Chap. 369.—An ACT to incorporate the bank of Waynesboro.

Approved February 25, 1890.

1. Be it enacted by the general assembly of Virginia,
That Thomas H. Antrim, W.N. Fishburn, J. T. Smith, J.
F. Templeton, W. M. Chew, J. A. Fishburn, A. Koiner, G.
C. Maslin, and such other persons as are now or may here-
after be associated with them, be and they are created
a body corporate, with perpetual succession, under the
name of the bank of Waynesboro, whose place of busi-
ness shall be in Waynesboro, Virginia.

2. The capital stock shall be not less than ten thousand
dollars nor more than two hundred thousand dollars, and
shall be divided into shares of one hundred dollars each.

3. The said bank shall not begin business until the
whole of the minimum stock is actually paid in, and shall
require the residue of the amount subscribed to be paid
within six months, in such instalments as the directors
shall fix.

4. There shall be elected by the stockholders annually
five directors, one of whom shall be by the directors elected
president and another vice-president. The president and
vice-president shall remain in office, unless removed by a
two-thirds vote of the stockholders, for the time they were
elected as directors.

5. The first meeting of th stockholders may ke held at
any time the corporators may determine upon, and the
annual meeting shall be held on the first Tuesday in January
of each year after the year eighteen hundred and ninety-
one, and special meetings may be called by a vote of three-
fifths of the directors. The stockholders at any meeting
may make and alter by-laws for the government of said
bank not inconsistent with the laws of Virginia or this act.

6. The bank of Waynesboro is authorized to make loans
and discounts, to purchase and sell, either on its own ac-
count or on commission for others, bonds, stocks, and
other securities; to receive deposits; to act as receiver for
courts; to negotiate loans on commission and to do any
other business which banks are authorized by the general
laws of this state todo. The said bank may take liens on
real estate as security for loans it may make, or for debts
which may become owing to it.

7. The total liabilities to the said bank of any person or
of any company, corporation or firm for money borrowed,
including in the liabilities of a company or firm, the lia-
bilities of the several members thereof, shall at no time
exceed one-tenth part of the amount of the capital
stock of such association actually paid in. But the dis-
count of bills of exchange drawn in good faith against ac-
tually existing values, and the discount of commercial or
business paper actually owned by the person negotiating
the same, shal] not be considered as money borrowed.

8. The said bank shall pay all debts, dues and demands
to the state of Virginia in lawful money of the United
States and not in coupons.

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