Chap. 12.—An ACT to incorporate the Virginia Building and Savings
Association.

Approved March 29, 1882.

1. Bo it enacted by the general assembly of Virginia, That
William N. Stevens, A. W. Harris, E. D. Bland, Armistead
Green, John H. Hill, William W. Evans, George Washington,
W. J. Smith, John Y. Harris, Robert S. Mays, John Walker,
Peter J. Carter, and R. G. L. Paige, and all those who are
now or who may hereafter be associated with them in the
manner hereinafter provided, and their successors, be, and
they are hereby declared a body politic and corporate, by the
name and style of The Virginia Building and Savings Asso-
ciation, and by that name may sue and be sued, plead and be
impleaded, in all the courts of law and equity within this
commonwealth, or elsewhere, and have perpetual succession ;
to have, make and use a common seal, and the same to break,
alter or renew at pleasure; to ordain and establish such con-
stitution, by-laws and regulations as they may think proper
and wise, and generally to do every act and thing necessary
to carry into effect this act or to promote the objects and
designs of this corporation: provided that such constitution,
by-laws and regulations or acts be not inconsistent with the
laws of this state or of the United States.

2. To have power and authority to purchase, or otherwise
lawfully acquire, and to have and to hold, to build and to
rent houses, to lease, sell, grant and convey any real or per-
sonal estate for gain and profit, or for any debt or debts that
may be due this corporation.

3. To receive money on deposit, and grant certificates
therefor, in accordance with the conditions set forth in sec-
tions four and five, chapter fifty-nine, Code of Virginia, ex-
cept that the deposit may be for a smaller sum than one
dollar; but in no case are such deposits, or the certificates
therefor, to be held liable to make good any debts contracted
by this corporation in building houses or for the purchase of
real estate, or any other contract made by it; to borrow
money and execute notes for the same. |

4. The funds of this corporation, however derived, may be
invested in or lent on any stock or real security, or be used
in purchasing or discounting bonds, bills, notes or other paper:
provided that the rate of interest shall be one-half of one per
centum for thirty days, or such other rate as may be lawful
and proper at the time of the transaction; but the interest,
in any case, may be paid in advance.

5. The capital of this company shall not be less than five
thousand dollars, with authority to the said company to in-
crease the same from time to time, to an amount not to
exceed seventy-five thousand dollars. The capital shall be
divided into sbares of ten dollars each, and shall be payable
by each subscriber, at such time or times, and in such pro-
portions, as it may be called for by the president and direc-
tors; and if any such subscriber shall fail to pay the same
so called for upon each and every share so held, within
twenty days after the same has been so called for, then the
amount so called for may be recovered by motion, upon
twenty days’ notice in writing, in any court of record in the
city of Petersburg, or place of residence of the holder of the
stock, at the option of the said company.

6. The president, secretary, and directors shall have power
to declare such dividends of the profits of said company as
they may think proper: provided that no dividend shall be
declared, when, in the opinion of a majority of the board,
the capital stock will be impaired thereby; they shall, also,
at the end of every year, except that in which the company
goes into operation, make a report, showing the condition of
the company in regard to its business for the current year.
The first annual meeting of the stockholders of said com-
pany shall be on the first day of April, eighteen bundred and
eighty-two, and thereafter, on the first day of April in each
year: provided that the said stockholders at any regular
meeting, or the board of directors, may, at any time, change
the day of said annual meeting, and the president, secretary.
and directors may, at any time, call a general meeting of the
stockholders, and any number of stockholders, owning not
less than one-third of the whole number of shares, may re-
quire the president and secretary to call such meeting, and
on their refusal to do so, may themselves call such meeting,
in each case giving at least fifteen days’ notice, by publica-
tion in one or more newspapers published in the city of
Petersburg.

7. The president, secretary, and directors shall have power
to appoint agents in any part of the state, or elsewhere, and
at their discretion, may take from them bonds, with security,
conditioned for the faithful performance of their duties. Such
avents being removable at the pleasure of the president and
secretary, subject to the approval of the bourd of directors
or by the board of directors.

8. The scale of voting at all meetings of the company
shall be one vote for each share of stock not exceeding
twenty, and one for every two shares exceeding twenty; and
every stockholder not in debt to the company, may, at
pleasure, by power of attorney, or in person, assign or trans-
fer his stock in the company, on the books of the same, or
any part thereof, not being less than a whole share; but no
stockholder shall be permitted to make a transfer, or receive
a dividend, until such debt is secured to the satisfaction of
the board of directors.

9. The members of said company shall not be liable for
any loss, damage, or responsibility, other than the property
they have in the capital and funds of the company, to the
amount of the shares held by them, respectively, and any
profits arising therefrom not divided.

10. The board of directors shall allow the president and
secretary a reasonable compensation for their services, to be
established and fixed from time to time by said board.

11. The persons named in the first section of this act shall
constitute the board of directors for the first year; and said
board shall at no time be composed of less than nine nor
more than fifteen members, to be elected annually by the
stockholders of said company. They shall elect a president
and secretary and other necessary officers and agents of said
company.

12. The chief office of said company shall be in the city of
Petersburg.

13. The directors may, within twelve months after the
passage of this act, open books at a suitable place in the city
of Petersburg, and at any other place or places they may
deem proper, to receive subscriptions to the capital stock of
this company as they may deem wise, not inconsistent with
the provisions of this act and the laws of the state and the
United States.

