Chap. 133.—An ACT to incorporate the Farmers Banking and Insurance
Company, of Buckingham county, Virginia.

Passed April 26, 1867.

1. Be it enacted by the general assembly of Virginia, That
William Hocker, Alexander J. Bondurant, William H. Per-
kins, Daniel W. Mosely, Thomas L. Bondurant, Joseph 3B.
Glover, James A. Wright, and such others as may be asso-
“lated with them under this act, be and they are hereby

reated and declared to be a body politic and corporate, by
the name and style of The Farmers Banking and Insurance
Company, of Buckingham county, Virginia; and by that
name may sue and be sued, implead and be impleaded in all
the courts of law and eyuity in this state or elsewhere, and
have perpetual snecession; to have, make out and use a’com-
mon seal, and the same to break, alter or renew at their plea-
BUTre ; to ordain and publish such by-laws, ordinances and
regulations as they think proper and wise; and generally to
do every act and thing necessary to carry into effect this act,
or to promote the object and designs of this corporation:
provided, that such by-laws, ordinances, regulations or acts
be not inconsistent with the laws of this state or of the
U nited States.

To make insurance upon “dw ellings, houses, stores and
all “other kinds of business in town or country, and upon house-
hold furniture, libraries, merchandise and other property,
against loss or ‘damage by fire; to make insurance on lives
to cause themselves to be insured, when deemed expedient,
against any risk or risks updn which they have made or may
make insurance; to grant annuities; to make insurance upon
vessels, freights, goods, wares, merchandise, specie, bullion,
protits, commissions, bank notes, and to make all and every
insurance connected with maring risks and risks of transpor-
tation and navigation.

vo. To receive money on deposit and grant. eertificates
therefor, in accordance with the conditions set forth in sec-
tions four and five, chapter fitty-nine of the Code*ot Vir-
ginia; but in no case are such deposits, or the certificates
therefor, to be held lable to make good any policy of insu-
rance issued by this company, or any other contract made by
it; to borrow money and execute notes for the same: pro-
vided, that nothing in this act contained shall be construed to
authorize the said company to take or charge, for the loan or
‘forbearance of money or other thing, more than the legal
rate of interest.

4. The funds of this company, however derived, may be
invested in or lent on any stock or real security, or to be used
in purchasing or discounting bonds, bills, notes or other pa-
per: provided that the rate of interest shall be such as may
be lawthl at the time of such transaction; but the interest in
any such transaction may be demanded and paid in advance ;
and*the said company shall have power and authority to pur-
chase, or otherwise lawfully acquire, and to: have and to hold,
and likewise to convey and to sell, any real estate, not ex-
ceeding five thousand acres, and any personal estate, for the
purpose of securing any debt or debts that may be due, or
for the purpose of promoting the object and design of this
corporation.

9. The capital stock of this company shall not be less than
fifty thousand dollars, with authority to the said company to
Ingrease the same to an amount not exceeding five hundred
thousand dollars. The capital shall be divided into shares of
twenty-five dollars each, and shall be payable by each sub-
scriber at such time or times and in such proportions as it
may be ealled for by the president and directors: and if any
such subscriber shall fail to pay the same, so called for, upon
each and every share so held, within twenty days after the
same has been so called for, then the amount so called for
may be recovered by motion, upon twenty days’ notice in
writing, In any court of record in the county of Buckingham,
or place of residence of the holder of the stock, at the option
of the sail company.

6. The persons named in the first section of this act. shall
be the directors of this company till otherwise appointed by
the stockholders; and they may, as soon as proper, appoint 4
president and secretary trom among their number, or from
among others who may hereafter he associated with them;
and the president and secretary shall continue in office till the
first day of March, eighteen hundred and sixty-eight, or until
their snecessors are appointed. In case of a vacancy in the
otiice of president, secretary or director, from any cause, the
remaining directors may elect others to supply their places
until a meeting of the stockholders shall be held. There
shall not be less than nine nor more than fifteen directors,
who, with the president and secretary, (who must also be di-
rectors.) shall manave the aftthirs of the company. Five ot
the said directors shall coustitute a quornm for any and all
business purposes of said company. ‘The meetings of the
stockholders shall be held at Buckingham courthouse, Vir-
cinia, and the business office of the said company shall be in’
the sai? town.

i. The president, seerctary and directors shall appoint
such clerks and other officers as they may find necessary pro-
perly to eonduct the business of the company, and allow
them suitable compensation; all of which clerks and officers
shall hold their places during the pleasure of the said presi-
dent, seeretary and directors.

®. ‘The president, secretary and directors shall have power
to appoint agents in any part of the state or clsewhere, and
at their discretion may ‘take from them bonds with security,
conditioned for the faithful performance of their duties, such
agents being removable at the pleasure of the president and
secretary, subject. to the approval of the board of directors,
or hy the board of directors.

9% The scale of voting at the tnectings of said company
shall be one vote tor every share of stock not exceeding
twenty, and one vote for every two shares exceeding twenty
and not exceeding two hundred, and one vote for every four
shares exceeding two hundred ; ‘and every stockholder not in
debt to the company may, at pleasure, by power of attorney
or in person, assign or transfer his stock in the company on
the books of the same, or any part thereof, not being less than
a whole share; bug no stockholder shall be permitted to make
a transfer or receive a dividend until such debt is paid or se-
cured to the satisfaction of the board of directors. @

10. The president, secretary and directors shall have power
to declare such dividends of the profits of the company as
they may deem proper: provided that no dividend shall be
declared when, in the opinion of a majority of the board, the
capital stock will be impaired thereby. They shall also, at
the end of every year, except that in which the company
goes into oper ation, make a report showing the condition of
the company in regard to its business for the current year.
The first annual meeting of the stockholders of said company
shall be qn the first day of March, eighteen hundred and
sixty-eight, and thereafter on the said first day of March of
each year: provided that the said stockholders at any regu-
lar meeting, or a board of directors, may at any time change
the day for ‘said annual meeting; and the president, secretary
and directors may at any time reall a general meeting of the
stockholders; and any number of stockholders, owning not
less than one-third of the whole number of shares, may re-
quire the president and secretary to call such meeting; and
on their refusal to do so, may themselves call -such meeting,
in each case giving at least filteen days’ notice by publication
in a newspaper published i in the state.

11. The members of the company shall not be liable for
any loss, damage ar responsibility, other than the property
they have in the capital and funds of the company, to the
amount of shares held by them respectively, and any profits
arising therefrom not divided. :

12. All policies of insurance and other contracts made by
the said company, signed by the president and counter siened
by the seerctary, shall be obligatory on the said company,
and have the same cflvet as if attested by a corporate seal.

13. Nothing in this act shall be so construed as to autho-
rize the said company to issue and put in circulation any note
in the nature of a bank note.

14. The board of directors shall allow the president and
secretary a reasonable compensation for their services, to be
established and fixed from time to time by said board.

15. The persons named in the sixth section of this act as
a board of directors, shall, within twelve months afier the
passage of this act, open books at some suitable place at
Buckingham courthouse, and at any other’ place or places
they may deem proper, to receive subscriptions to the capi-
tal stock of this corporation; and may prescribe such terms
in regard to said subscriptions as they may decm wise, not
inconsistent with the provisions of this act and the laws of
the state.and the United States.
16, This act shall. take effect from its passage, and shall be
subject to amendinent, modification or repeal, at the pleasure
of the general assembly of Virginia.