Chap. 368.—An ACT to incorporate the Virginia trust, guarantee
and loan company.

Approved February 25, 1892.

1. Be it enacted by the general assembly of Virginia,
That L. C. Berkeley, junior, L. E. Harvie, J. L. Warring,
J. B. Harvie, J. L. Berkeley, P. S. Dance and James P.
Harrison, together with such other persons as may become
stockholders in the corporation hereinafter created, and
their associates and succesaors, be, and they are by this
act, created and constituted a body corporate, by the name
of the Virginia trust, guarantee and loan company, by
which name it shall have perpetual succession and a com-
mon seal; may sue and be sued, plead and be impleaded,
contract and be contracted with, and shall have all the
rights and privileges of a corporation under the general
laws of the state of Virginia, and be subject to all the
rules, regulations and restrictions imposed by the laws of
said state in relation to corporations of this kind, so far as
the same are applicable to this corporation and not incon-
sistent with this act.

2. The corporation hereby created is authorized and
empowered to guarantee the payment of notes, bonds,
bills of exchange, and other evidences of debt, and to re-
ceive a commission therefor; to re-discount paper, to re-
ceive money on deposit, for investment or otherwise, and to
pay out the same on order, or grant certificates therefor ;
to borrow money and to execute notes for the same; to
buy, sell, draw, or negotiate bills of exchange; to invest
the money received on deposit or belonging to said cor-
poration in or lend the same on stocks, bonds, notes, bills or
any other security, real or personal, or use the same in
purchasing or discounting bonds, bills, notes, or other se-
curities for the payment of money, and to receive the in-
terest therefor in advance; to purchase, lease and rent
real estate, and collect rents from the same; to borrow
money and create loans for the purpose of advancing
upon buildings and lands, and improving property, and
for such other objects as may advance the interests of the
company under a building and loan plan; to hold and
dispose of real estate; to negotiate loans upon the same
or other security; to loan money upon real estate, or to
buy and sell the-same on commission; to act as receivers
for courts; to buy and sell bullion, coin, bank notes,
stocks and bonds of other corporations or subscribe to
and hold the same; to make and certify for compensation,
abstracts of title to real estate and give opinions as to the
same; to guarantee titles to real or personal property ;
write deeds, wills, and contracts; to act as agent, tae
tee, attorney, assignee, receiver, guardian, executor, ad-
ministrator, curator, or committee; to take charge of
property, collect income and rents, leasing, conveying and
managing real and personal estate; issuing and coun-
tersigning certificates of stocks, bonds, or other obliga-
tions of any individual, corporation, association, muni-
cipality, state, or public authority, and may receive and
manage any sinking fund therefor.

3. The said corporation may purchase, erect, or contract
for a building or premises for the purpose of receiving or
depositing on storage all kinds of merchandise or personal
property for safe-keeping, sale, or shipment; may rent
safety deposit boxes; may collect and receive compensa-
tion for storage, selling, or shipment; may make advances
in money, negotiable notes, acceptances, bonds, endorse-
ment, or other evidences of indebtedness, and may guaran-
tee payment of notes, acceptances, bonds, or other like obli-
gations of persons or corporations storing or depositing such
property with it; and all such advances or guarantees so
made by said company on property received on storage or de-
posit, and compensation for all charges and expenses there-
on, shall be a preferred lien on said property, which shall
be satisfied and paid before said company shall be called

on for the delivery of said property. The said company
shall, when required by the owner of any property, give
a receipt” therefor, stating the date of reception, kind of
property,. condition of the same, and the cash value thereof.
The receipt or certificate of the company shall be binding
on the said company to deliver the said property to the
person in whose favor the receipt is given, or his assignee,
on payment of all dues to the company for which the same is
liable, which receipt or certificate shall be negotiable. All
advances, endorsements, guarantees, charges, -storage, la-
bor, and expenses shall be endorsed or stated on the re-
ceipt or certificate. It shall be lawful for the said com-
pany to sell at public auction or private sale, in its discre-
tion, all property of what kind soever, mentioned or speci-
fied in any contract or agreement between the company
and other parties, after ten days shall have elapsed from the
time of maturity of an obligation under said contract or
agreement, or immediately upon the discovery of any
fraud, misrepresentation, or concealment in regard to the
ownership or otherwise which might jeopardize the rights
of the company or its security, after five days’ advertise-
ment of the time and place of sale in some newspaper pub-
lished at the city of the principal office, and to reimburse
itself out of the proceeds of such sale for the money due
it, with interest, storage, costs, and charges, and to indem-
nify itself for any loss it may have sustained by the non-
fulfillment of such contract, or by reason of said misrepre-
sentation, fraud, or concealment.

