Chap. 183.—An ACT to incorporate the Petersburg Perpetual Build-
ing and Loan company.

Approved May 10, 1887.

1. Beit enacted by the gencral assembly of Virginia, That
William B. McIlwaine, Nathan B. Pritchard, Robert Gilliam,
W. E. Deaton, A. G. McIlwaine, Junior, George Davis.
Samuel P. Mitchell, William L. Zimmer, Thomas Stanley,
Beckwith, M. Kemp Cary, Joshua M. Whitehurst,
and Richard P. Barham, together with such other persons as
may be hereafter associated with them, be and they are
hereby created and made a body politic and co porate by the
name and style of the Petersburg Perpetual Building and
Loan company, and as such shall be capable in law to pur-
chase, hold, and dispose of property, both real and personal;
to reccive deposits and savings; to borrow money and create
loans for the purpose of advancing upon buildings and lands,
and for such other objects as may promote the interest of the
company, and for the purpose of enabling persons of limited
means to purchase a homestead for their families. The said
corporation shal] have power to make, have, and use a com-
mon seal, and the same to change, alter, add to, and renew at
pleasure; to sue and be sued, plead and be impeaded in any
court of law or equity; to make all deeds, transfers, contracta,
conveyances, and grants whatsoever; and to exercise all the
powers incident to a body politic and corporate not incon.
sistent with the laws of this State or of the United States.

2. There shall be a meeting of the said corporation at such
place and on such a day after the passage of this act as the
persons above named, or a majority 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 nine 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 qualified; and the members above named, or a majority
of them, shall appoint the judges of the first election, and all
subsequent 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 ap-
point all other officers, agents, and servants as they may deem
necessary to conduct and execute the business of the said
corporation; to fix compensation, and in their discretion to
dismiss them; to take bonds for the said corporation from all
or any of the officers, agents, or servants by them so ap-
pointed, with security conditioned in such form as they shall
approve, for the faithful performance of the duties of such
officers, agents, and servants, and to secure the said corpora-
tion from loss; to invest the funds of the said corporation as
they shall see proper, and generally do other act or acts
touching the interest of the company as they shall deem
most safe and beneficial; to admit members upon such terms
as the by-laws shall prescribe, and to furnish proof of such
admission and of all payments made by such members upon
their respective shares, whether in advance or otherwise; to
exclude members when they have not any property in the
said corporation; and to make all such by-laws as may be

necessary for the exercise of the aforesaid powers, or the
power 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 one hundred nor more than five thousand unre-
deemed shares at the par value of one hundred dollars each,
payable in such instalments as the board of directors may
prescribe. But the by-laws may provide conditions for the
payment of any part thereof in advance, and may also pre-
scribe the entrance fee to be paid by each 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 instalments and other dues duc to the cor-
poration from its members or stockholdors by such fines or
forfeitures as the board of directors may, from time to time,
provide in the by-laws; and every member shall have one
vote for every share of unredecmed stock which he may hold
at any meeting of the stockholders or election for directors;
and no one shall be cligible as president, vice-president, or
directors who is not the bona fide owner in his own right of
one or more shares of unredeemed stock; and upon his ceas-
ing to hold in his own right unredeemed stock, it shall be the
duty of the board of directors to declare his or their 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 menth from
the time of incorporation, may be required to pay, on sub-
scribing. such bonus or assessment as may from time to time
be tixed or assessed by the board of directors, in order to
place such néw members or stockholders on a footing with
the original members and others holding unredcemed 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 instalments 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
Kame, and to advance to such member for such premium as
may be agreed upon, the par value of one hundred dollars
per share thereof, for any number of shares therein held by
him, at such a sum or price as such member may agree to
receive; or to loan the said sum fora period of years, deduct-
ing the interest thercof in advance, and on payment of said
sum of money by the company, to receive from such mem-
ber a transfer of all his interest in such share or shares, and
also security, by way of mortgage on real or personal pro-
perty, or bypothecation of unredeemed shares, or stock of
the said corporation held by such member; the said mortgage
or hypothecation conditioned for the payment by such mem-
ber to said corporation of the unpaid instalments 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
assessments, 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 at
any time be drawn out by any member than shall have al-
ready been paid in by him on his shares at the time of such
hypothecation; the property so mortgaged as aforesaid to
the corporation being taxed in the hands of the individual
member or mortyagor.

7. All shares of stock redeemed by, hypothecated to, pur-
chased or advanced on by the company, in accordance with
the preceding section, shall be considered as redeemed shares,
and shall be cancelled; and it shall be lawful for the com-
pany 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 five
thousand unredeemed shares perpetually; and the member
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 mecting of the corporation,
held for the purpose of electing directors, or for any other
purpose, and shall not be chigible 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 many
shares of new stock, at the price fixed by the board, as he
sbail havo returned 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 redeeming 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 thercof, 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 a dividend.

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

10. In addition to the foregoing powers, the said company
shall have the power,

First, To receive moneys on deposit, and to accumulate
the same, at such rates of interest as may be obtained or
agreed upon, not exceeding the rate allowed by law.
Second, To accept and execute all trusts of every descrip-
on, except that of a guardian, not inconsistent with the
ws of the State as may be committed to it by any person
r persons whatsoever, or by any corporation, municipal or
rivate, or by any of the courts of record of this State.

Third, To accept and take by grant, assignment, transfer,
evise, or bequest, and hold any real or personal estute upon
rusts created in accordance with the laws of this State, and
o execute legal trusts in regard to the same on such terms
s may be declared established or agreed in relation thereto.

Fourth, To accept from and execute trusts for married
yvomen in respect to their separate property, and in all cases
yhere moneys may be brought into any court by order,
udgment, or decree, such court may, by order, appoint the
aid company its general receiver, and direct the same to be
ieposited with it.

11. This charter is granted with the express condition that
Il taxes accruing against said company shall be paid in law-
ul money of the United States and not in coupons; and the
reneral assembly reserves the riybt at any time to alter,
mend, or repeal this charter.

12. This act shall bo in force from its passage.

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