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| CHAP. LXXIII. | ||
| ||
| (Passed November 2, 1792.) | ||
| SECT. 1. WHEREAS the purchasers of lots in the town of Clarksburg, in the county of Harrison, in the town of Milton, in the county of Albemarle, in the town of Abingdon, in the county of Washington, and Morgan's town, in the county of Monongalia, from the difficulty of procuring materials, have not been able to build on their lots within the time prescribed by law: | Further time allowed for improving lots in towns of Clarksburg, Milton, Abingdon, and Morgan town. | |
| SECT. 2. Be it therefore enacted, That the further time of five years, from the passing of this act, shall be allowed the purchasers of lots in the said towns respectively, to build thereon and save the same. | ||
 CHAP. LXXIV. | ||
| ||
| (Passed December 4, 1792.) | ||
| SECT. 1. WHEREAS it is the interest of all wise and free governments, to facilitate as much as may be, the diffusion of useful knowledge among its inhabitants; and application hath been made to this Assembly to pass an act appointing trustees for an academy about to be built in Staunton, in the county of Augusta, and to incorporate them into a body public: | Preamble. | |
| SECT. 2. Be it therefore enacted, That the Reverend John M'Cue, the Reverend William Wilson, the Reverend Archibald Scott, Gabriel Jones, Alexander St. Clair, Sampson Matthews, senior, Archibald Stuart, Robert Gamble, William Bowyer, Alexander Humphreys, David Stephenson, Robert Porterfield, James Powel Cocke, | Trustees appointed for the Staunton academy and incorporated. |
| Alexander Nelson, John Steel, James Lyle, Robert Gratton, William Lewis, and John Tate, gentlemen, shall be, and they are hereby constituted a body politic and corporate, to be known by the name of the trustees of the Staunton academy, and by that name shall have perpetual succession and a common seal. The said trustees and their successors, by the name aforesaid, shall be capable in law to purchase, receive, and hold to them and their successors for ever, any lands, tenements, rents, goods or chattels, of what kind soever, which shall be given or devised to, or purchased by them for the use of the said academy, and to sell and dispose of the same in such manner as to them shall seem most conducive to the advantage of the said academy. The said trustees by the name aforesaid, may sue and be sued, implead and be impleaded in any court of law or equity. They shall have power from time to time to establish such by-laws, rules and ordinances, not contrary to the constitution and laws of this Commonwealth, as they shall deem necessary for the government of the said academy. Not less than ten of the said trustees shall constitute a board to determine upon any matter relative to the establishment, government, or support of the said academy; and no real estate belonging to the said academy, shall be disposed of, unless fourteen of the said trustees shall concur in opinion thereon. Upon the death, resignation, or other legal disability of any of the said trustees, the vacancy thereby occasioned shall be supplied by the remaining trustees, or a majority of them. The said trustees shall elect a treasurer, who shall receive all monies accruing to the said academy and property delivered to his care, and pay or deliver the same to the order of the said trustees; and before he enters on the execution of the duties of his office, shall give bond and security for such sum as the said trustees shall direct, payable to them and their successors, and conditioned for the faithful discharge of the trust reposed in him; and that he will then be required by the said trustees, render to them a true account of all monies, goods and chattels received by him on account of, and for the use of the said academy. The treasurer shall receive such salary as may be allowed and fixed by the trustees. If the treasurer shall fail to render, when thereunto required, a just and true account of all monies, goods and chattels which have come to his hands by virtue of his office, and also of all expenditures for or to the said academy, | Their powers and duties. How many shall constitute a board. Vacancies how to be supplied. Treasurer to be appointed. |
| he shall on such failure be subject to a judgment on motion in any court of record in this Commonwealth; and execution may thereupon be awarded in like manner as against sheriffs for the non-payment of public taxes. | ||
| CHAP. LXXV. | ||
| ||
| (Passed October 27, 1792.) | ||
| SECT. 1. WHEREAS it is the interest of all wise, civilized, and free governments, to facilitate as much as may be, the diffusion of useful knowledge among its inhabitants; and whereas application hath been made to this Assembly, to pass a law appointing trustees for an academy about to be built in the county of Wythe, and to incorporate them into a body politic: | Preamble. | |
| SECT. 2. Be it therefore enacted, That Alexander Smyth, John Preston, William Tate, George Hancock, Byrd Smith, Francis Preston, Walter Crockett, James M'Gavock, John Adams, Jehu Stephens, Jesse Evans, James Campbell, the Reverend John Stonger, Robert Sayer, and William Caffee, gentlemen, shall be, and they are hereby constituted a body politic and corporate, to be known by the name of the trustees of Wythe academy, and by that name shall have perpetual succession and a common seal. The said trustees, and their successors, by the name aforesaid, shall be capable in law to purchase, receive and hold to them and their successors forever, any lands, tenements, rents, goods or chattels, of what kind soever, which shall be given or devised to, or purchased by them for the use of the said academy, and to sell and dispose of the same in such manner as to them shall seem most conducive to the advantage of the said academy. The said trustees, by the name aforesaid, may sue and be sued, implead and be impleaded, in any court of law or equity. They shall have power from time to time, to establish such bye-laws, rules and ordinances, not | Trustees appointed for the Wythe academy and