4, That in all cases in which public officers of muni-
cipal or private corporation are authorized to deposit
money, stocks, bonds, or evidences of debt, such deposits
by such officers or corporations may be made with said
company.

5. That in all cases where an application may be made
to any court in the city of the principal office, and any
counties convenient thereto, having such jurisdiction to
appoint a curator, guardian of an infant, committee of
an idiot or insane person, administrator of any person
dying testate or intestate, trustee or receiver, such court
shall have power to appoint said company as such curator,
guardian, committee, administrator, trustee or receiver,
upon the like application that any person might be so ap-
pointed; and it shall be lawful for any person, by deed,
will or other writing, to appoint said company a trustee,
executor, assignee or receiver, and as such executor, guar-
dian of any infant, committee of an idiot or insane person,
administrator, trustee, executor or receiver, said company
may lawfully act, and as such shall be subject to all the
obligations and liabilities of natural persons acting in like
capacities.

6. Whenever the said company shall be appointed to any
place of trust enumerated in the last foregoing section, or
whenever deposits of money or valuables of any kind shall
be made with said company, the capital stock and its
property and effects shall be taken and considered as se-
curity required by law for the faithful performance of its
duties, and no other security shall be required from it on
the execution of the bond required, where one is now re-
quired of any natural person acting in such capacity. And
it shall be lawful for any individual, executor, administra-
tor, guardian, committee, receiver, assignee, trustee, public
officer, or other persons having the custody of any bonds,
stocks, securities, moneys, or other valuables, to deposit
the same for safe-keeping with said company.

7. The corporate stock of said company shall not be less
(han fifty thousand dollars, nor more than one million
dollars, to be divided into shares of one hundred dollars
each, to be paid in monthly instalments, as the by-laws of
said corporation may require, and each share shall be enti-
tled to one vote in the stockholders’ meeting.

8. The officers of said corporation shall be a president,
vice-president, secretary (who may also be treasurer), a
treasurer, and not less than three nor more than seven
directors, in addition to the president and vice-president,
who shall be directors, and who, with the said directors,
shall constitute a board of directors, not less than five nor
more than nine in number, all of whom shall be first
elected at the meeting of the incorporators after the mini-
mum amount of stock is subscribed to, and shall hold
their respective offices until the regular annual meeting of
the stockholders to be held on the second Tuesday in each
and every year after the present year, and until their suc-
cessors in office are elected and qualified.

9. The individual stockholders of said corporation shall
be in no case liable for the debts, obligations, liabilities,
contracts or tests of the said corporation over and above
the amount unpaid on the share or shares of stock su
scribed to by such stockholders.

10. The said corporation shall have power to make and
ordain such by-laws, rules and regulations as may be
necessary, suitable or convenient for the successful prose-
cution of its business, providing therein for the terms and
manner of issuing and transferring its stock, conveying
the real estate, the security required, and terms upon
which loans shall be made, the investment of funds, the
manner and terms of certifying abstracts of title, the
payment of dividends, and in general the said corporation
shall have the power and authority to make and provide
all such by-laws, rules and regulations for its operation
as are not inconsistent with the laws of this state and of
the United States, and may amend and repeal any of the
gaid by-laws, rules and regulations at pleasure.

11. The principal office of said company shall be in
some city in the state of Virginia, to be selected by the
board of directors.
12. All taxes due by said corporation shall be paid in
money, and not in coupons.

13. Provided, however, that nothing herein shall be
construed to exempt said company from the payment of
any license tax provided by the laws of this state in each
of the different classes of business to be carried on by
said company.

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