Chap. 7.—An ACT to change the name of the Petersburg perpetual building
and loan company, and to amend and re-enact sections 1, 2, 4, 7, ana 10,
and to repeal sections 8 and 9 of an act approved May 10, 1887, entitled an
act to incorporate the Petersburg perpetual building and loan company,
and to add independent sections to the said act to confer additional powers
upon the said company.

Approved December 18, 1899. ‘

1. Be it enacted hy the general assembly of Virgimia, That sections
one, two, four, seven, and ten of an act approved May tenth, eighteen
hundred and eighty-sev en, entitled an act to incorporate the Petersburg
perpetual building and loan company, be amended and re-enacted so
as to read as follows:
§ 1. Be it enacted by the general assembly of Virginia, That N. T.
Patteson, junior, Augustus Wright, W. E. Poole, C. I’. Lauterback, W.
k. Harwood, Henry Heineman, William H. Kevan, and T. F. Knock,
associates and successors of William B. McIlwaine, Nathan B. Prichard,
Robert Gilliam, W. E. Deaton, A. G. McIlwaine, junior, George Davis,
Samuel P. Mitchell, William L. Zimmer, Thomas Stanley Beckwith,
M. Kemp Cary, Joshua M. Whitehurst, and Richard P. Barham, together
with such other persons as may hereafter be associated with them be,
and they are hereby, created and made a body politic and corporate,
by the name and style of the Petersburg banking and trust company,
which shall hereafter be the name and style of said corporation in place
of the name heretofore borne by it, and as such shall be capable in law
to purchase, hold, and dispose of property, both real and personal; to
receive deposits and savings; to borrow money and create loans for the
purpose of advancing upon buildings and lands, and for such other
ubjects as may promote the interests of the company, and for the purpose
of enabling persons of limited means to purchase a homestead for their
families. ‘The said corporation shall have power to make, have, and use
a common seal, and the same change, alter, add, and renew at pleasure;
to sue and be sued, to plead and be impleaded in any court of law or
equity; to make all deeds, transfers, contracts, conveyances and grants
whatsoever, and to exercise all the powers incident to a body politic
and corporate, not inconsistent with the laws of this state or of the
United States.

§ 2. There shall be a meeting of the said corporation at such a place
and on such a day, after the passage of this act, as the persons above
named, or a majority of them, shall appoint (and on such a day and at
such a place annually thereafter as the by-laws may appoint), for the
purpose of choosing from among the voting members not less than five
nor more than twenty-five directors to manage the affairs of the said
corporation for one year thereafter, and until a new election shall take
place and their successors are duly qualified; and the members above
named, or a majority of them, shall appoint the judges of the first
election, and all subsequent elections shall be conducted in accordance
with the by-laws.

§ 4. The stock of the said corporation shall consist of no less than
one hundred nor more than three thousand unredeemed shares at the
par value of one hundred dollars each, payable in such instalments as
the board of directors may prescribe. But the by-laws may provide con-
ditions for the payment of any part thereof in advance, and may also
prescribe the entrance fee to be paid by each stockholder at the time of
subscribing, and if they see proper, may limit the number of shares which
cach stockholder may hold at one time; and the corporation shall have
power to enforce the payment of all instalments and other dues due to
the corporation from its members or stockholders by such fines or
forfeitures as the board of directors may, from time to time, provide
in the by-laws; and every member shall have one vote for every share
of unredeemed stock which he may hold at any meeting of the stock-
holders or election for directors; and no one shall be eligible as president,
vice-president, or director who is not the bona fide owner, in his own
right, of one or more shares of unredeemed stock; and upon his ceasing
to hold in his own right unredeemed stock, it shall be the duty of the
board of directors to declare his or their oflice or oflices vacant,.and
to fill the vacancy.

§ % All shares of stock redeemed by, hypothecated to, purchased or
advanced on by the company, in accordance with the preceding section,
shall be considered as redeemed shares and shall be incelled : and it
shall be lawful for the company to issue an equal number of new shares
in their stead so that the number of unredeemed shares authorized by
this act may always equal and not exeeed the number of three thousand
unredeemed shares perpetually; and the member or members of the
ecrporation so redeeming the said share or shares of stock shall cease
to be stockholders, and shall not be entitled to vote at any meeting
of the corporation held for the purpose of electing directors, or for
anv other purpose, and shall not be eligible for any of the offices of the
corporation mentioned in this act: provided, however, that any stock-
holder who may redeem stock to the association, shall thereupon have
the privilege to subscribe for as many shares of new stock, at the price
fixed by the board, as he shall have redeemed at that time, and upon
so doing he shall not be deemed to have forfeited any of his rights
enumerated as above, in consequence of redeeming the previous shares.

