Chap. 157.—An ACT to Incorporate the Masonic Relief and Banking
Association.

In force March 11, 1873.

1. Beit enacted by the general assembly of Virginia, That
Thomas N. Ashby, James R. Richards, John W. Ashby, John
F. Lovell, Thomas M. Roy, Leroy Leach, Marcus B. Buck,
and such other persons as shall hereafter become members of
the association, are hereby created a body politic and corporate,
by the name and style of the Masonic Relief and Banking
Association, 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; may have perpetual succession; may have,
make and use a common seal, and the same break, alter or
renew at their pleasure; may ordain and establish such by-
laws, ordinances and regulations as they may think wise; and
generally may do every act and thing necessary to carry into |
effect this act, or to promote the object or design of the cor-
poration: 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 association shall have power to make insurance
upon the lives of its members and their families upon such
terms and regulations as may be adopted, with the express
stipulation that, at the death of a member of the association,
the amount due upon his insurance shall not be subject to the
claims of creditors or to executions for debts or taxes of said
deceased (unless so willed by him), but shall be paid to his
legal heirs, or in accordance with his directions, under such
regulations as the association may adopt; may purchase and
hold such real estate as may be necessary for the convenient
transaction of its business, or as it may deem expedient for
the purpose of securing or obtaining payment of debts con-
tracted with the said association in the transaction of its pro-
per business. The said association may receive money on
deposit, and grant certificates therefor, in accordance with the
conditions set forth in sections four and five, chapter fifty-nine,
of the Code of Virginia.

3. The funds of this association, however derived, may be
invested in or loaned on any stock or real security, or be used
in purchasing or discounting bonds, bills, notes or other paper:
provided, that the rate of interest shall be such as may be law-
ful at the time of such transaction; but the interest in any
such transaction may be demanded and paid in advance.

4. That every note made payable at the office of this asso-
ciation shall be and is hereby placed on the same footing as
notes negotiable and payable at banks chartered by the state,
so that the like remedy may be had for the recovery thereof
against the parties thereto, or either of them.

5. The persons named in the first section of this act shall
be the directors of this association until otherwise appointed
by the members thereof at their first annual meeting, and they
may, a8 soon as proper, appoint a president, vice-president,
secretary and cashier from among their number, or from others
who may hereafter be associated with them, and prescribe their
compensation and term of office.

6. The affairs of the association shall be managed by the
president, vice-president, secretary, cashier and directors.
They shall appoint such clerks and other officers as they may
find necessary properly to conduct the business of the asso-
ciation, all of which officers shall hold their places during the
pleasure of the said board. They shall have power also to ap-
point agents in any part of this state or elsewhere, and at their
discretion may take from them bond, with security, conditioned
for the faithful performance of their duty, such agents being
removable at the pleasure of the president, subject to the ap-
proval of the board. The said board of directors shall allow
to all officers and agents of the association a reasonable com-
pensation for their services.

7. There shall be an annual meeting of the members of the
association, at which each member shall be entitled to one
vote, either to be represented in person or by proxy, at which
meeting seven directors shall be elected; the said directors to
elect a president, vice-president, secretary, cashier, and such
other officers as may be necessary, the officers and directors
to continue in office for one year, or until their successors are
elected, and enter upon the discharge of their duties. All
vacancies to be filled by the directors.

8. The capital stock of this association shall not exceed the
sum of ten dollars for each member thereof; and the association
may adopt rules and regulations for the collection of fees
which may become due by its members, not inconsistent with
the laws of this state.

9. The principal office of this association shall be in Front
Royal, Warren county, Virginia.
10. This act shall be in force from its passage, and shall be
subject to repeal or modification, at the pleasure of the general
assembly. :