Chap. 113.—An ACT to incorporate the Security trust company of Newport
News, Virginia.

Approved January 31, 1894.

1. Be it enacted by the general assembly of Virginia, That C. P.
Huntington, C. B. Orcutt, I. E. White, W. A. Post, J. A. Willett, M.
B. Crowell, M. V. D. Doughty, Theodore Livezey, John R. Swinerton,
J. K. M. Newton and R. G. Beckford, and their associates and succes-
sors, shall be, and are hereby, made and created a body corporate
and politic by the name of the Security trust company of Newport
News, Virginia, and by that name shall have perpetual succession,
and may contract and be contracted with, sue and be sued, plead
and be impleaded, and have and exercise all the powers hereinafter
given, and such other powers as are usually given to and exercised
by like corporations, and may have and use a common geal and alter
the same at pleasure.

2. The capital stock of the said corporation shall consist of five
hundred shares of the par value of one hundred dollars each, with
the privilege to increase the Bame by a vote of the stockholders
(those holding two-thirds of all the capital stock assenting thereto),
at an annual or special meeting, to any sum not exceeding two hun-
dred and fifty thousand dollars. The corporators or a majority of
them named in the first section of this act shall have power to open
books for subscriptions at such times and places as they may deem
expedient; and when not less than two hundred and fifty shares
shall have been subscribed, the shareholders may elect a board of
not less than seven directors, which number may at any time be in-
creased by a vote of the stockholders owning two-thirds in value of
the stock to any number not exceeding fifteen. The directors shall
serve until the next annual election or until their successors shal!
be duly elected and qualified; and the directors so elected by the
said company, when it shall have been organized, may be, and they
are hereby, authorized and empowered to have and exercise in the
name and in behalf of the said company, all the rights and privileges
which are possessed by the said corporation.

3. The annual meetings of the stockholders of the said company
shall be held at such time as the by-laws may prescribe, and at all
meetings of the stockholders, whether annual or special, those own-
ing at least one-half in value of the capital stock of said corpora-
tion shall constitute a quorum.

4. The principal office of the said corporation shal] be at Newport
News, Virginia.

5. The board of directors of said company shall be elected annually
by the stockholders, and the directors shall elect from their number,
at the first meeting of the board after their election, a president,
vice-president, secretary and treasurer, who shal! hold their offices
for one year and until their successors are qualified, and may appoint
such other officers, attorneys, clerks, agents and employees as the
business of the company requires. The board of directors shall
make all by-laws and rules necessary for managing the affairs of said
company and for conducting its business, and the directors shall
have power to require payment of the amount subscribed to the stock
of said corporation at such times and in such proportions as they
may think proper, and shall have power also to take and require of
the subscribers to the stock of said company notes, bonds and other
obligations, with security, to be approved by the directors, for the
amount of the unpaid assessments upon their subscriptions to the
capital stock of said company.

6. The said corporation is authorized and empowered to carry cn
and conduct a general trust, deposit and guaranty business and do
all things pertaining to the said business, and more particularly the
sald corporation is authorized and empowered—

To act as the fiscal or transfer agent of any state, municipality,
body politic or corporation, and in such capacity to receive and dis-
burse money, and transfer, register and countersign certificates of
stock, bonds or other evidences of indebtedness.

To receive deposits of trust moneys, securities, and other personal
property from any person or corporation, and to loan money on real
or personal securities.
To lease, hold, purchase and convey any and all real property
deemed by it to be necessary or advisable in the transaction of its
business, or which it shall acquire satisfaction of debts due the
corporation under sales, judgments or mortgages, or in settlement or
partial settlement of debts due the corporation by any of its debtors,
30 as such real estate shall not exceed at any one time the amount
hereafter named.

To act as trustee under any mortgage or bond issued by any mu-
nicipality, body politic or corporation, and accept and execute any
other municipal or corporate trust not inconsistent with the laws of
this state.

To accept trusts from and execute trusts for married women in re-
spect to their separate property, and to be their agent in the man-
agement of such property, or to transact any business in relation
thereto.

To act under the order or appointment of any court of record as
guardian, receiver or trustee of the estate of any minor, and as de-
positary of any moneys paid into court, whether for the benefit of
any such minor or any other person, corporation or party.

To take, accept and execute any and all such legal trusts, duties
and powers in regard to the holding, management and disposition of
any estate, real or personal, and the rents or profits thereof, or the
sale thereof, as may be granted or confided to it by court of record,
or by any person, corporation, municipality or other authority; and
it shall be accountable to all parties in interest for the faithful dis-
charge of every such trust, duty or power which it may so accept.

To take, accept and execute any and all such trusts and powers, of
whatever nature or description, as may be conferred upon or en-
trusted or committed to it by any person or persons or any body
politic, corporation or other authority, by grant, assignment, trans-
fer, devise, bequest or otherwise, or which may be entrusted or com-
mitted or transferred to it or vested in it by order of any court of
record, and to receive and take and hold any property or estate, real
or personal, which may be the subject of any such trust.

