Chap. 274.—An ACT to amend sections 2 and 3 of an act entitled an act to in-
corporate the Merchants bank of Danville, approved January 27, 1888.

Approved February 15, 1894.

1. Be it enacted by the general assembly of Virginia, That sec:
tions two and three of an act entitled an act to incorporate the Mer
chants bank of Danville, approved the twenty-seventh of January
eighteen hundred and eighty-eight, be amended and re-enacted so a:
to read as follows:

§ 2. So soon as fifty thousand dollars shall be subscribed to the
capital stock of said bank, ten per centum whereof shall be paid a
the time of organization to a committee to be appointed by the cor
poration, the persons named in this act of incorporation, or a ma
jority of them, shall call a meeting of the subscribers by giving te1
days’ notice by publication in some newspaper published in th
town of Danville, at which meeting the subscribers may elect no
less than five nor more than thirteen directors and adopt such by
laws and regulations as they may deem necessary for the prope
management and conduct of the affairs of said corporation. Th
directors so elected shall constitute the first board of directors an
continue in office for one year, and until their successors in office sha
be elected; they shall fix and determine the time and manner i
which the balance due by the subscribers upon the minimum amour
of the capital stock shall be paid, which shall not exceed sixty day
from organization of said bank. No stockholder shal! be eligible '
election as a director who shal! not at the time be the absolute own
in his own right of at least ten shares of the capital stock. T1
annual meetings of the stockholders shall be provided for in the b
laws.

§ 3. The number of directors shall be not less than five nor mo
than thirteen, and they shall be elected at every annual meeting, a1
may be removed by the members in general meeting, but unless
removed shall continue in office until their successors shall
elected.

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