Chap. 167.—An ACT to amend the Charter of The People’s Bank of Nor-
folk, Virginia.

Approved June 27, 1370.

1. Be it enacted by the general assembly, That the charter
of incorporation granted by the judge of the circuit court of
the city of Norfolk to The People’s Bank of Norfolk, Vir-
ginia, on the first day of October, A. D. eighteen hundred and
sixty-seven, be amended so as to read as follows:

“$1. That J. C. Deming, L. Berkley, James H. Johnston,
S. Marsh, Gilbert Elliott, Smith Elliott & Co., J. Cary Wes-
ton, Toy, Dey, & Mallory, A. LL. Seabury, W. H. Seabury, W.
S. Wilkinson, Cary Weston, Peters & Reed, Jas. G. Pollard,
W.H. Turner, E. P. Tabb & Co., J. E. Barry, W. J. Hardy,
B. T. Backover, and W. D. Reynolds & Bro., together with such
other persons as they may hereafter associate with them, shall
be and they are hereby constituted a body politic and corpo-
rate, by the name and style of The People’s Bank of Norfolk,
Virginia, and by this name and style are hereby invested with
all the rights and privileges conferred on banks of deposit
and discount of this state, by chapter fifty-nine of the Code
of Virginia, and not inconsistent with the provisions of this
act.

Ҥ 2. The capital stock of the said corporation shall not be
less than twenty-five thousand dollars, in shares of one hun-

1 dred dollars each, which may be increased from time to time
to a sum not exceeding two hundred thousand dollars.

Ҥ 3. That J. C. Deming, W. J. Hardy, E. W. Moore, A.
],. Seabury, T. D. Toy, J. E. Barry, J. Vickery, and Gilbert
Elliott shall constitute the first board of directors thereof;
they shall continue in office until the first meeting of the mem-

bers, and until their successors in office are elected. Nostock-
holder shall be eligible as a director who shall not, at the time,
be the absolute owner, in his own right, of at least five shares

; of the capital stock. The annual meeting of the stockholders

shall be provided for in the by-laws. The board of directors
shall consist of eight members, including the president, unless
otherwise provided by the by-laws.

Ҥ 4. The board shall regulate the admission of members.
It may receive money on deposit and grant certificates there-
for as may be provided in the by-laws; and it may buy and sell
and negotiate bullion, coin, bank notes, foreign and domestic
bills of exchange, lend money upon personal or real security,
and receive the interest in advance, and 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 said bank to charge or receive, for the
loan or forbearance of money or other thing, more than the
legal rate of interest.

1 Ҥ 5. The said corporation shall have authority to hold real
"estate, not to exceed in value the sum of sixty thousand dol-
lars at any one time; and to sell, lease, rent, mortgage, or
convey by deed in trust such lands as it may hold, and erect
buildings thereon for sale, lease, or rent.

Ҥ 6. This act shall be in force from its passage, and shall
te liable to repeal, modification, or amendment, at the pleasure
of the general assembly.” |