5 Gratt. 174 | Va. | 1848
delivered the opinion of the Court.
The Court is of opinion, that, according to the true construction of the act establishing general regulations for the incorporation of banks, passed March 22, 1837, Sessions Acts, p. 57, the power thereby conferred on the Executive to appoint, and the stockholders, at their annual meeting in January, to elect directors, is fulfilled and finished when the Executive and the stockholders, respectively, have made a valid appointment and election. That after such appointment and election, it would not be competent for either the Executive or the stockholders to recall the said appointment or set aside said election and appoint or elect others. The act directs that the directors shall hold their office until the next annual meeting of the stockholders and until their successors shall be chosen ; thereby necessarily implying, that when such successors have been chosen, the term of office of the predecessors is ended; and that the successors so chosen are in contemplation of law directors
The Court is therefore of opinion, that the said order and judgment is erroneous: It is therefore considered, that the same be reversed, with costs to the plaintiffs in error. And this Court proceeding, &c., it is considered that said petition be dismissed with costs.