Chap. 12.—An ACT to incorporate the Alexandria Banking and Insurance
Company,

Passed Mareh 15, 18067,

1. Be it enacted by the general assembly, That Edgar
Snowden, Francis L. Smith, John B. Daingerfield, Wm. H.
Marbury, John b. Smoot, T. A. Brewis, Benjamin H. Lam-
bert, J.S. Barbour and T. B. Robertson, and such persons as
may be hereafter associated with them, shall be and they are
hereby constituted and made a body politic and corporate,
by the name and style of The Alexandria Banking and In-
surance Company; and by this name-and style are hereby
invested with all the rights, powers’ and privileges conferred
on banks of deposit and discount of this state by chapter
fifty-nine of the Code of Virginia, except so far as they are
inconsistent with this act.
2. The capital stock shall not be less than twenty thousand
dollars nor more than three hundred thousand dollars, in
shares of fifty dollars each.

3. The persons named ,in this act of incorporation being
stockholders, shall constitute the first board of directors, who
shall continue in office until.their successors are elected by
a general meeting of the stockholders, and said directors, so
constituted, shall, from amongst themselves, elect a presi-.
dent, vice president and cashier, and the cashier may select a
clerk, subject to the approval of the board of directors, which
body shall fix all salaries.

4. Two-thirds of all directors may for just cause remove
any officer, and a majority may fill vacancies. Five members
may constitute a quorum for business; four members must
always concur when any loan of money is to be made. The
president, vice president and cashier, shall continue to be
directors.

». This institution may receive money on deposit in any
amount, and grant certificates therefor on such terms as ‘may
be agreed on. The holders of such certificates may, on thirty
days notice, be required to return the same for payment and
cancellation, and interest shall cease at the expiration of such
notice; may buy, sell and mortgage bullion, coin and bank
notes, stocks, bonds, foreign and domestic bills of exchange
and other securities, and discount negotiable paper and take
interest in advance; which paper may be made payable at
the bank and there protested.

6. Each share of stock shall entitle the holder to one vote
in general meetings, and the liability of the stockholders
shall only be the amount of stock subderibed.

¢. So much real estate may be held as will be convenient
for the transaction of the business of the bank, and when
necessary for the collection of debts, real estate may likewise
be purchased.

<. The directors may frame suitable by-laws, not inconsis-
tent with this act, for the government of the institution,
which by-laws shall be ratified, altered or amended by the
stockholdergat their general meeting.

0. The by-laws may provide that two-thirds of the capital
stock of the bank shall be secured on twice its’value of un-
encumbered real estate. The board of direct&s may declare
such dividends or profits as will not impair the capital stock.

10, Any five persons of those named in this act, or a
greater number, may act as commissioners for recciving sub-
scriptions to the capital stock of this bank, at such time and
places as a majority may deem best; and it shall be their
duty, when the minimum capital is subscribed, to eall the
directors tovether and organize the institution,

ll. Stockholders indebted to the bank cannot sell or trans-
fer stock without permission of the board of directors, unless
such debts are otherwise satisfactorily secured; and the board
of directors shall have power to order the sale, after ten days
hotice to the delinquent, of any stuck belonging to parties
who shall have. failed, for ninety days or more, to pay any of
the obligations due at said bank.

12. This institution may receive conveyances in trust from
individuals or corporations, of pexsonal or real estate, stocks,
bonds, money or other things, to be administered or distri-
buted in accordance with the terms of such trust, and may
charge a reasonable commission for such services.

13., If at.any time after the fourth day of April, eighteen
hundred and sixty-seven, the stockholders shall in general
meeting so elect, and the capital shall be not Jess than one
hundred thousand dollars, then this institution, in-addition to
the foregoing powers, shall be endowed with all such privi-
leges and franchises as were conferred on the Albemarle in-
surance company by act of assembly, passed the second day
of March, eighteen hundred and fifty-four.

14. This act shall be-in force from its passage.

¢

a