Chap. 350.—An ACT to incorporate the Savings Bank of the Grand
Fountain United Order True Reformers.

Approved March 2, 1888.

1. Be it enacted by the general assembly of Virginia, That:
W. W. Brown, Allen J. Harris, W. P. Burwell, R. F. Robin-
son, Eliza Allen, E. Monroe, M. A. Berry, C. 8. Lucas, H. L.
Minnus, P. 8S. Lindsay, and 8. W. Sutton, together with such
other persons as they may hereafter associate with them, be
and they are hereby constituted a body politic and corporate
by the name and style of the Savings Bank of the Grand
Fountain United Order of True Reformers of Virginia, and by
that name and style are hereby invested with all the rights
and privileges conferred on banks of discount and deposit
of this state by chapter fifty-nine of the Code of Virginia,
eighteen hundred and seventy-three, and not inconsistent
with the provisions of this act.

2. The capital stock of the said corporation shall not be |
less than ten thousand dollars, in shares of five dollars each,
which may be increased from time to time to a sum not ex-
ceeding one hundred thousand dollars: provided said bank
shall not transact any business under this act until twenty
yer centum of the minimum stock shall have been paid up.

he said bank shall be located in the city of Richmond, state
of Virginia; the officers of said bank shall consist of a presi-
dent and vice-president, a cashier and assistant cashier (if
necessary), and such other clerks and messengers as may be
necessary to conduct the business of the same.

3. The board of directors elected by the Grand Fountain :
United Order of True Reformers shall constitute the board of
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directors of said bank; they shall continue in office until the
first meeting of the members; at such first meeting, and at
every annual meeting thereafter, directors shall be elected,
who may be removed by the Grand Fountain United Order of
True Reformers in general meeting, but unless so removed,
shall continue in office until their successors shall be duly
elected and qualified; the day for the annual meeting of the
members shall be prescribed by the by-laws, and the number
of directors shall also be prescribed by the by-laws: provided
that number shall not be less than five; the by-laws may also
provide for called meetings of the members, and any meeting
may adjourn from time to time.

4. The board of directors shall elect one of their body presi-
dent and vice-president, and may fill any vacancy occurring
in the board unless it be by removal, in which case the mem-
bers may fill the same in general meeting. The said board
shall appoint, to hold during its pleasure, the officers and
agents of the said banks, prescribe their compensation, and
take from them bonds with such surety as it may deem fit.

5. The said bank may acquire such real estate as may be
requisite for the convenient transaction of its business, and
such as shall be bone fide mortgaged to it by way of security,
or conveyed to it in satisfaction of debts contracted in the
course of its dealings or purchased at sales upon judgments
against persons indebted to it.

6. Said bank may receive money on deposit and grant
certificates therefor, and may levy, sell, and negotiate coin,
bank notes, fureign and domestic bills of exchange, and ne-
gotiable notes payable in and out of this state. It may loan
money on personal and real security and receive interest in
advance; may guarantee the payment of notes, bonds, bills of
exchange, or other evidence of debt; and may receive for safe
keeping, gold and silver plates, diamonds, jewelry, and other
valuables, and charge reasonable compensation therefor; the
money received on deposit by said bank, and other funds of
the same, may be invested in or loaned on real security or be
used in purchasing or discounting bonds, bills, notes or other
papers.

. % The object of this incorporation is to provide a deposi-
tory for the grand and subordinate Fountains of the United
Order of True Reformers, a benevolent institution incorporated
for such purposes by the circuit court of the city of Richmond.

8. All acts and parts of acts inconsistent with this act'are
hereby repealed.

9. his act shall be in force from its passage.