Chap. 320.—An ACT to Incorporate the Roanoke Land, Immigration and
Savings Bank Company.

Approved March 23, 1872.

1. Be it enacted by the general assembly of Virginia, That
Jno. A. McCaull, F. J. Chapman, S. H. Nowlin, C. M. Webber
and J. C. Green, and others who may associate under this act,
and their successors, are hereby created and declared to bea
body corporate and politic, by the name and style of the Roa-
noke Land, Immigration and Savings Bank Company, and by
the same name shall be and have perpetual succession, may sue
and be sued, may 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 eighteen
hundred and eighty-five, said company shall not own more than
five hundred acres of land in any one county nor more than
one hundred acres in any county after the year nineteen hun-
dred, and shall ordain, establish and put into execution such
rules, by-laws, ordinances or regulations as may be necessary
and convenient for the government and organization of this
corporation, and generally, may do every act and thing neces-
sary to carry into effect this act: provided, such act shall not
be inconsistent with the laws of this state or of the United
States.

2. The capital stock of said company shall not be less than
twenty-five 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
two hundred thousand 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-

nst portion as they may deem necessary, and if any subscriber

shall fail to pay the amount so called for within twenty days
after it 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 subscriber resides.

iy The funds of said company may be invested in bank, state or

for)

other stocks, real estate, in bonds of this or any state of the
United States, or of any incorporated company, in bonds, notes
or bills drawn or accepted by private individuals with or with-
out real estate security, orin any other manner which, in the
opinion of its president and directors, may be deemed safe and
expedient.

Said company shall have the further nght to secure deposits
of money in such sums as the president and directors may pre-
scribe, to buy and sell gold and silver coin, coupons and
exchange.

3. The affairs of said 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 and
qualified.

The 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 for one year or until their successors are duly
elected and qualified.

4. The principal office of said company shall be at Salem, in
Roanoke county, 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 agents.

5. The president and directors may. out of the profits of the
said company, declare such dividends as they may deem pro-
per. They shall, annually, make and publish in one newspaper
in this state, a report showing the condition of the company.

The persons named in the first section shall be commission-
ers to open books to receive subscriptions to the capital stock
of said company, at such place or places as they may deem pro-
per. Five days’ notice shall be given by the commissioners of
the time and place of opening said books, 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 stockholders 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 corpora-
tion which may have come into their hands. But this company
** shall not proceed to transact any business until five thousand
dollars shall have been subscribed and paid in, and until a cer-
tificate thereof, verified by the affidavit of at least three of the
directors shall be filed in the office of the auditor of public
accounts.

6. 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 may hereafter be passed governing joint stock compa-
nies, so far as they are applicable to the company hereby incor-
porated.