Chap. 26.—An ACT to amend the 5th section of the act passed February
12. 1866, entitled an act requiring the Banks of this Commonwealth to
go into liquidation,

Passed March 19, 1567. _

1. Be it enacted by the general assembly of Virginia, That
the fifth section of the act passed February twelith, ei¢hteen
hundred and sixty-six, entitled an act requiring the banks of
this commonwealth to go into liquidation, be amended and
re-enacted so as to read as follows:

eyo. And be it farther enacted, That whenever the legal
representative or represcntatives of any of the banks whose
notes are secured, or were intended to be secured by the de-
posit of state or other stocks with the treasurer of the com-
monwealth, shall present the same to the said treasurer in
amounts of one hundred dollars, or any multiple thereof, the
sald treasurer is hereby authorized and directed to deliver to
such lecal representative or representatives of such bank an
amount. of the stock deposited with him for that purpose, as
aforesaid, equal in amount to the notes so presented to him:
but such stock shall be delivered in ratable portions of all
such stock. so deposited, as faras the same may be practi-
eable.. And whenever any such bank shall have redeemed at
least ninety per centum of its countersicned notes issued for
circulation, the said treasurer is hereby authorized and di-
rected to retransfer to the said bank, or to its legal represen-
tative or representatives, the certificates of debt ‘or bonds
deposited by such banks which may then remain‘in his hands,
upon receiving from at least five of the stockholders of said
bank, with at east five good and suflicient securities, to be
approved of by him, a joint and several bond, payable to the
commonwealth of Virginia in a penalty equal to three times
the amount of the outstanding unredeemed countersigned
notes of the said bank, and conditioned to redeem the same
in accordance with the provisions of this act, on demand, at
the place of business of the said bank, or of either of the
oblizors therein; which bond shall be recorded in the manner
prescribed in the fourth section of chapter one hundred and
elvhty-six of the Code of Virginia, and shall have the force

ot a judgment; and for every breach of the condition of said
bond, judement may be rendered upon,ten days notice of a
motion for such judgment, in the name of the common-
wealth, for the benefit of the holder of any such unredecmed
notes, for the amount thereof and costs, and execution issue
for the amount of judgment and costs, And whenever any
of the banks of this commonwealth shall have entered into
bond as provided in this section, they shall be and are hereby
authorized to give notice, In one or more newspapers of the
state for six months, that the bank is being wound up, and
that the countersigned circulation shall be presented for re-
demption, in conformity with this act, on or betore the time
specified in said notice.”

2. ‘This act shall be in force from its passage.