CHAP. 158.—An ACT to incorporate the Mechanics’ bank of Rich-
mond, Virginia.

Approved February 4, 1890.

1. Be it enacted by ‘the general assembly of Virginia,
That Edward J. Warren, F. Sitterding, A. L. Philipps, F.
T. Glasgow, N. D. Hargrove, W. R. Trigg, E. A. Hoen, W.
J. Loth, A.C. Maynard, W. H. Rountree, C. Y. Bargamin,
and such other persons as are now or may be hereafter
to

associated with them, be, and they are created, a body
corporate, with perpetual succession under the name of
the Mechanics’ bank of Richmond, Virginia.

2. The capital stock shall be not less than fifty thous-

’ and dollars nor more than one million doMars. The capi-

tal stock shall be divided into shares of not less than
twenty-five dollars nor more than one hundred dollars
each, as the board of directors may prescribe, and shall
be payable at such time or times and in such proportions
as may be called for by the president and directors. The
said bank shall not begin business until an amount equal
to the whole of the minimum stock is actually paid in.
3. There shall be elected by the stockholders annually
nine directors, one of whom shall be by the directors
elected president and one vice-president, and they shall
be removable by the stockholders only. The first meeting

- of the stockholders may be held at any time the corpora-

tors may determine upon, and the annual meetings shall
be held on the second Tuesday in July in each year after
the year eighteen hundred and ninety; and special meet-
ings may be called by a vote of three-fifths of the stock-
holders. The stockholders at any meeting may make and
alter the by-laws for the government of said bank not
inconsistent with the laws of Virginia or this act.

4. The president and directors may appoint a cashier
and such other officers as they may find necessary for
conducting the business of the company, prescribing their
compensation, and requiring of them bonds with security
for the faithful discharge of their duties. The said cash-
ier and all such subordinate officers shall hold their
places during the pleasure of the said president and direc-
tors.

5. The president and directors shall have power to

' declare such dividends out of the profits of said corpora-

tion as they may deem proper; provided, that no dividend
shall be declared which will impair the capital stock of
the said corporation. They shall, also, at the end of
every year, make a report to the stockholders showing the
condition of the company in regard to the business of the
current year.

6. The said corporation hereby: created shall have power
to receive money on deposit and grant certificates therefor
whenever it shall think proper to do so; to borrow money
and to execute notes for the same; to buy, sell, draw, or
negotiate bills of exchange; to invest the money received
on deposit or belonging to said corporation in or lend the
same on stocks, bonds, notes, bills,.or any other security,
real or personal, or use the same in purchasing or dis-
counting bonds, bills, notes, or other securities for the
payment of money, and to receive the interest therefor in
advance; to guarantee the payment of notes, bonds, or
bills of exchange and other evidences of debt; to re-dis-
count paper; to purchase or otherwise lawfully acquire,
and to have and to hold, and likewise to sell and to con-
vey or encumber or otherwise dispose of, any real or per-
sonal estate which may be necessary for conducting its
business, and any other real or personal estate necessary
for securing any debts that may be due to said corpora-
tion ; and said corporation shall have power generally to
do all such acts and transact all such business as may be
lawfully done by banks of deposit and savings banks
under the laws of Virginia.

7. The total liabilities to said bank of any person or of
any company, corporation, or firm for borrowed money,
including in the liabilities of a company or firm the lia-
bilities of the several members thereof, shall at no time ex-
ceed one-tenth part of the amount of capital stock of such
association actually paid in. But the discount of bills of
exchange drawn in good faith against actually existing
values, and the discount of commercial or business paper
actually owned by the person negotiating same, shall not
be considered as money borrowed.

8. All taxes assessed against said bank shall be paid in
lawful money of the United States and not in coupons.

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