An act for establishing a bank in the city of Richmond. (Passed December 23, 1792.) SECT. 1. WHEREAS it is conceived that well regu- Preamble.. lated banks tend greatly to the advantage of agriculture, commerce and manufactures: Richmond. stock. where to be opened. SECT. 2. Be it therefore enacted, That a bank shall be Bank estabestablished at the city of Richmond, to be called the lished at Bank of Richmond; the capital stock whereof shall not exceed four hundred thousand dollars, divided into two thousand shares, each share to consist of two hundred dollars, and that subscriptions towards constituting the said stock shall on the first day of March next, be open- Amount and ed at the city of Richmond, under the superintendance division of the of James McClurg, John Marshall, William Foushee, John Harvie, James Heron, Anthony Singleton, Nathaniel Anderson, John Hopkins, Robert Gamble, and George Pickett;-At Norfolk, under the superintendance of Thomas Newton, jun. John Kearnes, George Kelly, Subscriptions James Taylor, Robert Taylor, Donald Campbell, Moses when and Myers, Willis Wilson, and James Young;-At Petersburg, under the superintendance of Thomas Griffin Peachey, James Campbell, Joseph Jones, Robert Bolling, William Barksdale, Archibald Gracie, David Buchanan, Joseph Weiseger and John Grammer;-And at Fredericksburg, under the superintendance of Robert Patton, Fontaine Maury, James Summerville, Stephen Lacoste, and William S. Stone; which subscriptions shall continue open thirty days, at the expiration of which, the books containing the same shall be shut, and if more than three hundred shares shall be subscribed, either at Norfolk, or at Petersburg, or Fredericksburg, the persons herein appointed at each of those places respectively, to superintend the said subscriptions, shall strike from each person's subscription, in equal proportion, so much thereof, avoiding fractions or parts of shares, as will reduce the whole subscription, at such place, to three hundred shares, and the books containing such subscriptions shall, together with the money paid in consequence thereof, be immediately sent to the persons herein appointed to super When and how to be paid. intend the subscriptions at the city of Richmond. And provided the subscriptions made at the city of Richmond, shall exceed eleven hundred shares at the expiration of the aforesaid ten days, adding thereto so many shares as may be unsubscribed at Norfolk, Petersburg, or Fredericksburg, so much shall be stricken therefrom as will reduce the same to eleven hundred shares, besides the shares which may be unsubscribed at any other place; and provided the sums subscribed within the said ten days, shall not amount to two thousand shares, the subscription at Richmond, as soon as the persons appointed to superintend the same, shall have opportunity of examining and ascertaining the deficiency, and shall continue open until the full amount of two thousand shares shall be fully subscribed; and if any person, when the Richmond subscription may be opened the second time, shall desire to enter his name as subscribing to the establishment of Norfolk, Petersburg, or Fredericksburg, it shall be lawful for him to subscribe accordingly on the said Richmond books, placing the name of the town, of which he desires to become a subscriber, against his own name on the said subscription, and in such case the said 'town shall receive the same benefit therefrom, as if such subscription had been made at such town, whilst the books were there kept open. · SECT. 3. The sums subscribed as aforesaid, shall be paid in gold or silver in the following manner, viz. Every subscriber shall at the time of subscribing, pay twenty dollars in specie for each share by him subscribed, to the person or persons appointed by this act to take in subscriptions, and that the remaining one hundred and eighty dollars for each share, shall be paid to the president and directors of the bank, elected agreeably to this act as follows, forty dollars, as aforesaid, by every subscriber, for each share subscribed by him, within thirty days from the election of the said directors; forty dollars as aforesaid, by every subscriber for each share subscribed by him, in ninety days from the election of the said directors; fifty dollars as aforesaid, by every subscriber, for each share subscribed by him, in one hundred and twenty days from the election of the said directors; and the remaining fifty dollars as aforesaid, by every subscriber, for each share subscribed by him, in one hundred and eighty days from the election of the said directors. SECT. 4. If any such subscriber shall fail to make any of the future payments, he shall forfeit the sum or sums by him before paid, for the use of the bank, and shall also forfeit his right to his subscription; and the president and directors shall sell and dispose of such forfeited shares, for the use and benefit of the bank. SECT. 5 Every subscriber shall be entitled to vote by How stockhimself, his agent, or proxy appointed under his hand and holders shall seal, at all elections in virtue of this act, and shall have as many votes, as he has shares as far as ten shares, and vote. ferred. SECT. 6. Every stockholder may sell and transfer his Stock, how it stock in the said bank, or any part thereof, at his plea- may be transsure, not being less than one complete share or shares, the transfer being made in the bank books, in the presence and with the approbation of the proprietor, or his lawful attorney, and such purchaser shall be entitled to all the rights which the original proprietor enjoyed. bers to be time and mode SECT. 7. And be it further enacted, That as soon as A meeting of four hundred shares shall be subscribed, the persons here- the subscriby empowered to take in subscriptions, or any four of called when them, nay call a meeting of the subscribers at the city 400 shares are of Richmond, after giving notice thereof, four weeks suc- subscribed. cessively, in at least one of the Richmond newspapers, and the subscribers assembled in consequence of such notice, shall choose by ballot, from among the subscribers, by a majority of votes, of such as shall be present, or by proxy, twenty directors for the term of one year Number of dithereafter, and on the same day annually, for and during rectors, and the continuance of this act, a like election