Chap. 211.—An ACT to Incorporate the Exchange Bank of Goodson.
Approved March 28, 1871.

1, Be it enacted by the general assembly of Virginia, That
W. W. James, J. H. Wood, W. W. Davis, John Keys, E. H.
Seniker, J. H. Pepper, N. M. Taylor, Joseph W. Owens, and
J. A. Buckner, 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 corporate and politic, by the
name and style of The Exchange Bank of Goodson; and by
this name and style are hereby invested with all the rights,
powers, and privileges conferred on banks of discount and de-
posit of this state, by chapter fifty-nine of the Code of Vir-

inia.
° . The capital stock shall not be less than ten thousand dol-
lars nor, more than tive hundred thousand dollars, in shares of
fifty dollars each.

3. The persons named in this act of incorporation shall con-
stitute the first board of directors thereof, and shall continue
in office for one year from the organization of said bank, and
until their successors in office shall be elected and qualified.
No person shall be eligible to an election as director, who shall
not at the time be the owner of at least ten shares of the capi-
tal stock. Three members of the board of directors may con-
stitute a quorum for business. The officers of the bank shall
be a president, cashier, and teller; the cashier may or may not
be a stockholder. ‘The board of directors shall have the power
to fix the salaries of the officers.

4, The bank may negotiate loans for other parties, receive
money on deposit, and grant certificates therefor, as may be
provided in the by-laws, “and buy and sell and mortgage bul-
lion, coin, bank notes, stocks, bonds, foreign and domestic bills
of exchange, and other securities, and discount negotiable pa-
per 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 meeting, and the liabilities of stockholders shall be
for payment of stock subscribed.

6. So much real estate may be held by the bank as is neces-
sary for the transaction of its business, and for the security of
debts due thereto.

7. The directors may frame suitable by-laws, not inconsistent
with this act, for the government of the bank, which by-laws
shall be. ratified, altered or amended by the stockholders in
general meeting.
8. The board may declare such dividends or profits as will
not impair the capital stock.

9. Stockholders indebted to the bank cannot sell or transfer
stock without permission of the board, unless such debts are
otherwise satistactorily secured; and the board shall have the
power to order the.sale, after ten days’ notice to the delinquents,
of any stock belonging to parties who shall have failed for
ninety days or more to pay any of the obligations due the said
bank.

10, This act shall be in force from its passage, and be subject
to all general laws now in force, or which may hereafter be
enacted, concerning banks and banking companies in this com-
monwealth.