CHAP. 693.—An ACT to incorporate the South building and loan
company.

Approved March 8, 1892.

1. Be it enacted by the general assembly of Virginia,
That William F. Rhea, H. G. Peters, H. E. McCoy, W. M.
Pitzer and V. Keebler, their associates and successors, are
hereby incorporated and constituted a body politic and
corporate under and by the name of the South building
and loan company, and by that name shall be known in
law, and shall have perpetual succession, and have power
to sue and be sued, plead and be impleaded, defend and
be defended, in all courts, whether in law or equity, and
may make and have a common seal, and alter or renew
the same at pleasure; and shall have, enjoy and exercise
all the rights, powers and privileges pertaining to corporate
bodies, and necessary for the purposes of this act, and
make such by-laws, rules and regulations as it may deem
proper for the government of all under its authority, the
management of its estate and properties, and the due and
orderly conduct of its affairs.

2. The capital stock of said company shall not be more
than one hundred thousand dollars, and shall be divided
into shares, the par value of which shall be fifty dollars
each, and the directors may sell said shares of stock, or
any part thereof, at such price and on such terms as they
may deem to be to the best interests of the company, and
may receive notes or bonds, real or personal property,
money or services, in payment thereof, and at such valua-
tion as may be agreed upon between the directors and the
purchasers. ;

3. The said company is authorized and empowered to
purchase, hold, own, lease and control in any manner, and
to grant, bargain, sell, mortgage, convey and otherwise
dispose of real and personal properties of any kind in this
state or elsewhere, and to deal in lumber and any other
material, and build houses of any character or kind, and
to lease, mortgage, sell and otherwise dispose of said lum-
ber, materials, houses and lots as the board of directors
may deem best, und for the purpose of enabling persona to
build houses, or for any other purpose or purposes, the
said company may, for itself or as agent for any other per-
son or corporation, furnish and loan money to any person
or persons upon such time and terms, and for such rate of
interest per annum, as may be agreed upon by and between
the said company and such person or persons, and to take
and receive therefor notes, bonds or other evidences of
debt, expressing upon the face of such instrument the rate
of interest agreed upon, and said company may secure the
payment of same by personal endorsements, mortgages,
deeds of trust or otherwise, and enforce the collection
thereof when due.

4. The five persons named in this act shall constitute the
first board of directors of said company, one of whom they
shall elect president, and they may have such other officers
as they may prescribe in their by-laws; they shall have
power to change the corporate name of* the company if
desirable; to fix from time to time the amount of capital
stock, and to exercise all the powers conferred by this
charter as to the organization and conduct of the affairs
of the company; it shall be subject to the general laws of
the state in regard to chartered companies and corpora-
tions, except where it is otherwise provided in this act.

5. The board of directors may establish offices and
agencies at such places as they may deem proper, but the
annual meeting shall be held and the principal office shall
be located in the city of Bristol, Virginia.

6. No stockholder shall ever be liable or made responsi-
ble for its debts and liabilities in a larger or further sum
than the amount of any unpaid balance due to the said
company on account of stock purchased from the company
by the said stockholder.

7. All taxes which may be due from said company shall
be paid in lawful] money, and not in coupons.

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