incorporated. Their powers and duties. |
| contrary to the constitution and laws of this Commonwealth, as they shall deem necessary for the government of the said academy. Not less than five of the said trustees shall constitute a board to determine upon any matter relative to the establishment, government, or support of the said academy; and no real estate belonging to the said academy, shall be disposed of unless a majority of the said trustees shall concur in opinion thereupon. Upon the death, resignation, or other legal disability of any of the said trustees, the vacancy thereby occasioned shall be supplied by the remaining trustees, or a majority of them. The said trustees shall elect a treasurer, who shall receive all monies accruing to the said academy, and property delivered to his care, and pay or deliver the same to the order of the said trustees; and before he enters on the duties of his office, shall give bond and security for such sum as the said trustees shall direct, payable to them, and their successors, and conditioned for the faithful discharge of the trust reposed in him; and that he will, when required by the said trustees, render to them a true account of all monies, goods and chattels received by him on account of, and for the use of the said academy. The treasurer shall receive such salary as may be allowed and fixed by the trustees. If the treasurer shall fail to render, when thereunto required, a just and true account of all monies, goods and chattels, which have come to his hands by virtue of his office, and also of all expenditures for or to the said academy, he shall on such failure be subject to a judgment on motion in any court of record in this Commonwealth; and execution may thereupon be awarded in like manner as against sheriffs for the non-payment of public taxes. | How many shall constitute a borrd. Vacancies, how to be supplied. A treasurer to be appointed. |
| CHAP. LXXVI. An act for establishing a Bank in the town of Alexandria. (Passed November 23, 1792.) | |
| SECT. 1. WHEREAS the experience of commercial nations for several ages past, has fully evinced, that well regulated banks are highly useful to society, by promoting punctuality in the performance of contracts, encreasing the medium of trade, facilitating the payment of taxes, preventing the exportation of specie, furnishing for it a safe deposit, and by discount rendering easy and expeditious the anticipation of funds: | Preamble. |
| SECT. 2. Be it enacted by the General Assembly of this commonwealth, That a subscription be opened for one hundred and fifty thousand dollars, in shares of two hundred dollars each, and that subscriptions be taken under the direction of Philip R. Fendall, Robert T. Hooe, William Hartshorne, Josiah Watson, Thomas Porter, Richard Conway, William Herbert, Stephen Cook, William Wilson, Charles Lee, Ludwell Lee, Roger West, and Charles Simms. | Subscriptions to be opened for the capital stock. |
| SECT. 3. And be it further enacted, by the authority aforesaid, That a share in the stock of the said bank shall be two hundred dollars, or the equivalent thereof in other specie, and that the number of shares shall not exceed seven hundred and fifty, and subscriptions shall be kept open under the direction of the president and directors of the said bank, until the said number of shares shall be filled. | Amount and division of the stock. |
| SECT. 4. And be it further enacted, That the sums subscribed as aforesaid, shall be paid in the following manner, viz. Every subscriber at the time of subscribing shall pay ten 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 ninety dollars for each share, shall be paid to the president and directors of the bank elected agreeable to this act, as follows: Forty dollars as aforesaid, by every subscriber, for each share subscribed by him, within fifteen days from the election of the said directors; twenty-five dollars as aforesaid by every subscriber for each share | Sums subscribed, when and how to be paid. |
| subscribed by him in thirty days from the election of the said directors; fifty dollars as aforesaid, by every subscriber, for each share subscribed by him, in sixty days from the election of the said directors; and the remaining seventy-five 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 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 be at liberty to sell and dispose of such forfeited shares for the use and benefit of the bank. | |
| SECT. 5. And be it further enacted, That every subscriber shall be entitled to vote by himself, his agent, or proxy appointed under his hand and 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 not more than one vote for every five shares thereafter. And every stock-holder may sell and transfer his stock in the said bank, or any part thereof, at his pleasure, 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; the purchaser then to be entitled to all the rights which the original proprietor enjoyed. | Stockholders, how to vote. Stock, how to be transferred. |
