Chap. 497.—An ACT to incorporate the Londoun county savings bank and trust
company.

Approved February 24, 1898.

1. Be it enacted by the general assembly of Virginia, That Noble B.
Peacock, Chester C. Gaver, A. W. Phillips, George F. Eamich, A. E.
Houscholder, William Piggott, Samuel N. Brown, John T. Hirst, Nathan
T. Brown, Joshua P. Hatcher, Thomas R. Smith, B. F. Fenton, Charles
Nichols, John R. Smith, W. P. Pancoast, BE. B. Gregg. Edward Nichols,
J. KE. Carruthers, J. M. Fox, John H. Nelson, E. E. Garrett, W. F.
Lynn, Joseph A. Lodge, 8. 8. Lutz, Volney Osburn, George W. Holmes,
N. C. Nichols, S. C. Chancellor, Notley Ball, D. H. Vandevanter,
Thomas G. Elgin, and Edvar McCray, or such of them as accept this
charter, and such other persons as may be associated with them and ac-
cept this charter be, and they are hereby, created and made a body cor-
porate under the name and style of the Loudoun county, savings bank
and trust company; and by said name shall have perpetual succession;
shall sue and be sued, and haveacommon seal, which may be changed
at pleasure.

2. That it shall be lawful for the body corporate hereby created and it
is authorized to engage in the business of banking, and to conduct a
savings bank in accordance with the usages and customs of such insti-
tutions, and in conformity with the laws now in force and those here-
after enacted by the general assembly relating thereto; to receive deposits
of money and allow such interest to the depositors thereof as may be
agreed on between the depositors and said body corporate; to joan
money on real and personal estate; to lease, purchase, and hold real es-
tate; to receive and hold in trust estates, real and personal, of every
character (including stocks and choses in action), and to purchase, col-
lect, adjust, settle, sell, and dispose of the same upon such terms as
may beagreed upon between said company and the party or parties
contracting with it.

3. That the body corporate hereby created be, and it is hereby,
authorized to accept and execute trusts (including agencies) of all
kinds and descriptions which may be committed or transferred to it
with its consent, by any person or persons whomsoever, or when ap-
pointed as such by any court; to act as and accept the appointment of
the offices of administrator, administrator, c. t. a., and executor when
such appointment is made or conferred by any person or persons, or by
any court of this state; to act as trustce under the provisions of any
will and in deeds of trust securing debts, and to make sale of the pro-
perty thereby conveyed the same as a natural person; to act as receiver,
general or special, of any funds under the control of any court in this
state, and to act as guardian of an infant, committee of any insane
person, or receiver of the estate of a married woman when selected by
a proper party or appointed by a court in this state to do so.

4. That it shall be lawful for any court in this state to appoint the
body corporate hereby created administrator or administrator, c. t. a.,
of the estate of a decedent, guardian of any minor, committee of any
insane person, trustee under the provisions of any will or in any deed
of trust (whether it secures debts or be for any other purpose), receiver
of the estate of any married woman, and receiver of any estate or funds
under the control of such court in any case.

5. That in all cases where the said body corporate shall accept the
appointment of or act as receiver, trustee, executor, administrator or
administrator, c. t. a., guardian or committee, alone or in connection
with another, whenever security is not dispensed with by the will or
order of court making the appointment, the capital of said company
and the stockholders’ liability, as hereinafter defined, shall be taken
and considered as al] the security which shall be required by law for the
faithful discharge of the said trust and office and the due performance
of its duties by said body corporate: provided, the court wherein the
appointment or qualification is shall not deem it necessary to require
further security from it.

6. That any executor, administrator, administrator c. t. a., guardian,
committee, trustee, receiver or public officer having In possession o1
control any bonds, stocks, securitics, moneys or other valuables belong-
ing to others is hereby authorized to deposit the same for safe-keeping
with said company, or in the vaults thereof which may be provided.

7. That the corporate body hereby created shall have the power to
exercise, by its board of directors or duly authorized agents, subject to
law, all such incidental powers as shall be necessary to carry on the
business of banking, by discounting and negotiating bills of exchange,
bonds, promissory notes, drafts and other evidences of debt ; by receiv-
ing deposits ; by buying, drawing, negotiating and selling bonds, notes,
bills of exchange, coin and bullion, and by loaning money on real and
personal security ; by guaranteeing the payment of bonds, bills, notes,
and other obligations ; by rediscounting paper, and purc hasing and
selling stocks and other securities.

8. The capital of said company, money received by it on deposit, and
any other funds belonging to it may be invested in bonds or notes
(public or private), or be loaned on any stock or on the security of real
estate, within or without the state of Virginia, or be used in purchasing
or discounting bonds, bills, notes, or other paper. Said company 1s
authorized, also, to purchase, take, have, and hold real estate in tine
state of Virginia, not exceeding at any one time, fifty thousand dollars
in value, and invest its capital, deposits, and the funds under its control
in paying therefor ; to lease real estate and to sell and dispose of all such
real estate, and to execute, acknowledge, and deliver all decds and other
instruments of writing necessary to do so.

9. That the capital stock of said body corporate shall be not less than
twenty-five thousand dollars, or more than fifty thousand dollars,
divided into shares of one hundred dollars each, and it is authorized to
commence business when said minimum amount is subscribed. Each
shareholder shall be individually responsible, equally and ratably, not
one for another, for all contracts, debts, deposits, liabilities, and engaye-
ments of said body corporate, to the extent of the amount of their stock
therein, at the par value thereof, in addition to the amount invested in
such shares.

10. Thata board of not less than five or more than eleven directors
shall be chosen at a meeting of the stockholders to be held annually on
the second Tuesday in January, or such other day as may be prescribed
by by-law, who shall continue in office until their successors are elected.

Each director shall own in his own right at least ten shares of the
capital stock of said company. One member of said board shall be
elected president thereof, who shall also be president of said company.
Said board shall continue in office until the first Tuesday of the January
following the acceptance of this charter and commencement of the busi-
ness authorized by it, and until the first election of directors by the
stock holders.

S. N. Brown, J. R. Smith, N. B. Peacock, A. W. Phillips, Edward
Nichols, Thomas G. Elgin, W. F. Lynn, J. M. Fox, George W. Holmes,
W. P. Pancoast, and Edgar McCray shall be directors of said company,
ind should any ‘of them fail to become stockholders in said company
ind accept said office, then any vacancies in the said board may be filled
by such as do become members and accept such oflice.

11. That the board of directors of said company shall fix and deter-
mine the place wherethe main office of said company shall be located,
which may, in their discretion, be changed at any time. But it shall be
lawful for said body corporate, by its agents, to receive deposits and pay
the same at such other place or places as it may determine and to do
such other acts as the board of directors may authorize.

Deposits may be received in the name of infants, and be paid on his
or her check, as though twenty-one years of age, and such payment shall
be good and valid and fully discharge said company.

12. That the general assembly reserves to itself the right to alter,
amend, or repeal this act at its pleasure, and this act shall be in force
from its passage.