Chap. 211.—An ACT to incorporate the Metropolitan Savings Institution
of the City of Richmond, Virginia. 9

Passed February 18, 1867.

1. Be it enacted by the general assembly of the state of
Virginia, That A. Bodeker, C. A. Brockmyer, J. W. Turner,
G. W. Willis, J. W. Fraiser, John Deringer, P. H. Montague,
S. Hunter, John Moran, W. J. Riddick, D. S. Cordle and A.
A. Hutchinson, and such other persons as may hereafter be
associated with, them, shall be and they are hereby consti-
tuted and made a body politic and corporate, by the name
and style of The Metropolitan Savings Institution of the city
of Richmond; the capital stock of which shall not be less than
one thousand dollars nor more than fifty thousand dollars, in
shares of one hundred dollars each. |

2. The persons named in this act of incorporation shall
constitute the first board of directors thereof. ‘They shall
continue in office far six months from the organization of the
said institution, and until their successors in office shall be
elected. No stockholder 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 one share of the capital stock.
The semi-annual meetings of the stockholders shall be pro-
vided for in the by-laws. The board shall consist of not less
than nine members, and as many more as the by-laws shall
provide. :

3. The board may receive money on deposit and grant
certificates therefor, as may be provided in the by-laws; but
no certificate shall be for less than five dollars; and.may buy,
sell and mortgage bullion, coin, bank notes, stocks, bonds,
foreign and domestic bills of exchange and other securities,
and receive the interest in advance; guarantee the payment.
of notes, bonds, bills of exchange or other evidences of debt:
provided, however, that nothing in this act contained shall
be construed to authorize the said savings institution to take
or charge, for the loan or forbearance of money or other
thing, more than the legal rate of interest. ‘The property of
the institution and its business shall be under the control of
its directors, Pa

‘4, The said institution shall be called The Metropolitan
Savings Institution of the city of Richmond; and by this
name and style the stockholders thereof, and their successors,
shall be a body politic, and with all the rights, powers and
privileges conferred on banks of deposit and discount of this
state by chapter fifty-nine of the Code of Virginia, except
so far as they are inconsistent with this act.

5. This act shall be in force fr om its Passage.