Chap. 404.—An ACT to incorporate the Virginia Building and Loan
company.

Approved March 5, 1888.

1. Be it enacted by the general assembly of Virginia, That
C. T. Loehr, W. A. Loving, H. C. Boschen, P. H. Gibson, F.
Sitterding, Robert Whittet, J. F. Wolff, and J. E. McAlister,
together with such other persons as may be hereafter asso-
ciated with them, be and they are hereby created and made
a body politic and corporate under the name and style of the

_ Virginia Building and Loan company, and as such shall be
capable in law to purchase, hold, and dispose of property,
both real and personal; to receive 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

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enabling persons of limited means to purchase a homestead
for their families. The said corporation may have a com-
mon seal and alter or renew the same at pleasure; may sue
and be sued, defend and be defended in any court of law or
equity; may make all deeds, transfers, contracts, conveyances,
and grants whatsoever, and exercise all the powers incident,
to a body politic and corporate not inconsistent 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 at such a time after the passage of this act, as the’
persons above named, or a majority of them may appoint, for
the purpose of choosing, from among the voting members,
nine or such other number of directors as may be agreed
upon, to manage the affairs of said corporation for one year
thereafter; the annual meeting to be held at such a place and -
on such a day as may be prescribed in the by-laws.

3. The directors shall have power to elect from their own |
body a president and vice-president, and fill all vacancies '
which may occur in these offices, and in their own body; to
appoint all other officers and agents they may deem neces-
sary to conduct and manage the business of the said curpora-
tion, to fix their compensation, and in their discretion to dis-
miss them, and to take from them such bonds with such!
security as they may see fit; 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 safe and beneficial; to admit members as the by-laws
may prescribe; 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 or
repeal at pleasure.

4. The stock of the said corporation shall consist of not less :
than one hundred nor more than five thousand unredeemed
shares at the par value of one hundred dollars each, payable
upon subscription, or in such instalments as the board of
directors may prescribe. But the by-laws may provide con-
ditions for the payment of all or any part thereof in advance,
and may also prescribe the entrance fee to be paid by each
stockholder at the time of subscribing, and may limit the
number of shares which each stockholder may hold at one |
time; and the company shall have power to enforce the pay-
ment of all instalments and other dues due to it from its
members or stockholders 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 unre-
deemed stock which he may hold at any meeting of the stock-
holders; and no one shall be eligible for president or vice-
president or director who is not the bona fide owner, in his
own right, of one or more shares of unredeemed stock; and
upon such officer ceasing 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 month from
the time or organization, 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 be lawful for the said corporation at any time
to redeem any stock not paid up, and to advance to a mem-
ber holding the same, for such premium as may be agreed
upon, the par value of one hundred dollars per share thereof,
for any number of shares held therein by him, at such a sum
or price as such member may agree to receive; or to loan
the said sum for a certain period, deducting the interest
thereof in advance; and on payment of said sum of money
by the company, to receive trom such member a transfer of
all his interests in such share or shares, and also security, by
way of mortgage on real or personal property, or hypotheca-
tion of unredeemed shares or stock of said company held by
such member; the said mortgage or hypothecation, condi-
tioned for the payment by such member to said corporation
of the unpaid instalment, to be paid on the share or shares
of stock so redeemed or sold by him, together with interest
on the same so paid or advanced, and all assessments, fines
and penalties incurred, according to the by-laws, in respect
thereof.

7. All shares of stock redeemed or purchased by the com-
pany in accordance with the preceding section, shall be con-
sidered as redeemed shares, and shall be cancelled; 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 does not exceed five thousand shares perpetually ; and
the member of said company so redeeming any share or
shares, shall cease to be a stockholder as to said redeemed
shares, and shall have no vote thereon.

8. It shall be the duty of the board of directors, at least

ten days prior to the expiration of each succeeding half year,
to appoint from the stockholders, three competent persons to
investigate the affairs of the corporation, and make a report
thereof, which shall be recorded in a book kept for that pur-
pose, and to be at all times open to the inspection of the
stockholders; and thereupon the: board of directors 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
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.

9. In addition to the foregoing powers, the said company
shall have the power—first, to receive moneys on deposit, at.
such rates of interest as may be obtained or agreed upon, not
exceeding the rate allowed by law. Second, To loan out
moneys to its members upon agreed terms.

10. This charter is granted upon the express condition that

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all taxes accruing against said company, shall be paid in law-
ful money, and not in coupons; and the general assembly may
alter or amend or repeal this charter.

11. This act shall be in force from its passage. |