Chap. 188.—An ACT to incorporate the Provident Savings Association.
Approved March 20, 1877.

1. Beit enacted by the general assembly of Virginia, That
H. C. Deshields, Leroy S. Edwards, B. C. Hartsook, W. Ben.
Palmer, L. L. Bass, John M. Otey, R. E. Armstrong, Jobn E.
Laughton, J. Booten Hill, C. F. Danforth, and their asso-
ciates and successors, are hereby declared a body corporate,
by the name of the Provident Savings Association, and by
that name may sue and be sued, and may make or use, if
found necessary, 8 common seal, and the same break, alter or
renew at their pleasure; and be capable to purchase and hold
such real estate as may be necessary for the convenient trans-
action of its business, or as it may deem expedient for the
securing or obtaining payment of debts due to the association,
contracted in the proper discharge of its business, or may do
any act or thing necessary to carry into effect and promote
the objects and designs of this corporation.

2. To receive deposits and savings, and grant certificates
therefor in accordance with conditions sct forth in sections
four and five of chapter fifty-nine of the Code of Virginia of
eighteen hundred and seventy-three; loan and advance money
and discount bonds, bills, notes, or other paper, and demand
interest payable in advance, at its legal rate, at the time of
the transaction; borrow money, and exccute -notes. for the
same; act as agent for the collection and investment of money,
and may guaranty the payment of promisory notes, bills of
exchange, bonds, accounts, and other evidences of debt; and
notes and bills may be made payable at its office, and for non-
payment may be protested according to law.

3. To receive special contributions and savings from any
person or persons desiring to make the same for the purpose
of granting pecuniary aid or relief to said person or persons
during sickness, on such terms and conditions as may be pre-
scribed by board of directors; and it is hereby expressly
provided that the deposits and savings referred to in section
two of this act shall in nowise be held liable for or on account
of any claim or demand of the said person or persons reterred
to in this section.

4, ‘To conduct a general insurance-brokerage business, and
for this purpose to cause or procure any person to effect poli-
cies of insurance or assurance against fire, or for life, or
against accident or marine risks, in such insurance companies
as said person may select, aud to charge and collect from said
insurance company a brokerage or commission as may be
agreed upon between this association and them; but in pro-
curing said risks this association shall not be regarded as en-
tering into any contract or assuming any liability either with
said companics taking said risks, or said persons effecting
said policies, further than may be expressly agreed in each
particular case, in writing; but nothing in this section shall
be so construed as to exempt said company from any taxation
now imposed by law on such business.

5. The capital stock of said association shall not be less
than ten thousand dollars, to be divided into shares of twenty-
five dollars each, but with the privilege of increasing the said
capital stock from time to time, so as not to exceed one hun-
dred thousand dollars; and the said capital stock shall be
payable in such manner, and on such conditions, as the board
of directors may prescribe.

6. The personal liability of any and every shareholder
shall be limited to the amount due and unpaid upon the shares
of stock owned and held by such shareholder.

7. Every stockholder not in debt or liable to the associa-
tion, may, at pleasure, by power of attorney or in person,
assign or transfer his stock in the association, on the books
of the same, or any part thereof, not being less than whole
sbares; but this association shall have a lien, prior to all
others, upon any stock held by any stockholder, for any debt
or liability of said stockholder to said association; and no
stockholder shall be permitted to make a transfer, or receive
a dividend, until such debt is paid, or such liability is dis-
charged, or secured to the satisfaction of the board of di
rectors.

8. Nothing herein shall be so construed as to authorize this
association to issue or put in circulation any note in the na
ture of a bank note.

9. When the said capital stock is subscribed, the associa
tion shall be organized; and the persons named in section
one shall be the board of directors to manage the associa.
tion until the first Tuesday in May, eighteen hundred anc
seventy-eight. There shall annually be elected, on the first
Tuesday in May in every year, commencing with the yea
eighteen hundred and seventy-eight, a board of directors.
from the stockholders, who shall elect of their number a
president, secretary, and cashier, and five of whom shall con.
stitute a quorum for all business purposes of the association.
The directors may at any time call a general meeting of the
stockholders. At the annual election of directors, each stock.
holder shall be entitled to vote in person or by proxy, one
vote for each share of stock held by him; and a majority ot
such voter being present, shall constitute a quorum for elec-
tion or business. The board of directors may appoint such
subordinate officers, clerks, and agents as they may think
necessary to carry on the business of the association; the
office of which shall be in the city of Richmond.

10. This act shall be subject to such laws as now exist or
may hereafter be enacted with reference to savings banks.

11. This act shall be in force from its passage.