Chap. 267.—An ACT to Incorporate the Bank of Commerce, Norfolk, Vir-
ginia.

Approved March 30, 1871.

1. Be it enacted by the general assembly, That William S.
Butt, John E. Adams, George D. Parker, Benjamin F. Baxter,
Littleton W. Roberts, J. J. Watts, and A. t. Hill, together
with such other persons as they may hereafter associate with
them, shall be and they are hereby constituted a body politic
and corporate, by the name and style of The Bank of Com-
merce; 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.

2. The capital stock of the said corporation shall not be less
than fifty thousand dollars, in shares of one hundred dollars
each, which may be increased from time to time to a sum not
exceeding two hundred thousand dollars. ,

3. The first three persons named in this act of incorporation
shall constitute the first board of directors thereof. They shall
continue in office until the first meeting of the members, and
until their successors are elected. No stockholder shall be eli-
gible 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 pro-
vided for in the by-laws. The board of directors shall consist
of three members, unless otherwise provided by the by-laws.

4, The board shall regulate the admission of members. It
may receive money on deposit and grant certificates therefor,
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 contained in this act shall au-
thorize said bank to take for the loan or forbearance of money,
or for other thing, more than the rate of interest allowed by
law.

5. This act shall be in force from its passage.