An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1897/1898 |
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Law Number | 147 |
Subjects |
Law Body
Chap. 147.—An ACT to amend and re-enact sections 3, 4 and 5 of an act entitled
an act to amend and re-enact an act entitled an act to incorporate the Norfolk
safe and deposit trust company, approved February 29, 1892, the name of which
eorporation was changed by the said act approved February 23, 1894, to the
Norfolk bank for savings and trusts.
Approved January 29, 1898.
1. Be it enacted by the general assembly of Virginia, That sections
three, four and five of an act entitled an act to amend and re-enact an
act entitled an act to inc orporate the Norfolk safe deposit and trust com-
pany, approved February twenty-ninth, eighteen hundred and ninety-
two, approved February twenty-third, cighteen hundred and ninety-
four (the name of which company was changed by the said act approved
February twenty-third, eighteen hundred and ninety-four, to the Nor-
folk bank for savings and trusts), be amended and re-enacted so as to
read as follows:
§ 3. The capital stock of said corporation shall not be less than one
hundred thousand dollars nor more than one million dollars, divided
into shares of one hundred dollars each, and the incorporators, or a
majority of them named in this act, shall have power to open books for
subscription at such times and places as they may deem expedient, and
when not less than one hundred thousand dollars have been subscribed,
and when fifty per centum thereof has been paid in, the stockholders
may elect seven or more directors to serve until the ensuing annual
election, or until their successors have been duly elected and qualified,
and the directors so elected of said corporation, or such officers and
agents as they shall appoint for the purpose when said corporation shall
have been or ganized, may, and they are hereby, authorized and empow-
ered to have and to exercise, in the name and on behalf of the corpora-
tion, all the rights and privileges and corporate powers conferred on
suid corporation by this act, and in case the capital stock shall at first
be less than the maximum above provided for, the stockholders may,
by a two-thirds vote in special meeting to be called for the purpose, in-
crease the capital stock to an amount not exceeding one million dollars,
in which event each person who is a stockholder at the time of such
increase shall be entitled to such proportion of the new stock as the old
stock held by him bears to the original issue, provided he pays the par
value of such new stock: provided, however, ‘that the subscription here-
tofore made to the stock of. the Norfolk safe deposit and trust company
(the name of which has been changed as aforesaid) and the organiza-
tion thereof, are hereby ratified and confirmed. The said corporation
shall also have power to reduce its capital stock from the amount origi-
nally fixed—to-wit: two hundred and fifty thousand dollars: provided,
that the amount thereof remaining after such reduction shall not be less
than one hundred thousand dollars, and for that purpose the board of
directors may either purchase its capital stock, in which event the
amount so purchased shall be retired and cancelled, or the board of di-
rectors may declare and pay a dividend out of its capital to its stock-
holders equal to the amount of such proposed reduction, in which event
each stockholder, unon receiving his proportionate part of such divi-
dend, shall surrender to the corporation, to be retired and cancelled, so
much of his holdings of stock as at par will equal the amount of such
dividend so received by him, and in case it be necessary, in order to
carry out this power, to issue fractional shares of stock, power is hereby
conferred upon said corporation so to do, and the holder of any frac-
tional share of stock shall be entitled to a corresponding fractional part
of one vote for each fraction of a share so held by him.
§ 4. The directors shall be elected annually by the stockholders on the
second Tuesday of January, or as soon thereafter as convenient, and
they shall elect from their number at the first mecting of the board after
their election a president, a cashier, and shall also have power to elect a
vice-president, and to appoint and employ such other officers, clerks,
and agents and attorneys as the business of said corporation may, from
time to time, require. The board of directors shall also have power to
allow and fix the compensation of the president and all other officers
and employees. All elections shall be by ballot, and at such elections
and at all meetings of the stockholders every stockholder shall be en-
titled to one vote for every share of stock held by him. Notice of any
general or special meeting of the stockholders may be given by advertise-
ment for ten days in two newspapers published in the city of Norfolk,
and it shall not be necessary to state in such advertisement the special
business to be transacted at such meeting, except that mention shall be
made in such advertisement that the question of the increase of the
capital stock of said corporation is to be considered at such meeting be-
fore such meeting shall have power to increase the same. The stock-
holders in meeting shall have power to provide for the manner of hold-
ing elections.
§ 5. The board of directors shall have power to declare such dividends
of profits of said corporation as they may deem proper: provided, that
no dividends shall be declared when the capital stock would be thereby
impaired, except as provided in section three of this act.
2. This act shall be in force from its passage.