CHAP. 100.—An ACT incorporating the Far mers Savings Bank of Danville.

Passed January 24, 1867.

1. Be it enacted by the general assembly, That John F.
Hobson, William Ayres, A. G. Faller, Joseph 8S. Gerst,
Thomas Barksdale, EK. J. Bell, George W. Read, J. J. Law-
son, George C. Cabell, Jobn -T. Watson, E. B. Estes, Wil-
liam Robinson and John W. Holland, together with such
persons as are now or may hereafter be associated with them,
shall be and they are hereby constituted and made a body
politic and corporate, by the name and style of The Farmers
Savings Bank of Danville; and by this name and style are
hereby invested with all the rights, powers and privileges
conferred, and made subject to all the rules, regulations and
restrictions imposed by the Code of Virginia, applicable to
savings banks and not inconsistent with the provisions of
this’act. |

2. The capital stock of the said corporation shall not be
less than ten thousand dollars, which may be increased, from
time to time, to a sum not exceeding five hundred thousand
dollars, by an order of the board of directors; and whenever
any increase may be ordered, the existing stockholders at
the time may have the privilege of subscribing for such ad-
ditional stock before new stockholders are let in—the old
stockholders to have the privilege of a ratable and equal
subscription among themselves of such additional stock.

3. Said savings bank is authorized to purchase bonds,
notes, bills and other pecuniary obligations, and also to gua-
rantee the payment of such securities; such purchases ‘and
guarantees to be made on such terms and such rates of pre-
mium as may be agreed upon: ‘provided, however, that noth-
ing in this act contained shall authorize said sav ings bank to
take for the loan or forbearance of money, or other thing,
more than the legal rate of interest.

4. This act shall be in force from its passage, subject to
modification or repeal, at the pleasure of the general as-
sembly,