| SECT. 6. And be it further enacted, That as soon as one hundred and fifty shares be subscribed, the persons hereby empowered to take in subscriptions, or any seven of them, may call a meeting of the subscribers at the town of Alexandria, after not less than four successive weeks notice, in at least one of the Alexandria, Winchester, Dumfries, Fredericksburg, and 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, nine directors for the term of one year thereafter, and on the same day annually, for and during the continuance of this act, a like election shall be made, and in case of refusal, death, resignation, disqualification, or removal out of this Commonwealth, of any director, the remaining directors at their next meeting thereafter, shall elect by ballot another person, qualified as aforesaid, in his place for the residue of the year. The directors, or any seven of them, shall at the first meeting after every | Meeting of the subscribers to be called when 150 shares are
subscribed. Number of directors, and time of electing them, |
| 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 before a director, another director shall be elected as aforesaid, so as to keep up the number of directors prescribed by this act, exclusive of the president; and in case of refusal, death, resignation or removal out of this Commonwealth of the president, the directors shall meet as soon as conveniently can be thereafter, and elect another person for president in the manner before directed. | And a president. |
| SECT. 7. And be it further enacted, That all those who shall become subscribers to the said bank, their successors 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 Alexandria, and so shall continue until the first day of January, one thousand eight hundred and three, and no longer: And by that name shall have succession, and shall be and are hereby made able and capable in law to have and purchase, receive, possess, enjoy and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects, of what kind, nature or quality soever, and the same to sell, grant, demise, alien or dispose of. And by the name aforesaid may sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in any court of law or equity in this Commonwealth or elsewhere. And may do and execute every other matter and thing by the name aforesaid, that they are authorised to do by virtue of this act. Provided always, that the lands, tenements and hereditaments, which it shall be lawful for the said president, directors, and company to hold, shall be only such as shall be requisite for their immediate accommodation in relation to the convenient transacting their business, and such as shall have been bona fide mortgaged to them by way of security, or conveyed to them in satisfaction for debts previously contracted in the course of their dealings. Provided also, that the said president and directors shall not purchase public securities of the United States, or of any individual state, or any goods, chattels, or effects, unless such as are sold by virtue of an execution, upon a judgment obtained by them, except such articles as may be necessary for them in transacting the business of the bank; but it shall and may be lawful for them to receive | Subscribers to be a body politic; by what name and how long to
continue. May purchase real and personal estates. Restrictions as to purchases of land, tenements and hereditaments; And of public securities or any goods or chattels. |
| 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 sale for ready money. | |
| SECT. 8. And be it further enacted, That there be a meeting of the directors quarterly for the purpose of regulating the affairs of the bank, any five of whom shall make a board, and that the board have power to adjourn from time to time, and the president or any three of the directors may call a special meeting at any other time they may think necessary. | Directors to meet quarter-yearly; five to constitute a board. |
| SECT. 9. And be it further enacted, That the board of directors shall determine the manner of doing business, and the rules and forms to be pursued, appoint and pay the various officers which they may find necessary, and dispose of the money and credit of the bank, for the interest and benefit of the proprietors. And are hereby authorised to receive for discounts made at the said bank, at a rate not exceeding six per centum per annum; and make at the expiration of the first year, a dividend of the profit of such part thereof as they may think prudent, and thereafter shall make half yearly dividends. | To regulate mode of doing business; To appoint officers; May take six percent. per annum for discounts, and make dividends of profits. |
| SECT. 10. And be it further enacted, That in the appointment of a cashier of the said bank, a majority of the votes of seven directors shall be necessary to a choice. | Cashier, how to be appointed. |
| SECT. 11. And be it further enacted, That the board shall at every quarterly meeting choose three directors, to inspect the business of the bank for the ensuing three months, and the inspectors so chosen, or any two of them, shall on the evening of every Saturday, examine into the state of the cash account, and of the notes received and issued, and see that those accounts are regularly balanced and transferred. | Three directors to be chosen quarter-yearly to inspect the business. |
| SECT. 12. And be it further enacted, That any director, officer or other person holding any share, or capital of the said bank stock, who shall commit any fraud or embezzlement touching the money or property of the said bank, shall be liable to be prosecuted in the name of the Commonwealth by indictment for the same in any court of law for the district or county 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 | Penalty on directors or others for any fraud or embezzlement. |
| Alexandria, for the fraud aforesaid, forfeit all his share and stock in the said bank, to the company. | |
