Chap. 146.—An ACT entitled an act to confirm and validate the charter of the
People’s perpetual loan and building association of Roanoke, Va., granted
by the corporation court for the city of Roanoke, Va.

Approved January 28, 1896.

Whereas a charter was heretofore granted by the corporation court
or the city of Roanoke, Virginia, to the People’s perpetual loan and
uilding association of Roanoke, Virginia, upon a certificate duly
resented to the judge of said court, and was duly recorded in the
lerk’s office of the said court and lodged in the office of the secre-
tary of the commonwealth according to law; which certificate and
charter are in the following words, to wit:

To Honorable William Gordon Robertson, judge of the corporation
court for the city of Roanoke, Virginia:

Your honor: The undersigned, citizens of the state of Virginia,
desiring for themselves and such others as may become associated
with them, to be formed and created a body corporate in compliance
with the act of assembly in such cases made and provided, do make,
sign and acknowledge the following‘ certificate of incorporation:

Name.—The name of the corporation shall be ‘‘ The People’s per-
petual Joan and building association of Roanoke, Virginia.”

Purposes for which created.—To promote and encourage the up-
building of the city of Roanoke, Virginia; to loan or advance
money to the members of said corporation, and to secure repayment
of all sums of money loaned or advanced by taking mortgages or
deeds of trust on real estate situated within said city or elsewhere,
or by assignment by the borrower to the corporation of stock in said
corporation or collateral security; to purchase real estate upon
which the said corporation may have loaned money, when, in the
judgment of the board of directors thereof, it is to the interest of
said corporation so to do, and to sell and convey any and all real
estate so purchased or acquired.

The stock of the said corporation shall consist of not less than two
hundred and fifty nor more than five thousand unredeemed shares,
of the par value of fifty dollars each, payable in such installments
as the by-laws may prescribe, but the by-laws may provide condi-
tions for the payment of all or any part thereof in advance, and
may also prescribe the entrance fee to be paid by such stockholder
at the time of subscribing, and if they see proper, may limit the
number of shares which such stockholder may hold at one time, and
the corporation shall have the power to compel the punctual per-
formance of all duties to the corporation, and to enforce the pay-
ment of all installments and other dues due to the corporation by
all parties subscribing to its stock or borrowing money under its
contract, in pursuance of its charter and by-laws, by such fines and
forfeitures as the board of directors may from time to time provide
in the by-laws, and power to, transfer shares on the books of the cor-
poration without any liability on the assignor for any installments
or payments thereon accruing after the date of such transfer. All
transfers shall be subject to such rules, regulations, and fees as the
charter and by-laws may prescribe, and every member shall have
one vote for each share of unredeemed stock, which he may hold, at
any meeting of stockholders or election of directors, the payments
on which stock are not in arrears at the time of such meeting of
stockholders or election of directors, and no one shall be eligible as
president, vice-president, or director who is not the bona fide owner,
in his own right, of one or more unredeemed shares of stock, and
upon his 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 vacant, and to fill the vacancy.
Any person or persons applying for membership or for stock in
said corporation after the end of one month from the time of incor-
poration, may be required to pay for stock such price as may from
time to time be fixed 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 ap-
plication.

The corporation shall have the power to make loans to members of
the corporation or others, and receive as part of the security for
loaus to members their shares, either by way of redemption or hy-
pothecation, as well as to take deeds of trust or mortgages, or any
real, personal, or collateral security, conditioned for the repayment
of the loan or advances in such installments as may be agreed; and
a party by becoming a member of the association and signing the
by-laws, the signing of said by-laws has the effect of a contract be-
tween the association and the member for the faithful performance
by the parties thereto of all covenants, stipulations, and agreements ;
provided, however, that in case of such hypothecation of stock, no
greater sum of money shall be drawn out by any member than has
already been paid in by him on his share at the time of such hy-
pothecation. The property so mortgaged or hypothecated as afore-
said to the corporation to be kept clear of taxes by the mortgagor.
In the case of a redemption, the shares redeemed shall be cancelled,
but the members so having their shares redeemed shall in no wise
thereby be relieved from their obligation to perform all the duties
they may have assumed to the corporation, and shall, for failure, be
subject to like fines and penalties as though their shares of stock
had no! been redeemed. It shall and may be lawful for the said
corporation to receive in advance the interest on loans, as well as to
charge and deduct, upon the redemption of shares, such premiums
for the privilege of having them redeemed, as may from time to
time be fixed by the board of directors, or agreed upon between the
corporation and the parties so having their shares redeemed; also,
to receive deposits and savings, and to pay interest thereon.

All shares of stock redeemed by the corporation in accordance
with the preceding section, or purchased by it, shall be considered
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 authorized by this
act may never 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 not be entitled
to vote at any meeting of the corporation held for the purpose of
electing directors or for any other purpose; provided, however, that
any stockholder who may redeem stock to the corporation shall
thereupon have tke privilege of subscribing for as many shares of
new stock at the price fixed by the board of directors as he shall
have redeemed 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.

