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Dividends limited. banks of the commonwealth shall moreover refrain from making any dividend exceeding six per centum per annum on its stock until such bank shall have bona fide resumed specie payments.

Condition of bank

executive every

two months.

4. And be it further enacted, That every bank which shall avail to be reported to itself of the provisions of this act, shall furnish to the executive once in every two months, a statement of its condition, on oath of the president or cashier, shewing the changes which may have taken place since the period aforesaid, and the amount of bad and doubtful debt which may have accrued or shall have been ascertained, and the said statement shall be published.

Part of act increasing banking

Treasurer to loan nue previously di rected to be sub

out surplus reve

5. Be it further enacted, That so much of the provisions of the Capital suspended. act, entitled, "an act increasing the banking capital of the commonwealth," passed March twenty-fifth, eighteen hundred and thirtyseven, as relates to the Bank of Virginia, the Farmers bank of Virginia, and the Bank of the Valley in Virginia, and their several branches, be, and the same is hereby suspended until the first day of March, eighteen hundred and thirty-eight; and the treasurer, with the advice of the executive, shall loan out, on good and sufficient security, until the first day of March next, at an interest not less than five per centum per annum, the amount of the surplus revenue which the state under the provisions of the said act, was to subscribe to the capital stock of the said banks: Provided, That any provision in the act aforesaid, which authorizes any part of the surplus revenue to be loaned out, shall not be hereby suspended.

scribed to banks.

Proviso.

What banks al

lowed the privi money loaned out.

lege of borrowing

Money borrowed when to be paid.

When Bank of the Valley to increase its loans. Branch at Parkers

6. Be it further enacted, That in lending out the funds above directed, the Bank of Virginia, the Farmers bank of Virginia, and the Bank of the Valley in Virginia, shall each have the privilege of borrowing without security, the amount which, under the provisions of the acts herein suspended, was to have been subscribed by the commonwealth to their respective capitals; and the sums so to be lent, shall be payable on the first of July, eighteen hundred and thirty-eight, with interest semi-annually, unless sooner called for by the general government from this state, or converted into the stock of the said banks; and the Bank of the Valley shall be authorized to increase its loans and discounts by the amount so borrowed.

7. Be it further enacted, That it shall be lawful for the Northburg suspended. western bank of Virginia to suspend putting in operation an office of discount and deposite at Parkersburg, as required by the above recited act, until the first day of March next.

Commencement.

When executions,

stayed.

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

CHAP. 2.-An ACT to stay the proceedings on executions, trust deeds, and
other demands, in cases of refusal to receive bank notes. ⚫
(Passed June 22, 1837.)

1. Be it enacted by the general assembly, That no execution or distress and sales distress of any kind shall be levied, nor sale made under any decree or order of any court, unless the party or parties, his, her or their agent, attorney or representative, for whose benefit the money is about to be made, shall authorize the officer or other person levying such execution or distress, or making such sale, to receive payment of the debt, interest and costs in the notes of the banks of this commonwealth, that may be at the time of such payment receivable for taxes or other public dues.

When sale to be

2. And be it further enacted, That if any execution or distress stayed after exe- shall have been levied, but no sale made, of the property taken,

cution or distress

levied.

before this act takes effect, the officer or person making such levy shall not proceed to sell the property so taken, unless he be authorized as aforesaid to receive in discharge of the debt, interest and costs to be raised by such levy, the notes of the banks of this commonwealth that are or may be receivable for taxes and public dues ; and should such authority be not given, after ten days notice to the When property party or parties, his, her or their agent, attorney or representative, turned to owner. the property so levied on shall be returned to the party from whose possession it may have been taken: Provided, however, That a When new execunew execution or distress may thereafter be issued and levied in levied. like manner as if no such levy had theretofore been made.

levied on to be re

tions, &c. may be

deeds, when stayed.

3. And be it further enacted, That no sale shall be made under Sales under trust any deed of trust, unless the party or parties for whose benefit it is about to be made, his, her or their agent, attorney or representative will agree before such sale, to receive the notes of the banks aforesaid in discharge of the debt, interest and costs to be raised by such sale; and if any such sale shall be made, the purchaser or How articles sold purchasers shall be entitled to discharge the purchase money by the payment of the notes of the banks aforesaid.

4. And be it further enacted, That all persons responsible for any demands of the commonwealth, and of the board of public works, and of the president and directors of the literary fund, on any judgment or decree, or for any fine, penalty or amercement, or on any recognizance, bond, contract or deed of trust, shall be, and they are hereby authorized, during the continuance of this act, to discharge any such demand by the payment thereof in the notes of the banks of this commonwealth, that at the time of such payment or tender of such payment, shall be receivable for taxes and other public dues.

may be paid for.

How dues to state funds may be paid.

and its several

levied and sales

less indemnifying

debtor.

