Chap. 8.—An ACT to incorporate the Bank of Christiangurg.

Approved January 9, 1888.

1. Be it enacted by the General Assembly of Virgim, That
Henry S. Trout, Crockett L. Pierce, Waller R. Stapbs, Rice
D. M. Charlton, Henry E. Blair, Robert H. Logan, hn H.
Johnston, and such other persons as are now or my here-
after be associated with them, be and they are create a body
corporate with perpetual succession, under the nam of the
Bank of Christiansburg, whose place of business shll be in

ceooe Virginia.
2. The capital stock shall be not less than fifteen thousand |
dollars nor more than one hundred thousand dollars, and
shall be divided in shares of one hundred dollars each.

3. The said bank shall not begin business until the whole |
of the minimum stock is actually paid in, and shall require
the residue of the amount subscribed to be paid within six
months in such instalments as the directors shall fix.

4. There shall be elected by the stockholders, annually, |
five directors, one of whom shall be by the directors elected |
president and another vice-president. The president and
vice-president shall remain in office, unless removed by a two-
thirds vote of the stockholders, for the time they were elected
as directors.

5. The first meeting of the stockholders may be held at!
any time the corporators may determine upon, and the annual '
meetings shall be held on the first Tuesday in January of
each year after the year eighteen hundred and eighty-eight,
and special meetings may be called by a vote of three-fifths
of the directors. Thestockholders at any meeting may make
and alter by-laws for the government of said bank not incon-
sistent with the laws of Virginia or this act.

6. The Bank of Christiansburg is authorized to make loans
and discounts, to purchase and sell, either on its own account |
or on commission for others, bonds, stocks, and other securi-
ties, to receive deposits, to act as receiver for courts, to nego-
tiate loans on commission, and to do any business which
banks are authorized by the general laws of this state to do.
The said bank may take liens on real estate as security for
loans it may make, or for debts which may become owing
to it.

7. The total liabilities to the said bank of any person or of!
any company, corporation or firm for money borrowed, in-
cluding in the liabilities of a company or firm, the liabilities
of the several members thereof, shall at no time exceed one-
tenth part of the amount of the capital stock of such associa-
tion actually paid in. But the discount of bills of exchange
drawn in gvod faith against actually existing values, and the
discount of commercial or business paper actually owned by
the person negotiating the same, shall not be considered as
money borrowed.

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