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pany or companies of artificers to perform any of the duties required by law as a part of the aforesaid regiment, nor to require the performance of any duties other than those now required by law.

5. And be it further enacted, That the fines imposed by virtue Fines, how to be of this act shall be collected and accounted for, in the same man- collected and ac counted for. ner as is prescribed by law in the case of fines imposed on the main body of militia of this state.

6. And be it further enacted, That any expenses which may be Expenses incur incurred in complying with the requisitions of this act shall be red in complying paid out of any money in the treasury not otherwise appropri- with this act, how to be paid.

ated.

7. This act shall commence and be in force from and after the Commencement: passing thereof.

1.

CHAP. LXXXVII.

An Act incorporating the " Farmers' Bank of Virginia."

[Passed February 13, 1812.]

E it enacted by the General Assembly, That a Bank shall be Bank to be estaFarmers' Bank of Virginia," the capital stock whereof shall be Amount of capitwo millions of dollars, and shall be divided into twenty thousand tal; and of each

shares of one hundred dollars each.

share.

2. There shall be retained and appropriated to the use of the Number of shares state, three thousand three hundred and thirty-four of the said retained by the shares to be paid for in manner herein provided for.

state.

subscribers.

3. The residue of said shares shall be disposed of to subscri- on what terms bers, on the following terms, to wit: for each share the subscri- shares are to be ber shall pay one hundred dollars in gold or silver coin, one fourth disposed of to thereof at the time of subscribing, one other fourth within sixty days thereafter, one other fourth within sixty days after the Bank shall have gone into operation, and the remaining fourth within sixty days thereafter. Each share disposed of to subscribers shall also be charged with an equal proportion of the value of the shares retained by the state; that is, with an equal proportion of three hundred and thirty-three thousand four hundred dollars, to be paid into the Bank in sixteen semi-annual instalments after the commencement of its operations. And it shall be the duty of the directors of the Bank to retain such instalments out of the half yearly dividends which shall be declared on the shares subscribed for as aforesaid. And if such dividend shall be insufficient to pay any semi-annual instalment, it shall be the duty of the president of the Bank at Richmond to give notice thereof, by causing the same to be published, for one month, in one or more newspapers printed in each of the towns in which an office of discount and deposit is established by this act, and in the city of Richmond. And if any stockholder shall not, within one month after such deficiency shali have been so declared and published, pay into the Bank at Richmond, or one of the said offices of discount and deposit, the full amount thereof in gold or silver coin, the share or shares of such stockholder, on which the said deficiency shall be unpaid, shall be forfeited to the Bank.

4. If any subscriber or subscribers, his, her or their assignee, Penalty on delin or assignees, or other represensative, shall at any time, be delin- quent subscri quent, for the space of ten days, in the payment of any instal- bers.

Books of subscription, when and where to be opened; and under whose super intendance.

Commissioners authorised to re ceive monies due

on shares.

Subscription, how long to be kept open.

Restriction on subscribers, in

ment or instalments, being part of the hundred dollars required as above to be paid in gold or silver upon any share or shares, such share or shares, together with any dividend or dividends which may be then due thereon, shall be forfeited to the Bank.

