CHAP. 486.—An ACT to amend and re-enact an act approved March 27,
1914, entitled an act to provide how trust companies may be incor-
porated and to provide for general powers for the purpose of doing
a trust business in this State in addition to a general banking busi-
ness. (S. B. 251.)

Approved March 22, 1916.

1. Be it enacted by the general assembly of Virginia, That
an act entitled an act to provide how trust companies may be
incorporated, and to provide for general powers for the pur-
pose of doing a trust business in this State in addition to a gen-
eral banking business, approved March twenty-seventh, nineteen
hundred and fourteen, be amended and re-enacted so as to read
as follows:

Section 1. Be it enacted by the general assembly of Vir-
pinia, That trust companies formed for the purpose of doing a
trust business in this State, or for the purpose of doing a trust
business in addition to a general banking business in this State,
may be incorporated according to chapter one of an act en-
titled an act concerning corporations which become a law May
twenty-first, nineteen hundred and three, and acts amendatory
thereof, and shall be subject to all the general duties and re-
strictions and shall have the general powers provided in the
statutes of this State regulating banks of discount and deposit
and savings banks, or which may be hereafter provided by law,
except as shall be otherwise provided in this act, but in its
articles of incorporation, or in the case of an existing bank de-
siring to do a trust business, in its amendments to its articles
of incorporation it shall state its intention to conduct a trust
business.

Sec. 2. The provisions of this act are subject to the excep-
tion that the word “incorporated”’ or the word “corporation”
shall not hereafter be a necessary portion of the corporate name
of any banks of discount and deposit, savings banks and trust
companies in this State.

sec. 3. That all banks which shall secure an amendment
to their charters as provided by section one of this act, authoriz-
ing them to do a trust business, and trust companies heretofore
and hereafter chartered, in addition to the powers, regulations
and restrictions provided by any law of this State heretofore
or hereafter enacted regulating the conduct of a general bank-
ing business in this State, shall have as a trust company the
following rights, powers and privileges:

First. The capital of any such bank or trust company shall
not be less than one hundred thousand dollars.

Second. The board of directors shall have the power from
time to time to prescribe conditions which shall govern the reg-
ulation of making and withdrawing deposits, provided that
should regulations be adopted at variance with the withdrawal
upon demand, such regulations shall be printed in the pass
book which shall be furnished the depositor, and copies of such
regulations shall be posted in two accessible places in the busi-
ness office of such bank or trust company, and in addition to
the general powers conferred it shall have power:

(a) To act as agent for any person, corporation, munici-
pality or State for the collection or disbursement of interest, or
income or principal of securities.

(b) To act as the fiscal or transfer agent of any State,
municipality, body politic or corporate, and in such capacity
to receive and disburse money; to transfer, register and coun-
tersign certificates of stocks, bonds or other evidences of in-
debtedness, and to act as agent of any corporation, foreign or
domestic, for any lawful purpose.

(c) To act as trustee under any mortgage or bond issued
by any individual, municipality, body politic or corporate, and
accept and execute any other municipal or corporate trust not
inconsistent with the laws of this State.
(d) To accept trusts from and execute trusts for married
women, in respect to their separate property, and to be their
agent in the management of such property, or to transact any
business in relation thereto.

(e) To act as guardian, receiver or trustee of the estate of
any minor, and as depository of any money paid into court,
whether for the benefit of any minor or other person, corpora-
tion or party.

(f) To take, accept and execute any and all such legal
trusts, duties and powers in regard to the holding and manage-
ment and disposition of any estate, real and personal, and the
rents and profits thereof, or the sale thereof, as may be granted
or confided to it by any court of record, judge or clerk, or by
any person, corporation, municipality or other authority; and
it shall be accountable to all parties in interest for the faithful
discharge of every such trust, duty or power which it may so
accept.

(zg) To take, accept and execute any and all such trusts
and powers of whatever nature and description as may be con-
ferred upon or entrusted or committed to it by any person or
persons, or any body politic or corporate or by other authority,
by grant, assignment, transfer, devise, bequest or otherwise,
which may be entrusted or committed or transferred to it or
vested in it by order of any court of record, judge or clerk,
and to receive and hold any property or estate, real or p2r-
sonal, which may be the subject of any such trust.

(h) To act as executor under the last will and testament or
administrator of the estate of any deceased person; or as guar-
dian of any infant; or as committee of the estate of any insane
person, idiot or habitual drunkard, or trustee for any convict
in the penitentiary, under appointment of any court of record,
judge or clerk thereof having jurisdiction of the estate of such
deceased person, infant, insane person, idiot, habitual drunkard
or convict.

(i) To guarantee the fidelity and diligent performance of
their duty by persons or corporations holding places of private
or public profit or trust in all cases where individual bonds are
not required by law, to guarantee or become security on any
bond given by any person or corporation against loss or damage
by reason of any risk assumed, by insuring the fidelity or dill-
gent performance of duty of any person or corporation, or by
guaranteeing or becoming surety on any bonds.

(j) No trust company of this State with a minimum unim-
paired capital stock of one hundred thousand dollars or more
shall be required by any officer or court of this State to give
security upon appointment to or acceptance of, any office of
trust which it may by law be authorized to execute.

(k) In all cases where any trust company in this State shall
be appointed to act as trustee, executor or administrator of any
estate or guardian of any infant, it shall be lawful for the presi-
dent, vice-president, cashier, treasurer or secretary of such
trust company to take and subscribe for such corporation any
and all oaths required to be taken or subscribed by such exec :-
tor, administrator, trustee or guardian.

(1) Nothing in this section shall ever be construed as
wuthorizing the creation of a trust not lawful as between indi-
viduals nor to prohibit the deposit of funds by court and fidu-
ciaries in banks of deposit and discount and savings banks.