Chap. 312.—An ACT to incorporate ‘The Richmond Perpetual Build-
ing, Loan and Trust Company.

Approved March 80, 1875.

1. Be it enacted by the general assembly, That Moses
Millhiser, N. W. Nelson, William Lovenstein, John J.
Y Wright, J. Thompson Brown, B. Becher, H. C. G. Hartman,
Julius Straus, A. M. Keiley, T. W. Hoenniger, B. Hassell,
Henry Bodeker, W. J. Westwood, H. D. Danforth, Henry
Wallerstein, Henry Gunst, Samson Hirsh, L. Wagner, E. J.
Levy, W. R. Quarles, J. E. Hankins, together with such
other persons as may be hereafter associated with them, be
and they are -hereby created and made a body politic and
corporate, by the name and style of Tho Richmond Per.
petua’ Building, Loan and Trust Company, and as such shall
e capable in law to purchase, hold, and dispose of property,
both real and personal; to receive deposits and savings; to
borrow money and create loans for the purpose of advancing
upon buildings and lands, and for such other objects as may
promote the interest of the company, and for the purpose of
enabling persons of limited means to purchase a homestead
for their families. Tho said corporation shall have power to
make, have, and use a common seal, and the same to change,
alter, add, and renew at pleasure; to sue and be sued, plead
and be impleaded in any court of law and equity; to make
all deeds, transfers, contracts, conveyances, and grants what-
soever, and to exercise all the powers incident to bodies
politic and corporate, not inconsistent with the laws of this
state or of the United States. °
2: There shall be a meeting of the said corporation at sach
a place and on such a day, after the passage of this act, a8
Ahe persons above named, or a majority of them, shall ap-
>Oint (and on such a day and at such a place annually there-
.fter as the by-laws may appoint), for the purpose of choos-
ng from among the voting members thirteen directors, to
manage the affairs of the said corporation for one year there-
after, and until a new election shall take place, and their
successors aro duly qualified; and the members above named,
>r a majority of them, shall appoint the judges of the first
election ; and all subsequent elections shall be conduvted, and
Lhe judges appointed, in accordance with the by-laws.

3. The directors for the time being, or a majority of them,
shall bave power to elect from their own body a president
and vice-president, and shall have power to fill all vacancies
that may occur in these offices, and in their own body; to
aAppoiut all other officers, agents, and servants as they may
deem necessary to conduct and execute tho business of said
corporation; to fix compensation, and in their discretion to
dismiss them; to take bonds for the said corporation from
all or any-of the officers, agents or servants by them so ap-
pointed, with security, conditioned in such form as they shall
approve, for the faithful per.ormance of the duties of such
officers, agents or servants, and to secure the said corpora-
tion from loss; to invest the funds of the said corporation as
they shall see proper; and generally to do any other act or
acts touching the interest of the company, as they shall
deem most safe and beneficial; to admit members upon such
terms.as the by-laws may prescribe, and to turnish proof of
such admission, and of all payments made by such members
upon their respective shares, whether in advance or other-
wise; to exclude members whon they, have not any property
in said corporation; and to make all such by-laws as may be
necessary for the exercise of the aforesaid powers, or the
power vested in said corporation, and the same to alter and
repeal at pleasure: provided, that such by-laws shall not be
contrary to any law of this state or of the United States.

4. The stock of the said corporation shall consist of not
less than one thousand nor more than five thousend unre-
deemed shares, at the par value of two hundred dollars each,
payable in such instalments as the board of directors may
prescribe. But the by-laws may provide tonditions for the
payments of all or any part thereof in advance, and may
also prescribe the entrance fee to be paid by each stockholder
at the time cf subscribing, and if they see proper, may limit
the number of shares which each stockholder may hold at
one time; and the corporation shall have power to enforce
the payment of all instalments, and other dues due to the
corporation from its members or stockholders, by such fines
and forfeitures as the directors may, from time to time, pro-
vid@in the by-laws; and every membef shall have one vote
for every share of unredeemed stock which he may hold at
any meeting of stockholders or election for directors; and
no one shall be eligible as president, vice-president or direc.
tors, who is not the bona fide owner, in his own right, of one
or more shares of unredeemed stock$ and upon his ceas!
to hold, in his own right, unredeemed stock, it shall be t
duty of the board of directors to declare his or their off
or offices vacant, and to fill the vacancy..

5. Any person or persons applying for membership or
stock in said corporation, after the end of one month ir
the time of incorporation, may be required to pay, on 81
scribing, such bonus or assessment as may from time to tt
be fixed or assessed by the board of directors, in order
place such new members or stockholders on a footing w
the original members and others holding unredeemed sha
at the time of such application.

