Chap. 177.—An ACT to incorporate the Citizens Bank.
Passed February 9, 1867.

1. Be it enacted by the general assembly, That John
Enders, William B. Isaacs, William G. Paine, R. H. Dibrell,
D. I. Burr, L.. H. Frayser, Thos. W. McCance, Jordan H.
Martin, John D. Harvey, together with such other persons
as they may hereafter associate with them, shall be and they
are hereby constituted and made a body politi¢ and corpo-
‘ate, by the name and style of The Citizens Bank, in the city
of Richmond; the capital stock of which shall not be less
han fifty thousand dollars nor more than one million dollars,
livided into shares of one hundred dollars each. Ten dollars
yn each share shall be paid at the time of subscribing, and
he residue as may be required by the president and directors.
2. The seven persons first named in this act of incorpora-
tion, if qualified as provided in this section, shall be the first
board of directors; they shall continue in office for one year
from the organization of the company, and until their suc-
cessors in office shall be elected. No stockholder shall be
eligible to an election as a director who shall not at the time,
and for sixty days previously to such election, be the owner
of at least ten shares of the capital stock. The annual meet-
ing of the stockholders shall be provided for by the by-laws.
The board shall] consist of not less than seven members, and
in, case of vacancy it may be filled by the board wntil the
next annual meeting.

3. The board shall regulate the admission of members and
prescribe such terms of’ subscription and time of payment as
they may deem expedient, and if any stockholder shall fail
to pay the requisitions, as made by the board, the board may
proceed to enforce the same as provided in sections twenty-
one and twenty-two of chapter fifty-seven of the Code of
Virginia, edition of eighteen hundred and sixty. Every
stockholder shall be entitled to one vote for each share of
the capital stock of the company standing in his or her name.

4. The said bank shall have power and authority to invest
its capital or other funds in bank or other stocks, in the pur-
chase of bonds issued by this or any other state, or by the
United States, and in bonds of any incorporated company;
to lend money upon personal or real security, to make, dis-
count and guarantee bonds, notes, bills of exchange, or other
evidences of debt; to receive the interest in advance, and
general’y to be made subject to the provisions of chapter

fty-nine, (edition of eighteen hundred and sixty), of the
Code of Virginia, which are not inconsistent with this act :
provided, however, that nothing in this act contained shall
be construed to authorize said bank to take or charge for the
loan or forbearance of money, or other thing, more ghan the
legal rate of interest.

). The president and directors may declare such dividends
as they may think proper, out of the earnings of the com-
pany; but no dividend shall be declared which shall impair
the capital stock of the company. °

6. The stockholders of this company shall not be liable for
any loss; damage or responsibility, other than the property
they may have in the capital and funds of the company.

7.. This act shall be in force from its passage, and shall be
subject to amendment, modification and repeal, at the plea-
sure of the general assembly.