Chap. 626.—An ACT to incorporate the Real estate loan and savings bank of Mar-
tinsville, Virginia,

Approved March 1, 1898,

1. Be it enacted by the general assembly of Virginia, That W. H.
Barker, T. G. Burch, W. H. Gravely, junior, G. M. Finley and Pannill
Rucker, and such other persons as they may associate with them, and
their successors in office be, and hereby are, constituted and made a
body politic and corporate under the name and style of Bank of
Martinsville.

2. That the capital stock of said corporation shall not be less than five
thousand dollars nor more than twenty-five thousand dollars, divided
into shares of the par value of one hundred dollars each.

3. As soon as the sum of five thousand dollars shall be subscribed to
the capital stock of said corporation, the whole of which shall be paid
at the time of organization to a committee to be appointed by the incor-
porators, the persons named in this act of incorporation, or a majority
of them, shall call a meeting of the subscribers, by giving five days’ notice
by written or printed notices, published and posted in said town of Mar-
tinsville, so as to give general publicity thereto, at which meeting the
subscribers may elect five directors and adopt such by-laws and regula-
tions as they may deem necessary for the proper management and con-
duct of the affairs of said corporation. The directors so elected shall
constitute the first board of directors of said company and shall continue
in office for one year and until their successors are elected. Every stock-
holder shall be entitled to one vote for every share of stock held by him.
Any stockholder shall be eligible to the office of director. The annual
meeting of stockholders shall be provided for in the by-laws.

4. The number of directors shall be five, and they shall be elected
from among the stockholders at the annual meeting thereof, and may be
removed by the members in general meeting by a majority vote based
upon the capital stock of the corporation ; but unless so removed they
shall continue in office until their successors are elected.

5. The directors shall elect one of their number president, and may
also fill any vacancy occurring in the board, unless it shall be occasioned
by the removal by the stockholders in general meeting, in which case the
stockholders shall fill the same in general meeting. The board of direc-
tors shall appoint such subordinate officers and agents as they may deem
it necessary to have, or as shall be designated by the by-laws, for the
conduct of the business of the corporation, prescribe their duties and
compensation, and take from them bonds and good security for the
faithful performance of their duty, and the subordinate agents so
appointed shall hold during the pleasure of the board of directors.

6. The said Bank of Martinsville shall have authority to and may
purchase, hold, sell, mortgage, lease, improve and dispose of property,
both real and personal; may negotiate loans, buy and sell bullion, coin,
bank-notes, foreign and domestic bills of exchange, stocks, bonds and
other evidences of debt, lend money upon real estate and personal se-
curity, upon such time or In such amounts, and to such persons as it
may deem best; guarantee the payment of notes, bonds, bills of ex-
change and other evidences of debt, and receive compensation for such
guarantee, and may borrow money and create loans for the purpose of
advancing upon buildings and land, and such other objects as may pro-
mote the interest of the corporation, and especially for enabling persons
of small means to purchase and build homesteads for themselves. Said
bank shall be entitled to conduct a building and loan business such as
is usually conducted by building and loan associations under the laws
of this state. And said corporation shall be entitled to all the rights,
powers and privileges of savings banks and banks of discount and
deposit under the general laws of Virginia.

7. No director or oflicer or employee of said corporation shall be
allowed to borrow any money or other thing from the assets thereof
therefrom, or to negotiate any loan of money or other thing belonging
to said corporation to any person where such director, officer or em-
ployee has any interest, directly or indirectly, in the negotiation of such
loan.

8. The books, papers and accounts and assets of said corporation
shall be at all times open to the inspection of any stockholder or creditor
of, or depositor in, said bank, under such reasonable restrictions by the
board of directors as may be necessary to prevent any hindrance of the
dispatch of the business of said corporation.

Y. The said corporation shall have power to adopt and use a common
real; to change and alter at pleasure; to sue and be sued; plead and be
impleaded in any court of law or equity; to make all deeds, transfers,
contracts, conveyances and grants whatsoever, and to use, exercise and
enjoy all the powers and privileges necessary for and pertaining to bodies
politic and corporate.

10. The principal office of said corporation shall be in the town of
Martinsville, in the county of Henry, Virginia.

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