Chap. 116.—An ACT to Incorporate the Exchange Bank at Charlottesville.

* <Approved June 6, 1870.

1. Be it enacted by the general assembly of Virginia, That
John H. Bibb, Wm. H. Harris, Dr. W. C. N. Randolph, Henry
W. Cooke, Geo. A. Sinclair, John Wood, Jr., J. W. Hipop, J
C. Patterson, and H. H. George, together with such persons
as are now, or may hereafter be associated with them, shall be
and they are hereby constituted and made a body corporate
and politic, by the name and style of The Exchange Bank at
Charlottesville, and by this name and style are hereby invested
with all the rights, powers, and privileges conferred on banks
of discount and deposit of this state, by chapter fifty-nine of
the Code of Virginia as amended by act of the general assem-
bly of Virginia, passed on the day of , eighteen
hundred and seventy, 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 five hundred thousand dollars, in shares
of fifty dollars each.

3. The persons named in this act of incorporation shall con-
stitute the first board of directors thereof, and shall continue
in office for one year from the organization of said bank, and
until their successors in office shall be elected and qualified.
No person shall be eligible to an election as director who shall
not, at the time, be the owner in his own right of at least ten
shares of the capital stock. Three members of the board of
directors may constitute a quorum for business. The officers
of the bank shall be a president, cashier, and teller; the cash-
ler may or may not be a stockholder. The board of directors
shall have the power to fix the salaries of the officers.

+. The bank may negotiate loans for other parties, receive
money on deposit, and grant certificates therefor, as may be
provided in the by-laws; and buy and sell and mortgage bul-

ion, coin, bank notes, stocks, bonds, foreign and domestic

bills of exchange, and other securities, and discount negotiable
paper, and take the interest in advance, which paper may be
made payable at the office of the bank and there protested.

5. Each share of stock shall entitle the holder to one vote
In general meetings, and the liabilities of stockholders shall
only be for payment of the amount of stock subscribed.

6. So much real estate may be held as will be convenient for
the business of the bank, and when necessary for the collec-
tion of debts.
4, ihe directors may frame suitable Dy-laws, not Inconsist-
ent with this act, for the government of the bank, which by-
laws shall be ratified, altered, or amended by the stockholders
in general meeting.

8. The board may declare such dividends or profits as will
not impair the capital stock.

9. Stockholders indebted to the bank cannot sell or transfer
stock without permission of the board, unless such debts are
otherwise satisfactorily secured, and the board shall have the
power to order the sale, after ten days’ notice to the delin-
quent, of any stock belonging to parties who shall have failed,
for ninety days or more, to pay any of the obligations due the
said bank.

10. This act shall be in force from its passage, and be sub-
ject to all general laws now in force, or which may hereafter
be enacted, concerning banks and banking companies in this
commonwealth.