Chap. 24.—An ACT to incorporate the Liberty Perpetual Building
and Loan Company.

Approved April 7, 1882.

1. Be it enacted by the general assembly of Virginia, That
Robert T. Aunspaugh, Robert B. Claytor, James W. Smith,
C. W. Wharton, W.S. Graves, John M. Wright, W. F. Fisher,
F. O. Hoffman, John R. Thurman, C. A. Board, and Walter
Izard, together with such other persons as may hereafter be
associated with them, be and they are hereby created and
made a body politic and corporate, by the name of The Lib-
erty Perpetual Building and Loan Company, and as such
shall be capable in law to purchase, hold, and dispose of
property, both real and personal, to make loans on buildings
and lands, and for such other objects as may promote the
interest of the company, and for the purpose of enabling per-
sons of limited mcans to purchase a homestead for their fami-
lies. The said corporation shall have power to make, have,
and use a common seal, and the same to chanve, alter,
and renew at pleasure; to sue and be sued, plead and be
impleaded in any court of law and equity; to make all deeds,
transfers, contracts, conveyances, and grants whatsoever, and
to exercise all the powers incident to bodies politic and cor-

orate, not inconsistent with the laws of this state or the
ited States.

2. There shall be a meeting of said corporators, at such
time and place after the passage of this act as the persons
above named, or any five of them, shall appoint (and on such
a day and at such a place annually thereafter as the by laws
may appoint), for the purpose of choosing from among the
voting members, seven directors to manage the affairs of the
said corporation for one year thereafter, and until a new
election shall take place, and their successors are duly quali-
fied, and the members above named, or a majority of them,
shall appoint the judges of the first election, and all subse-
quent elections shall be conducted and judges appointed in
accordance with the by-laws.

3. The directors for the time being, or a majority of them,
shall have power to elect from their own body a president
and vice-president, and shall have power to fill all vacancies
that may occur in these offices, and in their own body; to
appoint such other officers and agents as they may deem
necessary to conduct and execute the business of said corpora-
tion; to fix their compensation, and in their discretion to
dismiss them; to take bonds for the said corporation from
all or any of the officers or agents by them so appointed,
with security conditioned in such form as they shall approve
for the faithful performance of the duties of such officers or
agents, and to secure the said corporation from loss; to invest
the funds of the said corporation as they shall see proper;
and generally to do any other act or acts touching the interests
of the company, as they shall deem most safe and beneficial ;
to admit members upon such terms as the by-laws may pre-
scribe, and furnish proof of such admission, and of all pay-
ments made by sh members upon their respective shares,
whether in advance or otherwise; to exclude members when
they have not any property in said corporation; and to make
all such by-laws as may be necessary for the exercise of the
aforesaid powers, or the powers vested in said corporation,
and the same to alter and repeal at pleasure: provided that
such by-laws shall not be contrary to any law of this state
or of the United States.

4. The stock of the said corporation shall consist of not
less than five hundred, and not more than two thousand unre-
deemed shares, at the par value of one hundred dollars each,
payable in such installments as the by-laws may prescribe.

ut the by-laws may provide conditions for the payment of
all or any part thereof, in advance, and may also prescribe
the entrance fee to be paid by such stockholder, at the time
of subscribing, and if they see proper, may limit the number
of shares which each stockholder may hold at one time; and
the corporation shall have power to enforce the payment of
all installments and other dues due the corporation from its
members or stockholders, by such fines and forfeitures as the
directors may from time to time provide, in the by-laws;
and every member shall have one vote for every share of
unredeemed stock which he may hold at any meeting of
stockholders or election of directors; and no one shall be
eligible as president, vice-president, or director, who is rot
the bona fide owner in his own right of one or more unre-
deemed shares of stock; and upon his ceasing to hold in his
own right unredeemed stock, it shall be the duty of the board
of directors to declare his or thcir office or offices vacant and
to fill the vacancy.

5. Any person or persons applying for membership or for
stock in said corporation, after the end of one month from
the time of incorporation, may be required to pay on sub-
scribing, such bonus or assessment as may from time to time
be fixed or assessed by the board of directors, in order to
place such new members or stockholders on a footing with
the original members and others holding unredeemed shares
at the time of such application.

6. It shall and may be lawful for the said corporation, at
any time in advance of the period or periods of time at which
the several installments on the shares of stock of any mem-
ber shall become due and entirely paid up, according to the
provisions in the fourth section of this act, to redeem the
same, and to advance to such member, for such premium as
may be agreed upon, the par value of one hundred dollars
per share, for any number of shares therein held by him at
such a sum or price as such members may agree to receive;
or to loan the said sum for a period of years, deducting the
interest thereof in advance, and on payment of said sum of
money by the company, to receive from such member a trans-
fer of all his interest in such share or shares, and also security
by way of mortgage on real or personal property, or hypoth-
ecation of unredeemed shares, or stock of the said corpora-
tion held by such member; the said mortgage or hypotheca-
tion conditioned for the payment by such member to said
corporation, of the unpaid installments to be paid on the
share or shares of stock so redeemed or sold by him, together
with interest on the sum so paid or advanced, and all assess-
ments, fines, and penalties, incurred according to the by-laws
in respect thereof: provided, however, that in case of such
hypothecation of stock, no greater sum of money shall be
drawn out by any member than has already been paid in by
him on his share at the time of such hypothecation; the
property so mortgaged as aforesaid to the corporation to be

ept clear of taxes by the mortgagor.