| SECT. 13. And be it further enacted, That no stockholder, subscriber, or member of the said company, shall be answerable for any losses, deficiencies, or failure of the capital stock of the said bank for any more or larger sum or sums of money whatsoever, than the amount of the stock, stocks or shares which shall appear by the books of the said company to belong to him, at the time or times when such loss or losses shall be sustained, except as is hereafter excepted, that is to say: If the total amount of the debts which the said company shall at any time owe, whether by bond, bill, note, or other contract, shall exceed four times the amount of the capital stock of the said bank, over and above the monies actually deposited in the bank for safe keeping, then in case of such excess, the directors under whose administration it shall happen, shall be liable for such excess, in their natural and private capacities, and an action or actions of debt may be brought against them, or any of them, their heirs, executors or administrators, in any court of record within this Commonwealth, by any creditor or creditors of the said company, and may be prosecuted to judgment and execution; any condition, covenant, or agreement to the contrary, notwithstanding; but this shall not be construed to exempt thes aid body politic, or the lands, tenements, goods or chattels of the same, from being also liable for and chargeable with the said excess. Such of the said directors who may have been absent when the said excess was contracted or created, or who may have dissented from the resolution or act whereby the same was so contracted or created, may respectively exonerate themselves from being so liable, by forthwith giving notice of the fact, and of their absence or dissent, to the mayor of the town of Alexandria, for the time being, and to the stockholders at a general meeting, which he or they shall have power to call for that purpose. And in case the directors, by whose act such excess shall be occasioned, shall not have property sufficient to pay the amount of such excess, then each and every stockholder shall be liable in their private capacities, for the deficiency, in proportion to their respective shares in the said bank. | Stockholders, how far responsible on failure of the capital
stock. Directors responsible when the debts exceed a certain sum. Exception in favor of directors absent or dissenting. Stockholders responsible if the property of the directors be insufficient. |
| SECT. 14. And be it further enacted, That the said president and directors shall not issue any note for a | No note to be issued for less |
| smaller sum than five dollars, and that the said president and directors shall once in
every year, lay before the governor and council of this Commonwealth, an account, truly stating
the situation of the bank and its funds.
SECT. 15. And be it further enacted, That no director shall be entitled to any emolument, unless the same shall have been allowed by a majority of the stockholders at a general meeting; the directors shall make such compensation to the president for his extraordinary services and attendance at the bank, as shall appear to them reasonable. |
than five dollars. An account of the situation of the bank to be laid annually before the governor and council. Allowances to directors and president, how to be made. |
| SECT. 16. And be it further enacted, That none but a stockholder, being a resident of this Commonwealth, shall be eligible as a president or director. | Who eligible as president or directors. |
| SECT. 17. And be it further enacted, That every cashier or treasurer, before he enters upon the duties of his office, shall give bond with two or more securities, to the satisfaction of the directors, for his good behaviour in office. | Cashier to give bond with security. |
| SECT. 18. And be it further enacted, That it shall be lawful for any person, copartnership, or body politic, to subscribe for such or so many shares, as he, she, or they shall think fit, not exceeding fifty; but it shall not be lawful for any person, copartnership, or body politic, to subscribe for more than twenty-five shares in any one month. | Who may become subscribers. |
| SECT. 19. And be it further enacted, That in case it shall at any time happen, that an election of directors shall not be made on any day, when pursuant to this act, it ought to have been made, it shall and may be lawful on any other day, to hold and make an election of directors in such manner as shall have been regulated by the laws and ordinances of the said president and directors. | Directors, when they may be chosen. |
| SECT. 20. And whereas it is absolutely necessary, that debts due to the said bank should be punctually paid, to enable the directors to calculate with certainty and precision, on meeting the demands that may be made upon the, Be it enacted, That whenever any person or persons, indebted to the said bank, on bonds, bills, or notes, given or endorsed by them, with an express consent in writing, that they may be negotiable at the said bank, and shall refuse or neglect to make payment at the time the same may become due, and a suit shall be thereupon commenced against such defaulter, and a capias ad respondendum returned executed, or a copy left at the usual | Debts due to the bank, how to be recovered. |
