Chap. 273.—An ACT to incorporate the Farmers bank of Floyd.

Approved February 15, 1894.

1. Be it enacted by the general assembly of Virginia, That A.
Simmons, W. Scott, B. G. Howard, 8. Scott, A. D. Burnett, and such
other persons as maybe associated with them now or hereafter, be,
and they are hereby, created a body corporate, with perpetual suc-
cession, under the name of the Farmers bank of Floyd, whose place
of business shall be Floyd, Virginia.
2. The capital stock shall not be less than ten thousand dollars nor
ore than one hundred thousand dollars, and shall be divided into
ares of one hundred dollars each.
3. So soon as five thousand dollars shall be subscribed to the
pital stock of said bank, ten per centum whereof shall be paid at
e time of organization to a committee to be appointed by the in-
rporators, the persons named in this act of incorporation, or
majority of them, shall call a meeting of the subscribers by giving
em five days’ notice, that at which time the subscribers may elect
yt less than three nor more than seven directors, and adopt such
‘-laws and regulations as they may deem necessary for the proper
anagement and conduct of said corporation.
4. The directors so elected shall continue in office for one year,
id until their successors in office shall he elected. They shall fix
id determine the time and manner the balance due by the sub-
ribers upon the minimum amount of the capital stock shall be
id. No stockholder shall be eligible to election or hold the office
director who shall not at the time be absolute owner in his own
zht of at least five shares of the capital stock.
d. The annual meeting of the stockholders shall be provided for
the by-laws. The stockholders at any meeting may make and
ter the by-laws for the government of said bank, not inconsistent
th the laws of Virginia nor of this act.
6. The board shall appoint one of their own body president, and fix
scompensation. They shall alsoelect a vice-president and cashier
ym their body, should they deem proper to do so, and may fill any
cancies in the board, unless it be by removal, in which case the
embers shall fill the same in general meeting. They shall ap-
int, to hold during its pleasure, the subordinate officers and agents,
escribe the compensation, and take from them such bond, with
curity, as it may see fit to do.
7. The number of directors shall not be less than three nor more
an seven, and they shall be elected at every annual meeting of the
»ckholders, and may be removed by the members in general meet-
gs, but unless so removed shall continue in office until their suc-
ssors shall be elected.
8. The Farmers bank of Floyd is authorized to make loans and
scounte; to purchase and sell, either on its own account or on com-
ission for others, bonds, stocks, bullion, coin, bank notes, foreign
d domestic bills of exchange, and other evidences of debt; to re-
ive deposits; to negotiate loans on commission; lend money
on real estate and personal security, upon such time, in such
10unts, and to such persons as it may deem proper, and receive
e interest in advance; guarantee the payment of notes, bonds,
lls of exchange and other evidences of debt, and receive compen-
tion for such guarantee, and to do any business which banks are
thorized by the general laws of Virginia to do.
9. The stockholders of said corporation shall not be personally
‘ble for any debts, contract or obligation of said corporation except
the extent of the unpaid subscription to the stock.
10. All taxes due by this bank to the commonwealth shal! be paid
In money, and not in coupons.
11. This act shall be in force from its passage.