5. Books of subscription, for disposing of sixteen thousand six hundred and sixty-six shares of the stock aforesaid, shall be opened on the first Monday in April next, in the following manner, to wit:-In Richmond, for four thousand one hundred and sixty-six shares, under the superintendance of Andrew Stevenson, Nathaniel Selden, Joseph Selden, Charles Whitlock, Benjamin Hatcher, John B. Ogg, John G. Gamble, John L. Harris, James Scott, jr. Robert Pollard, Philip N. Nicholas, John Ambler, Thomas Rutherfoord, William Marshall, and Colin McRae ;-In Norfolk, for four thousand one hundred and sixty-six shares, under the su perintendance of Richard H. Lee, Larkin Smith, Littleton Waller Tazewell, Richard Blow, John E. Holt, Theodorick Armistead, Robert B. Taylor, Martin Fisk, Robert E. Steed, William P. Fos ter, Andrew J. MeConico, Samuel B. Archer, George Newton and George W. Maupin ;-In Lynchburg, for one thousand six hundred and sixty-six shares, under the superintendance of Anselm Lynch, George Reveley, Isaac Otey, William Hopkins, Thomas Moore, William Mitchell, Thomas Higginbotham, William Davis, William Norvell, Samuel Anthony, William Warwick, Charles Johnston, John Dabney, James Graham, Edward Watts and Christopher Clarke;-In Winchester, for one thousand six hundred and sixty-six shares, under the superintendance of Gerard Williams, Edward Smith, Charles Magill, Beattie Carson, Edward McGuire, Daniel Lee, Daniel Gold, Isaac Baker, Joseph Gamble, Abraham Miller, Peter Lauck, Henry St. George Tucker, Alfred H. Powell, Lewis Wolfe, and Lemuel Bent ;-In Petersburg, for two thousand and eighty-three shares, under the superintendance of Robert Pegram, John Pegram, Samuel Hinton, William Wills, John V. Wilcox, John Hinton, Joseph Bragg. David Walker, Joseph G. Wilder, Drury Burge, Benjamin H. Hicks, John F. May, John Allison and Robert Bolling ;-In Fredericksburg, for one thousand six hundred and sixty-six shares, under the superintendance of Robert Stanard. John Minor, Robert Patton. John Mundell, Thomas Goodwin, Robert S. Chew, Gar rett Minor, Carter L. Stevenson, John W. Green, John Scott, Robert Mackey, Hugh Mercer, Dabney Herndon and Alexander Walker--and in Staunton, for one thousand two hundred and fifty-three shares, under the superintendance of Andrew Anderson, Andrew Fulton, Chapman Johnson, Archibald Stuart, John Brown, Robert Porterfield, Alexander St. Clair, John Wayt, Samuel Clarke, John McDowell, John C. Sowers and Jacob Swoope.

6. The persons appointed commissioners are hereby authorised to receive all monies which may become due, previous to the time when the Bank shall be organized by the election of directors, on the shares which shall have been subscribed for in the books respectively committed to their charge. A majority of them respectively shall be sufficient to perform the duties of their appoint. ment; and they shall keep the subscription open, at least for the term of ten days; and, if not completed at the expiration of that period, the same shall be kept open until the number of shares, at the places before mentioned respectively, shall be subscribed for, and no longer; but if the subscription shall be filled at any time before the expiration of the aforesaid term of ten days, then and

immediately after the same shall be so filled, no person or copart- case the subscripnership, or body politie, shall, during the remainder of the term tion be filled in aforesaid, be permitted to subscribe for more than two shares. days.

less than ten

behalf the same

trary to this pro

7. And be it further enacted, That all the subscriptions, and the Subscriptions to shares obtained in consequence thereof, shall be deemed, and held be for the exclu to be for the sole and exclusive use and benefit of the persons, co- sive benefit of the partnerships or bodies politic respectively subscribing, or in whose persons in whose behalf the subscriptions respectively shall be declared to be made, are declared to at the time of making the same: and all bargains, contracts, pro- be made. mises and engagements, in any wise contravening this provision, All bargains conshall be void: and the persons, co-partnerships or bodies politic, vision to be void. respectively, so subscribing, or for whose use the subscriptions shall be declared to be made as aforesaid, shall have, enjoy and receive the share or shares respectively obtained in consequence thereof, and all the interest and emoluments thence arising, as freely, fully and absolutely, as if they had, respectively, paid the consideration therefor; any such bargains, contracts, promises or engagements to the contrary notwithstanding.

