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Committee of
examination.

Dividends.

Restricted in
purchasing and
discounting.

5. And be it further enacted, That it shall be the duty of the directors, at least once in every six months, to appoint from the members of said corporation, five competent persons as a committee of examination, (any three of whom may act,) whose duty it shall be to investigate the affairs of said corporation, and to make and publish a report thereof in some newspaper printed in the town of Charleston; and it shall be the duty of the directors on the first day of January, and the first day of July, in each and every year, to make and declare a dividend of the interest and profits of the said corporation, after paying its expenses; and the same to pay over unto the depositors or their legal representatives, within ten days thereafter, if demanded.

6. And be it further enacted, That it shall not be lawful for said institution to purchase any bond, bill, mortgage, deed of trust, or other security, for the payment of money or other valuable thing which may be then due and payable, for a less sum than the full amount thereof, with all interest which may be due thereon, or to purchase or discount any debt or claim to become due, at a rate of discount or interest exceeding the rate of six per centum per annum; and all contracts which may be made contrary to the foregoing provision shall be utterly null and void.

Charter under con- 7. And be it further enacted, That nothing herein contained trol of legislature. shall be so construed as to impair the right of the general assembly to alter, modify or abolish this act.

Commencement.

Mechanics sav. ings society of Petersburg incorporated.

8. This act shall be in force from and after the passage thereof.

CHAP. 192.—An ACT to incorporate the Mechanics savings society of Peters

burg.

(Passed March 18, 1837.)

1. Be it enacted by the general assembly, That Thomas Shore, B. B. Blume, H. B. Gaines, George W. Bolling, Andrew Read, Jordan Branch, W. J. Dupuy, Samuel Mordecai, William M. Womack, Quinn Morton, William B. Hamilton, F. C. Stainback, P. C. Osborne, George Williamson, John Pollard, John Rowlett, John H. Patterson, Joseph D. White, J. W. Pegram, A. Lawrence Smith, James M. M'Culloch, Bobert B. Bolling, James Dunlop, Benjamin H. May, H. D. Bird, Reuben Clements and Edmund Ruffin, and all and every other person or persons hereafter becoming members of the Mechanics savings society of Petersburg, in the manner hereinafter mentioned, shall be, and they are hereby created and made a corporation and body politic, by the name and style of Corporate powers." The Mechanics Savings Society of Petersburg," and by that name and style shall have perpetual succession, and be capable by law to hold and dispose of property, to sue and be sued, plead and be impleaded, answer and defend, and be answered and defended, in courts of law and equity, or in any other place whatever, and to receive and make all deeds, transfers, contracts, covenants, conveyances and grants whatsoever; and to make, have and use a common seal, and the same to change and renew at pleasure; and generally to do every other act or thing necessary to carry into effect the provisions of this act, and promote the object and design of said corporation.

General meetings,
when and where.

2. Be it further enacted, That there shall be a meeting of the members of the said Mechanics savings society of Petersburg, on

such day, in the month of April next, and at such place, as any
seven or more persons named in the first section of this act, shall
appoint, giving at least ten days notice in one or more of the news-
papers printed in the town of Petersburg; and on such day in the
month of April, and at such place, annually, thereafter, as the by-
laws of the said institution shall provide, for the purpose of choos-
ing from among the members, nine directors to manage the affairs Directors.
of the said institution for twelve months thereafter, and until a new
election shall take place; and the judges of the first election shall Judges of
be elected by the members present, and the judges of all future
elections shall be appointed, and notice of such elections given, in
such manner as the by-laws shall prescribe.

elections.

chosen.

of directors.

3. Be it further enacted, That the directors for the time being, President and or a majority of them, shall have power to elect a president from officers to be their own body, to appoint all such officers, agents and servants as they shall deem necessary to conduct or execute the business and affairs of the institution; to fix their compensation, and in their Powers and duties discretion to dismiss them; to provide for the taking of bonds to the corporation from all or any of the officers, agents or servants, by them so appointed, with security, conditioned in such form as they shall prescribe, for the faithful execution of their several duties, and to secure the corporation from loss; to regulate the manner of making and receiving deposites, the form of certificates to be issued to depositors, and the manner of transferring the same; to provide for the investment of the funds of the corporation in such manner as they shall deem most safe and beneficial; to provide for the admission of members, and furnishing proof of such admission; to provide for paying all necessary expenses, conducting the affairs of the corporation, and generally to pass all such by-laws as shall be necessary to the exercise of the said powers, and of the other powers vested in said corporation by their charter; and the said by-laws, from time to time, to alter and repeal: Provided, That all such by-laws as shall be made by the directors may be altered or repealed by a majority of the members assembled at any annual meeting or general meeting, called in pursuance of any by-law made for that purpose; and a majority of the members may, at any annual or general meeting, pass such by-laws, which shall be binding upon the directors: Provided, That such by-laws shall not be contrary to the laws of this state or of the United States.

and invest
deposites.