| place of residence of such defaulter, at least ten days before the return day of such writ, the court shall cause an issue to be made up in such a suit, and a trial shall be peremptorily had at the first court to which such writ shall be returnable, and a judgment rendered accordingly; but if the writ shall not be executed, or a copy thereof left as aforesaid, ten days before the return day thereof, then the issue shall be made up and trial had at the next succeeding court, and in either case if the defendant or defendants do not appear and plead to issue as aforesaid, judgment shall be rendered against him or them by default, and from the judgment given in such cases there shall be no appeal, writ of error or supersedeas, nor shall the defendant or defendants have a right to replevy the goods and chattels taken upon an execution issued upon a judgment obtained as aforesaid; and for the better direction of sheriffs, the clerk shall endorse on such executions, that the defendant hath not a right to replevy, and such writs may be made returnable, and trials may be had as above directed, at the district court, or at the quarterly or monthly courts of a county or corporation. And any creditor of the said company may proceed and have the same remedy against them, as by this act is given the said company against their debtors | Creditors may have the same remedy against the
company. |
| SECT. 21, Provided, That nothing in this act shall be construed as a pledge of public faith, that the legislature will in time coming enlarge the aforesaid stock, or shall be subject to the support thereof. | The state not bound to support the bank. |
| SECT. 22. And be it further enacted, That if any person or persons shall forge or counterfeit any of the notes or checks of the said bank, or pay or tender in payment or in any manner pass or offer to pass such forged or counterfeited note or check, knowing the same to be forged or counterfeited, and shall thereof be convicted in any court of law, having criminal jurisdiction within this Commonwealth, he, she, or they shall be adjudged a felon or felons, and shall suffer death without benefit of clergy. | Death to forge notes or checks. |
| SECT. 23. This act shall commence and be in force from the passing thereof. |
| CHAP. LXXVII. An act for establishing a bank in the city of Richmond. (Passed December 23, 1792.) | |
| SECT. 1. WHEREAS it is conceived that well regulated banks tend greatly to the advantage of agriculture, commerce and manufactures: | Preamble. |
| SECT. 2. Be it therefore enacted, That a bank shall be established at the city of Richmond, to be called the 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 toward constituting the said stock shall on the first day of March next, be opened at the city of Richmond, under the superintendance of James M'Clurg, 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, James Taylor, Robert Taylor, Donald Campbell, Moses Myers, Willis Wilson, and James Young; −− At Petersburg, under the superintendance of Thomas Griffin Peachy, 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 persons' 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 superintend | Bank established at Richmond. Amount and division of the stock. Subscriptions when and where to be opened. |
| 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 at 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. | When and how to be paid. |
| 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 himself, his agent, or proxy appointed under his hand and 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 not more than one vote for every five shares thereafter. | How stockholders shall vote. |
| SECT. 6. Every stockholder may sell and transfer his stock in the said bank, or any part thereof, at his pleasure, 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. | Stock, how it may be transferred. |
| SECT. 7. And be it further enacted, That as soon as four hundred shares shall be subscribed, the persons hereby empowered to take in subscriptions, or any four of them, may call a meeting of the subscribers at the city or Richmond, after giving notice thereof, four weeks successively, 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 thereafter, and on the same day annually, for and during the continuance of this act, a like election shall be made, and in case of refusal, death, resignation, disqualification, or removal out of this Commonwealth, of any director, the remaining directors at their next meeting, shall 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 | Number of directors, and time and mode of choosing them; and a president; |
| 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 who shall become subscribers to the said bank, their successors 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 capable in law to have, receive, purchase, possess, enjoy and retain to them and their successors, lands, tenements, 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 money. | subscribers to be a body politic; by what name and how long to
continue. May purchase real and personal estates. Restriction as to purchases of lands, &c. and of public securities or chattels. |
| SECT. 9. There shall be a meeting of the directors, quarterly, for the purpose of regulating the affairs of the 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 president | Directors to meet quarter-yearly; a board, how constituted. |
| pro tempore; and the president or any three of the directors may call a special meeting at any other time they may think necessary. | Special meetings how to be called; |
| SECT. 10. The board of directors shall determine the manner of doing business, and the rules and forms to be pursued, appoint and pay the various officers which they may find necessary, and dispose of the money and credit of the bank, for the interest and benefit of the proprietors; and are authorised to receive for discounts made at the said bank, a rate not exceeding six per centum per annum; and at the expiration of the first year, to make a dividend of the profit, or of such part thereof, as they may think prudent, and thereafter shall make half yearly dividends. | to regulate the business of the bank. To appoint officers. May take 6 per cent. per annum for discounts. And make dividends of profits. |
