Chap. 520.—An ACT to provide a new charter for the Iron Belt building and
loan association of Roanoke, Virginia.

Approved February 20, 1896.

Whereas the Iron Belt building and loan association was duly in-
corporated by order of the corporation court of Roanoke city, Vir-
ginia, entered and recorded as provided by law on the twenty-seventh
of May, eighteen hundred and ninety; and

Whereas said charter was altered and amended by further order
of said court on the thirteenth day of July, eighteen hundred and
ninety-one; and

Whereas it is the desire that said charter be amended and en-
larged; therefore,

1. Be it enacted by the general assembly of Virginia, That the
Iron Belt building and loan association be, and is hereby, incorpo-
rated and made a body corporate and politic under the general laws
of this state, and by the name of the Iron Belt building and loan
association, and that all of its acts heretofore done within the scope
of this charter are hereby confirmed and validated. The said com-
pany shall have perpetual succession, have the power to sue and he
sued, plea and be pleaded, defend and be defended in all courts,
whether in law or equity, and make and have a common seal and
alter the same at its pleasure; and shall have and enjoy all the
rights, powers and privileges appertaining to corporate bodies and
necessary for the purposes of this act.

2. The capital stock of said company shall consist of not lees than
ten thousand nor more than two hundred thousand shares of stock
of the par value, when fully paid up and matured, of one hundred
dollars each; but when any shares shall have been matured, for-
feited, or withdrawn a like number of additional shares may be
issued in lieu thereof. The said stock may be issued in one or more
denominations, to be paid by monthly installments, after the manner
of building and loan associations, in such amounts, manner and at
such times, and enforceable by such fines and penalties as may be
prescribed by the by-laws. The company may, however, issue and
sell paid-up stock upon such terms, rules and regulations as may be
prescribed by the by-laws, and either with or without accumulating
interest thereon. For the purpose of defraying the operating ex-
penses of the company and extending its membership the members
thereof shall pay such fines and assessments, monthly or semi-
annually, as may from time to time be provided for by the by-laws.
To further encourage its members in the acquisition of property the
company may, upon special terms and conditions and subject to the
rules and regulations established by the by-laws, issue to its mem-
bers obtaining an advance additional shares of stock not subject to
contribution to the expense fund, and not to exceed one-half in
number of the total number of shares necessary to the advance in
any case.

3. The principal office of said company shall be in the city of
Roanoke, Virginia. The officers of the said company, until the
next annual meeting of the stockholders thereof, shall be as at
present, to-wit: P. L. Terry, president; S. W. Jamison, first vice-
president; John T. Gibson, second vice-president; E. B. Jacobs,
secretary; J. C. Davenport, treasurer; C. A. McHugh, general coun-
sel (who, together with James R. Terry and H.S. Trout, shall be
the directors, a majority of whom shall constitute a quorum), and
such other officers and agents as the directors of said company may
appoint. The said officers, with the present members and stock-
holders of said company, and such other persons as shall or may
hereafter become associated with them, shall constitute and compose
this corporation.

4. The said board of directors shall prescribe the compensation of
its officers and employees. The said company may acquire, hold,
convey, and encumber all such real and personal property as may be
taken as security for loans or advances made by it, or that may
otherwise be conveyed to it in the due course of its business; and
may secure the payment of loans or advances and the performance
of other conditions upon which the loans or advances are made, or
the purchase money of property sold by it, by a mortgage or deed of
trust upon real property, or by the pledge of its stock or of other
personal property. Said company may also acquire, hold, and con-
vey stocks of other companies, ,
5. The company shall have power to provide by its by-laws for
lending or advancing to its members the money in its treasury upon
Approved real estate security or the pledge of its stock, or both, and
fix the rate of interest to be charged therefor, not exceeding 81x per
centum per annum on the amount actually advanced until the final
maturity of the shares advanced against, and shall further have
power to establish rules governing the priority of right to such loans
or advances among the applicants therefor, and the mode of making
an award and the rate of premium (in addition to the interest herein-
before provided for) to be charged therefor, and whether such pre-
mium shall be fixed and uniform or subject to competition for
priority among the members, and whether such premium shall be
deducted in advance or paid in periodical installments. But the
present by-laws of the said company, when not inconsistent with
the provisions of this charter, shall continue of force until amended
or repealed in the manner therein prescribed; and all contracts
heretofore made and entered iato by and between the said company
and its members under said by-laws and former charter, and not
incompatible with this charter, are hereby validated and confirmed.

6. Said company shall have power and authority to issue, sell or
negotiate, from time totime, its bonds, notes or other evidences of debt
in such form, and for such amounts, and payable at such times and
places, and bearing interest not to exceed the rate of six per centum,
and secured by such pledge or hypothecation of the funds of the com-
pany or the company’s property, real or personal, as the stockholders
may in general meeting authorize or determine. In the instrument
providing for such conveyance or pledge provision may be made for
the substitution in whole or in part, and from time to time, of other
property and choses in action in lieu of that originally pledged or
conveyed as security for,said bonds, notes or other evidences of in-
debtedness, and the lien on such substituted property shall there-
after be of like force and effect as if such substituted property had
been included in the original pledge, conveyance or mortgage. Said
bonds, notes or other evidences of debt may be issued in one or more
series, and whenever the property of the company shall have been
pledged or conveyed to secure the payment thereof, the amount due
or to become due thereunder shall be a charge upon the property so
pledged or conveyed, and any property thereafter substituted for any
such prior to other debts due by the said company not previously
and expressly charged thereon: provided that the total amount of
bonds, notes and other evidences of indebtedness issued under this
section and not repaid by the company shall not at any one time
exceed one-third of the amount for the time being advanced by the
association and secured by deeds of trust or mortgages from its
members.

8. The liability of any member or stockholder of this company in
respect to any share upon which no advance has been made shall be
limited to the amount actually paid or in arrear on such share; and
in respect to any share upon which an advance has been made shall
be limited to the amount payable thereon under any mortgage or
other security or under the rules of the corporation.
9. The general assembly hereby reserves the right to alter, amend
or repeal this charter at any time.
10. This act shall be in force from its passage.