Chap. 322.—An ACT to incorporate the Virginia Savings and Safe De-
posit company of Richmond.

Approved March 1, 1888.

1. Be it enacted by the general assembly of Virginia, That
James B. Pace, W. R. Quarles, J. J. Montague, R. H. Tem-
ple, W. J. Westwood, M. Rosenbaum, T. William Pember-
ton, G. W. Warren, J. D. Craig, T. C. Leake, junior, W. W.
Gordon, William Lovenstein, E. D. Christian, and all other
persons who shall hereafter become stockholders in the com-
pany incorporated, shall be a body corporate by the name of
the Virginia Savings and Safe Deposit company, and by that
name shall have perpetual succession, and may sue and be
sued, plead and be-impleaded in any of the courts of law and
equity in this state or elsewhere; to make and have a com-
mon seal, and the same to break, alter, or renew at their
pleasure.

2. That.the corporation hereby created shall have power '
to receive deposits and issue certificates therefor, bearing any
rate of interest agreed upon, not exceeding six per centum
per annum ; to lend and borrow money; to invest its capital
stock or other funds in bank or other stocks, and in the pur-
chase of the bonds of any corporation, other than the state
of Virginia; to discount bonds, notes, and bills of exchange,
and to receive the interest in advance; to guarantee the
payment of notes, bonds, bills of exchange, or other evi-
dences of debt, except bonds, coupons, or other evidences of
indebtedness of the state of Virginia, issued prior to the act
of February fourteen, eighteen hundred and eighty-two, sub-
ject to regulations and restrictions imposed by the laws of
Virginia, applicable to savings banks, and not inconsistent
with the provisions of this act.

3. The said corporation shall have power to receive and |!
hold on deposit and as security, personal property other than '
such bonds as above stated, on such terms as may be agreed
upon by the contracting parties, and shall have power to dispose
of the same according to the terms of such agreement; and to
act as agent for the purpose of issuing or countersigning the
certificates of stock, bonds, or other obligations of any cor-
poration, association, municipality, other than state bonds as
above stated, on such terms as may be agreed upon; also to

penta: y
purchase, collect, adjust, settle, and dispose of notes, bonds,
obligations of individuals, companies, and corporations in
any place, in any manner, and in any market, on such terms
as may be agreed upon between them and the parties con-
tracting with them: provided however, that nothing in this
act shall be construed as authorizing said corporation to hold
any bonds of the state of Virginia, known as consol or ten-
forty bonds in trust, for the benefit of any individual corpo-
ration of this state or any individual or foreign corporation
by which coupons, cut from said bonds, might be used or
offered for sale in this state.

4, The said corporation shall also have power to receive
upon deposit for safe keeping, jewelry, plate, stock, bonds,
money, and valuable property of every kind, other than state
bonds as above stated, upon terms to be prescribed by the by-
laws of said corporation.

5. The capital stock of said company shall consist of two
thousand shares of the value of one hundred dollars each,
being two hundred thousand dollars, with the privilege to
increase the same by a vote of the stockholders at an annual
or special meeting, to five hundred thousand dollars; and
the corporators, or a majority of them named in the first sec-
tion of this act, shall have power to open books for subscrip-
tions at such times and places as they may deem expedient;
and when not less than five hundred shares have been sub-
scribed, and ten per centum thereon shall have been paid in,
(active business shall not be commenced, however, until at
least fifty thousand dollars have been paid in on the capital
stock), the shareholders may elect not less than seven nor
more than thirteen directors, to serve until the next annual
election, or until their successors shall be duly elected and
qualified; and the directors so elected of said company, when
it shall have been organized, may, and they are hereby au-
thorized and empowered to have and to exercise in the name
and in behalf of the company, all the rights and privileges
which are intended to be hereby given, subject only to such
liabilities as other shareholders are subject to; which liabili-
ties are no more than the payments to the company of the
sums due or to become due on the shares held by them; and
should the capital stock at any time be increased, the stock-
holders at the time of such increase shall be entitled to pro
rata share of such increase upon the payment of the par value
ot the same.

6. The office of the said company shall be in the city of
Richmond; all the directors thereof shall be citizens of the
United States and reside therein, and shall keep a record of
their proceedings.

7. The said directors shall be elected annually by the stock-
holders on the second Thursday of January, and they shall
elect from their number, at the first meeting of the board
after their election, a president and a vice-president, and shall
have power to elect a treasurer and a secretary, and such
other officers or clerks as the business of the company may

Google
require: provided however, that until otherwise ordered by
the directors, the offices of secretary and treasurer may be
filled by one person; all elections for directors shall be by
ballot, and every stockholder shall be entitled to one vote for
each share of stock held by him, but no person shall be eligi-
ble as a director who is not a stockholder to the amount of
ten shares. At the annual or special meetings a quorum shall
consist of stockholders owning at least one-third of the capi-
tal stock. .

8. Ten days’ notice shall be given by publication in two
papers published in the city of Richmond, of the time and
place of the annual election, which election shall be conducted
by three stockholders, one of whom shall act as judge, and
the other two as inspectors.

9. The board of directors shall make all by-laws necessary
for conducting the business of the company, which by-laws
shall at all times be accessible to all persons transacting busi-
ness with them. The directors shall have power to require
payment of the amount remaining unpaid on the stock of
said company, at such times and in such proportions as they
shall think proper, subject to existing laws concerning char-
tered companies, the said assessments to be made as the by-
laws of said company shall direct.

10. All taxes, dues, or demands due, or to become due, by
the company to the state of Virginia, shall be paid in lawful
currency of the United States and not in coupons.

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