5. Provided, however, That all executions may be levied and Executions to be sales made as heretofore, if the security or securities for the money made, if required, due on said execution, desire the levy or sale, unless the principal by securities, un debtor shall enter into bond with good security, payable to the se- bond be given by curity or securities aforesaid, conditioned to indemnify him, her or them, against all loss that he, she or they may sustain by reason of his, her or their securityship for the money due on said execution, and it shall be lawful for the sheriff or other officer to take the bond Bond, when taken aforesaid at any time before the sale under the execution; and upon ed. the execution of said bond, he shall return the property to the party, as is required in the second section of this act, and return the bond to the office from which the execution issued, for the benefit of the said securities.

and where return

and duration.

6. This act shall commence and be in force from the passing Commencement thereof, and continue in force until the first day of April, in the year one thousand eight hundred and thirty-eight, and no longer.

CHAP. 3.-An ACT concerning the state's proportion of the surplus revenue of the United States, and for other purposes.

(Passed June 24, 1837.)

tion to North

be paid in United

1. Be it enacted by the general assembly, That the treasurer of State's subscrip the commonwealth shall pay the subscriptions of the state which he western and Exis directed to make to the increased capital of the North-western change banks to bank of Virginia at Wheeling, and to the original stock of the Ex-States transfer change bank of Virginia at Norfolk, in the transfer checks or drafts drafts. which he has or may receive from the secretary of the treasury of

the United States, on account of the July and October instalments which this state may be entitled to receive of the surplus revenue Drafts to be taken directed to be deposited with this state: Provided however, That such transfer checks or drafts shall be received by said banks at their par value.

at par.

Payments to whom made.

2. That the said payments shall be made to such person or persons as the stockholders or directors of the bank to which they are payable shall authorize to receive the same; whereupon, the said person or persons thus authorized shall execute to the treasurer Duty of treasurer. proper acknowledgments of such payments, and thereupon he shall execute to the United States the obligation of this state to repay the same in the manner required by the law of congress in relation thereto, and enter the said payment to the credit of the treasurer of the United States, in the manner prescribed by law.

Treasurer to subscribe to Ex

change bank.

Subscription how

to be paid.

Subsequent sub

scriptions.

When and how

subscriptions.

3. Be it further enacted, That the treasurer of the commonwealth be and he is hereby authorized and directed to subscribe on behalf of the commonwealth in the books of the Exchange bank of Virginia, on the first day of July next, or as soon thereafter as may be practicable, for four thousand five hundred shares of the stock of the said bank, and thereupon to pay the sum of four hundred and fifty thousand dollars, due therefor, in the said treasury checks or drafts, as herein before provided. And the said treasurer shall moreover thereafter, from time to time subscribe, in behalf of the commonwealth, in the said books, for as many additional shares of the stock of the said bank as shall have been subscribed for by individuals, and upon so subscribing, he shall pay the same sum upon said shares as shall have been paid by such individuals.

4. Be it further enacted, That it shall be lawful for the stockindividians to pay holders of the Exchange bank of Virginia, other than the commonwealth, to pay for the shares of stock subscribed by them, in the following instalments, instead of those now required: ten dollars on each share in thirty days after they shall in general meeting have accepted the provisions of this act, and the further sum of ten dollars on each share every month thereafter, until the whole amount Remedy against shall be paid; and if any stockholder shall fail to pay the amount of the requisitions aforesaid for the space of ten days after the period when the same shall so become due, he shall be bound to pay legal interest thereon from the day when the same became payable, to be recovered in the mode now provided by law.

delinquent stockholders.

Books for subscriptions, when and where to be re opened.

How long kept

open.

scribers.

5. And be it further enacted, That it shall be the duty of the directors of the said bank to cause books of subscriptions for its stock to be opened in the borough of Norfolk, in the city of Richmond, and in the towns of Petersburg and Clarksville, within one month after the next general meeting of the stockholders, and the same shall be kept open for the space of one month at least, unless the Privilege of sub- whole of the remaining stock be sooner taken; and the subscribers for such stock shall have the benefit of the provisions of this act. 6. And be it further enacted, That until fifteen thousand shares portioned between of the stock be taken, the capital assigned to the bank and its branches shall be so apportioned, as that the capital at Norfolk, when all the actual subscriptions shall have been paid up, shall be not less than five hundred thousand dollars; and the residue of the amount subscribed shall be apportioned among the branches, so as to allow one sixth to Clarksville, and the other five sixths to be equally divided between Richmond and Petersburg.

Capital, how ap

bank and branch

es.

