Chap. 132.—An ACT to Incorporate the Bank of Abingdon.
Approved June 13, 1870.

1. Be it enacted by the general assembly, That James K.
Gibson, John W. Johnston, Floyd B. Hurt, David G. Thomas,
James C. Greenway, Arthur C. Cummings, David O. Bradley,
and A. W. Aston, 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 Bank of Abingdon, and by this name and style
are hereby invested with all the rights and privileges con-
ferred on banks of deposit and discount of this state, not in-
consistent with this act.

2. The capital stock of the said corporation shall not be less
than ten thousand dollars, in shares of twenty-five dollars
each, which may be increased from time to time to a sum not
exceeding one hundred and fifty thousand dollars.

3. The seven first named in this act shall constitute the
board of directors thereof for the first twelve months, and
until their successors are elected by the stockholders.

4. No stockholder shall be eligible to an election as direc-
tor, who shall not at the time, and for sixty days previous, be
the rightful owner of at least four shares of the capital stock.
The annual meeting shall be provided in the by-laws. The
board of directors shall consist of seven, unless otherwise pro-
vided by the by-laws. ,

d. The board shall regulate the admission of members. It
may receive money on deposit, and grant certificates therefor,
and it may buy, sell, and negotiate bullion, coin, bank notes,
foreign and domestic bills of exchange, and other evidences of
debt; lend money upon personal and real security, and receive
the interest in advance, and guarantee the payment of notes,
bonds, bills, &c.

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