| SECT. 11. That in the appointment of a cashier of the said bank, a majority of the votes of the whole number of the directors shall be necessary to a choice. | Cashier, how to be appointed. |
| SECT. 12. That the board shall, at every quarterly meeting, choose three directors to inspect the business of the bank for the ensuing three months, and the inspectors so chosen, or any two of them, shall once at least in every eight days examine into the state of the cash account, of the notes received and issued, and see that those accounts are regularly balanced and transferred. | Three directors to be chosen quarter-yearly to inspect the business. |
| SECT. 13. And be it further enacted, That any president, director, cashier, clerk, door-keeper, or other officer or servant who shall commit any fraud or embezzlement touching the money or property of the said bank, shall be liable to be prosecuted in the name of the Commonwealth, by indictment for the same in any court of law, 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. | Penalty on president, directors or others for any fraud or embezzlement. |
| SECT. 14. No stockholder, subscriber, or member of the said company shall be answerable for any losses, deficiencies or failure of the capital stock of the said bank, or for any more or a larger sum or sums of money whatsoever, than the amount of the stock, stocks, or shares which shall appear by the books of the said company, | Stockholders how far responsible on failure of the capital stock. |
| to belong to him at the time or times when such loss or losses shall be sustained, and when the losses, deficiencies and failure shall be for more than the said capital stock, shall be answerable in their several private capacities for any greater sum than in proportion to the amount of their stock, stocks, or shares respectively, except as is hereafter excepted, that is to say: If the total amount of the debts, which the said company shall at any time owe, whether by bond, bill, note or other contract, shall exceed four times the amount of the capital stock of the said bank, over and above the monies actually deposited in the bank for safe keeping, the directors, under whose administration such excess shall happen, shall be liable for such excess in their private capacities, and an action or actions of debt may be brought against them or any of them, their heirs executors, or administrators, in any court of record within this Commonwealth, by any creditor or creditors of the said company, and may be prosecuted to judgment and execution, any condition, covenant, or agreement to the contrary notwithstanding; but this shall not be construed to exempt the said body politic, or the lands, tenements, goods, or chattels of the same from being also liable for and chargeable with the said excess. Those of the said directors who may have been absent when the said excess was contracted or created, or who may have dissented from the resolution or act whereby the same was so contracted or created, may respectively exonerate themselves from being so liable, by forthwith giving notice of the fact, and of their absence or dissent, to the mayor of the city of Richmond, for the time being, and to the stockholders at a general meeting, which he or they shall have power to call for that purpose. If the directors by whose act such excess shall be occasioned, have not property sufficient to pay the amount of such excess, then each and every stockholder shall be liable in their respective private capacities for the deficiency, in proportion to their respective shares in the said bank. The president and directors shall not issue any note for a smaller sum than five dollars, and shall once in every year, lay before the governor and council of this Commonwealth, an account, truly stating the situation of the bank and its funds | Directors responsible if the debts exceed a certain sum. Exception in favor of directors absent or dissenting. Stockholders responsible if the property of the directors be insufficient. |
| SECT. 15. The directors shall make such compensation to the president for his extraordinary services and | Compensation to the |
| attendance at the bank, as shall appear to them reasonable; and no director shall be entitled to any emolument, unless the same shall have been allowed by a majority of stockholders at a general meeting. | president and directors how to be made. |
| SECT. 16. None but a stockholder, and resident of this Commonwealth, shall be eligible as a president or director. | Who eligible as president or directors. |
| SECT. 17. Every cashier or treasurer, before he enters upon the duties of his office, shall give bond with two or more securities, to the satisfaction of the director, for his good behaviour in office. | Cashier to give bond with security. |
| SECT. 18. It shall be lawful for any person, copartnership, or body politic, to subscribe for such or so many shares, as he, she, or they may think fit, not exceeding fifty; but it shall not be lawful for any person, copartnership, or body politic, to subscribe for more than twenty-five shares in any one month. | Who may become subscribers. |
| SECT. 29. If an election of directors shall not be made, on any day when it ought to have been made pursuant to this act, it shall be lawful to make an election of directors on any other day, in such manner as shall be regulated and fixed by the laws and ordinances of the said president and directors. | Directors when they may be chosen. |
