Chap. 26.—An ACT to Change the Corporate Name and Amend the Charter
of the Virginia Insurance Company.

Approved January 13, 1871.

‘i. Be it enacted by the general assembly of Virginia, That
the act passed on the thirteenth day of December, eighteen
hundred and sixty-five, entitled an act to incorporate. the Vir-
ginia insurance company, be and the same is hereby amended
and re-enacted so gs to read as follows:

“$1..Be it enacted by the general assembly of Virginia,
That Wm. H. Tams, Henderson ™M. Bell, Briscoe B. Donaghe,
Richard H. Phillips, Frank M. Young, ‘and George E. Price,
together with such other persons as are now or may be here-
after associated with them, or their successors, shall be and
they are hereby constituted and made a body politic and cor-
porate, by the name and style of The Virginia Banking and
Trust Company, and by that name and style are invested with
all the rights and ‘ptivileges conferred, and mage subject to the
rules, regulations, and restrictions imposed, by the Code of Vir-
ginia, and all acts amendatory thereof, applicable to such corpo-
rations, and not inconsistent with the provisions of this act.

Ҥ 2. The principal office of said company shall be located
in the town of Staunton, and its capital stock shall not be less
than fifty thousand dollars nor more than one million dollars,
divided into shares of twenty:five dollars each. —

Ҥ 3. The board of directors shall be elected by the stock-
holders, and shall consist of seven members, one of whom,
elected by the board, shall be the president. Each stockholder
ef the company shall be entitled to as many votes at any meet-
ing of the stockholders as he may own shares in said company.

Ҥ 4, The president and directors are authorized to receive
meney on deposit, and pay interest thereon, as may be ad-
vantageous to the stockholders, not exceeding the rate allowed
by law; to guarantee the payment of notes, bonds, and bills
of exchange ; to provide for the investment of the funds of the
cempany in ‘such manner as may be deemed most beneficial,
and to invest the same in stocks of any kind, or loans, or in
the purchasing or discounting of negotiable paper, or other-
wise, as may be judged best for the interest of the company:

rovided, that the said company shall not own more land than
is necessary for its office building, unless for the purpose of
securing or obtaining payment of debts contracted with it in
the transaction of its business.”

2. In addition to the foregoing powers, the said company
shall have power—

First—To receive moneys in trust, and to accumulate the
same, at such rates of interest as may be obtained or agreed
upon, not exceeding the rate allowed by law.

Second—To accept and execute all such trusts of every de-
scription, except that of a guardian, not inconsistent with the
laws of this state, as may be committed to it by any person or
persons whatsoever, or by any corporation, municipal or pri-
vate, or by any of the courts of record in this state.
Third—To accept and take by grant, assignment, transfer,
devise, or bequest, and hold any real or personal estate upon
trusts created in accordance with the laws of this state, and to
execute such legal trusts in regard to the same on such terms
as may be declared, established, or agreed upon in -relation
thereto. | ,

Fourth—To accept from and exeoute trusts for married
women in respect to their separate property, and act as agent
for them in the management of their property; and in all cases
where moneys may be brought into any court by order, judg-
ment, or decree, such court may, by order, appoint the-said
company its general receiver, and direct the same to be de-
posited with it.

3. On any sum of money which shall be collected or re-
ceived by the said company in its capacity of receiver or de-
pository of moneys in court, legal interest shall be allowed by
it from and after a reasonable time granted to it to effect a ju-
dicious investment of the same; and any unespended balance
of such interest remaining on hand at the expiration of the
fiscal year, as fixed by law, shall be added to the principal as
accumulated principal, and interest charged upon the same
against the said company, in the next settlement of its ac-
counts, by the commissioner of sach court. For executing
the duties of such offices or trusts as may be confided to it by
any of the courts of this state, the said company shall be en-
titled to such compensation or commissions as is allowed by
law to other fiduciaries for similar services.

4, It it shall appear, to the satisfaction of such eourt, that
the said company is absolutely possessed, in its own right, of
an.unincumbered capital of the actual value of not less than
one hundred thousand dollars, no personal or otber security
shall be required of it when appointed receiver or depository.
But all investments of moneys received by the said company
in either of such characters, shall, except where specially in-
vested under the orders of the court, be at the sole risk of the
company ; and for all losses of such moneys, including deposits
made on account of any public institution, or by any public
officer, the capital stock, property, and effects of the said cor-
poration, shall be absolutely and primarily liable; and in case
of the dissolution of the same, from any cause, the debts due
by it as receiver or depository of moneys in court, or deposi-
tory of the funds of any public institution or public officer,
shall have a preference. -

d. It shall be the duty of said company to make regular set-
tlements of its several accounts as receiver or depository of
moneys in court, before one of the commissioners in chancery
for such court, as provided by law in the cases of natural per-
sons holding similar appointments; and it shall be the duty of
such commissioner to accompany such settlement of the ac-
counts of the said company with a special report in relation to
the ability and integrity with which its affairs are conducted,
and the prudence and safety of its investments of the moneys
in its custody, as the receiver or depository; which report
shall also show the actual value of the assets and the amount
of the liabilities of said company... The expenses of ev ery such
settlement shal! be ratably apportioned by the said commis-
sioner between the parties in interest therewith.

6. All portions of the act of the general assembly passed
December thirteenth, eighteen hundred and sixty-five, entitled
An act to incorporate “the Virginia insurance company, not
herein re-enacted, are hereby repealed.

7. This act-shall be-in force from and after the time when
the board of directors of the said Virginia insurance company
shall have entered of record, in the minutes of their proceed-
ings, their acceptance of its provisions on behalf of the com-
pany: