Chap. 59.—An ACT to incorporate the Citizens Bank in the city of Nor-
folk,

Passed April 20, 1867.

1. Be it enacted by the general assembly, That C. W.
Grandy, R. 1. Chamber laine, R. C. Taylor, Wni. J. Baker,
Richard Walker, Jr. and George K. Goodridge, 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 Citizens Bank
of Norfolk, Virginia, 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 provi-
sums of this act.

The capital stock of the said corporation shall not be
lee than twenty-five thousand dollars, in shares of one hun-
dred dollars each, which may be increased from time to time
to asum not excceding two hundred thousand dollars.

38. The three persons first named in the act of incorpora-
tion shall constitute the first board of directors thereof; they
shall continue in office until the first mecting of the members,
and util their successors in oftice are elected. No stock-
holder shall be eligible 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 stock-
holders shall be provided for in the by-laws. ‘The board of
directors shall consist of three members, unless otherwise
provided by the by-laws.

4, The board ahall reeulate the admission of members. It
may receive moycy 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 pei sonal or real security,
and receive the interest in adv ance, and guarantee the pay-
ment of notes, bonds, bills of exchange, or other evidences of
‘lebt: provided, however, that nothing i in this act contained,
shall be construed to authorize said bank to charge or re-
ceive, for the loan or forbearance of money or other thing,
more than the legal rate of interest.

d. This act shall be in force from its passage, and shall be
liable to repeal, modification or amendment, at the pleasure
of the general assembly.