Chap. 297.—An ACT to Amend an Act entitled an Act to Incorporate the
Farmers and Merchants Loan and Trust Company of the City of Nor-
folk, passed March 22, 1871.

In force March 26, 1872.

1. Be it enacted by the general assembly of Virginia, That
the act approved March twenty-second, eighteen hundred and
seventy-one, entitled an act to mcorporate the Farmers and
Merchants Loan and Trust Company, Norfolk, Virginia, be
and the same is hereby amended and re-enacted so as to read
as follows, to wit:

“31. That Walter H. Taylor, Marshall Parks, C. W. Grandy,
sr.. William S. Camp, William N. H. Smith, Henry C. Hardy
and Frederick Hardy, together with such other persons as they
may hereafter associate with themselves, and their successors,
are hereby constituted and made a company and body politic
and corporate, under the name and style of the Farmers and
Merchants Loan and Trust Company, and by that name shall
have perpetual succession, and may sue and be sued in any
court whatever, and are invested with all the rights and privi-
leges conferred, and made subject to the rules and reeulations
imposed, by the Code of Virginia, and all acts amendatory
thereof applicable to such corporations and not inconsistent
with the provisions of this act.

“32. The principal office of said company shall be located
in the city of Norfolk, and the capital stock shall be not less
than one hundred thousand dollars nor more than five hundred
thousand dollars, divided into shares of one hundred dollars
each.

“8 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 president. Each stockholder of
the company shall be entitled to as many votes at any meeting
of the stockholders as may own shares in said company.

“$4. The president and directors are authorized to receive
on storage, deposit or otherwise, produce, merchandise and
other property; to advance moneys, credits and securities upon
any property, real or personal; to guarantee, buy and sell promis-
sory notes, bills of exchange, drafts, stocks, bonds, mortgages,
and the like, and charge for any of the above services such
commissions as are customary or may be agreed on; to receive
moneys on deposit and allow interest thereon; to issue certifi-
cates of deposit bearing interest or otherwise, and to invest the
funds of the company in stocks, bonds, or loans of any kind,
or in the purchasing or discounting of negotiable paper or
otherwise, as may be judged best for the interests of the com-
pany; but the company shall not own in fee more real estate
than is necessary for its own business uses, unless for the pur-
pose of obtaining settlement of any debt or claim arising out
of its business transactions.

Ҥ 5. It shall be lawful for said company to sell at public or
private sale, as may be agreed in any contract between the
parties, any and all property mentioned in or affected by such
contract, and upon which any advance may have been made by
the company, and to sell the same immediately upon the dis-
covery of any fraud, concealment or misrepresentation in regard
to the ownership, character or value of the property men-
tioned in or affected by such contract.

‘*§ 6. The company shall have power to receive moneys in
trust and to accumulate the same on such terms and at such
rates of interest as may be agreed on, not exceeding the legal
rate.

“s 7. To accept and execute all such trusts of every descrip-
tion, not inconsistent with the laws of the state, as may be con-
fided to it by any person or persons whatsoever, or by any
corporation, municipal or private, or by any of the courts of
record in this state.

Ҥ 8. To accept from and execute 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, Judgment or
decree, such court may, by order, appoint said company its
general receiver or depository, and direct the same to be de-
posited with: it.

“29, On any moneys received or collected by said company

as a receiver or depository of moneys in court, legal interest

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shall be allowed after a reasonable time has been | granted to
make judicious investment of the same; and any unexpended
balance of interest remaining on hand at the end of the fiscal
year, as fixed by law, shall be added to the principal, and inte-
rest allowed thereon by the company in the next yearly scttle-
ment of its accounts. For executing the duties of such trusts
or offices as may be confided to it by any of the courts of this
state, the said company shall be entitled to such compensation
as is allowed by law to individual fiduciaries for like services.
“$10. If it shall appear to the satisfaction of the court 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 other security
shall be required of it when appointed receiver or depository ;
but all investments of moneys received by order of court,
except where invested under special orders of the cour't, shall
be at the sole risk of the company, and for all losses of such
moneys the capital stock, property and effects of said company |
shall be absolutely liable, and, in case of a dissolution of the

same from any cause, the debts due by it for moneys received

by order of court shall have a preference.”

11. The company shall make regular settlements of its
accounts as receiver or depository of moneys in court before
one of the commissioners in chancery for such court, as pro-
vided by law in the case of individuals holding like trusts; and
said commissioners shall accompany such settlement of accounts
with a special report in relation to the abil‘ty and integrity of
the management, and the prudence and safety of the invest
ments of the funds in its charge as receiver or depository;
which report shall also show the actual value of the assets and
the amount of the liabilities of the company. The expenses of
every such settlement and report shall be ratably apportioned
by the commissioners between the parties in interest.

12. This act shall be in force from and after the date of its
ratification by the stockholders of the company, and, if not so
ratified, the original act of incorporation shall remain in full
force. r