned. as hereinafter
nrovided eatIal I'm amount TO Is per cent
OF the par value OF the Virginia bonds
so transferred and delivered.
In order 10 furnish suitable notes for
circulation. the Treasurer Of Virginia shall
cause plate and dies TO be engraved I'm the
best manner 10 guard against counterfeit.
ing and fraudulent alterations and shall
have for interest therefron and numbered
such quantity Of circulating notes I'm blank
OF the denominations OF s. SO. 80. so. and
500. as may be required Z, supply the as
ISOLATION entitled TO receive the same
Such notes shall express on their faces
that they are secured by Virginia bonds.
deposited with the Treasurer OF Virginia
by the written or engraved signatures OF
the Treasurer OF Virginia and Secretary
OF the Commonwealth, and by the imprint
OF the seal OF the treasury and shall also
express upon their face the promises OF the
association receiving the same, TO nav on
demand. attested by the signatures OF
the president or Wce-president and cashier,
and shall bear such devices and such
other statements. and shall be I'm such
form as the Governor OF Virginia shall
by regulation direct.
To Control the Plates.
The plates and special dies TO be
procured by the treasurer for the printing
of such circulating notes shall remain
under his control and direction. and the
expenses necessarily incurred IN executing
the laws respecting the procuring OF such
notes. plates, and dies, shall be borne by
each association for whose benefit the
same are procured.
The treasurer shall cause 20 be ex-
amined each year the plates, dies, and
other material from which the said circu-
lating notes are printed, and file in his
Office annually n correct list OF the same.
and such material as shall have been
used in printing the notes Of associations.
which are i'm LIQUIDATION or have closed
business. shall be destroyed, under such
regulations as shall be prescribed by the
Governor.
The treasurer shall determine the num-
her Of the notes OF the denomination Of
S. SO. 500 $50 and 800, which shall
ba issued 10 each association,
the AGGREGATE Of the notes 20 be equal TO
the whole amount % which said associa-
tion IS entitled. All circulating notes is
sued under the authority Of the act shall
be redeemable I'm lawful currency Of the
United States. on demand az The place
Of business Of the association issueing the
same. during banking hours.
After any association, receiving circu-
lating notes under this act, has caused
its promises 10 pay such notes on demand
20 be signed by the president or wee
president and cashier thereof IN such
a manner as 10 make them obligatory,
promiseory notes payable on demand at
its place Of business. such association
may issue and circulate the same In
money. and the same shall be received at
mar i'm pavment Of i dues, taxes, and
demands due the State OF Virginia.
Am laws of this State relating TO banks
Of discount and deposit and not inconsis-
tent with the provisions Of this act, shall
be applicable 10 the banks erected under
this act
All banks organized under the proyi-
eiors of this act shall always have ON
hand. as a reserve fund and 10 protect its
circulation, at least p per cent. Of it's
circulation I'm gold. silver. United states
Treasury or national hank notes and when
ever. from it's reports. II appears that
any bank has less than such reserve, or
from complaint Of any person in interest
such fact. or any other fact, rendering
f. proper. the Attorney General OF Nir-
ginia shall apply TO the Circuit Court or
the county or corporation i'm which such
bank may be located. for a receiver who
shall take charge Of its assets and adj
minister the same and all proceedings
shall be the same. mutatis mutandis, as
those under United States statutes relat-
ing 10 insolvent banks organized under
the laws Of the United States
THIS act shall De In force when the
statute Of the United States imposing
tax of 10 per cent. on the circulation OF
the state banks Is repealed