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

Chap. 12.—An ACT to incorporate the Virginia Building and Savings
Association.

Approved March 29, 1882.

1. Bo it enacted by the general assembly of Virginia, That
William N. Stevens, A. W. Harris, E. D. Bland, Armistead
Green, John H. Hill, William W. Evans, George Washington,
W. J. Smith, John Y. Harris, Robert S. Mays, John Walker,
Peter J. Carter, and R. G. L. Paige, and all those who are
now or who may hereafter be associated with them in the
manner hereinafter provided, and their successors, be, and
they are hereby declared a body politic and corporate, by the
name and style of The Virginia Building and Savings Asso-
ciation, and by that name may sue and be sued, plead and be
impleaded, in all the courts of law and equity within this
commonwealth, or elsewhere, and have perpetual succession ;
to have, make and use a common seal, and the same to break,
alter or renew at pleasure; to ordain and establish such con-
stitution, by-laws and regulations as they may think proper
and wise, and generally to do every act and thing necessary
to carry into effect this act or to promote the objects and
designs of this corporation: provided that such constitution,
by-laws and regulations or acts be not inconsistent with the
laws of this state or of the United States.

2. To have power and authority to purchase, or otherwise
lawfully acquire, and to have and to hold, to build and to
rent houses, to lease, sell, grant and convey any real or per-
sonal estate for gain and profit, or for any debt or debts that
may be due this corporation.

3. To receive money on deposit, and grant certificates
therefor, in accordance with the conditions set forth in sec-
tions four and five, chapter fifty-nine, Code of Virginia, ex-
cept that the deposit may be for a smaller sum than one
dollar; but in no case are such deposits, or the certificates
therefor, to be held liable to make good any debts contracted
by this corporation in building houses or for the purchase of
real estate, or any other contract made by it; to borrow
money and execute notes for the same. |

4. The funds of this corporation, however derived, may be
invested in or lent on any stock or real security, or be used
in purchasing or discounting bonds, bills, notes or other paper:
provided that the rate of interest shall be one-half of one per
centum for thirty days, or such other rate as may be lawful
and proper at the time of the transaction; but the interest,
in any case, may be paid in advance.

5. The capital of this company shall not be less than five
thousand dollars, with authority to the said company to in-
crease the same from time to time, to an amount not to
exceed seventy-five thousand dollars. The capital shall be
divided into sbares of ten dollars each, and shall be payable
by each subscriber, at such time or times, and in such pro-
portions, as it may be called for by the president and direc-
tors; and if any such subscriber shall fail to pay the same
so called for upon each and every share so held, within
twenty days after the same has been so called for, then the
amount so called for may be recovered by motion, upon
twenty days’ notice in writing, in any court of record in the
city of Petersburg, or place of residence of the holder of the
stock, at the option of the said company.

6. The president, secretary, and directors shall have power
to declare such dividends of the profits of said company as
they may think proper: provided that no dividend shall be
declared, when, in the opinion of a majority of the board,
the capital stock will be impaired thereby; they shall, also,
at the end of every year, except that in which the company
goes into operation, make a report, showing the condition of
the company in regard to its business for the current year.
The first annual meeting of the stockholders of said com-
pany shall be on the first day of April, eighteen bundred and
eighty-two, and thereafter, on the first day of April in each
year: provided that the said stockholders at any regular
meeting, or the board of directors, may, at any time, change
the day of said annual meeting, and the president, secretary.
and directors may, at any time, call a general meeting of the
stockholders, and any number of stockholders, owning not
less than one-third of the whole number of shares, may re-
quire the president and secretary to call such meeting, and
on their refusal to do so, may themselves call such meeting,
in each case giving at least fifteen days’ notice, by publica-
tion in one or more newspapers published in the city of
Petersburg.

7. The president, secretary, and directors shall have power
to appoint agents in any part of the state, or elsewhere, and
at their discretion, may take from them bonds, with security,
conditioned for the faithful performance of their duties. Such
avents being removable at the pleasure of the president and
secretary, subject to the approval of the bourd of directors
or by the board of directors.

8. The scale of voting at all meetings of the company
shall be one vote for each share of stock not exceeding
twenty, and one for every two shares exceeding twenty; and
every stockholder not in debt to the company, may, at
pleasure, by power of attorney, or in person, assign or trans-
fer his stock in the company, on the books of the same, or
any part thereof, not being less than a whole share; but no
stockholder shall be permitted to make a transfer, or receive
a dividend, until such debt is secured to the satisfaction of
the board of directors.

9. The members of said company shall not be liable for
any loss, damage, or responsibility, other than the property
they have in the capital and funds of the company, to the
amount of the shares held by them, respectively, and any
profits arising therefrom not divided.

10. The board of directors shall allow the president and
secretary a reasonable compensation for their services, to be
established and fixed from time to time by said board.

11. The persons named in the first section of this act shall
constitute the board of directors for the first year; and said
board shall at no time be composed of less than nine nor
more than fifteen members, to be elected annually by the
stockholders of said company. They shall elect a president
and secretary and other necessary officers and agents of said
company.

12. The chief office of said company shall be in the city of
Petersburg.

13. The directors may, within twelve months after the
passage of this act, open books at a suitable place in the city
of Petersburg, and at any other place or places they may
deem proper, to receive subscriptions to the capital stock of
this company as they may deem wise, not inconsistent with
the provisions of this act and the laws of the state and the
United States.

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