Chap. 273.—An ACT to incorporate the Portsmouth and Norfolk
county Building and Loan Association.

Approved March 4, 1884.

1. Be it enacted by the general assembly of Virginia, That
Joseph F. Weaver, A. L. Bilisoly, CG. 8. Sherwood, “B. Thomp-
son, Junior, Virginius Butt, L. C. Godwin, R. A. Hutchins,
C. L. Phillips, D. W. Ballentine, F. S. Hope, J. W. Ashton, D.
T. Brownley. C. P. Brownley, E. C. Brooks. George A. White.
and James C. Proctor. and such others as are now or may
hereafter be associated with them and their successors. are
hereby constituted a body, politic and corporate. by the name
of the Portsmouth and Norfolk county building and loan
associution, and by that name and style shall have perpetual
succession; may sue and be sued. and shall have all the rights
and priviliges of a corporation, and be subject to all the rules
and regulations imposed by the Code of Virginia, in relation
to joint stock companies, so far as they are apy slicable, and
not inconsistent with the provisions of this act, for the pur-
pose of accumulating a capital sufficient to make loans on
real and leasehold property.

2. The capital stock shall not be less than ten thousand
dollars, nor more than two hundred thousand dollars, and
shall be divided into shares of the par value of one hundred
dollars each, which shall be paid in such installments as shall
be required by the by-laws of the association.

3. The officers of said association shall consist of a presi-
dent, vice-president, secretary, treasurer, and nine directors.
who shall constitute a board, to manage the affairs of the
association in accordance with its constitution and by-laws.
The board shall have power to take from its secretary and
treasurer, bond with security, payable to the association by
its corporate name, in such penalty as they may require, con-
ditioned for the faithful performance by them of the duties of
their respective offices. There shall also be three trustees,
who shall hold the title of all real and leaschold property con-
veyed to secure debts due the association, or advances made
by it to its members, and shall convey and release the same
as may be required by the board of directors.

4. The principal office of said association shall be kept in
the city of Portsmouth, Virginia. The officers who are to
manage the affairs of the association for the first year. are as
follows: President, Joseph F. Weaver; vice-president, A. L.
Bilisoly ; secretary, E. Thompson, Junior; treasurer, C. S.
Sherwood. Nine directors, namely: Virginius Butt, L. C.
Godwin, R. A. Hutchins, C. T. Phillips, D. W. Ballentine, F.
S. Hope, J. W. Ashton, D. T. Brownley and C. P. Brownley ;
and three trustees, namely: E. C. Brooks, George A. White
and James C. Proctor.

5. The association may own and hold so much real estate
as may be necessary for the conduct of its business: provided
however, the same shall not exceed in value the sum of fif-
teen thousand dollars.

6. The association may adopt a constitution and make
by-laws for its government, and regulate the admission of
members: provided the same do not conflict with the laws of
this state and the United States.

7. This act shall be in force trom its passage.