shall be made, of choosing and in case of refusal, death, resignation, disqualifica- them; tion, or removal out of this Commonwealth, of any di- and a presi rector, the remaining directors at their next meeting, shall dent; elect by ballot, another person qualified as aforesaid, in his stead, for the residue of the year. The directors, or any eleven of them, shall at their first meeting, after every general election, elect by a majority of members present, by ballot from among the stockholders, a president, who shall, whether a director or not, be thereupon entitled to all the powers and privileges of one, and if he was a director, at the time of his being elected a president, another director shall be elected, as aforesaid, so as to keep up the number prescribed by this act, exclusive of the president, and in case of refusal, death, resignation or removal out of this Commonwealth, of the VOL. XIII.4 G Subscribers to name and how long to continue. Restriction as to purchases of lands, &c. president, the directors shall meet as soon thereafter, as they conveniently can, and elect another person for president, in the manner before directed. SECT. 8. And be it further enacted, That all those be a body po- who shall become subscribers to the said bank, their suclitic; by what cessors and assigns shall be, and they are hereby created and made a body politic, by the name and stile of the President, Directors and Company of the Bank of Richmond, and so shall continue until the first day of January, one thousand eight hundred and four, and no longer; and by that name shall have succession, and be able and May purchase capable in law to have, receive, purchase, possess, enjoy real and per- and retain to them and their successors, lands, tenements, sonal estates. hereditaments, rents, goods, chattels and effects of what nature or quality soever, and the same to sell, grant, demise, alien or dispose of. And by the name aforesaid, to sue or be sued, plead and be impleaded, answer and be answered in any court of law or equity in this Commonwealth or elsewhere. Provided always, that the president, directors and company shall only hold such lands, tenements and hereditaments, which shall be requisite for their immediate accommodation as to the convenient transaction of their business, and such as shall have been bona fide mortgaged to them by way of security for, or conveyed to them in satisfaction of, debts previously contracted in the course of their dealings. Provided also, that the president and directors, shall not purchase public securities of the United States, or of any individual state, or any goods, chattels, or effects, unless it be such as are sold by virtue of an execution upon a judgment obtained by them or deposits forfeited, excepting such articles as may be necessary for them in transacting the business of the bank, but it shall be lawful for them to receive and hold such securities, goods, chattels and effects, by, way of deposit for advances made by them to any person or persons, and on failure of payment, the same to sell and dispose of at public auction, for ready and of public securities or any goods or chattels, Directors to a board, how constituted. money. SECT. 9. There shall be a meeting of the directors, meet quarter- quarterly, for the purpose of regulating the affairs of the yearly; bank, any seven of whom shall make a board, with power to adjourn from time to time, of whom the president shall always be one, except in cases of sickness or necessary absence, in which cases the director present, having the greatest number of votes, shall act as presi dent pro tempore; and the president or any three of the Special meetdirectors may call a special meeting at any other time ings how to be they may think necessary. called; of the bank. SECT. 10. The board of directors shall determine the to regulate manner of doing business, and the rules and forms to be the business pursued, appoint and pay the various officers which they To appoint of may find necessary, and dispose of the money and credit ficers. of the bank, for the interest and benefit of the proprie. May take 6 tors; and are authorised to receive for discounts made at per cent. per annum for the said bank, a rate not exceeding six per centum per discounts. annum; and at the expiration of the first year, to make a dividend of the profit, or of such part thereof, as they vidends of may think prudent, and thereafter shall make half year- profits. ly dividends. And make di SECT. 11. That in the appointment of a cashier of Cashier, how to be appoint the said bank, a majority of the votes of the whole num- ed. ber of the directors shall be necessary to a choice. SECT. 12. That the board shall, at every quarterly Three directmeeting, choose three directors to inspect the business ors to be cho-, of the bank for the ensuing three months, and the in- sen quarteryearly to inspectors so chosen, or any two of them, shall once at least in every eight days examine into the state of the siness. cash account, of the notes received and issued, and see that those accounts are regularly balanced and transfer red. spect the bu rectors or SECT. 13. And be it further enacted, That any president, Penalty on director, cashier, clerk, door-keeper, or other officer or president, diservant who shall commit any fraud or embezzlement others for any touching the money or property of the said bank shall fraud or embe liable to be prosecuted in the name of the Common- bezzlement. wealth, by indictment for the same in any court of Jaw, for the county or district wherein the offence shall be committed, and upon conviction thereof, shall besides the remedy that may be had by action in the name of the president, directors and company of the bank of Richmond, for the fraud aforesaid, forfeit all his share and stock, in the said bank, to the company, and moreover shall suffer imprisonment, or such other corporal punishment, as the court may, on conviction thereof, direct. SECT. 14. No stockholder, subscriber, or member of Stockholders the said company shall be answerable for any losses, de- how fre sponsible on ficiencies or failure of the capital stock of the said bank, failure of the or for any more or a larger sum or sums of money what- capital stock. soever, than the amount of the stock, stocks, or shares which shall appear by the books of the said company, |