Chap. 2.—AN ACT to Render Valid the Charter of Incorporation of
The People’s Savings Bank at Lynchburg, Virginia, and to Legalize
all Acts done Under and in Accordance with the Original Charter.

Approved January 7, 1874.

Whereas the circuit court for the city of Lynchburg, on
the twenty-fifth day of June, eighteen hundred and sixty-
eight, granted a charter of incorporation to The People’s
Savings Bank at Lynchburg in the following words and fig-
ures, to-wit :

1. It is ordered by the circuit court of the city of Lynch-
burg that John D. Langhorne, Charles M. Blackford, Samuel
Tyree, George M. Rucker, F. Browne Deane, John H. Flood,
John Otey Taylor and William M. Black, together with such
other persons as are now or may be hereafter associated with
them, shall be, and they are hereby constituted and made a
body politic and corporate, by the name and style of The
People’s Savings Bank at Lynchburg, and by this name and
style are hereby invested with all the rights, powers and
privileges conferred, and made subject to all the rules, regu-
ations and restrictions imposed by the Code of Virginia and
acts of the general assembly of Virginia amendatory thereof
applicable to savings banks, and not inconsistent with the
provisions of the act passed at the last session of said assem-

ly, giving authority to the circuit courts of the common-
wealth to grant charters of incorporation...

2. The capital stock of the corporation shall not be less
than fifteen thousand dollars, which may be. increased from
time to time to a sum not exceeding three hundred thousand
dollars, to be divided into shares of one hundred dollars each.

3. The said company shall have power and authority to
invest its capital stock or other funds in bank or other stock,
in the purchase of bonds issued by this or any other state of
the United States, or the United States, and in bonds of any
other incorporated company; to lend money upon personal
or real security ; to discount bonds, notes or bills of exchange,
and to secure the interest in advance, and to guarantee the
payment of notes, bills of exchange, bonds or other evidence
of debt.

4. And the said company shall, further, have power to rent
or to purchase and hold, so much real estate in the city of
Lynchburg as may be necessary to conduct the business of
said bank, and shall have, generally, all power and authority
to make, enter into, and enforce any aod all contracts neces-
sary for the conduct of its business as such savings bank,
subject to the laws controlling such institutions.

And whereas the People’s savings bank at Lynchburg, by
virtue of the powers and authority vested in it under said
charter, has, by its said corporate name, proceeded to conduct
a general banking business, to lend money, make contracts,
discount bills and notes, issue certificates, sue and to be sued,
and to do all other acts authorized by said charter;

And whereas doubts have been suggested as to whether
the said court had authority to grant said charter; whether
the same ever became a valid and legal charter by reason of
its not having been properly recorded in due time; and whe-
ther any of the acts, contracts and¢ransactions done, entered
into, and transacted, in and by its said corporate name, are
legal and valid: Now, therefore, for the purpose of settling
such doubts—

1. Be it enacted by the general assembly, That all acts,
transactions, proceedings, contracts and agreements, whether
executed or executory, done, transacted and entered into by
the aforesaid parties and their successors, or their agents and
attorneys, under or by the name of The People’s Savings
Bank at Lynchburg, under and in pursuance of the aforesaid
charter, and all titles and rights of every kind and nature
whatsoever, accrued to or against, or acquired by or against
said bank, or by or against any person whatsoever, under and in
pursuance of the said charter, in any transaction, agreement or
contract with the said bank, or any officer or agent acting in
the name of, and on behalf of said bank, and not inconsistent
with the laws of this state, on and after the twenty-fifth of
June, eighteen hundred and sixty-eight, shall be held and
taken to be, and to have been, at all times, of the same fores,
virtue and effect, in all respects, as if said charter wero clearly
and in every respect certainly valid, and no question had ever
been suggested as to the lawful authority thereof, and as if
the said charter had originally been ted by an act of the
general assembly of this state; and all suits now pending in
any of the courts of this commonwealth in which said bank
is a party. shall be proceeded in in the corporate name of said
as though the said charter had been originally granted
by the general assembly and was in every respect valid and
legal, it being the intention of this act to declare the said
charter granted by the said circuit court a valid and legal
charter as of the day it was so granted, without regard to
any failure to properly record the same, or any other infor-
mality in connection therewith, and to declare all acts and
contracts of said bank made in its corporate name and ‘by
virtue of the powers granted in said charter to be valid and
egal.
2 This act shall be in force from its passage.

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