Chap. 47.—An ACT to Incorporate the Bank of Virginia.
Approved January 18, 1871.

1. Be it enacted by the general assembly, That A. 8S. Mar-
tin, R. W. Latham, Robert L. Owen, Cicero Burruss, William
B. Rogers, Reuben Ragland, Charles E. Wortham, David B.
Tennant, John Kevan, Robert D. McIlwane, James Lyons.
Montgomery Slaughter, Isaac Davenport, Jay Cooke, A. W.
Thompson, and J. A. Garland, together with such other per-
sons as they may hereafter associate with them, shall be and
they are hereby created and constituted a body politic and
corporate, by the name and style of The Bank of Virginia, and
by that name and style are hereby invested with all the rights
and privileges conferred on banks of discount and deposit of
this state, by chapter fifty-nine of the Code of Virginia, and
not inconsistent with the provisions of this act.

2. The capital stock of said bank, hereby incorporated, shal!
be two millions dollars, represented by shares of one hundred
dollars each. The said bank shall be located in the city of
Richmond, and shall have power and authority to establish
branches in any city or town in the state, or in any locality
where the people will subscribe and pay up the sum of one
hundred thousand dollars or upwards; and in all cases when a
branch bank 1s established, the sum paid shall be an addition
to and increase of the two millions dollars stock of the princi-
pal or main bank. The officers of said bank, and each of its
branches, shall consist of a president and vice-president, a
cashier and assistant cashiers, and such other clerks and mes-
sengers as may be necessary to conduct the business.

3. The board of directors for the principal bank at Rich-
mond, shall consist of nine members, and for each branch bank
five members, unless otherwise provided by the by-laws: pro-
vided, however, that the number of directors mentioned in
this act shall in no case be diminished. The board of the prin-
cipal bank, and each branch, shall elect and appoint its officers
and regulate the admission of members.

4. No stockholder shall be eligible as a director unless he
shall own, absolutely, in his own right, at least ten shares of
the capital stock. The time of the annual meeting of the
stockholders shall be provided by the by-laws.

o. Any five persons named in this act of incorporation, and
not less than five, shall constitute a committee to organize the
bank, to make by-laws, to appoint a board of directors for one
year, and to receive subscriptions to the capital stock. As
soon as one million dollars of the capital stock of said bank
shall have been subscribed, and ten per centum thereon, or one
hun:lred thousand dollars, shall have been paid up, the bank is
authorized and fully empowered to enter upon the transaction
of business.

6. The bank and its branches may receive money on de-
posit, and grant certificates therefor, in such sums as agreed
upon and provided by the by-laws; may buy and sell and ne-
gotiate bullion, coin, bank notes, foreign and domestic bilis of
exchange; may draw foreign and domestic bills, drafts, or
checks, at sight or on time; may loan money on personal or
real security, and receive the interest in advance; may guar-
antee the payment of notes, bonds, bills of exchange, or other
evidences of debt; may receive for satekeeping, ‘and return
when called for, gold and silver plate, diamonds, jewelry of all
kinds, and other valuables, and charge a reasonable com pensa-
tion, such as may be agreed upon at ‘the time of deposit: pro-
vided, however, that nothing in this act contained shall au-
thorize said bank or its branches to take fur the loan or for-
bearance of money or other thing, more than the legal rate of
Interest.

7. This act shall be in force from its passage, and be subject
to all general laws now in force, or which may hereafter be
enacted, concerning banks and banking companies in this com-
monwealth.