Chap. 121.—An ACT incorporating the Real Estate Savings Bank at
Lyneuburg,

Passel April 27, 1867,

1. Be it enacted by the general assembly of Virginia, That
William B. Robertson, William D. Hart. Phil. D. Christian,
John H. Flood, Samuel M. Garland, Alexander Rives, Rich.
ard V. Gaines, David B. Payne, John B. Robertson, James
R. Tfolt, William A. Strother, William A. Miller, John O.
Taylor, Thomas G. Kirkpatrick, Thomas EK. Murrell, and sueh
other persons as are now or may hereafter be associated with
them, are hereby constituted a body politic and corporate
under the name and style of The Real Estate Savings Bank
at Lynchburg: and by that name shall have perpetual suc
cession, With powers and privileges as are hereinafter pro-
vided.

2. The capital stock of said bank shall not exceed one
million dollars, divided into shares of one hundred dollars
each. But when one hundred thousand dollars thereof shall
have been subscribed, the above named incorporators, or a
majority of them, may organize said bank and commence
business: provided that two per centum of the said capital
stock so subscribed shall be paid in cash before such organt-
zation, and that no further requisition shall be made except
in the discretion of the stockholders.

3. The capital subscribed to the stock of said bank may
be secured by a pledge of unencumbered real estate equal in
value to the subscription so made, and shall constitute a lien
upon such real estate, and be liable tor the debts and obliga-
tions of the corporation. The real estate so subscribed shall
be so described with metes and bounds as to be clearly iden-
tified; and the pledge of the real estate so subscribed shall
be recorded in the clerk's office of the county or corporation
in which the land lies, and constitute a lien upon such real
estate; and no deed of trust, mortgaye or judgment hen
shall in any manner affect the liability. of such real estate so
pledged, to the prejudice of this corporation. But the owner
of such real estate may at any time discharge the hen thereou
by payment of the amount for which it is pledged; such
payment to be made to the bank: provided said lien shall
not have been transterred by said bank; but if such hen shall
have been so transferred, then payment shall be made to the
party or parties holding such hen, or to their trustee or
trustees,

4. The said bank shall be invested with all the rights, pow-
ers, privileges and immunities conferred, and made subject
to all the rules, regulations and restrictions imposed by the
laws of this state, as applicable to savings banks.

®. This act shall be in force trom its passage, and be sub-
ject to modification, amendment or repeal, at the pleasure of
the general assembly.