Chap. 199.—An ACT for the Relief of the Bank of Commerce, at Frede-
ricksburg.

Approved July 8, 1870.

Whereas, it appears by the books of the commonwealth that
on the first day of September, eighteen hundred and sixty-five,
there was to the credit of the Bank of Commerce one hundred
and twelve thousand eight hundred dollars of the public secu-
rities of this state in the hands of the state treasurer as trustee
for the redemption of the countersigned notes of the said Bank
of Commerce; and whereas, it appears by the same authority,
that there remains of said securities but nine thousand one
hundred and ninety dollars belonging to the said Bank of Com-
merce, which exceeds by sixty dollars the total amount of the
countersigned notes of the said Bank of Commerce outstanding
at this date; and whereas, the said Bank of Commerce is now
and has been for several years in a process of liquidation, with
ample means to discharge all its liabilities, including the bal-
ance of outstanding countersigned notes issued by it, a large
portion of which are believed to have been lost or destroyed
during the war; and whereas, it seems reasonable to the gene-
ral assembly that some period ‘shall be fixed after which it may
be lawful for the said bank to divide its assets amongst the
stockholders:

1. Therefore be it enacted by the general assembly of Vir-
inia, That it shall be lawful for the Bank of Commerce, at
redericksburg, by advertisements to be published weekly in

two or more newspapers of this state, and some newspaper
published in the city of Baltimore, for the period of six months,
to require the holders of its countersigned notes to present the
same for redemption, at par, at the office of the said bank at
Fredericksburg. And at the expiration of six months, after
due publication as aforesaid, all of the countersigned notes of
the said bank, which shall not have been so presented for re-
demption, are hereby declared barred by lapse of time, and
the obligations of the said bank and its stockholders to re-
deem the same are hereby declared extinguished and released.
2. Be it further enacted, That at the expiration of said pe-
riod of six months, after due publication as aforesaid, the trea-
surer of this state be and he is hereby authorized and required,
when satisfactory evidence shall be produced to him that the
notice by publication, as required ‘by the preceding section of
this act, has been fully complied with, to re-transfer and de-
liver to the said Bank of Commerce, or its legal representa-
tives, all the public securities of this state remaining in his
hands, which were deposited by the said Bank of Commerce.
3. Be it further enacted, That upon compliance with the
provisions of this act, the state shall be released and dis-
charged from all liability as trustee for the note-holders of the
countersigned notes of the said Bank of Commerce, as pro-
vided for by the charter thereof granted on the twenty-ninth
of March, eighteen hundred and fifty-one. |
_4. Be it further enacted, This act shall be in force from its
passage.