Chap. 310.—An ACT to incorporate the Richmond Savings Bank and
Insurance Company.

Paseed February 24, 1806.

1. Be it enacted by the general assembly of Virginia, That
S. S. Cottrell, John A. Belvin, T. B. Starke, J. T. Jones, Wil-
liam Ira Smith, John Mahoney, and such others as may asso-
ciate with them under this act, be and they are hereby created
and declared to be a body corporate and politie, by the name
and style of The Richmond Savings Bank and Insurance
Company; and by that name, may sue and be sued, plead and
be impleaded, in all the courts of law and equity in this state
or elsewhere; and have perpetual succession; to have, make
and use a common seal, and the same to break, alter or renew
at their pleasure; to ordain and publish such by-laws, ordi-
nances and regulations as they think proper and wise; and
generally to do every act and thing necessary to carry into
effect this act, or to promote the object and design of this
corporation: provided, that such by- Tawe, ordinances, regu-
lations or acts be not inconsistent with the laws of this state
or of the United States.

2. To make insurance upon dwellings, houses, stores, and
all other kinds of business in town or country, and upon house-
hold furniture, libraries, merchandise and other property,
against loss or damage by fire; to make insurance on lives;
to cause themselves to be insured, when deemed expedient,
against any risk or risks upon which they may have made or
may make insurance; to vrant annuities; to make insurances
upon vessels, freishts, croods, wares, mer chandise, 8 ecie, bul-
lion, profits, commissions, bank notes; and to make all and
every insurance connected with marine risks and risks of
transportation and navigation.

3. To receive moncy on deposit, and grant certificates
therefor, in accordance with the conditions set forth in sec-
tions four and five, chapter titty-nine of the Code of Virginia:
but in no case are such deposits or the certiticates therefor, to
be held liable to make good any policy of insurance issued by
this company, or any other contract made by it; to borrow
money, and to execute notes for the same.

4. The funds of this company, 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: prov ided, that. the rate of interest shall be such as

may be lawful at the time of such transaction; but the in-
terest in any such transaction may be demanded and paid in
advance; and the said company shall have power and au-
thority to purchase, or otherwise lawfully acquire, and to
have and to hold, and likewise to convey and to sell any real
estate, not exceeding tive thousand acres, and any personal
estate, for the purpose of securing any debt or debts that
may be due, or for the purposes of. promoting the object and
design of this corporation.

5. The capital stock of this company shall not be less than
fifty thousand dollars, with authority to the said company to
increase the same to an amount not exceeding five hundred
thousand dollars. The capital shall be divided into shares of
twenty-five dollars each, and shall be payable by each sub-
scriber, at such time or times and in such proportions as it
may be called for by the president and directors; and if any
such subscriber shall fail to pay the same so called for upon
each and every share so held, within twenty days after the
game 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 rec ord in the city of Richmond, or
place of residence of the holder of the stock, at the option
of the said company. '

6. The persons named in the first section of this act shall
be the directors of this company till otherwise appointed by
the stockholders, and they may, a8 s00n as proper, appoint a
president and secretary from among their number, or from
among others who may hereafter be associated with them;
and the said president and secretary shall continue in oftice
till the first day of April, eighteen hundred and sixty-seven,
or until their successors are appointed. In case of a vacancy
in the office of president, secretary or director, from any
cause, the remaining directors may elect others to supply
their places until a meeting of the stockholders shall be held.
There shall not be less than nine nor more than fitteen direc-
tors, who, with the president and secretary (who must also
be directors), shall manage the attairs of the company. Five
of said directors shall constitute a‘quorum for any and all
business purposes of said company. The meetings of the
stockholders shall be held in the city of Richmond, Virginia,
and the business office of the company shall be in the said
city.

7. The president, secretary and directors shall appoint
such clerks and other officers as they may find necessary pro-
perly to conduct the business of the company, and allow
them suitable compensation: all of which clerks and officers
shall hold their places during the pleasute of the said presi-
dent, secretary and directors.

8. The president, secretary and directors shall have power
to appoint agents in any part of the state, or elsewhere, and,
at their discretion, may take from them bonds, with security,
conditioned for the taithful performance of their duties—
such agents being removable at the pleasure of the president
and secretary, subject to the approval of the board of direc-
tors, or by the board of directors.