4. Be it further enacted, That said corporation shall be capa- Power to receive ble of receiving, from any person or persons, any deposite or deposites of money, and that all moneys so received shall be invested in stocks or other securities, at the discretion of the directors, and in the manner deemed most safe and beneficial: Provided, That such investment of the funds of the corporation shall be in the manner provided for in the by-laws, and that no director or member Members not liashall be liable, in his person or property, for any debts, contracts or engagements of the said corporation, but that the money, property, rights and credits of said corporation, and nothing more, shall be liable for the same.

ble for corporato debts.

counting.

5. Be it further enacted, That it shall not be lawful for said in- Restricted in purstitution to purchase any bond, bill, mortgage, deed of trust, or other chasing and dissecurity, for the payment of money or other valuable thing, which may be then due and payable, for a less sum than the full amount thereof, with all interest which may be duc thereon, or to purchase or

Committee of examination.

Dividends.

Charter under

control of legislature.

discount any debt or claim, to become due, at a rate of discount or interest exceeding the rate of one half of one per centum for thirty days, and all contracts which may be made contrary to the foregoing provision, shall be utterly null and void.

6. Be it further enacted, That it shall be the duty of the directors, at least once in every six months, to appoint from the members of said corporation, five competent persons as a committee of examination, (any three of whom may act,) whose duty it shall be to investigate the affairs of said corporation, and to make and publish a report thereof in one or more of the newspapers printed in the town of Petersburg; and it shall be the duty of the directors, on the first day of January, and on the first day of July, in each and every year, to make and declare a dividend of the interest and profits of the said corporation, after paying its expenses, and the same to pay over unto the depositors or their legal representatives, within ten days thereafter, if demanded.

7. Be it further enacted, That nothing herein contained shall be so construed as to prohibit the general assembly, at any time, from altering, modifying or repealing this charter.

Commencement. 8. This act shall be in force from and after the passage thereof.

Portsmouth savings fund soci

1

CHAP. 193.-An ACT to incorporate a Savings fund society in the town of

Portsmouth.

(Passed January 20, 1837.)

1. Be it enacted by the general assembly, That John Cocke, ety incorporated. William P. Young, Charles A. Grice, Overton Bernard, William H. Wilson, Stephen Cowley, John A. Chandler, Francis Grice, John G. Hatton, James Murdaugh, Samuel Watts, John K. Cooke, John Talbott, James G. Toomer, William Collins, George Blow, John Schoolfield, Charles Cassell, Henry V. Niemeyer, Charles L. Cocke, Mordecai Cooke and John J. Land, and all and every other person or persons that may hereafter become associated with them, shall be and they are hereby created and made a body politic and corporate, by the name and style of the "Portsmouth Savings Fund Corporate powers. Society," and by that name shall have succession, and may sue and be sued, plead and be impleaded, in law or equity; may receive and make transfers, contracts and conveyances, and may hold, possess and enjoy real and personal estate not exceeding one hundred thousand dollars, by virtue of the same; may have a common seal, which they may alter and change at their pleasure, from time to time.

President and directors how elected.

Vacancies supplied.

Powers of directors.

2. Be it further enacted, That there shall be annually elected, after the expiration of the service of the first board of directors herein provided for, seven directors, to manage the affairs of the society, who shall continue in office one year and until their successors shall be elected. The board of directors for the time being shall elect one of their own body president, and in case of the happening of any vacancy in the board of directors, either by death, removal, resignation, refusal to act, or in any other manner, such vacancy may be filled by the remaining directors, or in such other manner as the by-laws of the said society may prescribe. They shall also have power to appoint all such other officers and agents as they shall deem necessary to conduct the business and affairs of the society; to fix their compensation, and, in their discretion, to

dismiss them; to take bonds to the society from the officers or agents so employed, with security, conditioned in such form as they shall prescribe, for the faithful performance of their several duties, and to secure the said society from losses; to regulate the manner of making and receiving deposites; the form of certificates of deposites, and the manner of transferring the same; to provide for the investment of the funds of said society in such manner as they shall deem most safe and beneficial; to provide for and regulate the admission of members, and furnish proof of such admission; to provide for paying all necessary expenses, and for conducting the affairs of said society generally.

term of office; powers.

