Chap. 187.—An ACT to amend chapter twelve, Acts of 1881-2, incor-
porating the Virginia building and savings associution.

Approved May 12, 1887.

1. Beit enacted by the general assembly of Virginia, That
A. W. Harris, Armistead Green, William W. Evans, John
Walker, R. G. L. Page, W. H. Jordan, H. L. Harris, and W.
H. H. Parker, and all those who are now or who may here-
after be associated with them, in the manner hereafter pro-
vided, 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 association; 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 else-
where, and have perpetual succession; to have, make, and
use @ common seal, and the same to break, alter, or renew at
pleasure; to ordain and establish such constitution, by-laws,
and regulations as they may think proper and wise, and gen-
erally to do every act and thing necessary to carry into effect
this act, or to promote the objects and designs of this corpo-
ration: provided that such constitution, by-laws, and regula-
tions 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 for themselves or others on commission, to lease,
sell, grant, and convey any real or personal estate, for gain
or profit, or for any debt or debts that may be due this cor-
poration.

3. To receive money on deposit and grant certificates
therefor, in accordance with the conditions set forth in see-
tions four and five, chapter fifty-nine, Code of Virginia, ex-
cept that the deposit may be for a smaller sum than one dol-
lar; but in no case are such deposits, or the certiticates there-
for, to be held liable to make guod any debts contracted by
this corporation in building bouses, or for the purchase of
real estate, or any other contract made by it; to borrow
money and exccute notes for the same, or secure its payment
by trust deeds or otherwise.

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 two-thirds
of one per centum for thirty days, or such other rate as may
be lawful and proper at the time of the transaction, but tho
interest in any case may be paid in advance.

5. Tho capital of this association shall not be less than one
thousand dollars, with authority to the said association to
increase the same from time to time an amount not to exceed
seventy-five thousand dollars. The capital shall be divided
into shares of ten dollars each, and shall be payable by each
subscriber at such time or times and tn such proportions as
it may be called for by the president and directors; and it
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
said association.

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 shali 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 association
goes into operation, make a report showing the condition cf
the association in regard to its business for the current year.
The first annual meeting of the stockholders of said associa-
tion shall be on the first Monday of April, 1888, and there-
after on the first Monday 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 mecting of the stockholders,
and any number of stockholders owning not less than one-
third of the whole number of shares, may require the presi-
dent and secretary to call such meeting , and on their refusal
to do so, may themselves eall such meeting, in each case
giving at least ten days’ notice by publication in one or more
newspapers published in the city of Petersburg.

7. The president, secretary, and directors shall have power
to appoint agents or branch associations, under such rules as
they think proper, in any part of the State or elsewhere, and
at their discretion may take from them bonds with security
payable to the directors, conditioned for the faithful perform-
ance of their duties, such agents being removable at the
pleasure of the president and sceretary, subject to the ap-
proval of the board of directors

8. The scale of voting at all meetings of the association
shall be one vote for each share of stock not exceeding
twenty; and every stockholder not in debt to the association
may, at pleasure, by power of attorney or in person, assign
or iransfer his stock in the association on the books of the
rame, 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 satisfac-
tion of the proper officers of the association.

9. The members of said association shall not be liable for
any loss, damage, or responsibility other than the property
they bave in the capital and funds of the association, 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 and other Officers a reasonable compensation for
their services, to be established and fixed from time to time
by said board.

11. The persons named 1n 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 six nor more
than fifteen members, to be elected annually by the stock-
holders of said association. They shall clect a president and
secretary and other necessary officers and agents of said as-
sociation.

12. The chiet office of said association 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 association as they may deem wise, not inconsistent with
the provisions of this act and the laws of the State and the
United States; and when the amount of capital is subscribed,
the president may certify the same to the auditor of public
accounts of this State, and the association may open its busi-
ness at once.

14. This association may consolidate with any other asso-
ciation in this State by an exchange of stock or the purchase
of the stock of any other association. All acts and parts of
acts in conflict with this, are hereby repealed so far the ope-
rations of this act is concerned.

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