Chap. 363.—An ACT to amend sections 4, 6 and 7 of an act to incor-
porate the Richmond perpetual building, loan and trust company,
approved March 30, 1875.

Approved March 2, 1888.

1. Be it enacted by the general assembly of Virginia, That
sections four, six and seven of an act to incorporate the Rich-
mond perpetual building, loan and trust company, approved
March thirtieth, eighteen hundred and_ seventy-five, be
amended and re-enacted so as to read as follows:

§ 4. The stock of the said corporation shall consist of not
less than one thousand nor more than ten thousand unre-
deemed shares, at the par value of not less than one hundred
dollars nor more than two hundred dollars, as the board of
directors may fix, and payable in such instalments as the said
board of directors may prescribe. But the by-laws may pro-
vide conditions for the payment of all or any part thereof in
advance, and may also prescribe the entrance fee to be paid
by each stockholder at the time of subscribing, and if they
see proper, may limit the number of shares which each stock-
holder may hold at one time; and the corporation shall have
power to enforce the payment of all instalments and other
dues due to the corporation from its members or stockholders
by such fines and forfeitures as the directors may, from time
to time provide in the by-laws; and every member shall have
one vote for every share of unredeemed stock which he may
hold at any meeting of stockholders or election for directors ;
and no one shall be eligible as president, vice-president, or
directors, who is not the bona fide owner in his own right of
One or more shares of unredeemed stock; and upon his ceas-
ihg to hold in his own right unredeemed stock, it shall be
the duty of the board of directors to declare his or their
office or offices vacant, and to fill the vacancy.

§6. It shall and may be lawful for the said corporation, at
any time in advance of the period or periods of time at which
the several instalments on the shares of stock of any member

‘ shall become due and entirely paid up, according to the pro-
visions in the fourth section of this act, to redeem the same,
and to advance to such member, for such premium as may be
agreed upon, the par value per share thereof for any number
of shares therein held by him, at such a sum or price as such
member may agree to receive; or to loan the said sum for a
period of years, deducting the interest thereof in advance,
and on payment of said sum of money by the company, to
receive from such member a transfer of all his interest in
such share or shares, and also security, by way of mortgage
on real or personal property or hypothecation of unredeemed
shares, or stock of the said corporation held by such mem-
ber; the said mortgage or hypothecation, conditioned for the
payment by such member to said corporation, of the unpaid
instalments to be paid on the share or shares of stock so re-
deemed or sold by him, together with interest on the sum 80

Google
paid or advanced, and all assessments, fines and penalties in-
curred, according to the by-laws in respect thereof: provided
however, that in case of such hypothecation of stock, no
greater sum of money shall at any time be drawn out by any
member than shall have been already paid in by him on his
shares at the time of such hypothecation; the property so
mortgaged as aforesaid to the corporation, being taxed in the
hands of the individual member or mortgagor.

§ 7. All shares of stock redeemed by, hypothecated to, pur- :
chased or advanced on by the company, in accordance with '
the preceding section, shall be considered as redeemed shares,
and shall be cancelled; and it shall be lawful for the company
to issue an equal number of new shares in their stead, so that
the number of unredeemed shares authorized by this act
may always equal and not exceed the number of ten thousand
unredeemed shares, perpetually. And the member or mem- |
bers of the corporation so redeeming the said share or shares of |
stock, shall cease to be stockholders, and shall not be entitled |
to vote at any meeting of the corporation held for the pur-
pose of electing directors, or for any other purpose, and shall
not be eligible for any of the offices of the corporation men-
tioned in this act: provided however, that any stockholder
who may redeem stock to the association, shall thereupon
have the privilege to subscribe for as many shares of new
stock at the price fixed by the board as he shall have re-
deemed at that time, and upon so doing, he shall not be
deemed to have forfeited any of his rights enunciated as
above, in consequence of redeeming the previous shares.

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