Chap. 973.—An ACT to incorporate the Newport News trust and safe deposit
company.

Approved March 7, 1900.

1. Be it enacted by the general assembly of Virginia, That F. F.
Finch, A. E. G. Klor, R. Lee Davis, D. F. Sprankle, and R. W. Newman,
together with such other persons as may become stockholders in the
corporation hereinafter created, and their associates and successors, be,
and they are, by this act, created a body corporate by the name of
Newport News trust and safe deposit company, by which name it shall
have perpetual succession and a common seal; may sue and be sued,
plead and be impleaded, contract and be contracted with, and shall
have all the rights and privileges of a corporation under the general
laws of the state of Virginia, and be subject to all the rules, regula-
tions, and restrictions imposed by laws of this state in relation to cor-
porations of this kind, so far as the same are applicable to this cor-
poration, and not inconsistent with this charter.

2. The said corporation shall have the general powers and privileges
of corporations as the same are declared by the Jaws of the state of
Virginia, and in addition thereto shall have power:

First. To receive moneys in trust and manage the same in accordance
with the terms of the trust.

Second. To accept and execute all such trusts, and perform such
duties of every description, not inconsistent with the laws of this state,
as may be committed to it by any person or persons whatsoever, or by
any corporation, or of any courts of record.

3. The corporation hereby created is authorized and empowered to
cuarantee the payment of notes, bonds, bills of exchange, and other
evidences of debt, and to receive a commission therefor; to re-discount
paper, to receive money on deposit for investment or otherwise, and to
pay out the same on order or grant certificates therefor; to borrow
money and execute notes for the same, to buy, sell, draw, or negotiate
bills of exchange; to invest the money received on deposit or belonging
to said corporation in or lend the same on stocks, bonds, notes, bills, or
anv other security, real or personal, or use the same in purchasing
or discounting bonds, bills, notes, or other securities for the pavment
of money, and to receive the interest therefor in advance: to purchase,
lease, and rent estate, and collect rents for the same; to borrow moncy
and create loans for the purpose of advancing upon buildings and lands
and improving property, and for such other objects as may advance the
interests of the company, under a building and loan plan to hold and
dispose of real estate; to negotiate loans upon the same or other se-
curity; to loan money upon real estate, or to buy and sell the same

cpl diet
on commission; to act as receiver for courts; to buy and sell bullion,
coin, bank notes, stocks, and bonds of other corporations, or subscribe
to and hold the same; to make and certify for compensation abstracts
of title to real estate and give options as to the same; to guarantee
titles to real estate or personal property; to write deeds, wills, and con-
tracts; to act as agents, trustee, attorney, assignee, receiver, guardian,
executor, administrator, curator, or committee; to take charge of prop-
erty, collect incomes and rents, leasing, conveying, and managing real
estate and personal estate; issuing and countersigning certificates of
stocks, or other personal obligations of any individual, corporation,
association, municipality, state, or public authority, and may receive
and manage any sinking fund therefor.

4. To act as agents for insurance companies for fire, life, and acci-
dent, which are, or may be, authorized to do insurance business in the
state of Virginia. ,

5. The said company is authorized to act as agent for the purpose
of transferring, issuing, registering, or countersigning or guaranteeing
the certificates of stock, bonds, or other evidences of debt of any cor-
poration, association, municipality, state or public authority, and of
receiving and managing any sinking fund thcrefor, on such terms as
may be agreed upon.

6. The said corporation may purchase, erect, or contract for a build-
ing or premises for the purpose of receiving or depositing on storage
all kinds of merchandise or personal property for safe-keeping, sale,
or shipment; may rent safety deposit boxes; may collect and receive
compensation for storage, selling, or shipment; may make advances in
money, negotiable notes, acceptances, bonds, endorsements, or other
evidences of indebtedness, and may guarantee pavment of notes, accept-
ances, bonds, or other like obligations of persons or corporations stor-
ing or depositing such property with it; and all such advancements or
guarantees so made by said company on property received on storage
or deposit, and compensation for all charges and all expenses thereon,
shall be a preferred lien on said property, which shall be satisfied
and paid before said company shall be called on for the delivery of said
property. The said company shall, when required by the owner of anv
property. give a receipt therefor, stating the date of reception, kind
of property, condition of the same, and the cash value thereof. The
receipt or certificate of the company shall be binding on the said eom-
pany to deliver the said property to the person in whose favor the
receipt is given, or his assignees, on payment of all dues to the com-
pany for which the same is liable, which receipt or certificate shall be
negotiable. All advances, endorsements, guarantees, charges, storage,
Jahor, and expenses shall be endorsed or stated on the receipt or cer-
tificate. It shall he lawful for the said company to sell at public
auction or private sale, in its discretion, all property of whatsoever
kind, mentioned or specified in anv contract or agreement between the
company and other narties. after ten davs shall have elapsed from the
time of maturity of an obligation under said contract or agreement.
or immediately upon the discovery of anv fraud. misrepresentation, or
concealment in reeard toa the ownershin or otherwise. whieh micht
jeopardize the rights of the company of its security, after five davs’
advertisement of the time and place of sale in some newspaper pub-
lished at the city of the principal office, and to reimburse itself out of
the proceeds of such sale for the money due it, with interest, storave,
costs, and charges, and to indemnify itself for any loss it may have
sustained by the non-fulfilment of such contract, or by reason of said
misrepresentation, fraud, or concealment.