| SECT. 20. And whereas it is necessary that debts due to the said bank should be punctually paid, to enable the directors to calculate with certainty and precision on meeting the demands that may be made upon them: Be it therefore enacted, That every person or persons indebted to the said bank, on bonds, bills, or notes, given or endorsed by them, with an express consent in writing, that they may be negotiable at the said bank, and shall refuse or neglect to make payment, at the time the same may become due, and a suit shall be thereupon commenced against such defaulter, and a capias ad respondendum returned executed, or a copy left at the usual place of residence of such defaulter, at least ten days before the return day of such writ, the court shall cause an issue to be made up n such suit, and a trial shall be peremptorily had at the first court to which such writ shall be returnable, and judgment rendered accordingly. Provided nevertheless, That if good cause be shewn to the court for a continuance of the suit to the succeeding court, it may be lawful to continue the same, the party praying the continuance giving bond and security, to be approved of by | Debts due to the bank, how recoverable. |
| the court; to abide by the judgment to be rendered in the said suit. | |
| SECT. 21. If the writ shall be executed, or a copy left as aforesaid, within less than ten days before the return day thereof, then the issue shall be made up and trial had at the next court succeeding the term to which such precept shall have been returnable, and in either case if the defendant or defendants, do not appear and plead to issue, judgment shall be rendered against him or them by default, and there shall be no appeal, writ of error, or supersedeas granted from the judgments given in such cases, nor shall the defendant or defendants have a right to replevy the goods and chattels taken upon an execution issued on a judgment obtained as aforesaid; and for the better direction of sheriffs, serjeants, or other officers, the clerk shall endorse on such execution, that "no security can be taken." Such writs may be made returnable, and trials had as above directed, at the district court, or at the quarterly or monthly courts of a county or corporation. And any creditor of the said company, may proceed and have the same remedy against them, as by this act is given the said company against their debtors. | The same remedy extended to creditors of the
bank. |
| SECT. 22. If any person or persons shall alter, erase, forge, or counterfeit, any of the notes or checks of the said bank, or pay or tender in payment, or in any manner pass or offer to pass, such altered, erased, forged or counterfeited note or check, knowing the same to be altered, erased, forged or counterfeited, and shall thereof be convicted in any court of law having criminal jurisdiction within this Commonwealth, he, she, or they shall be adjudged a felon or felons, and shall suffer death without benefit of clergy. | Death to forge, alter or erase notes or checks. |
| SECT. 23. Provided always, That nothing in this act shall be construed as a pledge of public faith, that the legislature will in time coming enlarge the aforesaid stock or shall be subject to the support thereof. | The state not bound to support the bank. |
| SECT. 24. And be it further enacted, That it shall be lawful for the directors aforesaid, to establish offices wherever they shall think fit within the state, either with separate directions or agents, and that any town holding three hundred shares, shall have a right to an agent, who shall at the risk and expence of the bank forward bills offered for discount to the directors, and if approved make the advance, and when due collect the money. Provided, | Directors may establish offices at other places in the state. |
| that no office established in any town as aforesaid, shall be discontinued, unless there shall be for the space of three months a deficiency in the number of shares required by this act to entitle such town to an office of discount. And that no office of discount established by virtue of this act, shall be compelled to pay in specie any other notes than such as shall or may be issued by such office. | ||
| CHAP. LXXVIII. | ||
| ||
| (Passed November 15, 1792.) | ||
| SECT. 1. BE it enacted by the General Assembly, That the auditor of public accounts shall issue to James Upshaw, junior, a duplicate of a warrant in the name of John Edmondson, for the sum of twenty-one pounds three shillings, in lieu of the original warrant which he hath lost; also to Christopher Robertson, duplicates of two military certificates, one in the name of David Williams, a lieutenant, dated the eighteenth day of June, one thousand seven hundred and eighty-three, for the sum of fifty pounds, the other in the name of John Beasley, dated the twenty-seventh day of May, one thousand seven hundred and eighty-seven, for the sum of twenty-seven pounds two shillings and seven pence, in lieu of the originals, which he hath lost; also to Samuel Coleman, a duplicate of a military certificate in his own name, for the sum of fifty-four pounds six shillings and eight pence; also to William Hill, duplicates of four military certificates, one in the name of John Bartlett, for one hundred and two pounds three shillings and ten pence, one in the name of George Fitzgerald, for thirty-six pounds, one in the name of Daniel Tyler, for seventeen pounds eight shillings and four pence, and one in the name of Osborne Coffee, for the sum of eighteen pounds fifteen shillings and four pence; and also to John Sledd, a duplicate of a military certificate in his own name, for the sum of fifty | Duplicate warrants and certificates to James Upshaw,
jun. to Christopher Robertson, to Samuel Coleman, to William Hill, and to John Sledd. |
| pounds eleven shillings and seven pence, in lieu of the originals which they have respectively lost | ||
| SECT. 2. Provided always, and be it further enacted, That the said James Upshaw, Christopher Robertson, Samuel Coleman, William Hill, and John Sledd, shall, previous to the obtaining the said duplicates, respectively enter into bond with sufficient security, to be approved of by the executive, to indemnify the Commonwealth, and the United States. | Bond and security to be given by them to indemnify the Commonwealth and the Untied States. | |