To purchase, invest in and sell stocks, bills of exchange, bonds and
mortgages and other securities; and when moneys, or securities for
moneys, are borrowed or received on deposit or for investment, the
bonds or obligations of the company may be given therefor, but it
shall have no right to issue bills to circulate as money.

To be appointed and to accept the appointment of executor of or
trustee under the last will and testament, or administrator with or
without the will annexed of the estate of any deceased person, and
to be appointed and to act as the committee of the estates of luna-
tics, idiots, persons of unsound mind and habitual drunkards.

7. That said company is authorized to invest moneys received in
trust, on deposit, loan, or otherwise, and to take, have and hold estate,
real, personal or mixed, obtained with the money aforesaid or with
funds belonging to said company, and to sell, grant, mortgage, or
otherwise encumber, lease or dispose of the same, and to that end
may execute all deeds or other instruments concerning the same; to
deal in exchange, foreign or domestic, securities, mortgages, lands,
certificates of indebtedness, stock of incorporated associations, notes,
loans, bonds of the United States, or of any state or municipality.

8. That the said company shall be, and is hereby, authorized and
empowered to insure the fidelity of persons holding places of trust
or responsibility, or of any corporation, company, person or persons
whatsoever; to endorse for and to enter security or become the secu-
ritv for the faithful performance of any trust, duty, contract or
agreement; be surety upon any bond for appeal, or to go upon any
injunction, attachment or other bond required by law of any person,
except bonds given by county or district officers.

9. That every court wherein said company shall be appointed or
shall be allowed to qualify as guardian, committee, executor, adimin-
istrator, trustee or receiver, or in which it is made the depositary of
moneys or other valuables, shall have power to make all orders and
compel obedience thereto, and require said company to render al]
accounts which such court might lawfully make or require if such
company was a natural person.

10. That said company shall have the power to guarantee, endorse
and secure the payment and punctual performance and collection of
notes, debts, bills of exchange, contracts, bonds, accounts, claims,
rents, annuities, mortgages, choses in action, evidences of debt, cer-
tificates of property of value, checks and the title to property, in-
debtedness of companies, partnerships, cities, counties, municipali-
ties in this state, on such terms or commissions as may be agreed
upon or established by said company and the parties dealing there-
with.

11. That said company may receive upon storage, deposit, or
otherwise, merchandise, specie, plate, stocks, promissory notes, cer-
tificates and evidences of debts, contracts and of other personal
property whatsoever; take charge and custody of real and personal
estates and securities, and advance money thereupon on such terms
as may be established or approved by said company; that in all
cases in which public officers of municipal or private corporations
are authorized to deposit money, stocks, bonds or evidences of debt,
such deposits by such officers or corporations may be made with said
company: provided, however, in case of public officers no deposit
shall be made except with consent of the circuit or corporation
court of the county or corporation wherein said officer may reside.

12. That said company shall have power to receive money in trust
and accumulate the same at such legal rate of interest as may be
obtained or agreed upon, or to allow interest not exceeding the legal
rate; to accept and execute trusts of every description (as fully as
a natural person could), which may be committed to said company
by any person or persons whatsoever, or by any corporation, or by
order or decree or authority of any court of record, upon such terms
as may be agreed upon, provided or declared in regard thereto; to
act as agent for the purpose of issuing, registering or countersigning
certificates of stocks, bonds or other evidences of debts of any state,
corporation, association, municipality or public authority on such
terms as may be agreed upon; to lease and rent real estate and col-
lect rents from the same; to accept from and execute trusts for mar-
ried women in respect of their separate property or estate, whether
real, personal or mixed, and to act as agent for them in the manage-
ment, sale and disposition of their property.

13. That said company shall have the power to purchase, erect or
lease a building or premises, and to place therein a strong and com-
modious safety-vault or safe, containing small compartments or
boxes, designed and adapted for renting to persons or corporations
who desire to have a place of safe deposit for bonds and valuables
of every description, and to rent out the said compartments or boxes
for such sums of money and for such time as may be agreed upon.

14. That said company shall have the power to buy, sell, lease and
re-lease real estate on commission, and to act as lawful agents for
any insurance company or companies.

15. That said company shall have the power to guarantee title to
real estate and to examine and certify title to the same.

16. That said company may declare and pay annual or semi-annual
dividends from its net earnings, but before declaring any dividends
it shall reserve from the said net earnings not less than twenty per
centum of the same, and shall continue to do so until the amount
thus reserved shall equal one hundred per centum of the paid-up
capital stock.

17. This act shall be subject to amendment, alteration or repeal
at any time by the general assembly, and subject to any general
laws hereafter passed relating to such companies. Nothing con-
tained in this act shall be construed as exempting the company
doing business hereunder from the operations of the tax laws of the
state for such cases made and provided.

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