7. ‘That in all cases in which public officers of municipal or private
corporations are authorized to deposit money, stocks, bonds, or evi-
dences of debt, such deposits by such officers or corporations may be
made with said company.

&. That in all cases where an application may be made to any court
in the city of the principal office, and any counties convenient thereto,
having such jurisdiction to appoint a curator, guardian of an infant,
committee of an idiot or insane person, administrator of anv person
dving testate or intestate, trustee or receiver, such court shall have
power to appoint said company as such curator, guardian, committee,
administrator, trustee, or receiver, upon the like application that any
person might he so appointed, and it shall be lawful for anv person by
deed, will, or other writing, to appoint said company a trustee, executor,
assignee or receiver, and as such executor, gnardian of anv infant,
committee of an idiot or insane person, administrator, trustee. or re-
ceiver, said company may lawfully act, and as such shall be subject to
all the obligations and liabilities of natural persons acting in like
capacities.

9. Whenever said company shall he appointed to such place of trust
enumerated in the last foregoing section, or whenever deposits of money
or valuables of any kind shall he made with said company, the bata
stock and its properties and effects shall be taken and considered a
security required by law for the faithful performance of its duties,
and no other security shall be required from it on the execution of the
bond required, where one is now required of any natural person acting
in such capacity. And it shall be lawful for any individual, executor,
administrator, guardian, committee, receiver, assignee, public officer,
or other persons having the custody of such bonds, stocks, securities,
monevs or other valuables, to deposit the same for safe-kceeping with
sald company.

10, The corporate stock of said company shall not be Jess than
twenty-five thousand dollars nor more than one hundred thousand
dollars, to be divided into shares of one hundred dollars each, to be
paid in monthlv instalments, as the by-laws of said corporation may
require, and each share shall be entitled to one vote in the stockholders
meeting.

11. The officers of said corporation shall be a president. vice-presi-
dent, secretary (who may also he treasurer), a treasurer, and not less
than three nor more than eighteen directors, in addition to the presi-
dent and vice-president, who shall be directors, and who, with the said
directors, shall constitute a board of directors, not less than five nor
more than twenty in number, all of whom shall be first elected at the
meeting of the incorporators after the minimum amount of stock is
suhseribed to, and shall hold their respective offices until the reeular
annual meeting of the stockholders, to be held on the second Tuesday
in each and every year after the present year, and until their succes:
sors in office are elected and qualified.

12. The individual stockholders of said corporation shall be in nc
ease liable for the debts, obligations, liabilities, contracts or tests 0!
the said corporation over ‘and above the amount unpaid on the share o1
shares of stock subseribed to by such stockholders.

18. The said corporation shall have power to make and ordain suct
by-laws, rules, and regulations as may be necessary, suitable, or con.
venient for the successful prosecution of its business, providing thereir
for the terms and manner of issuing and transferring its stock, con-
veying the real estate, the security required, and terms upon which
loans shall be made, the investments of funds, the manner and term:
of certifying abstracts of title, the payment of dividends, and in gen-
eral the said corporation shall have the power and authority to make
and provide all such by-laws, rules, and regulations for its operation
as are not inconsistent with the laws of this state and of the United
States, and may amend and repeal any of the said by-laws, rules, and
regulations at pleasure.

14. The principal office of the said company shall be in the city of
Newport News, state of Virginia.

15. That for the first year F. F. Finch, of the city of Newport News,
in the state of Virginia, shall be president; A. E. G. Klor, vice-presi-
dent: D. F. Sprankle, secretary and treasurer; and the above, with R.
W. Newman and R. Lee Davis, shall be and. constitute the board of

directors.
16. All taxes due by said corporation shall be paid in money, and

not in coupons.