Chap. 92.-An ACT to incorporate the Piedmont Land, Immigration, and
Savings Bank Company.

Approved May 18, 1870.

1. Be it enacted by the general assembly of Virginia, That
E. C. Randolph, Lucien Peyton, L. D. Haymond, G. W. Hans-
borough, and H. T. Parrish, and others who may associate un-
der this act, and their successors, are hereby created and de-
clared to be a body politic and corporate by the name and
style of The Piedmont. Land, Immigration and Savings Bank
Company, and by the same name shall be and have perpetual
succession, may sue and be sued, plead and be impleaded in
all the courts of law and equity of this state and elsewhere,
shall purchase, hold, lease, or sell property, real or personal.
After the year eighteeh hundred and eighty-five, said com-
pany shall not own more than five thousand acres of land in
any one county, nor more than five hundred acres in any
county after the year nineteen hundred; and shall ordain and
establish and put into execution such rules, by-laws, or ordi-
nances or regulations, as may be necessary and convenient for
the government and organization of this corporation, and gene-
rally may do every act and thing necessary to carry into ef-
fect this act: provided, such act be not inconsistent with the
laws of this state or of the United States.

The capital stock of said company shall not be less than five
hundred thousand dollars, to be divided into shares of one
hundred dollars each; but privilege is hereby granted to said
company to increase their said capital stock from time to time,
as they may deem best, in such manner as its president and
directors may prescribe: provided, the same shall not exceed
the sum of two million dollars. Said capital shall be payable
by each subscriber at such time or times as it may be called
for by the president and directors of said company, in such pro-
portion as they. may deem necessary, and if any subscriber
shall fail to pay the amount so called for within twenty days
after the same has been demanded, the said amount may be
recovered by motion, upon ten days’ notice, in any court of
record in the county or corporation wherein the delinquent
stockholder resides. The funds of this company may be in*
vested in bank, state, or other stocks, real estate, in bonds of
this or any other state of the United States, or of any incor-

orated company, in bonds, notes, or bills drawn or accepted

y private individuals, with or without real estate seeurity, or
in any other manner which, in the opinion of its president and
directors, may be deemed safe and expedient.

Said company shall have the further right to receive de-
posits of money in such sums as the president and directors
may prescribe, to buy and sell gold and silver. coin, coupons,
and exchange. | .

The affairs of the company shall be managed by a board of
five directors, three of whom shall constitute a quorum, ,who
shall be elected by the stockholders within twelve months from
the passage of this act, and shall continue in office for the
period of one year, or until their successors are appointed.
e directors thus elected shall have power to elect one of
their number president of this company, and to elect such
other officers and clerks as they may find necessary, and shall
allow them suitable compensation. All such officers shall hold
their places tor one year, or until others are elected.

The principal oftice of this company shall be at Lynchburg,
and it shall have power to establish branch offices within this
state or elsewhere: provided, that no branch office within this
state shall be allowed to transact any banking business except
as local agent. | |

The president and directors may, out of the profit of the said
company, declare such dividends as they may deem proper.
They shall annually make and publish, in one or more news-
papers published in the city of Richmond, a report, showing
the condition of the company. The persons named in the
first section shall be commissioners to open books to receive
subscription to the capital stock of said company, at such
place or places as they may deem proper. Five days’ notice
shall be given by commissioners, of the time and place of
opening said books, in some newspaper published in the city
of Lynchburg, which books shall be closed in thirty days from
the time of opening them. A like notice shall be given by
said commissioners for the time and meeting of the stockhold-
ers to choose directors. They shall supervise the election of
the first board of directors, and shall deliver over to them any
property belonging to said corporation that may have come
into their hands. But this company shall not proceed to
transact any business until twelve thousand five hundred dol-
lars shall have been subscribed and paid in, and until a certifi-
cate thereof, verified by the affidavit of at least three of the
directors, shall be filed in the office of the auditor of public
accounts. )

2. This act shall be in force from its passage, and shall be
subject to the provisions of all general laws now in force or
which shall be hereafter passed governing joint stock compa-
nies, so far as they are applicable to the company hereby in-
corporated.