Chap. 185.—An ACT to incorporate the Bank of Portsmouth.
Passed February 9, 1867.

1. Be it enacted by the general assembly, That George W.
Grice, Thomas Hume, W. H. Hodges, R. J. Neely, Joseph
Bourke, Richard Walke, W. Reid, E. G. Ghio, H. V. Nei-
meyer, James F. Crocker, B. A. Armstead, William H.
Peters, William W. Davis, John T. Hill, Richard Cox and
M. W. Armstead, together with such other persons as they
may hereafter associate with them, shall be and they are
hereby constituted a body politic and corporate, by the name
and style of The Bank of Portsmonth; and by this name
and style are hereby invested with all the rights and privi-
leges conferred on banks of deposit and discount of this
state by chapter fifty-nine of the Code of Virginia, and not
inconsistent with the provisions of this act.

2. The capital stock of the said corporation shall not be
less than twenty-five thousand dollars, in shares of one hun-
dred dollars each, which may be increased from time to time
to a sum not exceeding two hundred thousand dollars.
3. The seven persons first named in the act of incorpora-
tion shall constitute the first board of directors thereof; they
shall continue in office until the first meeting of the members,
and until their successors in office are elected. No stock-
holder shall be eligible to an election as director, who shall
not at the time be the absolute owner, in his own right, of
at least five shares of the capital stock. The annual meeting
of the stockholders shall be provided for in the by-laws.
The board of directors shall consist of seven members, unless
otherwise provided by the by-laws. a

4. The board shall, regulate the admission of members.
It may receive money on deposit, and grant certificates
therefor, as may be provided in the by-laws; and it may buy,
sell and negotiate bullion, coin, bank notes, foreign and do-
mestic bills of exchange; lend money upon personal or real
security, and receive the interest in advance, and guarantee
the payment of notes, bonds, bills of exchange, or other evi-
dences of debt: provided, however, that nothing in this act
contained shall authorize said bank to take, for the loan or
forbearance of money or other thing, more than the legal
rate of interest. !

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