Chap. 244.—An ACT to incorporate the Planters Bank of Albemarle.
Passed February 26, 1867.

Whereas it is desirable to have established in the county
of Albemarle a bank of discount and deposit, based on such
solid securities and so carefully guarded for making safe the
deposits placed- therein a8 to insure the public confidence,
encourage the aggregation of capital, as well as habits of
thrift and economy: Therefore,

1. Be it enacted, That Wm. T. Early, Wm. J. Robertson,
John Wood, Jr., Socrates Maupin, Dr. Henry Howard, Jas.
C. Southall, Daniel Har man, James Minor, Charles Wood,
Dr. John R. Woods, David Hansbor ough, J ohn J. Bowcock,
B. H. Magruder, Wm. P. Farish and.such other persons as
may be hereafter associated with them, shall be and they are
hereby constituted and made a body politic and corporate,
by the name and style of The Planters Bank of Albemarle,
and by this name and style are hereby invested 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.

2. The capital stock shall not be less than twenty thousand
dollars, nor more than three hundred thousand dollars, 1 in
shares of twenty dollars each.

3. The persons named in this act of incorporation, being
stockholders, shall constitute the first board of directors, who
shall continue in office until their successors are elected by a
general meeting of stockholders; and the said directors, so
constituted, shall, from amongst themselves, elect a president,
vice- -presidént and cashier ; and the cashier may select a clerk,
subject to the approval of the board, which body shall fix all
salaries. ‘l'wo-thirds of all of directors may, for just cause,
remove any officer, and a majority may fill vacancies. Five
members may constitute a quorum for. business; four mem-
bers must always concur when any loan of money is to be
made. The president, vice-president and cashier shall con-
tinue to be directors, and the president or vice-president may
also be the counsel for the bank.

4, This institution may receive money on deposit, in any
amounts, and grant certificates therefor'on such terms as may
beagreed on. The holders of such certificates may, on thirty
days’ notice, be required to return the same for payment and
cancellation, and interest shall cease after the expiration of
such notice; may buy, sell and mortgage bullion, coin-and
bank notes, stocks, bonds, foreign and domestic bills of ex-
change and other securities, and discount negotiable paper
and take the interest in advance, which paper may be made
payable at the office of the bank, and there protested.

5. Each share of stock shall entitle the holder to one vote
in general meetings; and the liabilities of stockholders shall
only be the amount of their stock subscribed.

6. So much real estate may be held ‘as will bé convenient
for the transaction of the: business of the bank, and when
necessary for the successful collection of debts..

7. The directors may frame suitable by-laws, not incon-
sistent with this act, for the government of the ‘institution:
which by-laws shall be ratified, altered or amended by the
stockholders at their general meeting. -

8. The by-laws may provide that two-thirds of the capital
stock of the bank shall be secured on twice its value of un-
encumbered real estate; and in discounting negotiable paper,
two good names may be required, when the amount is five
hundred dollars or under, and three good names on sums
exceeding five hundred dollars.

9. The board may declare such dividends or profits as will
not impair the capital stock.

10. Any five persons of those named in this act, or a
greater number, may act as commissioners for receiving sub-
scriptions, (at such times and places as a majority may deem
best), to the capital stock of this bank; and it shall be their
duty, when the minimum capital is subscribed, to call the
directors together and organize the institution.

11. Stockholders indebted to the bank cannot sell or trans-
fer stock without permission of the board, unless such debts
are otherwise satisfactorily secured; and the board shall have
power to order the sale, after ten. days’ notice to the delin-
quent, of any stock belonging to parties who shall have
failed for ninety days or more to pay any of the obligations
due at said bank.

12. This institution may receive conveyances in trust, from
individuals or corporations, of personal or real estate, stocks,
bonds, money or other things, to be administered or distri-
buted in accordance with the terms of such trust, and may
charge a reasonable commission for such services.

13. If at any time after the fourth day of April, eighteen
hundred and-sixty-seven, the stockholders of said bank shall,
in general meeting, so elect, and the capital shall be increased
to not less than one hundred thousand dollars, then this in-
stitution may assume the name and style of The Planters
Bank and Insurance Company of Albemarle; ‘and in addition
to the foregoing powers, shall be endowed with all such pri-
vileges and franchises as were conferred on the Albemarle
insurance company by act of assembly, passed second day of
March, eighteen hundred and fifty-four.

14, This act shall be in force from its passage, subject to
alteration, amendment, modification or repeal, at the pleasure
of the general assembly.