Chap. 242.—An ACT for the Relief of the Merchants Bank of Lynchburg.

Approved July 9, 1870.

Whereas, it appears by the books of the commonwealth
that, on the twenty-first of October, eighteen hundred and
sixty-five, there was to the credit of the Merchants Bank four
hundred and twenty-eight thousand, six hundred and two dol-
lars and eighty-six cents of the public securities of this state
to the credit of the state treasurer, for the redemption of the
countersigned notes of said Merchants bank: and whereas it
appears by the same authority that on the twentieth of May,
eighteen hundred and seventy, there remained of said secu-
rities but nineteen thousand, four hundred and ninety-five dol-
lars, applicable to the same purpose, that being, also, the total
amount of its countersigned notes, outstanding at this time;
and the said bank is now, and has been for several years, in a
process of liquidation, with ample means to discharge all of
its liabilities, including said balance of outstanding notes, a
large portion of which are supposed to have been lost or de-
stroyed during the late war: and whereas, it seems reasonable
to the general assembly that some period shall be fixed after
which it may be lawful for the said Merchants bank to divide
its remaining assets amongst its stockholders,

1. Theretore, be it enacted by the general assembly, That
upon the passage of this act, it shall be lawful for the Mer-
chants bank, by advertisement to be published in two or more
newspapers of this state, and some one newspaper published
in the city of Baltimore, Maryland, for the period of six
months, to require the holders of all its notes to present the
same for redemption at par, at the office of said bank in
Lynchburg; and at the expiration of six months after due
publication as aforesaid, all of its said countersigned notes,
which shall not be presented, are hereby declared barred by
lapse of time, and the obligation of said bank and its stock-
holders to redeem the same is hereby declared extinguished
and released.
2. That at the expiration of said period of six months after
due advertisement, the treasurer of this state be and he is
hereby authorized and required, whenever satisfactory evi-
dence has been produced that the notice by publication, as
required by the preceding section of this act, has been fully
complied with, to transfer and deliver to said bank, or its legal
representatives, all the public securities of this state remain-
ing in his hands which were deposited by the said Merchants
bank; and thereupon the state shall be and it is hereby de-
clared to be. released and discharged from all liabilities as
trustee for the note-holders of the said countersigned notes of
the said Merchants bank, as provided by the charter thereof,
passed the twenty-sixth of March, eighteen hundred and fifty-
one.

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