Chap. 185.—An ACT to authorize and empower corporations to grant pensions
to their former officers and employees. [S B 265]

Approved March 19, 1930

1. Be it enacted by the general assembly of Virginia, That any
corporation of this State, or any consolidated corporation existing under
the laws of this and any other state or states, whether organized under
special or general act or acts, may grant, allow and pay a pension or
other gratuity to any officer or employee who has retired from the
service of the corporation after having been in the employ continuously
or otherwise of the corporation or any of its predecessors or constituent
companies, for a period of ten years; or to any officer or employee who
has been employed for a shorter period than ten years, who while in
the service of any such corporation or any of its predecessor or con-
stituent companies has become physically or mentally incapacitated
from performing his or her duties; such pension or allowance to be
payable in such amounts, at such times and upon such conditions,
for life or for such shorter period, and to be revocable or irrevocable,
all as the board of directors of the corporation in its discretion shall
determine.

2. All pensions, allowances or gratuities heretofore granted or
paid by any such corporation shall be as valid as if granted, allowed
or paid pursuant to the authority of this act.

3. Nothing herein contained shall be construed as limiting, modi-
fying or impairing any right, power or authority of a corporation to
grant or pay such pensions, allowances or gratuities heretofore pos-
sessed by it or now possessed by it under existing law, the intention of
this act being cumulative and not restrictive.

4. An emergency existing, this act shall be in force from its
passage.