7. All shares of stock redeemed by or hypothecated to,
purchased or advanced on by the company in accordance
with the preceding section, shall be considered as redeemed
shares, and shall be canceled; and it shall be lawful for the
company to issue an equal number of new shares in their
stead, so that the number of unredeemed shares authorized
by this act may always equal and not exceed the number of
two thousand unredeemed shares perpetually. And the mem-
ber or members of the corporation so redeeming the said
share or shares of stock, shall cease to be stockholders, and
shall not be entitled to vote at any meeting of the corpora-
tion held for the purpose of electing directors or for any other
purpose, and shall not be eligible for any of the offices of the
corporation mentioned in this act: provided, however, that
any stockholder who may redeem stock to the association,
shall thereupon have the privilege to subscribe for as man
shares of new stock at the price fixed by the board as he shall
have redeemed at that time; and upon so doing, he’shall not
be deemed to have forfeited any of his rights enunciated as
above, in consequence of redeoming the previous shares.
8. It shall be the duty of the board of directors at least
ten days prior to the expiration of each succeeding half
year, accounting from the date of organization of the com-
pany, to appoint from the stockholders three competent per-
sons to investigate the affairs of the corporation and make a
report thereof, which report shall be recorded in a book kept
for that purpose, and to be at all times open to the inspec-
tion of the stockholders; and thereupon the board of direc-
tors shall, within ten days thereafter, declare such dividend
of the profits as shall have been made during the preceding
six months, upon the unredeemed shares, the dividends upon
fully paid-up shares to be paid in cash, and upon shares not
paid up in full, to be pro rata passed to the credit of the
holder thereof: provided that always at the expiration of a
current year, the newly-elected board of directors only, shall
have the power to declare such dividend.

9. Nothing in this act shall be taken or construed to allow
the said corporation to issue any note, token, scrip, dévice,
or other evidence of debt to be used as currency.

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

Chap. 24.—An ACT to incorporate the Liberty Perpetual Building
and Loan Company.

Approved April 7, 1882.

1. Be it enacted by the general assembly of Virginia, That
Robert T. Aunspaugh, Robert B. Claytor, James W. Smith,
C. W. Wharton, W.S. Graves, John M. Wright, W. F. Fisher,
F. O. Hoffman, John R. Thurman, C. A. Board, and Walter
Izard, together with such other persons as may hereafter be
associated with them, be and they are hereby created and
made a body politic and corporate, by the name of The Lib-
erty Perpetual Building and Loan Company, and as such
shall be capable in law to purchase, hold, and dispose of
property, both real and personal, to make loans on buildings
and lands, and for such other objects as may promote the
interest of the company, and for the purpose of enabling per-
sons of limited mcans to purchase a homestead for their fami-
lies. The said corporation shall have power to make, have,
and use a common seal, and the same to chanve, alter,
and renew at pleasure; to sue and be sued, plead and be
impleaded in any court of law and equity; to make all deeds,
transfers, contracts, conveyances, and grants whatsoever, and
to exercise all the powers incident to bodies politic and cor-

orate, not inconsistent with the laws of this state or the
ited States.

2. There shall be a meeting of said corporators, at such
time and place after the passage of this act as the persons
above named, or any five of them, shall appoint (and on such
a day and at such a place annually thereafter as the by laws
may appoint), for the purpose of choosing from among the
voting members, seven directors to manage the affairs of the
said corporation for one year thereafter, and until a new
election shall take place, and their successors are duly quali-
fied, and the members above named, or a majority of them,
shall appoint the judges of the first election, and all subse-
quent elections shall be conducted and judges appointed in
accordance with the by-laws.

3. The directors for the time being, or a majority of them,
shall have power to elect from their own body a president
and vice-president, and shall have power to fill all vacancies
that may occur in these offices, and in their own body; to
appoint such other officers and agents as they may deem
necessary to conduct and execute the business of said corpora-
tion; to fix their compensation, and in their discretion to
dismiss them; to take bonds for the said corporation from
all or any of the officers or agents by them so appointed,
with security conditioned in such form as they shall approve
for the faithful performance of the duties of such officers or
agents, and to secure the said corporation from loss; to invest
the funds of the said corporation as they shall see proper;
and generally to do any other act or acts touching the interests
of the company, as they shall deem most safe and beneficial ;
to admit members upon such terms as the by-laws may pre-
scribe, and furnish proof of such admission, and of all pay-
ments made by sh members upon their respective shares,
whether in advance or otherwise; to exclude members when
they have not any property in said corporation; and to make
all such by-laws as may be necessary for the exercise of the
aforesaid powers, or the powers vested in said corporation,
and the same to alter and repeal at pleasure: provided that
such by-laws shall not be contrary to any law of this state
or of the United States.