6. It shall and may be lawful for the said corporation.
any time in advance of the period or periods of time at whi
the several instalments on the shares of stock of any me
ber shall become due and entirely paid up, according to t
provisions in the fourth section of this act, to redeem t
same, and to advance to such member, for such premium
may be agreed upon, the par value of two hundred dolla
per share thereof for any number of shares therein beld |

im, at such a sum or price as such member may agree
receive; or to loan the said sum fora period of years,
ducting the interest thercof in advance, and on payment |
said sum of money by the company, to reccive from suclq
member a transfer or all his interest in such share or shares:
and also security, by way of mortgage on real or personal
property, or hypothecation of unredeemed sbares or stock of |
the said corporation held by such member, the said mort-
gage or hypothecation, conditioned for the payment, by such
member to said corporation, of the unpaid instalments, to be
paid on the share or sheres of stock so redeemed or sold by
him, together with interest on the sum so paid or advanced,
and all assessments, fines, and penalties incurred, according
to the by-laws in respect thereof: provided, however, that in
case of such hypothecation of stock, no greater sum of money
shall at any time be drawn out by any member than shall
have been already paid in by him on his shares at the time
of such hypothbecation; the property so mortgaged as afore
said to the corporation being taxed in the hands of the in-
dividual member or mortgayor.

7. All shares of stock redeemed by, bypothecated to, pur-
chased or advanced on by the company, in accordance with
the preceding section, shall be considered as redeemed shares,
and shall be canceled; and it shall be lawful for the company
to issue an equal number of new shares in their stead, so that
the number of unredecmed shares authorized by this act
may always equal and not exceed the number of fivé thous-
and unredeemed shares perpetually. And the member or
members of the corporation so redeeming the said share or
shares of stock, shall cease to be stockholders, and shall not
be entitled to vote at any meeting of the corporation held
for the purpose of electing directors, or for any other pur
pose, and shall not be eligible for any of the offices of the

=F
-Orporation mentioned in this act: provided, bowever, that
any stockholder who may redeem stock to the association,
shall thereupon bave the privilege to subscribe for as many
tbares of new stock at the price fixed by the board as he
shall have redeemed at that time; and upon so doing he shall
pot be deemed to bave forfeited any of his rights enunciated
18 above, in consequence of redeeming the previous shares.

8. It shall be the duty of the board of directors, at least

ten days prior to the expiration of cach succeeding half year,
accounting from the date of the organization of the company,
to appoint from the stockholders three competent persons to
investigate the affairs of the corporation and make a report
thereof, which report shall be recorded in a book kept for
that purpose, and to be at all times open for inspection of
the stockholders; and thereupon the board of directors shall,
within ten days thereafter, declare such dividend of the
profits as shall bave been ‘made during the preceding aix
months, upon the unredeemed shares—the dividends—upon
fully paid up shares to be paid in cash, and upon shares not
paid up in full, to be pro rata passed to the credit of the
holder thereof: provided, that always at the expiration of a
current year, the newly elected board of directors only shall
have the power to declare such dividend.

9. Nothing in this act shall be taken or construed as to
allow the said corporation to issue any note, token, scrip,
device, or other evidence of debt, to be used as currency.

10. 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 trusts of every descrip-
tion, except that of a guardian, not inconsistent with the
laws of the state, as may be committed to it by any person
or persons w hatsoever, 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 law of this state,
and to execute legal trust in regard to the same, on auch
terms as may be declared, established or agreed upon in re-
lation thereto. *

Fourth. To accept from and execute trusts for married
women in respect to their separate property; and in all casea
where moneys may be brought into any court by order,
judgment, or decree, such court may, by order, appoint the
said company its general receiver, and direct the same to be
deposited with it.

11. On any sum of money which shall be eglleated or re-
ceived by the said company in its capacity of receiver or de-
posivory of moneys in court, legal interest shall be allowed

y 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 prin-
cipal as accumulated principal, and interest charged upon
the same ayainst the said company in the next settlement of
its accounts by the commissioner of such court. For execu.
ting the duties of such officers or trusts as may be contided
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 siniilar services.

12. If it shall appear to the satisfaction of such court that
the said company is absolutely possessed in its own rigbt of
an unincumbered capital of the actual value of not less than
fifty 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 corporation, shall be absolutely and primarily liable;
and in case of the dissolution of the same, from any cause,
ithe debts due by it as receiver or depository of moneys in
court, or depository of the funds of any public institution or
public officer, shall have a preference.

13. It shall be the duty of said company to make regular
settlements of its several accounts as receiver or. depository
of moneys in court, before one of the commissioners in chan-
cery for such court, as provided by law in the cases of natural
persons holding similar appointments, and it shall be the
duty of said commissioners to accompany such settlements
of the accounts 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 invest-
ments of the moneys in its custody as the receiver or deposi-
tory; 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 ap-
portioned by the saidgcommissioners between the parties in
interest therewith.

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