Chap. 13.—An ACT to make Valid the Charter of The Virginia Sav
ings Bank of Lynchburg, Virginia, granted by the Lynchburg Circui
ourt.

Approved January 26, 1874.

Whereas the circuit court for the city of Lynchburg, o1
the twenty-second day of April, eighteen hundred and sev
enty, granted a charter of incorporation to The Virgini:
Savings Bank of Lynchburg, in the following words and fig
ures, to-wit:

Ҥ 1. It is ordered by the circuit court of the city o
Lynchburg that G. A. Wingfield, judge of the said court, E.

. Murrell, Samuel Tyree, ‘Thomas . Allen, John D. Holt,
James W. Watts, Don P. Halsey, and John F. Baugh, to-
gether with such other persons as are now or may be here-
after associated with them, shall be, and they are hereby
constituted and made a body politic and corporate, by the
name and style of The Virginia Savings Bank of Lynchbarg,
and by this name and style are hereby invested with all the
rights, powers, and privileges conferred, and made subject to
all the rules, regulations, and restrictions imposed by the
Code of Virginia and acts of the general assembly of Vir-
ginia amendatory thereof applicable to savings banks and
not inconsistent with the provisions of the act passed at the
last session of said assembly giving authority to the circuit.
courts of the commonwealth to grant charters of incorpora-
tion.

Ҥ 2. The capital stock of this association shall not be less
than twenty-five thousand dollars, which sum may be in-
creased, from time to time, to a sum not exceeding five hun-
dred thousand dollars, to be divided into shares of one hun-
dred dollars each.

Ҥ 3. This company shall have power and authority to re-
ceive deposits and to invest its capital stock or other funds
in bank or other stocks, in the purchase of bonds issued by
this or any other state of the United States, and in bonds of
any incorporated company, to lend money upon ersonal or
real security, to discount bonds, notes, and bills of exchange,
or other evidences of debt: provided, however, that noth-
ing in this charter contained shall be construed to authorize
said savings bank to charge or receive for the loan or for-
bearance of money or other thing, more than the legal rate
of interest.

Ҥ 4. The amount of real estate proposed to be held by
this company is a suitable banking-house and necessary ap-
purtenances.”

And whereas The Virginia Savings Bank of Lynchburg,
by virtue of the powers and authority vested in it under said
charter, has, by its said corporate name, proceeded to con-
duct a general banking business, to lend money, make con-
tracts, discount bills and notes, issue certificates, sue and to
be sued, and to do all other acts authorized by said charter;

And whereas doubts have been suggested as to whether
the said court had authority to grant said charter; whether
the same ever became a valid and legal charter, by reason of
its not having been properly recorded in due time; and
whether any of the acts, contracts, and transactions done,
entered into, and transacted in and by its said corporate
name are legal and valid;

Now, therefore, for the purpose of settling such doubts—

1. Be it enacted by the general assembly, That all acts,
transactions, proceedings, contracts, and agreements, whether
executed or executory, done, transacted, and entered into by
the aforesaid parties and their successors, or their agents
and attorneys, under or by the name of The Virginia Sav-
ings Bank of Lynchburg, under and in pursuance of the
aforesaid chagter, and all titles and rights of every kind and
nature whatsoever accrued to or against, or acquired by or
against said bank, or by or against any person whatsoever,
under and in pursuance of the said charter, in any transac-
tion, agreement, or contract with the said bank, or any offi-
cer or agent acting in the name of and on behalf of said
bank, and not inconsistent with the laws of this state, on
and after the twenty-second day of April, eighteen hundred
and seventy, shall be held and taken to be, and to have been
at all times, of the same force, virtue, and effectyin all re-
spects, as if said charter were clearly and in every respect
certainly valid and no question had ever been suggested as
to the lawful authority thereof, and as if the said charter
had originally been granted by an act of the general assem-
bly of this state; and all suits now pending in‘any of the
courts of this commonwealth in which said bank is a party,
shall be proceeded in, in the corporate name of said bank, as
though the said charter had been originally granted by the
genetal assembly, and was in every respect valid and legal,
it being the intention of this act to declare the said charter
granted by the said circuit court a valid and legal charter as
of the day it was so granted, without regard to any failure
to properly record the same, or any other informality in con-
nection therewith, and to declare all acts and contracts of
said bank made in its corporate name and by virtue of the
powers granted in said charter, te be valid and legal.
2. This act shall be in force from its passage.