Chap. 1048.—An ACT to amend the charter of the guarantee building, loan
and trust company, of Richmond, Virginia.

Approved March 7, 1900.

1. Be it enacted by the general assembly of Virginia, That the
charter of incorporation which was granted by the circuit court of
the city of Richmond on the sixteenth day of February, eighteen hun-
dred and eighty-nine, to certain persons forming a corporation under
the name and style of the guarantee building, loan, and trust company
be and the same is hereby, amended so as to read as follows:

$1. Be it enacted by the gencral assembly of Virginia, That James
Tavis Anderson, William C. ‘Camp, A. J. Chewning, James D. Crump,
Sol Cutchins, J. Booton Hill, H. L. Lorraine, J. W. Rothert, and such
others as are now stockholders in the said guarantee building, loan, and
trust company, their successors and assigns, and such others as may
be hereafter associated with them, be, and they are hereby, created
and declared to be a body politic and corporate, under the name and style
of the guarantee building, loan, and trust company of Richmond, Vir-
ginia, and by that name may sue and be sued, plead and be impleaded,
contract and be contracted with; may have a common seal and alter or
renew the same at pleasure; may make all deeds, transfers, contracts,
conveyances, and grants whatsoever, and exercise all the powers incident
to a body politic and corporate not in conflict with the laws of this
state or of the United States.

2. The said corporation shall have the right to conduct the business
of a building and loan association; to receive deposits and savings; to
loan to the stockholders or to other persons the moneys accumulated
from time to time, and the right to purchase Jand or erect houses and
to sell, convey, lease, or mortgage the same at its pleasure to its stock-
holders or others for the benefit of its stockholders. And it may acquire,
hold, convey, and encumber all or anv property, real or personal, taken
by it as security or otherwise acquired by it in the due course of busi-
ness; and may also secure the payment of loans and the performance
of the conditions upon which loans are made, and the payment of the
purchase money for any property sold, by taking personal security,
or by mortgage or deed of trust upon real or personal property and
by a transfer and pledge of its stock.

3. The said corporation may fix by its by-laws the premium or honus
at which it will dispose of the money in its treasury to its stockholders,
and award or loan to anv member or stockholder the value of any shares
held by him, less such premium or bonus; and the mode of the making
nf the disposal, loan, or award, shall be fixed by the by-laws; and it
may charge and receive said premium in advance or in instalments. Tn
default of application for said money by its stockholders it shall be
lawful for the said corporation to loan the same to other persons on
such terms as may be agreed upon, and in such manner as may be fixed
by the by-laws.

4. The said corporation may levy, assess, and collect from its stock-
holders dues and pavments upon every share of its stock, the amount,
time, and manner of payment of the same to be fixed by the by-laws;
and the said stock may be paid off and retired as the by-laws may
direct. And it may levy, assess, and collect from members to whom
loans have been made interest upon the par value of the shares re-
deemed; and may levy, assess, and collect fines for the non-payment of
dues or for failure to comply with or perform any other obligation
or duty to the said corporation. The amount of the respective fines
shall be fixed by the by-laws and they shall be imposed under regula-
tions to be prescribed by the by-laws.

5. A borrower from the said corporation may repay the loan at any
time; but in the case of the redemption thereof before the maturity of
the loan the borrower shall pay such an amount for the privilege as
may have been agreed upon or is provided for in the by-laws; and there
shall be refunded to such borrower, in case the premium shall have been
deducted in advance, such proportion of the premium bid as the by-laws
may determine.

6. The said corporation may adopt such by-laws and regulations
for its government and the management of its business as its members
mav think proper: provided, the said by-laws and regulations be not in
conflict with the provisions of this act.

?. The present officers-of the said corporation shall continue in
office until the next annual meeting of the stockholders of the said
corporation or until their successors are duly elected; and in case of a
vacancy in any office the same shall be filled in the manner prescribed
by the by-laws of the said corporation. The affairs of the said corpo-
ration shall be managed by a board of directors consisting of such
number as mav, from time to time, be prescribed by the by-laws, and
a majority of them shall constitute a quorum. The meetings of the
stockholders of the said corporation shall be held in the city of Rich-
mond at such time as may be prescribed in the by-laws.

8. The directors of the said corporation shall be elected by the
stockholders in general meeting, and the said directors shall from
their number elect a president, and they may appoint such subordinate
officers and agents as they mav find necessary and proper for the con-
duct of the business of the said corporation; and they shall have power
to fill all vacancies which may occur in these offices or in their own
body.

9. The stock of the said corporation shall consist of not less than
two hundred and fiftv nor more than five thousand unredeemed shares
of the par value of one hundred dollars each, pavable in such instal-
ments as the board of directors may prescribe; but the by-laws mav
provide conditions for the pavment of all or any part thereof in advance |
and mav also prescribe an entrance fee to be paid by each stockholdet
at the time of subscribing; and mav limit the number of shares whict
anv stockholder mav hold at one time.

10. All shares of stock redeemed or purchased bv the said corporatior
from any borrowing member shall be considered as redeemed share:
and shall he cancelled; and it shall he lawful for the said corporatior
to issue an equal number of new shares in their stead so that the
number of unredeemed shares shall not exceed five thousand share:
perpetually; and the member of said corporation so redeeming any
share or shares shall cease to be a stockholder as to said redeeme¢
shares and shall have no vote thereon.
11. This charter is granted upon the express condition that all taxes
accruing against the said corporation shall be paid in lawful money of
the United States and not in coupons. And upon the further condition
that it is subject to the general law in relation to building and loan
associations and subject to any amendment or repeal of such law.

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