An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1883/1884 |
---|---|
Law Number | 275 |
Subjects |
Law Body
Chap. 275.—An ACT to incorporate the Farmers Bank of Sussex
county.
Approved March 4, 1884.
1. Beit enacted by the general assembly of Virginia, That
P. Fleetwood, R. W. Chappell, R. L. Dobie, R. W. Arnold,
Joseph H. Dobie, J. J. Dillard, Samuel H. Burt, Senior, B. B.
Booth, Walter Baird, A. J. Leaville, C. L. Cocke, J. M. Bailey,
and J. H. Mann, or such of them as may accept the provisions
of this act, together with such others as they may hereafter
associate with them, shall be and they are hereby constituted
and made a body politic and corporate by the name and
style of the Farmers Bank of Sussex county, and by that
name may sue and be sued, plead and be impleaded in all the
courts of law and equity in this state and elsewhere, and
have perpetual succession and a common seal, which they
may alter at pleasure. They shall establish such by-laws and
regulations as they may think wise and judicious, and gene-
rally do every act necessary to carry into effect this act of
incorporation.
2. Thecapital stock of this bank shall not be less than five
thousand dollars, nor more than one hundred thousand dollars,
to be divided into shares of one hundred dollars each. The
capital shall be payable by each subscriber at such times and
in such proportions as may be called for by the president anc
directors, and if any such subscriber shall fail to pay th
same so called for upon each and every share so beld, withi1
twenty days after the same has been so called for, then th
amount so called for may be recovered by motion upon twenty
day’s notice in writing in any court of record in the county
of Sussex, in the state of Virginia, or in the county or cor
poration of the residence of the holder of such stock.
3. The funds of this bank may be invested in or lent or
any stock or real security, or be used in discounting bonds
bills, notes or other papers: provided that the rate of interest
shall be such as may be lawful at the time of such transac.
tion: and provided further, that the interest or discount in
any such transaction may be demanded and paid in advance;
and to purchase and yvuarantee the payment of notes, bonds.
bills of exchange and other evidences of debt; and the said
bank shall have power and authority to purchase or other-
wise lawfully acquire such real estate as may be necessary
and proper for the successful conducting of its business as a
bank, and to purchase and sell any estate, real or personal,
in order to secure any debt or debts that may be due, for the
purpose of promoting the object and design of this corpora-
tion.
4, This bank shall have power and authority to receive
money on deposit and grant certificates therefor, in accordance
with the provisions of its by-laws and regulations.
5. The officers of this bank shall consist of a president
and not less than five directors, of whom the president shall
be one, to be elected annually by the stockholders, and a
cashier, to be elected by the board of directors, who shall
hold his office at the pleasure of the said board, and the said
board of directors shall appoint such other officers and agents
as to them may seem neceksary and proper to conduct. their
business. A majority of the board of directors shall con-
stitute a quorum for the transaction of business.
6. The scale of voting at all meetings of the stockholders
of said bank shall be one vote for each share of stock held
by any stockbolder.
7. Tho president and directors shall have power to declare
such dividends of the profits of the bank as they may deem
proper: provided that no dividend shall be declared when in
the opinion of the majority of the board the capital stock
would be impaired thereby. They shall also, at the end of
any year, make a report to the stockholders, showing the
condition of the bank for the current year.
8. The annual meeting of the stockholders of said bank
shall be held on the second Tuesday in May of each year:
provilicd that the stockholders at any general meeting or the
oard of directors, may at any time change the day for said
annual meeting, and the said board of directors may at any
time call a general meeting of the stockholders, and any num-
ber of stockholders representing not less than one-third of the
whole number of shares, may require such directors to call
such meeting, or on their refusal to do so. may themselves
all such meeting in such case, giving at least twenty days
notice by publication in any newspaper published in the
vicinity of the bank. In the event of a failure for any cause
‘o hold an annual meeting, the board of directors shall con-
tinue in office until they or their successors shall be elected.
9. The stockholders of this bank shall not be liable for any
loss or damage, or responsibility, other than the property
they have in the capital stock and funds of the bank, and
unpaid subscription to the stock, to the amount of shares
held by them respectively, and any profits arising therefrom
not divided.
10. This act of incorporation shall become the charter of
the Farmers bank of Sussex county, whenever the same
shall be adopted and accepted by the stockholders of the
said bank, in any general or special meeting, the vote on the
acceptance ther cot’ to be recorded in the minutes of the said
bank.
11. That the said company by the acceptance of this char-
ter, hereby agrees to pay all taxes, dues and demands, due
the state. that may be bereafter assessed against it, in lawtul
money of the United States, and not in coupons.
12.” This act shall be in force from its passage, and be sub-
ject to amendinent. alteration, or modification at the pleasure
of the general assembly.