Chap. 250.—An ACT to incorporate the Real Estate Banking and Insu-
rance Company of Richmond, Virginia.

Passed February 27, 1867.

1. Be it enacted by the general assembly, That Richard
B. Haxall, Ro. H. Maury, John Purcell, Frank G. Ruffin,
Lewis D. Crenshaw, John O. Steger, H. E. C. Baskervill,
and such others as may be associated with them under this
act, and their successors, are hereby created and declared to
be a body politic and corporate, by the name and style of
The Real Estate Banking and Insurance Company of Rich-
mond; and by that name may sue and be sued, plead and be
impleaded, in all the courts of law and equity in this state
and elsewhere, and have perpetual succession; to have, make
and use a common seal, and the same to alter and renew at
their pleasure; to ordain and establish such by-laws, ordi-
nances and regulations as they may deem wise and expedient;
and generally, to do every act and thing necessary and pro-
per to carry into effect this act, or to promote the objects
and designs of this corporation: provided, that such by-laws,
ordinances, regulations or acts be not inconsistent with the
laws of this state or of the United States. :

2. The said company shall have power to borrow and lend
money; to discount bills and notes; to buy, sell, draw or
negotiate bills of exchange and to keep bankers’ accounts
with its customers; to invest its capital stock and other funds
in such manner as may be deemed most judicious; to make
wosurance and issue policies on lives and against loss or dam-
age by fire, or by any other liability, casualty, or hazard by
and or water, upon any and every kind of property, freights,
yrofits, commissions and interests; to cause themselves to be
-einsured, when deemed expedient; to grant annuities; to
eceive endowments; to guarantee the payment of notes,
ills, and other evidences of debt; and t@ have and hold, sell
nd_ convey so much real estate as may be necessary for the
urpose of its business, or of securing any debt due to the
said company: provided, that nothing in this act contained
shall be construed to authorize the said company to take or
charge, for the loan or forbearance of money or other thing,
more than the legal rate of interest.

3. The capital stock of the said company shall not be less’
than two hundred thousand dollars nor more than three mil-
lion dollars, divided into shares of twenty-five dollars each;
and when the minimum amount of the capital has been sub-
scribed and paid in, or secured by liens on real estate, the
assessed value of which shall be at least double the amount
of the sum intended to be secured, the company may proceed
to do business under this act.

4. The business of the company shall be managed by a
president and four or more directors, being stockholders;
any three of whom may constitute a quorum, who shall be
elected by the stockholders, and shall continue in office until
their successors shall be appointed. The president and di-
rectors thus elected, shall appoint such other officers as they
may deem necessary. The principal office of the company
shall be kept in Richmond; but branch offices or agencies
may be established at other points within or without the
State.

d. In all meetings of the stockholders one share of stock
shall count as one vote.

6. This act shall be in force from its passage, subject to
alteration, amendment or repeal, at the pleasure of the gene-
ral assembly.