3. Be it further enacted, That the seven persons herein before First directors; first named, shall constitute the first board of directors, and shall continue as such until the eighth day of January, in the year one thousand eight hundred and thirty-eight, and thereafter until their successors shall be elected; and shall have the power to pass such by-laws and regulations, and exercise all such powers generally, as may be necessary for the government of said society, in the same manner and as fully as if they had been elected by the members after the said eighth day of January, eighteen hundred and thirtyeight.

deposites.

4. Be it further enacted, That the said society shall be capable Power to receive of receiving from any person any deposite of money, and may in- and invest vest all moneys so received in public stock, discounted paper, or other securities, at the discretion of the directors, and in the manner deemed most safe and beneficial: Provided, That such investment Members not liable for corpoof the funds of the corporation shall be in the manner provided for rate debts. in the by-laws, and that no director or member shall be liable in his person or property for any debts, contracts or engagements of the said society, but that the money, property, rights and credits of said society, and nothing more, shall be liable for the same. 5. Be it further enacted, That in addition to the names hereby How others may incorporated, all persons who shall, within one month from the date of its formation, become regular depositors, and also all other persons who, after the expiration of said month, shall have deposited not less than one dollar per week, for the period of six successive months, or who shall have deposited within a shorter period not less than thirty dollars, shall have the privilege of becoming members of said society, and shall have a right to require from the proper officer thereof, under its by-laws, a certificate of membership; and that when such depositor shall have received such certificate of membership, he shall thereby become entitled to all the rights and privileges of a member of said society.

become members.

examination.

6. Be it further enacted, That it shall be the duty of the direc- Committee of tors, at least once in every six months, to appoint from the members of said society, five competent persons as a committee of examination, (any three of whom may act,) whose duty it shall be to investigate the affairs of the said society, and to make and publish a report thereof in one or more newspapers printed in or convenient to the town of Portsmouth; and it shall also be the duty of the Dividends. directors, on the first day of January, and the first day of July, in each and every year, to make and declare a dividend of the interest and profits of the said society, after paying its expenses, and the same to pay over unto the depositors, or their legal representatives, within ten days thereafter, if demanded.

Annual election of directors.

Judges of elections.

By-laws.

Restricted in purchasing and discounting.

Charter under control of legislature.

Commencement.

American insur ance company incorporated.

7. Be it further enacted, That to provide for the annual election of directors of said society, after the first board herein appointed, it shall be the duty of the directors for the time being to give at least ten days notice thereof, in some convenient newspaper, prior to the said eighth day of January in each year; and also to appoint three judges of election, any two of whom may act.

8. Be it further enacted, That the board of directors hereby appointed shall have power to pass all such by-laws as shall be necessary to the exercise of the powers granted in this charter; and the directors for the time being shall have power, from time to time, to alter, amend or repeal the same: Provided, That all such by-laws as shall be made by the directors, may be altered or repealed by a majority of the members of said society assembled at any annual meeting or general meeting, called in pursuance of any by-law made for that purpose, and a majority of the members may, at any annual or general meeting, pass by-laws which shall be binding upon the directors: Provided also, That such by-laws shall not be contrary to the laws of this state or of the United States.

9. Be it further enacted, That it shall not be lawful for said institution to purchase any bond, bill, mortgage, deed of trust, or other security for the payment of money or other valuable thing, which may be then due and payable, for a less sum than the full amount thereof, with all interest which may be due thereon, or to purchase or discount any debt or claim to become due, at a rate of discount or interest exceeding the rate of six per centum per annum; and all contracts which may be made contrary to the foregoing provision shall be utterly null and void.

10. Be it further enacted, That nothing herein contained shall be so construed as to impair the right of the general assembly to alter, modify or abolish this charter.

11. This act shall be in force from and after the passage thereof

CHAP. 194.-An ACT to incorporate the American insurance company of
Norfolk, Virginia.

(Passed January 21, 1837.)

1. Be it enacted by the general assembly of Virginia, That the persons who shall as hereafter mentioned become subscribers to the capital stock hereby created, and such other persons as shall hereafter become subscribers or stockholders in the said corporation, are hereby created and declared to be a body politic and corporate, by the name, style and title of " The American Insurance Company Corporate powers. of Norfolk, Virginia," and by the same name shall have perpetual succession, and shall be able to sue and be sued, plead and be impleaded, in all courts of law and equity in this state and elsewhere; and to make and have a common seal, and the same to break, alter and renew at their pleasure; to ordain and establish such by-laws ordinances and regulations, and generally to do every act and thing necessary to carry into effect this act, or to promote the object and design of this corporation.

Capital.

2. And be it further enacted, That the capital stock of the said company shall be three hundred thousand dollars, to be divided into three thousand shares of one hundred dollars each, with power to said company to increase the same to one million of dollars, whenever a majority of the stockholders in interest shall in general

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