The board of directors shall, within a reasonable time, declare
such dividend of the profits as shall have been made during the
preceding six months upon unredeemed shares in the following
manner:

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 bolder thereof.

Location of Principal Office.—The principal office is to be kept
and the chief business transacted in the city of Roanoke, Virginia.

Officers and their residences.—The names and place of residence
of the officers, who, for the first year shall manage the affairs of the
association, are as follows: President, A. Z. Koiner, Roanoke, Vir-
ginia; vice-president, M.C. Thomas, Roanoke, Virginia; secretary,
J. R. Schick, Roanoke, Virginia; treasurer, W. K. Andrews, Roanoke,
Virginia; solicitor, R. H. Woodrum, Roanoke, Virginia; auditors,
George ©. McCahan, Herman Cruger, Frank Coffman. Board of
directors, A. Z. Koiner, M. C. Thomas, W. Taylor Thom, S. B. Haupt,
M. F. Bragg, T. H. Bransford, W. H. Stoll, W. F. Baker, R. A. Buckner.

The amount of real estate to be held by the said association shall
not exceed one hundred and fifty thousand dollars at any one time.

Respectfully submitted, Wm. Taylor Thom, W. F. Baker, A. Z.
Koiner, R. H. Woodrum, C. W. Thomas, C. M. Turner, M. C. Thomas,
Frank Coffman.

State of Virginia, city of Roanoke, to-wit:

I, C. M. Spence, a notary public for the city of Roanoke, in the state
of Virginia, do certify that Wm. Taylor Thom, Wm. F. Baker, A. Z.
Koiner, R. H. Woodrum, C. W. Thomas, C. M. Turner, M. C. Thomas
and Frank Coffman, whose names are signed to the foregoing peti-
tion and articles of incorporation, have made, signed and acknowl-
edged the same before me in my city and state aforesaid.

C. M. Spence, Notary Public.

Corporation court of the city of Roanoke in the state of Virginia,
May, anno domini eighteen hundred and eighty-seven. It appearing
to the court that Wm. Taylor Thom, Wm. F. Baker, A. Z. Koiner, R.
H. Woodrum, C. W. Thomas, C. M. Turner, M. C. Thomas and Frank
Coffman, have for themselves and others made, signed and acknowl-
edged, according to the laws of the state of Virginia, the certificate
of incorporation hereto annexed, it is ordered and decreed that the
parties who make, sign and acknowledge the foregoing certificate of
incorporation and petition, namely: Wm. Taylor Thom, Wm. F.
Baker, A. Z. Koiner, R. H. Woodrum, C. W. Thomas, C. M. Turner,
M. C. Thomas and Frank Coffman, and such others as may be asso-
ciated with them and their successors be, and they are hereby,
formed into and created a body corporate. The name of said cor-
poration shal] be The People’s perpetual loan and building associa-
tion, of Roanoke, Virginia, and as such shall be capable in law to
purchase, hold and dispose of property, both real and personal; to
to make loans on real estate, personal or collateral security; to re-
ceive deposits and savings, and for such other objects as may pro-
mote the interest of the association, and for the purpose of enabling
persons of limited means to purchase homesteads for their families.
The said corporation shall have power to make, have and use a com-
mon seal, and the same to change, alter and renew at pleasure; to
sue and be sued; to plead and to be impleaded in any court of law
and equity; to make all deeds, transfers, contracts, conveyances
and grants whatsoever, and to exercise all the powers incident to
bodies politic and corporate; to pass all by-laws necessary to carry
into effect the foregoing charter not inconsistent with the laws of
the state of Virginia or of the United States. The condition upon
which this charter is granted is that the said association will pay
all taxes and dues that may hereafter be due the commonwealth of
Virginia in lawful money of the United States, and not in coupons.

Wo. Gorpon RoBeErtTson, Judge.
State of Virginia, city of Roanoke, to-wit:

I, S. S. Brooke, clerk of the corporation court for the city of Roa-
noke, hereby certify that the foregoing petition and charter of in-
corporation of the People’s perpetual loan and building association,
of Roanoke, Virginia, has been this day recorded in my office, and I
hereby certify the same to the secretary of the commonwealth of
Virginia, to be recorded in his office. Given under my hand this
eleventh day of May, anno domini eighteen hundred and eighty-

seven.
S. S. Brooke, Clerk, &c.

And whereas said charter was duly accepted and has been acted
under by the said association ;

And whereas some doubt has arisen as to the authority of the
said corporation court of Roanoke to grant said charter upon the
terms set forth in said certificate: therefore,

1. Be it enacted by the general assembly of Virginia, That said
charter be, and the same is hereby, declared to be, as to all contracts
entered into by said association in accordance with the provisions
of the aforesaid certificate, as valid to all intents and purposes as if
originally granted by the general assembly of Virginia.

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