4. The stock of the said corporation shall consist of not
less than five hundred, and not more than two thousand unre-
deemed shares, at the par value of one hundred dollars each,
payable in such installments as the by-laws may prescribe.

ut the by-laws may provide conditions for the payment of
all or any part thereof, in advance, and may also prescribe
the entrance fee to be paid by such stockholder, at the time
of subscribing, and if they see proper, may limit the number
of shares which each stockholder may hold at one time; and
the corporation shall have power to enforce the payment of
all installments and other dues due the corporation from its
members or stockholders, by such fines and forfeitures as the
directors may from time to time provide, in the by-laws;
and every member shall have one vote for every share of
unredeemed stock which he may hold at any meeting of
stockholders or election of directors; and no one shall be
eligible as president, vice-president, or director, who is rot
the bona fide owner in his own right of one or more unre-
deemed shares of stock; and upon his ceasing to hold in his
own right unredeemed stock, it shall be the duty of the board
of directors to declare his or thcir office or offices vacant and
to fill the vacancy.

5. Any person or persons applying for membership or for
stock in said corporation, after the end of one month from
the time of incorporation, may be required to pay on sub-
scribing, such bonus or assessment as may from time to time
be fixed or assessed by the board of directors, in order to
place such new members or stockholders on a footing with
the original members and others holding unredeemed shares
at the time of such application.

6. It shall and may be lawful for the said corporation, at
any time in advance of the period or periods of time at which
the several installments on the shares of stock of any mem-
ber shall become due and entirely paid up, according to the
provisions in the fourth section of this act, to redeem the
same, and to advance to such member, for such premium as
may be agreed upon, the par value of one hundred dollars
per share, for any number of shares therein held by him at
such a sum or price as such members may agree to receive;
or to loan the said sum for a period of years, deducting the
interest thereof in advance, and on payment of said sum of
money by the company, to receive from such member a trans-
fer of all his interest in such share or shares, and also security
by way of mortgage on real or personal property, or hypoth-
ecation of unredeemed shares, or stock of the said corpora-
tion held by such member; the said mortgage or hypotheca-
tion conditioned for the payment by such member to said
corporation, of the unpaid installments to be paid on the
share or shares of stock so redeemed or sold by him, together
with interest on the sum so paid or advanced, and all assess-
ments, fines, and penalties, incurred according to the by-laws
in respect thereof: provided, however, that in case of such
hypothecation of stock, no greater sum of money shall be
drawn out by any member than has already been paid in by
him on his share at the time of such hypothecation; the
property so mortgaged as aforesaid to the corporation to be

ept clear of taxes by the mortgagor.

7. All shares of stock redeemed by or hypothecated to,
purchased or advanced on by the company in accordance
with the preceding section, shall be considered as redeemed
shares, and shall be canceled; and it shall be lawful for the
company to issue an equal number of new shares in their
stead, so that the number of unredeemed shares authorized
by this act may always equal and not exceed the number of
two thousand unredeemed shares perpetually. And the mem-
ber or members of the corporation so redeeming the said
share or shares of stock, shall cease to be stockholders, and
shall not be entitled to vote at any meeting of the corpora-
tion held for the purpose of electing directors or for any other
purpose, and shall not be eligible for any of the offices of the
corporation mentioned in this act: provided, however, that
any stockholder who may redeem stock to the association,
shall thereupon have the privilege to subscribe for as man
shares of new stock at the price fixed by the board as he shall
have redeemed at that time; and upon so doing, he’shall not
be deemed to have forfeited any of his rights enunciated as
above, in consequence of redeoming the previous shares.
8. It shall be the duty of the board of directors at least
ten days prior to the expiration of each succeeding half
year, accounting from the date of organization of the com-
pany, to appoint from the stockholders three competent per-
sons to investigate the affairs of the corporation and make a
report thereof, which report shall be recorded in a book kept
for that purpose, and to be at all times open to the inspec-
tion of the stockholders; and thereupon the board of direc-
tors shall, within ten days thereafter, declare such dividend
of the profits as shall have been made during the preceding
six months, upon the unredeemed shares, the dividends upon
fully paid-up shares to be paid in cash, and upon shares not
paid up in full, to be pro rata passed to the credit of the
holder thereof: provided that always at the expiration of a
current year, the newly-elected board of directors only, shall
have the power to declare such dividend.

9. Nothing in this act shall be taken or construed to allow
the said corporation to issue any note, token, scrip, dévice,
or other evidence of debt to be used as currency.

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