Chap. 983.—An ACT to charter the Hill City benevolent relief association, of
Lynchburg, Virginia.

Approved March 4, 1898.

1. Be it enacted by the general assembly of Virginia, That Royal J
Morgan, John Merchant, T. B. Smith, I. J. Kent, Walter White, Georg
W. Morgan and George Pollard, or such of them as shall accept this act
with such other persons as may hereafter be associated with them, anc
their successors, be, and they are hereby, constituted a corporation.
known as the Hill City benevolent relief association, by which nam
they shall have perpetual succession and a common seal, shall sue anc
be sued, and shall have and exercise all the mghts, powers and privi
leges pertaining to corporations under the laws of this commonwealth.
The general objects of this association are:

First. To establish at such points as they may think proper, organi
zations of its members for the purpose of relieving its sick, burying it:
dead, providing for the care of its widows and orphans.

Second. To establish a building and loan, savings and insurance ben.
efit departments. The object of these departments are to teach to it:
members the principles of industry and economy, by aiding them ir
securing homes and saving their earnings and investing the same.

To provide a fund from which their widows and orphans may be
assisted, upon such terms and regulations as shall be prescribed by the
rules of said association. The death benefit to be paid to the family o
a deceased member shall in no case exceed the sum of one hundred anc
twenty-five dollars; said fund to be maintained and raised by weekly
monthly or quarterly assessments, to be fixed by the management. —
Said association shall have the power to purchase, hold and dispose of
ts property, both real and personal, to make loans on real estate, per-
sonal or collateral security, and receive, as a part of the security for loans
‘oO members, their shares in the building and loan and savings depart-
ment, either by way of redemption or hypothecation, as well as to take
Jeeds of trust or mortgage or any other security conditioned for the pay-
ment of the loan or the advance, and the interest on the amount of said
loan until the last payment is made, in such instalments as may be
avreedl upon; the property so mortgaged to the association to be kept
clear of taxes by the mortgagor. — It ‘shall and may be lawful for said
association to receive in advance the interest on loans: provided, that it
shall not exceed one-half of one per centuim for thirty days, as well as to
charge such premiums for the privilege of redeeming shares as may from
time to time be fixed. ‘

To receive from its members money on deposit, granting certificates
therefor in accordance with the conditions set forth in the code of
eighteen hundred and eighty-seven, and the acts amendatory thereof:
provided, that said association Is here authorized to receive deposits
of a Jess sum than onedollur. In no case are such deposits or the cer-
tificates given therefor to be held liable for the debts or obligations of
said association, however made or contracted.

Said association may insure the lives of their members for themselves
or their widows and children, or such other persons as may be agreed
upon, for both sick and des ith bene ‘fits, and may under such regula-
tions as mav be prescribed by the association, collect assessments for
the same weekly, monthly or quarterly in advance.

The capital stock in the savings and building and loan departments
shall consist of not less than five hundred dollars nor more than five
thousand, the limits, between these two figures to be fixed by the stock-
holders, divided into shares of the par value of twenty-five dollars each,
payable in such instalments as the by-laws may prescribe. The by-laws
may provide conditions fur the payment of all or any part thereof in ad-
vance; may also prescribe the entrance fee to be paid by such stockholder
at the time of subscription, and the association shall have power to com-
pel the punctual performance of all duties to the association, and to
enforce the payment of all instalments and other dues due to the associa-
tion by all parties subscribing to its stock or borrowing money under its
contracts, in pursuance of its charter and by-laws, by such fines and
forfeitures as the directors mi: ay from time to time provide. All trans-
fers of stock shall be liable to such rules, regulations and fees as the
by-laws may prescribe.

The officers of said association shall consist of a president, vice-presi-
dent, secretary and treasurer and general manager and board of direct-
ors. Said board shall consist of five, and be elected by the stockholders
in general meeting, and the directors shall, out of their number, elect
the other officers: provided, that if the directors shall deem it best the gen-
eral manager may be selected from outside the board of directors.

The principal office of said association shall be located at Lynchburg,
Virginia, with authority to establish from time to time branch offices at
such other points as the directors may think necessary.

Said association shall have power to make such rules, regulations and
by-laws for the conduct of their business as they may deem wise: pro-
vided, that the same shall not be contrary to any law of this state or of
the United States.

Said association shall have power to borrow money, issue bonds and
notes evidencing same, to secure the said loans by mortgage or deed of
trust on its property and franchise, and by hypothecating its personal
property of whatever description, to subscribe to capital stock of other
corporations.

The stockholders shall be liable only for the unpaid subscriptions on
their stock, and not otherwise liable for the debts or obligations of the
association.

This act shall be in force from its passage.