CHAP. 365.—An ACT to amend and re-enact section 4148 of the Code of Vir-
ginia. , [H B 236]

Approved March 20, 1920.

1. Be it enacted by the general assembly of Virginia, That sec-
tion forty-one hundred and forty-eight of the Code of Virginia be
amended and re-enacted so as to read as follows:

Sec. 4148. Powers of trust companies; regulations and restric-
tions.—All banks which are authorized to do a trust business, and all
trust companies heretofore and hereafter chartered, shall have the
powers, and be subject to the regulations and restrictions conferred
or imposed upon companies authorized to do a general banking busi-
ness in this State, and shall in addition thereto have the following
rights, powers and privileges:

(a) To act as agent for any person, corporation, municipality 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, munici-
pality, body politic or corporate, and in such capacity to receive and
disburse money; to transfer, register and countersign certificates of
stocks, bonds and other evidences of indebtedness, 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 exe-
cute 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, corporation or party.

(f) To take, accept and execute any and all such lawful trusts,
duties and powers in regard to the holding and management and dis-
position of any estate, real and personal, and the rents and profits
thereof, or the sale or lease thereof, as may be granted or confided to
it by any court of record, judge or clerk, or by any person, corpora-
tion, 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.

(g) To take, accept and execute any and all such trusts and
powers of whatever nature and description as may be conferred 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 com-
mitted 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 personal, which may be the subject of any such trust.
(h) To act as executor under the last will and testament or ad-
ministrator of the estate of any deceased person; or as guardian 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.

(1) 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 the title to real or personal estate, or become security
on any bond given by any person or corporation against loss or dam-
age by reason of‘any risk assumed, by insuring the fidelity or diligent
performance of duty of any person or corporation, or by guaranteeing
or becoming surety on any bonds.

(j) No bank or trust company of this State with a minimum
unimpaired 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 bank or trust company in this State
shall be appointed to act as trustee, executor or administrator of any
estate or guardian of any infant or in any other fiduciary capacity it
shall be lawful for the president, vice-president, cashier, treasurer,
secretary or any other officer of such trust company to take and
subscribe for such corporation any and all oaths required to be taken
or subscribed by such executor, administrator, trustee, guardian, or
other fiduciary.

(1) Nothing in this section shall ever be construed as authorizing
the creation of a trust not lawful as between individuals nor to prohibit
the deposit of funds by court and fiduciaries in banks of deposit and
discount and savings banks.