Chap. 137.—An ACT to incorporate The Boader Grange Bank.
Approved March 1, 1875.

1. Be it enacted by the general assembly of Virginia,
That W. T. Sutherlin, John R. Winston, Azariah Graves, N.
M. Roan, H. E. Coleman, H. E. Hodges, George W. Price, G.
N. Thompson, Stephen Neal, William Long, C. T. Sutherlin,
and A. E. Coleman, together with such other persons as they
may hereafter associate with them, and their successors,
shall be and thoy are hereby constituted and made a body
politic and corporate, by the name and style of The Border
Grange Bank, the capital stock of which shall not be less
than fifty thousand dollars nor more than five hundred thou-
sand dollars, in shares of fifty dollars each.

2. So soon as the sum of fifty thousand dollars shall be
subscribed to the capital stock of said bank, ten per centum
whereof shal] be paid at the time of organization, to a com-
mittee to be appointed by the corporators, the persons
named in this act of incorporation, or a majority of them,
shall call a meeting of the subscribers by giving ten days’
notice by publication in some newspaper published in the
town of Danville; at which meeting tho subscribers may
elect seven directors, and adopt such by-laws and regulations
as they may deem necessary for the proper management and
conduct of the affairs of said corporation. The directors so
elected, shall constitute the first board of directors, and con-
tinue in office for one year, and until thoir successors in
office shall be elected; they shall fix and determine the time
and manner in which the balance due by the subscribers,
upon the capital stock, shall be paid. No stockholder shall
be eligible to an election as director who shall not, at tho
time, be the absolute owner, in his own right, of at least ten
shares of the capital stock. The annual meeting of the
stockholders shall be provided for in the by-laws.

3. ‘The number of directors shall be seven, three of whom
may, at the pleasure of the stockholders, be citizens of the
state of North Carolina. At every annual meeting directors
shall be elected, who may be removed by the members in
general meeting, but unless so removed, shall continue in
office until their successors shall be elected. |

4. The directors shall appoint one of their body president,
and fix his compensation, and may fill any vacancy occurring
in the board, unless it be by removal, in which case the
members shAll fill the same in general meeting. The board
shall appoint, to hold during its pleasure, the subordinate
officers and agents, prescribe their compensation, and take
from them such bonds with such surety as it may deem fit.

5. The board shall regulate the admission of members and
furnish proof of their admission. It may receive money on
deposit and grant certificates therefor; but no sucbecertifi-
cate shall be for less than ove dollar. It may prescribe such
regulations and terms for any increase of the capital stock
of said bank as they deem best, and if any stockholder shall,
at any time, fail to pay any requisition made upon him by
said board, for the payment of any part of his subscription,
the payment of the same may be enforced as provided in
the Code of Virginia. ;

6. The said bank may conduct a general banking business,
receive money on deposit, may negotiate loans, buy and sell
bullion, coin, bank notes, foreign and domestic bills of ex-
change, stocks, bonds and other evidences of debt; lend
money upon real and personal security, upon such time, in
such amounts, and to such persons as it may deem best, and
receive the interest in advance; guarantee the payment of
notes, bonds, bills of exchange, and other evidences of debt,
and receive compensation for such guarantee, and exercise
all such incidental powers as may be necessary to carry on
its business.

7. The said bank shall be located in the town of Danville,
and have the right to own real estate sufficient for a bank-
ing house for the transaction of its business; and shall also
have the right to hold and enjoy, until it is advantageous to
dispose of the same, real estate when acquired, to secure the
payment or satisfaction of any debt due, or to become due,
to said bank. , |

8. Every stockholder shall be entitled to one vote for each
share of the capital stock of said bank, standing in his or
her name. .

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