Inhabitants of certain towns

8. During the first ten days appointed for receiving subscriptions as above, no subscription whatever shall be received in the restrained from name, or for the use of any inhabitant, or inhabitants, of any one subscribing else. of the towns of Richmond, Norfolk, Lynchburg, Petersburg, Fre- where, during the dericksburg, Winchester or Staunton, unless it be made in the first ten days. books of the town within which the person or persons for whose benefit the subscription shall be made, shall at that time reside.

tinue.

ty, to what a

9. And be it further enacted, That the subscribers to the said Subscribers incorporated. bank, their successors and assigns, shall be, and are hereby created and made a corporation and body politie, in law and in fact, by the name and style of the President, Directors and Company of the Farmers' Bank of Virginia, and shall so continue until the Name and style, first day of June, one thousand eight hundred and twenty-seven, How long to con and no longer; and by the name and style aforesaid, they shall be, and are hereby made able and capable in law, to have, purchase, May own properreceive, possess, enjoy and retain, to themselves and their successors, lands, rents, tenements, hereditaments, goods, chattels and mount; effects, to an amount, not exceeding in the whole four millions six hundred and sixty-six thousand six hundred and sixty-six dollars and two thirds of a dollar, including the amount of the capital stock aforesaid; and the same to sell, grant, demise, alien or dispose of; to sue and be sued, implead and be impleaded; answer Invested with al and be answered; defend and be defended in courts of record or the powers of a any other place whatsoever; and also to make, have and use a com- corporation or mon seal; and the same to break, alter or renew at their plea- body politic in sure; and also to ordain, establish and put in execution such byelaws, ordinances and regulations, as shall seem necessary and convenient for the government of the said corporation; not being contrary to the constitution or laws of this state or of the United States; and for the making whereof, general meetings of the stockholders may be called by the directors in the manner herein after specified; and generally to do and execute all acts, matters

law;

and things, which a corporation, or a body politic in law may or Subject to cercan lawfully do and execute; subject to the rules, regulations, tain regulations. restrictions, limitations, and provisions herein after prescribed and declared.

10. And be it further enacted, That it shall be lawful for any person, copartnership or body politic, in person or by attorney, to subscribe for a share, or any number of shares, not exceeding thir

Any number of

shares, not exceeding thirty, may be taken by

before provided

for.

In what manner

duced.

any one person in ty, in any one day; except in the case before provided for ; but in any one day; excase the amount of the subscriptions at any of the places before cept in the case mentioned shall exceed the number of shares there allowed to be subscribed for, the excess thus created shall be reduced within the number of shares authorised to be subscribed for at such places respectively, in manner following; that is to say: from the suba surplus of scription and subscriptions highest in amount. the proper commisshares subscrib- sioners shall subtract a share, or shares, until the same shall be ed for at any place is to be re- made equal to the subscription or subscriptions next highest in amount; and, as often as the case shall require, they shall so proceed to subtract a share or shares from the subscription or subscriptions remaining from time to time highest in amount, until the aggregate of all the subscriptions be reduced to the number of shares authorised to be subscribed for at the places before mentioned respectively and if, by and after the operation of such subtraction, (as often as the same shall be necessarily made and repeated as aforesaid.) a greater number of shares may be allowed to one or more of the subscribers than to the rest, or if the numberof shares shall eventually be greater than the number of shares authorised at the places before mentioned respectively, so that at least, one share cannot be allowed to each and every subscriber ; then, and in each of the before mentioned cases, the commissioners shall ascertain, by lot, in whom the greater number of shares, or the right of subscribing for and retaining one share (as the case may be) shall be vested and the person and persons in whose favor the lot may thereupon fall shall be deemed, to all intents and purposes, the lawful subscriber and subscribers for such share or shares respectively.

Fifteen directors to be chosen for the bank at Rich mond; and thirteen for a branch bank at each of

the towns of Lynchburg, &c. Directors to be all citizens of Virginia.

When and how to be elected.

Proviso as to the

tion should not

11. And be it further enacted, That for the well ordering the affairs of the said corporation there shall be fifteen directors for the bank at Richmond; thirteen directors for a branch bank at Norfolk; and a like number for a branch bank at each of the following towns, to wit: Lynchburg, Winchester, Petersburg and Fredericksburg. These directors shall be all citizens of Virginia, and shall be elected annually, in the following manner, to wit: nine directors of the mother bank and eight directors of each of the aforesaid branch banks shall be elected by joint ballot of both Houses of the Legislature, or by such committee of their own body, or such officer, or officers of government, or such commissioner or commissioners as the Legislature may from time to time appoint. The residue of the said directors shall be elected by the stockholders at a general mecting to be held for that purpose in the city of Richmond on the Wednesday after the first Monday in every year.