| CHAP. LXXIX. | ||
| ||
| (Passed December 13, 1792.) | ||
| SECT. 1. BE it enacted by the General Assembly, That the auditor of public accounts shall issue to Joseph Sandidge, duplicates of two military certificates, one in his own name, dated the twenty-eighth day of November, one thousand seven hundred and eighty-three, for the sum of fifteen pounds eight shillings and three pence, the other in the name of John Harris, dated the twenty-second day of January, one thousand seven hundred and eighty-three, for eighty-nine pounds four shillings and three pence; also duplicates of six military certificates to Lockett Mitchell, to wit, one in the name of David Dunnevant, dated August the fourth, one thousand seven hundred and eighty-three, for fifteen pounds eleven shillings and eight pence, one other in the name of Simon Golding, dated the twentieth day of May, one thousand seven hundred and eighty-three, for fifty-four pounds sixteen shillings and five pence, one other in the name of William Belches. dated the second day of December, one thousand seven hundred and eighty-three, for fifteen pounds twelve shillings, on other in the name of Sterling Clack, dated the sixth day of December, one thousand seven hundred and eighty-three, for thirteen pounds nineteen shillings, one other in the name of Alexander Elan, dated the fourteenth day of November, one thousand seven hundred and eighty-three, for fifty-nine pounds | Duplicate certificates and warrants to be issued to Joseph
Sandidge, to Lockett Mitchell, |
| eleven shillings and six pence, and also one other certificate in the name of Edward Walker, for the sum of fifty-six pounds fourteen shillings and eight pence; also to Nathan Ryan, duplicates of two pension warrants in the name of James Powell Edmondson, for the sum of twenty-four pounds each; also to Alexander St. Clair, a duplicate of a military certificate in the name of John M'Glamery, for the sum of thirty-six pounds; also to John Guthry, a duplicate of a military certificate in the name of William Herbert, dated the twenty-first day of March, one thousand seven hundred and eighty-three, for eighty-eight pounds fifteen shillings, and a duplicate of a loan-office certificate, number one thousand nine hundred and thirty-nine, for one pounds nine shillings and five pence; also a duplicate of a military certificate to Charles Anderson in his own name, for the sum of thirty-six pounds, in lieu of the original warrants which the said Sandidge, Mitchell, Nathan Ryan, Alexander St. Clair, John Guthry, and Charles Anderson, have respectively lost. | to Nathan Ryan, to Alexander St. Clair, to John Guthry, and to Charles Anderson. | |
| SECT. 2. Provided nevertheless,
That the auditor of public accounts shall not issue a duplicate certificate in the name of Edward
Walker, until the date and number of the original receipt be ascertained.
SECT. 3. Provided always, and be it further enacted, That the said Joseph Sandidge, Lockett Mitchell, Nathan. Ryan, Alexander St. Clair, John Guthry, and Charles Anderson, shall, previous to obtaining the said duplicates, respectively enter into bond with sufficient security, to be approved of by the executive, to indemnify the Commonwealth, and the United States. SECT. 4. This act shall commence in force from and after the passing thereof. |
Number and date of certificate in the name of Edward Walker to
be ascertained before duplicate is issued. Bond and security to be given by them to indemnify the Commonwealth and the United States. | |
| CHAP. LXXX. | ||
| ||
| (Passed November 17, 1792.) | ||
| SECT. 1. BE it enacted by the General Assembly, That the register of the land-office shall, and he is hereby directed to issue a land warrant or warrants to Bellfield Cave, | A land warrant to be issued to Bellfield Cave. |
| for the amount of certain money paid by him into the treasury of this Commonwealth, under an Act for calling in and funding paper money, apportioning the quantity of land to the value of the said payment into the treasury, at the time the same was made. | ||
| SECT. 2. This act shall commence and be in force from and after the passing thereof. | ||
| CHAP. LXXXI. | ||
| ||
| (Passed December 12, 1792.) | ||
| SECT. 1. BE it enacted by the General Assembly, That it shall be lawful for the register of the land-office, and he is hereby required, upon application to him made, to issue a warrant or warrants in favour of Robert Shelton, for fourteen hundred twenty-four and a half acres of waste and unappropriated land within this state; also a warrant or warrants in favour of John Carey, who inter-married with Elizabeth one of the daughters of John Williams, deceased, who served as a lieutenant in the Virginia regiment, commanded by George Washington, in the year one thousand seven hundred and fifty-eight, for one thousand acres; and to the legal representatives of Martha, the other daughter of the said John Williams, one thousand acres of waste and unappropriated land within this state. | Land warrants to be issued to Robert Shelton, John Carey, and the representatives of Martha, the daughter of John Williams, deceased. | |
| SECT. 2. Provided that the said
Robert Shelton shall produce to the register a certificate of or certificates from the auditor of
public accounts, entitling him to the said quantity of land.
SECT. 3. This act shall commence and be in force from and after the passing thereof. |
Shelton to produce auditor's certificate entitling him to the land. |
| Pages 568-587
| Pages 611-631
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