Chap. 26.—An ACT to incorporate the Merchants Bank of Danville.
Approved January 27, 1888

1. Be it enacted by the general assembly of Virginia, That
John W. Holland, F. X. Burton, W. N. Shelton, W. T.
Sutherlin, Charles L. Holland, W. W. New, R. L. Dibrell,
C. G. Holland, E.S. Arnett, W. M. Gilliam, S. M. Embrey,
James Fricker, A. Wildman, L. D. Wildman, J. H. Estes,
E. G. Moseley, J. R. Jopling, Orlando Wemple, John R. Pace,
E. H. Miller, and D. A. Overby, together with such other
persons as they may hereafter associate with them, and their
successors, shall be and they are hereby constituted and
made a body politic and corporate by the name and style of
the Merchants Bank of Danville, Virginia, the capital stock
of which shall be not less than fifty thousand dollars nor more
than five hundred thousand dollars, in shares of one hundred
dollars each.

2. So soon as fifty thousand dollars shall be subscribed to
the capital stock of said bank, ten per centum whereof shall
be paid at the time of organization to a committee to be ap-
pointed by the corporators, the persons named in this act of
incorporation, or a majority ot them, shall calla meeting of
the subscribers by giving ten days’ notice by publication in
some newspaper published in the town of Danville, at which
meeting the subscribers may elect not less than nine nor
more than thirteen directors, and adopt such by-laws and
regulations as they may deem necessary for the proper man-
agement and conduct of the affairs of said corporation. The
directors so elected shall constitute the first board of direc-
tors, and continue in office for one year, and until their suc-
cessors in office shall be elected; they shall fix and determine
the time and manner in which the balance due by the sub-
scribers upon the minimum amount of the capital stock shall
be paid, which shall not exceed sixty days from the organiza-
tion of said bank. No stockholder shall be eligible to elec-_
tion as a director who shall not at the time be the absolute |
owner in his own right of at least ten shares of the capital
stock. The annual meetings of the stockholders shall be
provided for in the by-laws.

3. The number of directors shall be not less than nine nor
more than thirteen, and they shall. be elected at every annual
meeting, and may be removed by the members in general
meeting, but unless so removed shall continue in office until
their successors shall be elected.

4. The board of directors shall appoint one of their own:
body president and fix his compensation. They may also‘
elect a vice-president and cashier from their body should they :
deem proper, and may fill any vacancy occurring in the
board, unless it be by removal, in which case the members
shall fill the same in general meeting. The board shall ap-
point, to hold during its pleasure, the subordinate officers and
agents, prescribe their compensation, and take from them
such bonds with sue amie as it may deem fit) (
5. The said bank may receive money on deposit and grant
certificates therefor; but no such certificate shall be for less
than one dollar. It may prescribe such regulations and
terms for any increase of the capital stock of said bank as
they may deem best; and if any stockholder shall at any
time fail to pay any requisition made upon him by said board
for the payment of any part of his subscription, the payment
of the same may be enforced as provided in the Code of Vir-
ginia.
~ 6. The said bank may conduct a general banking business,
receive money on deposit, may negotiate loans, buy and sell
bullion, coin, bank notes, foreign and domestic bills of ex-
change, stocks, bonds, and other evidences of debt; lend
money upon real and personal security, upon such time, in
such amounts, and to such persons as it may deem best, and
receive the interest in advance, guarantee the payment of
notes, bonds, bills of exchange, and other evidences of debt,
and receive compensation for such guarantee, and exercise
all such incidental powers as may be necessary to carry on
its business.

7. The said bank shall be located in the town of Danville,
and have the right to own the real estate sufficient for a bank-
ing house for the transaction of its business, and shall also
have the right to hold and enjoy, until it is advantageous to
dispose of the same, real estate when acquired to secure the
payment or satisfaction of any debt due, or to become due,
to said bank.

8. Every stockholder shall be entitled to one vote for each
share of the capital stock of said bank standing in his or her
name. The said bank may purchase or consolidate with any
bank already established and in operation.

9. All taxes accruing to the state of Virginia under this
charter shall be paid in money and not in coupons.

10. This act shall be in force from its passage.