12. Provided, That the first election of diretors shall not be first election. included in the before mentioned general regulation, but shall be Farther proviso, held at the time and in the manner herein after directed: And in case any elec- provided, that in case it should at any time happen that an electitake place at the on of directors should not be made on any day when, pursuant to time appointed; this act, it ought to have been made, the said corporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful on any other day within ten days thereafter, to hold, and make an election of directors in such manner as shall have been and in case of the regulated by the laws and ordinances of said corporation: and death, resignati- that in case of the death, resignation or absence from the state, of on, or absence a director, his place shall be filled up by a new choice for the refrom the state, of mainder of the year, by a majority of directors at the place where

a director.

Oath or affirma

tors.

such vacancy shall happen: provided that every person voting for directors at any election shall previous to giving his vote, make oath, or solemnly affirm, that the share or shares, in right whereof he offers to vote, is or are really and bona fide his own tion to be taken property and not held in trust, or for the use, benefit or emolu- by every person ment of any other person or persons, nor in pursuance of any con- voting for direstrivance or design to obtain for himself, or for any other person or persons, a greater number of votes than he, or they are fairly entitled to, according to his or their true interest in the bank, in conformity with the proportions of voting on shares as established by this act : And where any person offers to vote as a proxy, an affidavit to the same effect of the person whom he represents shall be sufficient. To take any such oath or affirmation falsely shall be deemed perjury. The directors at the several places aforesaid, at their first meeting after each election, shall choose one of their own body as president.

money received

1812.

13. And be it further enacted, That on the first day of May Lists of names of next, and every thirty days thereafter, if the subscription shall not subscribers and be sooner closed, the commissioners appointed at Norfolk, Lynch to be transmitted burg, Winchester, Petersburg, Fredericksburg and Staunton, to Richmond on shall respectively transmit and deliver to the commissioners ap- the 1st of May pointed in and for the city of Richmond, a list of the several subscribers at such places respectively, and of the share or shares to each and every subscriber belonging, together with the full amount of subscription money by the commissioners respectively received as aforesaid; for which amount, the receipt in writing of the said commissioners appointed in and for the said city of Richmond, or a majority of them, shall be a sufficient acquittance and discharge of the persons, respectively, paying the same; and as when the full a soon as the whole number of shares herein before directed to be mount of the ca disposed of, shall be subscribed for, notice thereof shall be given pital shall be by the commissioners appointed in and for the city of Richmond, subscribed for, notice to be giv or a majority of them, in at least two public Gazettes printed in en by the comthe said city of Richmond; and the same persons shall at the same missioners for time notify a place within the said city, and a time at the distance Richmond. of twenty days from the time of such notification for proceeding to the choice of directors; and it shall be lawful for such election to be then and there made, and the persons who shall be then and place at the disthere chosen, shall be the first directors, and shall be capable of tance of twenty serving until their successors shall be duly elected and the direc- days from the tors so chosen for the Bank at Richmond shall forthwith thereaf. time of such no ter put the same, together with its several offices of discount and de- The first direcposit into operation, and for that purpose shall have power to pro- tors are forthwith vide houses for the carrying on the business of the bank, together to put the bank, with all necessary paper, stationary, vaults and utensils suitable to the same, so that the operations of the bank may be prosecuted in operation. without loss of time.

First election of

directors to take

tification.

together with its

several branches

Officers, Clerks

14. And be it further enacted, That the directors at the several places for the time being shall have power to appoint such offi- & servants, how cers, clerks and servants under them, as shall be necessary for ex- to be appointed. ceuting the business of the said corporation, and to allow them such compensation for their services respectively as shall be rea- Directors to exsonable; and shall be capable of exercising all such powers and ers as shall be authorities for the well governing the affairs of the said corpora- prescribed by the tion as shall be prescribed by the bye-laws, ordinances and regu- bye-laws of the lations of the same.

corporation.

5. And be it further enacted, That the following rules, restrie Fundamental ar

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