Chap. 280.—An ACT to Incorporate the Rockingham Banking and Trust
Company.

Approved March 30, 1871.

1. Be it enacted by the general assembly of Virginia, That
Samuel R. Allebaugh, Joseph S. Loose, J. N. Callender, John
EK. Roller, Samuel H. Moffett, Charles A. Yancey, and George
G. Gratton, together with such other persons as are now or
may be hereafter associated with them and their successors,
shall be and they are hereby constituted and made a body
politic and corporate by the name and style of The Rocking-
ham Banking and Trust Company, and by that name and style
are invested with all the rights and privileges conferred, and
made subject to the rules, regulations and restrictions imposed
by the Code of Virginia and all acts amendatory thereof, ap-
plicable to such corporations, and not inconsistent with the
provisions of this act.

2. The principal office of said company shall be located in
Harrisonburg, in the county of Rockingham, and its capital
stock shall not be less than twenty-five thousand dollars, nor
more than five hundred thousand dollars, divided into shares
of twenty-five dollars each.

3. The board of directors shall be elected by the stock-
holders, and shall consist of seven members, one of whom
elected by the board, shall be the president. Each stockholder
of the company shall be entitled to as many votes at any meet-
ing of the stockholders as he may own shares in said company.

4, The president and directors are authorized to receive
money on deposit, and pay interest thereon, as may be advan-
tageous to the stockholders, not exceeding the rate allowed by
law; to guarantee the payment of notes, bonds, and bills of
exchange; to provide for the investment of the funds of the
company in such manner as may be deemed most beneficial,
and to invest the same in stocks of any kind, or loans, or in
the purchasing or discounting of negotiable paper, or other-
wise, as may be judged best for the interest of the company:
provided that the said company shall not own more land than
is necessary for its office building, unless for the purpose of
receiving or obtaining payment of debts contracted with it in
the transaction of its business.

d. In addition to the foregoing powers, the said company
shall have power—

First. To receive moneys in trust, and to accumulate the
same, at such rates of interest as may be obtained or agreed
upon, not exceeding the rate allowed by law.

Second. To accept and execute all such trusts of every
description, except that of a guardian, not inconsistent with
the laws of this state, as may be committed to it by any per-
son or persons whatsoever, or by any corporation, municipal
or private, or by any of the courts of record in this state. ©

Third. To accept and take by grant, assignment, transfer,
devise, or bequest, and hold any real or personal estate upon
trusts created in accordance with the laws of this state, and to
execute such legal trusts in regard to the same, on such terms as
may be declared, established or agreed upon in relation thereto.

Fourth. To accept from and execute trusts for married wo-
men in respect to their separate property; and act as agent for
them in the management of their property; and, in all cases
where moneys may be brought into any court by order, judg-
ment, or decree, such court may by order, appoint the said
company its general receiver, and direct the same to be de-
posited with it.

6. On any sum of money which shall be collected or re-
ceived by the said company in its capacity of receiver or de-
pository of moneys in court, legal interest shall be allowed by
it from and after a reasonable time granted to it to effect a
judicious investment of the same; and any unexpended balance
of such interest remaining on hand at the expiration of the
fiscal year, as fixed by law, shall be added to the principal as
accumulated principal, and interest charged upon the same
against the said company in the next settlement of its accounts
by the commissioner of such court. For executing the duties
of such offices or trusts as may be confided to it by any of the
courts of this state, the said company shall be entitled to such
compensation or commissions as are allowed by law to other
fiduciaries for similar services.

7. If it shall appear to the satisfaction of such court, that
the said company is absolutely possessed in its own right of
an unincumbered capital of the actual value of not less than
one hundred thousand dollars, no personal or other security
shall be required of it when appointed receiver or depository.
But all investments of moneys received by the said company
in either of such characters, shall, except where specially in-
vested under the orders of the court, be at the sole-risk of the
company; and for all losses of such moneys, including deposits
made on account of any public institution, or by any public
officer, the capital stock, property and effects of the said cor-
poration, shall be absolutely and primarily liable; and in case
of the dissolution of the same, from any cause, the debts due
by it as receiver or depository of moneys in court, or deposi-
tory of the funds of any public institution, or public officer,
shall have a preference.

8. It shall be the duty of said company to make regular set-
tlements of its several accounts as receiver or depository ot
moneys in court, before one of the commissioners in chancery
for such court as provided by law in the cases of natural per-
sons holding similar appointments; and it shall be the duty of
said commissioners to accompany such settlement of the ac-
counts of the said company with a special report, in relation
to the ability and integrity with which its affairs are conducted,
and the prudence and safety of its investments of the moneys
in its custody, as the receiver or depository; which report
shall also show the actual value of the assets and the amount
of the liabilities of said company. The expenses of every such
settlement shall be ratably apportioned by the said commis-
sioner between the parties in interest therewith.

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