9. The scale of voting at all the meetings of said company
shall be, one vote for each share of stock not exceeding
twenty, and one vote for every two shares exceeding twenty
and not exceeding two hundred, and one vote for every four
shares exceeding.two hundred; and every stockholder not in
debt to the company may, at pleasure, by power of attorney
or in person, assign or transfer his stock in the company on
the books of the same, 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
paid or secured to the satisfaction of the board of directors.

10. The president, secretary and directors shall have power
to declare such dividends of the profits of the company as
they may deem proper; provided, that no dividend shall 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 company
goes into operation, make a report showing the condition of
the company in regard to its business for the current year.
The first annual meeting of the stockholders of said company
shall be on the first day of April, eighteen hundred and sixty-
seven, and thereafter on the said day of April of each
year: provided, that the said stockholders, at any regular
meeting, or a board of directors, may at any time chanee the
day for said annual meeting; and the president, secretary
and directors may at any time call a general meeting of the
stockholders; and any number oO! stockholders, owning not
less than one-third of the whole number of shares, may re-
quire the president and secretary to call such meeting; and
on their refusal to do so, may themselves call such meeting—
in each case giving at least fifteen days’ notice, by publication
in one or more newspapers published in the city of Richmond.

11. The members of the company shall not be lable tor
any loss, damage or responsibility other than the property
they have in the capital and funds of the company, to the
amount of shares held by them respectively, and any profits
arising therefrom not divided.

12. All policies of insurance and other contracts made by
the said company, signed by the president and countersigned
by the secretary, shall be obligatory on the said company,
and have the same effect as if attested by a corporate seal.

13. Nothing in this act shall be so construed as to au-
thorize the said company to issue and put in circulation any
note in the nature of a bank note.

14. The board of directors shall allow the president and
secretary a reasonable compensation for their services, to be
established and fixed from time to time by said board.

15, The persons named in the sixth section of this act as
a board of directors shall. within twelve months after the
passage of this act, open books at some suitable place in the
city of Richmond, and at any other place or places they may
deem proper, to receive subscriptions to the capital stock of
this corporation; and may prescribe such terms in regard to
said subscriptions as.they may dcem wise, not inconsistent
with the provisions of this act and the laws of the state and
the United States.

16. This act shall take effect from its passage, and shall be
subject to amendment, modification or repeal, at the pleasure
of the general assembly of Virginia.

Chap. 310.—An ACT to incorporate the Richmond Savings Bank and
Insurance Company.

Paseed February 24, 1806.

1. Be it enacted by the general assembly of Virginia, That
S. S. Cottrell, John A. Belvin, T. B. Starke, J. T. Jones, Wil-
liam Ira Smith, John Mahoney, and such others as may asso-
ciate with them under this act, be and they are hereby created
and declared to be a body corporate and politie, by the name
and style of The Richmond Savings Bank and Insurance
Company; and by that name, may sue and be sued, plead and
be impleaded, in all the courts of law and equity in this state
or elsewhere; and have perpetual succession; to have, make
and use a common seal, and the same to break, alter or renew
at their pleasure; to ordain and publish such by-laws, ordi-
nances and regulations as they think proper and wise; and
generally to do every act and thing necessary to carry into
effect this act, or to promote the object and design of this
corporation: provided, that such by- Tawe, ordinances, regu-
lations or acts be not inconsistent with the laws of this state
or of the United States.

2. To make insurance upon dwellings, houses, stores, and
all other kinds of business in town or country, and upon house-
hold furniture, libraries, merchandise and other property,
against loss or damage by fire; to make insurance on lives;
to cause themselves to be insured, when deemed expedient,
against any risk or risks upon which they may have made or
may make insurance; to vrant annuities; to make insurances
upon vessels, freishts, croods, wares, mer chandise, 8 ecie, bul-
lion, profits, commissions, bank notes; and to make all and
every insurance connected with marine risks and risks of
transportation and navigation.

3. To receive moncy on deposit, and grant certificates
therefor, in accordance with the conditions set forth in sec-
tions four and five, chapter titty-nine of the Code of Virginia:
but in no case are such deposits or the certiticates therefor, to
be held liable to make good any policy of insurance issued by
this company, or any other contract made by it; to borrow
money, and to execute notes for the same.

4. The funds of this company, 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: prov ided, that. the rate of interest shall be such as

may be lawful at the time of such transaction; but the in-
terest in any such transaction may be demanded and paid in
advance; and the said company shall have power and au-
thority to purchase, or otherwise lawfully acquire, and to
have and to hold, and likewise to convey and to sell any real
estate, not exceeding tive thousand acres, and any personal
estate, for the purpose of securing any debt or debts that
may be due, or for the purposes of. promoting the object and
design of this corporation.

