Chap. 303.—An ACT to incorporate the Virginia Insurance, Lean and

Trust Company.
Passed March 2, 1866

1. Be it enacted by the general assembly of Virginia, That
John Robin. McDaniel, R. W. Hughes, William Gibboney,
Samuel C. Robinson, Charles K. Bingham, George T. May,
A. F. Harvey, John D. Imboden, and such other persons as
may hereafter be associated with them, and their successors,
are hereby constituted and appointed a body corporate, under
the name of The Virginia Insurance, Loan and Trust Com-
pany; to be located in the city of Richmond, having branch
offices (with such local directors) at such place or places as
the directors of the company may designate.

2. The capital stock of said company shall not exceed one
million dollars, in shares of one hundred dollars each; but
when one hundred thousand dollars shall have been actually
subscribed, and fifty thousand dollars paid in cash, the said
company may organize, and proceed to business under this
act.

3. The said company shall have power to do banking busi-
ness, 80 far as to receive deposits, discount bills and notes,
issue, purchase and sell bills of exchange, issue certificates of
deposit, and keep bankers’ accounts with its customers; also
to insure and issue policies of insurance upon all marine,
inland and fire risks, and against loss of life and accident to
persons, upon such terms and conditions as may be established
by the board of directors: and it shall be lawful for the said
company, by a vote of two-thirds of said board of directors,
with the consent of three-fourths of the stockholders, to
permit dealers with the company to participate in the profits
of the business of the company, on such terms as may be
prescribed by the board of directors; and also to provide for
the issue of scrip for such profits, and how far such scrip shall
be liable for the losses to be sustained by said company, and
in what manner such scrip shall be redeemed and paid off:
provided, that no dividend or payment by said company, to
or on account of such scrip, shall be made so as to impair the
cash capital of the said company.

4, The business and the corporate powers of said company
shall be exercised by a board of seven directors, to be chosen
as hereinafter provided, who shall elect a president, vice-
president, secretary and treasurer, and such local managers
and local cashiers or secretaries as may be necessary for the
prosecution of the business of the company—four of which
directors shall constitute a quorum for the transaction of
business.

5. The persons hereinbefore named shall be and they are
hereby appointed commissioners, with power to appoint ad-
ditional commissioners in other places than Richmond, to
open books for subscription to the capital stock of said com-
pany, at such time and place as they, or a majority of them,
shall deem proper; and for such amounts as in their judg-
ment the business of the company may require; but for no
less amount of subscription than one hundred thousand dol-
lars, as hereinbefore provided. The persons named in the
first section of this act shall be directors of satd company tor
one year after the passage of this act, or until others shall be
elected in their stead. The additional directors, if any, for
the same period, shall be elected by a majority in interest of
the stockholders voting at an election to be held under the
inspection of said commissioners, within twenty days from
the closing of the subscription eatlled for by them; and all
the directors must be stockholders in said company.

6G. It shall be lawful for said company to lease, purchase,
hold and convey all such real or personal estate as may be
necessary to carry on their business, as well as such real or
personal estate as they may deem it necessary to acquire, In
the enforcement or settlement of any claim or demand arising
out of their business transactions, and to sell or exchange
the same for other property, as they may determine that the
interest of the company requires: and the said company are
hereby authorized to make, execute and issue, in the transac-
tion of their business, all necessary receipts, certificates and
contracts, Which shall be signed by the president or vice-
president, and countersigned by the secretary or treasurer
thereot. or by the local manager and his secretar y or treasurer
all or either of which shall be binding on the company : spr 0.
vided, however, that. the said company shall not hold more
than five thousand acres of land at one time, nor any real
estate (except for the purpose of offices for the transaction
of its business) for a longer period than two years.

7. The stockholders of this company, incorporated under
this act, shall be severally and individually liable to the credi-
tors of the company in which they are stockholders; to an
amount equal to the amount of stock held by them respec-
tively, tor all debts and contracts made by such company,
until the whole amount of capital stock fixed and limited by
such company shall have been paid in, and a certificate thereof
shall have been made and recorded in the clerk's office of the
hustings court of the city of Richmond.

