Chap. 40.—An ACT to Incorporate The One Dollar Savings Bank at
Charlottesville.

Approved February 11, 1874.

1. Be it enacted by the general assembly, That A. P. Bibb,
Micaijah Woods, George Johnson, L. R. Railey, B. L. Meade,
Dr. John Thornby, J. H. Bibb, James S. Leitch, F. M. Wills,
T. J. Wertenbaker, E. Heckheimer, H. V. Daniel, J. L. Cabell,
together with such other persons as they may hereafter as-
sociate with them, shall be and they are hereby created and
constituted a body politic and corporate, by the name and
style of The One Dollar Savings Bank, and by that name
and style are hereby invested with all the rights and privi-
leges conferred on banks of discount and deposit of this state,
by chapter fifty-nine, of the Code of Virginia, eighteen hun-
dred and sixty, and not inconsistent with the provisions of
this act.

2. The capital stock of said bank hereby incorporated shall c
not be less than twenty thousand dollars, which may be in-
creased, from time to time, to a sum not exceeding two hun-
dred thousand dollars. The said bank shall be located in the p
town of Charlottesville, and shall have power and authority >
to establish branches in any city or town of the state, or in li
any locality where a capital stock for the branch bank shall
be subscribed of not less than ten thousand dollars, which sum
shall be an addition to and increase of the capital stock of
the principal or main bank. The capital stock of any branch p
bank may be increased to the sum of two hundred thousand ¢
dollars. The officers of said bank and each of its branches 0
shall consist of a president and vice-president, a cashier, and
assistant cashiers, if necessary, and such other clerks and
messengers as may be necessary to conduct the business of
the same.

3. The board of directors for the principal branch at Char- 3
lottesville shall consist of seven members, and for each «
branch bank five members, unless otherwise provided by the
by-laws: provided, however, that the number of directora E
mentioned in this act shall in no case be diminished, and that %
no stockholder shall be eligible as a director unless he shall 4
own absolutely, in his own right, at least four shares of the
capital stock. The board of the principal bank and each x
branch shall elect and appoint its officers and regulate the
admission of members.

4. The par value of each share of capital stock in the prin-
cipal or main bank and in any branch bank shall be fifty °
dollars.

5. The first seven persons named in this act of incorpora- F
tion shall constitute the first board of directors of said bank.
They shall continue in office until the first meeting of the T
members, and until their successors are elected. The annual ®
meeting of the stockholders shall be provided for in the
by-laws.

6. The bank or any one of its branches may acquire such g
real estate as may be requisite for its accommodation in rela- >
tion to the convenient transaction of business, and such as
shall be bona fide mortgaged to it by way of security or con-
veyed to it in satisfaction of debts contracted in the course
of its dealings or purchased at sales upon judgments against
persons indebted to it.

7. The said bank and its branches may receive money on r
deposit and grant certificates therefor in such sums as agreed *
upon and provided by the by-laws, may sell and buy and t
negotiate bullion, coin, bank notes, foreign and domestic bill
of exchange; may draw foreign and domestic bills, drafts
on checks at sight or on time; may loan money on personal
or real security, and receive the interest in advance; may
guarantee the payment of notes, bonds, bills of exchange or
other evidences of debt; may receive for safekeeping, and
return when called for, gold and silver plate, diamonds, jew-
elry of all kinds, and other valuables, and charge a reasona-
able compensation, such as may be agreed upon at the time
of deposit: provided, «however, that nothing in this act con-
‘tained shall authorize said bank or its branches to take for
the loan or forbearance of money or other thing more than
the legal rate of interest.

_ §. This act shall be in force from its passage, and be sub-
ject to all general laws now in force, or which may hereafter
be enacted concerning banks and banking companies not of
circulation in this commonwealth.