And whereas it is apprehended that there will be a deficiency in the resources of the commonwealth during the present and following year, to meet the demands upon the treasury:

revenue to be re

7. Be it therefore enacted, That the treasurer of the common- Part of surplus wealth be, and he is hereby authorized and required to retain out tained to meet deof the surplus revenue of the United States on deposite as afore- ficiency in state said, so much of the same as shall be necessary to discharge all claims upon the treasury which shall be duly audited, as well for

treasury.

the support of government as for the payment of the interest grow- And to pay inteing due on loans obtained and to be obtained for purposes of inter- rest on state loans. nal improvement; and the portion of said surplus so reserved is hereby appropriated and set apart to be disbursed according to law: Provided, however, That so much of the same as may be required Portion to be paid for the payment of the interest on the loans aforesaid, shall be paid into the treasury to the credit of the board of public works, by the warrant of the auditor of public accounts, upon the demand of the said board duly certified.

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to board of public works.

under ten dollars suspended.

8. Be it further enacted, That the operation of so much of the Section of act first section of the act, entitled, an act establishing general regu-western bank prohibiting Northlations for the incorporation of banks," passed March twenty-second, from issuing notes eighteen hundred and thirty-seven, as prohibits the banks of this commonwealth from issuing notes of a less denomination than ten dollars, shall be suspended so far as the North-western bank of Virginia is concerned, until the first day of March, eighteen hundred and thirty-eight; after which day, the said bank shall be subject in all respects to said restrictions.

9. Be it further enacted, That the executive shall appoint a Proxy for state in proxy to represent the stock of the state in the Exchange bank of Exchange and Virginia and in the North-western bank of Wheeling.

North-western banks, how ap

Exchange and

10. Be it further enacted, That if the Exchange bank of Vir-pointed - Amount of loans ginia and the North-western bank of Virginia shall accept the and discounts in provisions of this act, they shall in future so regulate their loans North-western and discounts as that they shall not exceed twice the amount of banks limited. their capital stock actually paid in.

11. This act shall be in force from the passing thereof.

CHAP. 4.-An ACT to amend the act, entitled, "an act to authorize the board of public works to subscribe for two fifths of the increased capital stock of the Portsmouth and Roanoke rail-road company," passed March 14th, 1837, and for other purposes.

(Passed June 23, 1837.)

Commencement.

1. Be it enacted by the general assembly, That so much of the Provision of law rendering properact, entitled, an act to authorize the board of public works to ty, &c. of comsubscribe for two fifths of the increased capital stock of the Ports- pany taxable, repealed. mouth and Roanoke rail-road company," passed the fourteenth of March, eighteen hundred and thirty-seven, as prescribes, "that the stock, property and profits of said company shall be no longer exempt from taxation," shall be, and the same is hereby repealed. But the general assembly reserves the right at any time hereafter, Right reserved to when it may deem proper, to levy a tax on the property, stock and profits of the said company.

tax hereafter.

2. Be it further enacted, That the president and directors of the Remedy given Louisa rail-road company be, and they are hereby authorized and Louisa rail road empowered to recover of delinquent stockholders of the company delinquent stockthe amount of the sum or sums required to be paid by them re

company against holders.

Commencement.

Proprietors of

certain lots in Suf

taxes for 1837.

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spectively, in the manner provided by the eighth section of the act, entitled, an act prescribing certain general regulations for the incorporation of rail-road companies," together with legal interest thereon from the time the same may have or shall become due, until paid.

3. This act shall be in force from its passage.

CHAP. 5.-An ACT to release for the present year the taxes on the lots in the town of Suffolk, the buildings on which have been recently destroyed by fire.

(Passed June 22, 1837.)

1. Be it enacted by the general assembly, That the proprietors folk released from of the lots in the town of Suffolk, the buildings whereon have been recently destroyed by fire, shall be, and the same are hereby released from the payment of any and all taxes which may have accrued on said lots for the present year; and the sheriff or other officer collecting the public revenue in the county of Nansemond, List of lots to be shall not attempt to collect the same, but shall return a list thereof to the court of said county, which, being examined and approved, shall be certified to the auditor of public accounts; and thereupon, tween sheriff and the said auditor shall allow the sheriff therefor, as if the same had been returned delinquent.

returned to court and approved. Settlement be

auditor.

Commencement.

Sum allowed temporary clerk to committee on banks.

Sum allowed public printer.

2. This act shall commence and be in force from its passage.

CHAP. 6.-An ACT to provide for the payment of the clerk to the joint committee on banks, and also for the payment of the public printer for extra services, and for other purposes.

(Passed June 23, 1837.)

1. Be it enacted by the general assembly, That the auditor of public accounts be, and he is hereby authorized to issue his warrant on the treasury for the sum of fifty dollars, to be paid to Thomas Vannerson, in full for his services as clerk to the joint committee on banks, during the present session.

2. Be it further enacted, That the sum of one hundred and twenty-four dollars be and the same is hereby allowed to the public printer for printing the journals and acts of the present session of Sum allowed prin- the general assembly, and the sum of thirty-six dollars to John Warrock, printer to the senate, for printing the journal of the senate the present session, and the auditor of public accounts shall issue a warrant on the treasury for the same, to be paid out of any money therein not otherwise appropriated.

ter to senate.

Commencement.

3. This act shall be in force from the passing thereof.

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