8. This act shall be subject to alteration or amendment by
the general assembly, and shall take effect from its passage.

Chap. 303.—An ACT to incorporate the Virginia Insurance, Lean and

Trust Company.
Passed March 2, 1866

1. Be it enacted by the general assembly of Virginia, That
John Robin. McDaniel, R. W. Hughes, William Gibboney,
Samuel C. Robinson, Charles K. Bingham, George T. May,
A. F. Harvey, John D. Imboden, and such other persons as
may hereafter be associated with them, and their successors,
are hereby constituted and appointed a body corporate, under
the name of The Virginia Insurance, Loan and Trust Com-
pany; to be located in the city of Richmond, having branch
offices (with such local directors) at such place or places as
the directors of the company may designate.

2. The capital stock of said company shall not exceed one
million dollars, in shares of one hundred dollars each; but
when one hundred thousand dollars shall have been actually
subscribed, and fifty thousand dollars paid in cash, the said
company may organize, and proceed to business under this
act.

3. The said company shall have power to do banking busi-
ness, 80 far as to receive deposits, discount bills and notes,
issue, purchase and sell bills of exchange, issue certificates of
deposit, and keep bankers’ accounts with its customers; also
to insure and issue policies of insurance upon all marine,
inland and fire risks, and against loss of life and accident to
persons, upon such terms and conditions as may be established
by the board of directors: and it shall be lawful for the said
company, by a vote of two-thirds of said board of directors,
with the consent of three-fourths of the stockholders, to
permit dealers with the company to participate in the profits
of the business of the company, on such terms as may be
prescribed by the board of directors; and also to provide for
the issue of scrip for such profits, and how far such scrip shall
be liable for the losses to be sustained by said company, and
in what manner such scrip shall be redeemed and paid off:
provided, that no dividend or payment by said company, to
or on account of such scrip, shall be made so as to impair the
cash capital of the said company.

4, The business and the corporate powers of said company
shall be exercised by a board of seven directors, to be chosen
as hereinafter provided, who shall elect a president, vice-
president, secretary and treasurer, and such local managers
and local cashiers or secretaries as may be necessary for the
prosecution of the business of the company—four of which
directors shall constitute a quorum for the transaction of
business.

5. The persons hereinbefore named shall be and they are
hereby appointed commissioners, with power to appoint ad-
ditional commissioners in other places than Richmond, to
open books for subscription to the capital stock of said com-
pany, at such time and place as they, or a majority of them,
shall deem proper; and for such amounts as in their judg-
ment the business of the company may require; but for no
less amount of subscription than one hundred thousand dol-
lars, as hereinbefore provided. The persons named in the
first section of this act shall be directors of satd company tor
one year after the passage of this act, or until others shall be
elected in their stead. The additional directors, if any, for
the same period, shall be elected by a majority in interest of
the stockholders voting at an election to be held under the
inspection of said commissioners, within twenty days from
the closing of the subscription eatlled for by them; and all
the directors must be stockholders in said company.

6G. It shall be lawful for said company to lease, purchase,
hold and convey all such real or personal estate as may be
necessary to carry on their business, as well as such real or
personal estate as they may deem it necessary to acquire, In
the enforcement or settlement of any claim or demand arising
out of their business transactions, and to sell or exchange
the same for other property, as they may determine that the
interest of the company requires: and the said company are
hereby authorized to make, execute and issue, in the transac-
tion of their business, all necessary receipts, certificates and
contracts, Which shall be signed by the president or vice-
president, and countersigned by the secretary or treasurer
thereot. or by the local manager and his secretar y or treasurer
all or either of which shall be binding on the company : spr 0.
vided, however, that. the said company shall not hold more
than five thousand acres of land at one time, nor any real
estate (except for the purpose of offices for the transaction
of its business) for a longer period than two years.

7. The stockholders of this company, incorporated under
this act, shall be severally and individually liable to the credi-
tors of the company in which they are stockholders; to an
amount equal to the amount of stock held by them respec-
tively, tor all debts and contracts made by such company,
until the whole amount of capital stock fixed and limited by
such company shall have been paid in, and a certificate thereof
shall have been made and recorded in the clerk's office of the
hustings court of the city of Richmond.

8. This act shall be subject to alteration or amendment by
the general assembly, and shall take effect from its passage.