Chap. 131.—An ACT to incorporate the Real estate, title and guarantee com-
pany.

Approved February 2, 1894.

1. Be it enacted by the general assembly of Virginia, That Carter
M. Braxton, L. P. Stearnes, J. A. Willet, Charles Shepard, M. B.
Crowell, J. S. Lipscomb, J. L. Marye, junior, W. H. Landon, E. M.
Braxton and D. G. Smith, of Newport News, Virginia, and J. H. Gray,
John J. Kleiner, Charles M. Heaton, junior, and Robinson White, of
Washington, District of Columbia, and such other persons as they
may associate with them, and their successors, be, and they are
hereby, made a body politic and corporate by the name and style of
the Real estate, title and guarantee company, and by that name shall
have perpetual succession and a common seal, and shall be entitled
to all rights conferred, and subject to all restrictions imposed by the
laws of Virginia, 80 far as the same are applicable and not inconsis-
tent with this act.

2. The capital stock of said company shall not be less than twenty
thousand dollars, nor more than one hundred thousand dollars, to be
divided into shares of fifty dollars each, and when not less than the
minimum amount of stock has been subscribed, the stockholders
may elect a president, vice-president, secretary and treasurer, and
not less than five directors in addition to the president, who shall be
ex Officio a director of such company, which officers shall serve for
one year and thereafter until their successors are elected. And the
directors so elected shall have power to prescribe the rules and regu-
lations for the government of the affairs of said company, not in-
consistent with this act, and they may from time to time amend
the same. The stockholders at any general meeting shall have
power to increase the number of directors.

3. The board of directors may from time to time increase the capi-
tal stock until the said maximum is reached, for that purpose issuing
and selling shares of stock at such price and on such terms as may
be fixed by it; and shall manage and conduct the business of the
company through such officers and agents as it may from time to
time appoint, or as the stockholders in general meeting may have re-
quired to be appointed.

4. Any corporation may hold shares of stock in said company
hereby incorporated, and said company may in like manner hold
shares of stock in any other company or corporation in all respects
as natural persons.

5. The said corporation hereby created shall keep its principal
office in Newport News, in the State of Virginia, and shall have
power to guarantee bonds, notes, mortgages and contracts of every
kind; to furnish abstracts of and give opinions as to titles to real
estate; to guarantee titles to real and personal property; to write
deeds, wills and contracts; to buy, own, sell, lease and mortgage real
and personal property in this state or elsewhere for profit or on com-
mission; to buy, sell and discount bonds, notes and other paper; to
lend or borrow money on real estate or other security; to adjust
debts and negotiate loans for corporations and private persons; to
act as a business, fiscal or transfer agent of any state, municipality
or corporation, and in such capacity receive and disburse money,
transfer, register and countersign certificates of stock, bonds and
other evidences of indebtedness; to act as agents for insurance
companies, for fire, marine, life and accident, which are or may
be authorized to do insurance business in the state of Virginia;
to receive deposits of money, securities for the payment of money,
and other personal property from persons or corporations for
safe-keeping, or for such purposes and upon such trusts as may
be agreed upon; to act as administrator, executor, curator, com-
mittee, trustee, guardian, agent, commissioner and receiver of
courts; to guarantee the fidelity and the efficient discharge of duty
of administrators, executors, curators, committees, trustees, guar-
dians, agents, commissioners and receivers of court and all other
fiduciaries, and to guarantee the fidelity or become the surety on
any appeal bond, attachment bonds, forthcoming or delivery bond,
indemnifying bonds, injunction bonds, supersedeas bonds, penal
bonds, bonds for security of costs in any court, bonds required in
actions of detinue to require sheriff to sieze property, receivers’
bonds, refunding bonds, or any bond required by the order of any
court, or that may be taken by the clerk of any court or the sheriff
of any county or city or the sergeant of any city or town or any
constable, except that it shall not be lawful for said company to
guarantee the fidelity or become the surety on the bond of any
county or municipal officer; and of the officers, agents, employees
and servants of private corporations, firms and individuals, and to
become security on the bonds of all such fiduciaries, agents, com-
missioners, receivers, employees and servants.

6. The said company is authorized to make, execute and issue, in
the transaction of its business, all papers, receipts, certificates,
vouchers and contracts, which shall bear the impression or the
stamp of the seal of the company, and shall be signed by the presi-
dent and countersigned by the secretary.

7. It shall be lawful for the said company to issue and sell its
bonds, from time to time, for such sums and on such terms as its
board of directors may deem expedient and proper in the prosecu-
tion of its business. It may also issue and sell, from time to time,
its preferred stock for such sums and on such terms as its board of
directors may deem expedient: provided the total amount of such
issue shall not exceed twenty-five per centum of the maximum capi-
tal of said company.

8. This act shall be subject to amendment, alteration or repeal at
any time by the general assembly, and shall also be subject to any
general laws hereafter passed relating to such companies and to the
taxes imposed by law on the respective businesses to be conducted
under this charter.

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