Chap. 284.—An ACT to Provide for the Equalization of the Valuation of
Real Estate and Personal Property between the Different Townships of
the Counties of this Commonwealth.

Approved March 29, 1871.

1, Be it enacted by the general assembly of Virginia, That
the board of supervisors of each county in the commonwealth
shall assemble, as soon after the passage of this act as practica-
ble, and proceed to correct and equalize the aggregate value of
real estate, under the assessment of eighteen hundred and
seventy, between the different townships of the county, so as
to make it represent the fair average value of such real estate,
and so as to produce a fair, equitable, and just relation in the
valuation of real estate in the several townships. And for
this purpose, they may examine witnesses on oath, inspect any
books or papers deemed necessary, and generally, shall have
power to do whatever may be necessary and proper for the
full, complete, and accurate discharge of their duties.

2. Upon full examination of the valuation of real estate for
the year eighteen hundred and seventy, if they are of opinion
that the aggregate valuation of real estate of the several town-
ships is unjust and unequal in relation to each other, they shall
proceed to correct them by observing the following rules :

First. They shall add such a per centage to the aggregate
valuation of the real estate of any township as, in their opinion,
is returned below its fair average value, so as to make it repre-
sent its true, fair average value.

Second. They shall deduct sucha per centage from the ag-
gregate valuation of the real estate of any township as, in
their opinion, is returned above its fair average value, so as to
make it represent its true, fair average value.

Third. They shall not reduce the aggregate value of real
property of the county below the aggregate value thereof, as
returned by the assessor for the year eighteen hundred and
seventy.

3. The valuation of the real estate in each county, as ap-
proved and corrected by the board of supervisors, shall be the
basis of taxation for all purposes as between the several town-
ships of the respective counties. The board of supervisors
are directed to certify their proceedings under this act to the
clerk of the county court, and in the performance of the duties
required of the board of supervisors, under the second clause
of the sixth section of chapter one hundred and eighty-eight
of the acts of eighteen hundred and sixty-nine and eighteen
hundred and seventy, they shall, in equalizing the assessments
or valuation of the several classes of personal property listed
for taxes between the several townships of the county, observe
the same rules as herein expressed in respect to real estate.
4. This act shall be in force from its passage.

Chap. 284.—An ACT to Incorporate the Mechanics’ Savings Bank of Lex-
ington.

Approved March 31, 1871.

1. Beit enacted by the general assembly, That Samuel Van-
derslice, G. W. Adams, A. B. Tonguasy, A. N. White, H. H.
Henderson, J. Lane, H. Holland, J. Buton, G. Pulty, A. W.
Bondurant, E. N. Booghee, J. Homes, J. W. Wright, J. L.
Smith, W. N. Bumpass, M. L. Bobbett, G. A. Baker, P. Webb,
and J.P. Wright, together with such other persons as are now
or may hereafter be associated with them, shall be and they
are hereby constituted and made a body politic and corporate,
by the name and style of The Mechanics’ Savings Bank of
Lexington, Virginia; and by this name and style are hereby
invested with all the rights, powers, and privileges conferred,
and made subject to all the rules, regulations, and restrictions
imposed by the Code of Virginia, applicable to savings banks,
and not inconsistent with this act.

2. The capital stock of said corporation shall not be less
than five thousand dollars, which may be increased from time
to time to a sum not exceeding fifty thousand dollars, to be
divided into shares of ten dollars each, to be paid in five equal
monthly instalments.

3. The said company shall have power and authority to in-
vest its capital stock, or other funds, in bank, or other stocks,
in the purchase of bonds issued by this or anyother state, or
any township or incorporated town in the county of Rock-
bridge, bonds of the United States, or of any incorporated
company, or of the county of Rockbridge; to lend money
upon personal or real security; to discount bonds, notes, and
bills of exchange, and to receive the interest in advance; and
to guarantee the payment of notes, bonds, bills of exchange,
or other evidences of debt.

4, This act shall be in force from its passage, and be subject
to amendments, alterations, and modifications, at the pleasure
of the general assembly.