Chap. 275.—An ACT to incorporate the Clinch Valley Savings Bank,
of Jeffersonville.

Passed March 1], 1867.

1. Be it enacted by the general assembly, That D. B.
Baldwin, James P. Kelley, J. J. May, J. W. Thompson, R.
T. Bowen, E. 8S. Howard, A. A. Spotts, Wm. P. Cecil, J. E.
Chapman and James 8. Witten, 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 Clinch Valley
Savings Bank; 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 1m-
posed 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 two 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 addi-
tional stock before new stockholders are let in—the old stock-
holders to have the privilege of a rateable and equal sub-
scription among themselves of such additional stock.

3. Said savings bank is authorized to purchase bonds, notes,
bills and other pecuniary obligations, and also to guarantee
the payment of such securities; such purchases and guaran-
tees to be made on such terms and such rates of preminm as
may be agreed upon: provided, that no higher rate of in-
terest shall be charged than six per cent. —

4. This act shall be in force from its passage, and be sub-
ject to amendment, alteration or modification, at the pleasure
of the general assembly.