Chap. 249.—An ACT to incorporate the Exchange Bank of Rad-
ford, Virginia.

Approved February 17, 1890.

1. Be it enacted by the general assembly of Virginia,
That W. E. Hubbert, W. B. Conway, S. Heth, George E.
Cassel, S. W. Burton, and A. J. Noell, and such other per-
sons as are now or may hereafter be associated with them,
be and they are created a body corporate with perpetual
succession, under the name of the Exchange bank of
Radford, whose place of business shall be in Radford,
Virginia.

2. The capital stock shall not be less than thirty thou-
sand dollars, nor more than two hundred thousand dol-
lars, and shall be divided into shares of one hundred
dollars each.

3. So soon as thirty thousand dollars shall be subscribed
to the capital stock of said bank, ten per centum whereof
shall be paid at the time of organization to a committee
to be appointed by the incorporators, 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 Radford, at which meeting the subscribers may
elect not less than five nor more than seven directors, and
adopt such by-laws and regulations as they may deem
necessary for the proper management and conduct of the
said corporation. The directors so elected shal] consti-
tute the first board of directors and shall continue in
office for one year and until their 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 minimum amount of the capital stock shall be paid.
No stockholder shall be eligible to election as a director
who shall not at the time be absolute owner in his own
right of at least ten shares of the capital stock. The
annual meetings of the stockholders shall be provided for
in the by-laws. The stockholders at any meeting may
make and alter by-laws for the government of said bank
not inconsistent with the laws of Virginia nor this act.

4. The board of directors shall appoint one of their own
body president and fix his compensation. They may also
elect a vice-president and cashier from their body, should
they deem proper, and may fill any vacancies occurring in
the board unless it be by removal in which case the mem-
bers 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 security, as it may see fit.

5. The number of directors shall be not less than five
nor more than seven, and they shall be elected at every
annual meeting of the stockholders, and may be removed
by the members in general meeting, but unless so removed
shall continue in office until their successors shall be
elected.

6..The Exchange bank of Radford is authorized to
make loans and discounts; to purchase and sell either on
its own account, or on commission for others, bond, stocks,
bullion, coin, bank notes, foreign and domestic bills of
exchange, and other evidences of debt ; to receive deposits ;
to negotiate loans on commission, lend money upon real
and personal security upon such time, in such amounts,
and to such persons, a3 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 to do any
businéss which banks are authorized by the general laws
of Virginia to do.

7. The stockholders of the said corporation shall not be

rsonally liable for any debt; contract or obligation of
the said corporation except to the extent of the unpaid
subscription to their stock.
8. All taxes due by this bank to the commonwealth
shall be paid in money and not in coupons.
9. This act shall be in force from its passage.