Chap. 199.—An ACT to incorporate the Exchange Bank of Floyd
county.

Approved December 1, 1884.

1, Beit enacted by the general assembly of Virginia, That

W. Scott, J. M. Boyd, B. Phlegar, S. Scott, B. Bishop, and Z.
IT’. Dobyns, or such of them as may accept the provisions of
this act, together with such others as they may hereafter
associate with them, shall be and they are hereby constituted
and made a body politic and corporate by the name and style
of the Exchange Bank of Floyd county, and by that name
may sue and be sued, plead and be impleaded in all the courts
of law and equity in this state and elsewhere, and have per-
petual succession and a common seal, which they may alter
at pleasure. They shall establish such by-laws and regula-
tions as they deem wise and judicious, and generally do every
act necessary to carry into effect this act of incorporation.
_ 2. The capital stock of this bank shall not be less than five
thousand dollars, nor more than one hundred thousand dollars,
to be divided into shares of one hundred dollars each. The
capital stock shall be payable by each subscriber at such times
and in such proportions as may be called for by the president
and directors, and if any such subscriber shall fail to pay the
same so called for upon each and every share so held, within
twenty days after the same has been called for, then the
amount may be recovered by motion upon twenty days’ notice
in writing, in any court of record in the county of Floyd, in
the state of Virginia, or in the county or corporation of the
residence of the holder of such stock.

3. The funds of this bank may be invested in, or lent on
any stock or real security, or be used in discounting bonds,
bills, notes, or other papers; that the interest or discount in
any such transaction may be demanded and paid in advance;
and to purchase and guarantee the payment of notes, bonds,
bills of exchange, and other evidences of debt; and the said
bank shall have power and authority to purchase and other-
wise lawfully acquire such real estate as may be necessary
and proper for the successful conducting of its business as a
bank, and to purchase and sell any estate, real or personal,
in order to secure any debt or debts that may be due, for the
purpose of promoting the object and design of this corpora-
tion.

4, This bank shall have the power and authority to receive
money on deposit, and grant certificates therefor in accord-
ance with the provisions of its by-laws and regulations.

5. The officers of this bank shall consist of a president and
not less than five directors, of whom the president shall be
one, to be elected annually by the stockholders; and a cashier
to be elected by the board of directors, who shall hold his
office at the pleasure of the said board, and the said board of
directors shall appoint such other officers and agents as to
them may seem necessary and proper to conduct their busi-
ness. A majority of the board of directors shall constitute a
quorum for the transaction of business.

6. The scale of voting at all meetings of the stockholders
of said bank shall be one vote for each share of stock held by
any stockholder.

7. The president and directors shall have power to declare
such dividends of the profits of the bank as they may deem
proper: provided that no dividend shall be declared, when, in
the opinion of the majority of the board, the capital stock
would be impaired thereby. They shall also, at the end of
every year, make a report to the stockholders showing the
condition of the bank for the current year.

8. The annual mecting of the stockholders of said bank
shall be held on the second Tuesday in May of each year:
provided that the stockholders at any general meeting, or the
board of directors may, at any time change the day for said
annual meeting, and the said board of directors may, at any
time call a general meeting of the stockholders; and any
number of stockholders, representing not less than one-third
of the whole number of shares, may require such directors to
call such mectings, or on their refusal to do so, may themselves
call such mecting in such case, giving at least twenty days
notice by publication in any newspaper published in the
vicinity of the bank. In the event of a failure tor any cause
to hold an annual meeting, the board of directors shall con-
tinue in office until they or their successors shall be elected.

9. The stockholders of this bank shall not be liable for any
loss or damage, or responsibility, other than the property
they have in the capital stock and funds of the bank, and un-
paid subscriptions to the stock, to the amount of shares held
by them, respectively, and any profits arising therefrom not
divided.

10. This act of incorporation shall become the charter of
the Exchange bank of Floyd county whenever the same shall
be adopted and accepted by the stockholders of the said bank,
in any general or special meeting, the vote on the acceptance
thereof to be recorded in the mirutes of the said bank.

11. That the said company, by the acceptance of this char-
ter, hereby agrees to pay all taxes, dues and demands, due
the state, that may hereafter be assessed against it, in lawful
money of the United States, and not in coupons.
12. This act shall be in force from its passage, and be sub-
ject to amendment, alteration, or modification, at the pleasure
of the general assembly; and shall be required to conform to
all regulations of the general banking laws of the state.