5. The capital stock of this company shall not be less than
fifty thousand dollars, with authority to the said company to
increase the same to an amount not exceeding five hundred
thousand dollars. The capital shall be divided into shares of
twenty-five dollars each, and shall be payable by each sub-
scriber, at such time or times and in such proportions as it
may be called for by the president and directors; and if any
such subscriber shall fail to pay the same so called for upon
each and every share so held, within twenty days after the
game 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 rec ord in the city of Richmond, or
place of residence of the holder of the stock, at the option
of the said company. '

6. The persons named in the first section of this act shall
be the directors of this company till otherwise appointed by
the stockholders, and they may, a8 s00n as proper, appoint a
president and secretary from among their number, or from
among others who may hereafter be associated with them;
and the said president and secretary shall continue in oftice
till the first day of April, eighteen hundred and sixty-seven,
or until their successors are appointed. In case of a vacancy
in the office of president, secretary or director, from any
cause, the remaining directors may elect others to supply
their places until a meeting of the stockholders shall be held.
There shall not be less than nine nor more than fitteen direc-
tors, who, with the president and secretary (who must also
be directors), shall manage the attairs of the company. Five
of said directors shall constitute a‘quorum for any and all
business purposes of said company. The meetings of the
stockholders shall be held in the city of Richmond, Virginia,
and the business office of the company shall be in the said
city.

7. The president, secretary and directors shall appoint
such clerks and other officers as they may find necessary pro-
perly to conduct the business of the company, and allow
them suitable compensation: all of which clerks and officers
shall hold their places during the pleasute of the said presi-
dent, secretary and directors.

8. The president, secretary and directors shall have power
to appoint agents in any part of the state, or elsewhere, and,
at their discretion, may take from them bonds, with security,
conditioned for the taithful performance of their duties—
such agents being removable at the pleasure of the president
and secretary, subject to the approval of the board of direc-
tors, or by the board of directors.

9. The scale of voting at all the meetings of said company
shall be, one vote for each share of stock not exceeding
twenty, and one vote for every two shares exceeding twenty
and not exceeding two hundred, and one vote for every four
shares exceeding.two hundred; and every stockholder not in
debt to the company may, at pleasure, by power of attorney
or in person, assign or transfer his stock in the company on
the books of the same, 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
paid or secured to the satisfaction of the board of directors.

10. The president, secretary and directors shall have power
to declare such dividends of the profits of the company as
they may deem proper; provided, that no dividend shall 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 company
goes into operation, make a report showing the condition of
the company in regard to its business for the current year.
The first annual meeting of the stockholders of said company
shall be on the first day of April, eighteen hundred and sixty-
seven, and thereafter on the said day of April of each
year: provided, that the said stockholders, at any regular
meeting, or a board of directors, may at any time chanee the
day for said annual meeting; and the president, secretary
and directors may at any time call a general meeting of the
stockholders; and any number oO! stockholders, owning not
less than one-third of the whole number of shares, may re-
quire the president and secretary to call such meeting; and
on their refusal to do so, may themselves call such meeting—
in each case giving at least fifteen days’ notice, by publication
in one or more newspapers published in the city of Richmond.

11. The members of the company shall not be lable tor
any loss, damage or responsibility other than the property
they have in the capital and funds of the company, to the
amount of shares held by them respectively, and any profits
arising therefrom not divided.

12. All policies of insurance and other contracts made by
the said company, signed by the president and countersigned
by the secretary, shall be obligatory on the said company,
and have the same effect as if attested by a corporate seal.

13. Nothing in this act shall be so construed as to au-
thorize the said company to issue and put in circulation any
note in the nature of a bank note.

14. The board of directors shall allow the president and
secretary a reasonable compensation for their services, to be
established and fixed from time to time by said board.

15, The persons named in the sixth section of this act as
a board of directors shall. within twelve months after the
passage of this act, open books at some suitable place in the
city of Richmond, and at any other place or places they may
deem proper, to receive subscriptions to the capital stock of
this corporation; and may prescribe such terms in regard to
said subscriptions as.they may dcem wise, not inconsistent
with the provisions of this act and the laws of the state and
the United States.

16. This act shall take effect from its passage, and shall be
subject to amendment, modification or repeal, at the pleasure
of the general assembly of Virginia.