§ 10. In addition to the foregoing powers the said company shall
have the power:

First. ‘lo receive moneys on deposit; to make loans and discounts,
and to carry on the business of banking in all its branches, and to
exercise all such incidental powers as may be necessary thereto.

Tt shall have the right to receive deposits from minors, and to deal
with such minors in reference thereto as if they were sui juris.

Second. The said company is hereby authorized and empowered to
accept and execute trusts of every description as fully as a natural person
could, which may be committed to said company by any person or
persons whatsoever, or by any corporation, or by order or decree or
authority of any court of record, or by last will and testament of any
natural person. In all cases where an application may be made to any
court having 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, admin-
istrator, trustee or receiver, upon a like application that any natural
person ‘might be so appointed; and it shall be lawful for any person,
by deed, will or other writing, to appoint said company a trustee, exe-
cutor, euardian, assignee or receiver, and as such executor, euardian of
an infant, committee of an idiot or insane person, administrator, curator,
trustee, executor, assicnce or receiver, the said company may lawfully
act, and as such shall be subject to all the obligations and liabilities of
natural persons acting in like capacities.

Whenever an oath is required upon qualification in any office, or
position of trust mentioned in this act, or whenever it is necessary for
the said company to give a bond, such oath may he made, or such bond
may be given by an oilicer or authorized agent of the said company.
fhird. Whenever the said company shall be appointed to any place
of trust above enumerated, or whenever deposits of money, or valuables
of any kind, shall be made with said company, its capital stock and its
property and effects shall be taken and considered as security required
by law tor the faithful performance of its duties, and shall be absolutely
liable therefor, and no other security shall be required from it on the
execution of a bond required, where one is now required, of any natural
person acting in such capacity. -

Fourth. ‘lhe said company is hereby authorized and empowered to
receive and keep on deposit, storage or otherwise, all such valuables as
gold, silver or paper money, bullion, precious metals, jewels, plate, cer-
tificates of stock, evidences of indebtedness, promissory notes, contracts,
deeds or muniments of title, or other valuable papers of any kind, or any
article or thing whatsoever, and take charge and custody of real and
personal estate and securities, and advance moneys thereon, on such
terms as may be established or approved by said company; and it shall
be lawful for any court, into which moneys, stocks, bonds or other
property may be paid or deposited, by agreement of parties, or by order,
judgment or decree of said court, to order and direct the same to be
deposited with said company. And it shall be lawful for any individual,
executor, administrator, guardian, committee, receiver, assignee, trustee,
public officer, or other person, having the custody of any bonds, stocks,
securities, moneys, or other valuables, to deposit the same for safe-keeping
with said company.

Fifth. The said company shall have power to guarantee, endorse, and
sccure the payment and punctual performance and collection of notes,
debts, bills of exchange, contracts, bonds, accounts, claims, rents, annui-
ties, mortgages, choses in action, evidences of debt, certificates of prop-
erty of value, checks, the title to property, real or personal, and indebted-
ness of companies, partnerships, cities, counties and municipalities in
this state, on such terms or commissions as may be agreed upon or estab-
lished by said company and the parties dealing therewith.

sixth. The said company shall have power to act as agent for the
purpose of issuing, registering or countersigning certificates of stocks,
bonds, or other evidences of debts, and to act as agent for any insurance
or other company doing business in this state.

Seventh. The said company is hereby authorized and empowered to
insure the fidelity of persons holding places of trust or responsibility, or
of any corporation, company person or persons whatsoever, to endorse
for and enter security or become security for the faithful performance
of any trust, duty, contract or agreement, and act upon any Injunction,
attachment or other bond, required by law of any person, and in every
such act the capital stock of the said company shall be taken and con-
sidered as sufficient security therefor: provided, on examination of the
ollicers and affairs of the company, or otherwise, the court shall be
satisfied of the sufficiency of the said company, and its property and
effects shall be liable as aforesaid, and it shall be lawful for the said
company to stipulate and provide for indemnity from the parties afore-
said, for whom it shall become responsible, and enforce any bond,
10 ACTS OF ASSEMBLY.

contract, agreement, pledge or security, which may be given for that
purpose.

hkighth. The said company is authorized to make, execute, issue and
deliver, in the conduct of its business, all papers, powers of attorney,
receipts, surrenders, vouchers, bonds, notes, and other contracts and
writings by and through any oflicer and agent of the company having
authority to act either under regulations adopted by the board of
directors, or otherwise. :

Ninth. This company shall have the right to conduct the business
of a trust company in all its branches, and to have and exercise all such
powers as may be necessary or incidental thereto.

Tenth. The said company is authorized to invest its capital and
increment thereof, money received in trust, on deposit, or otherwise,
other than such as may be placed with it on safe deposit only under
subdivision fourth of this section, in the funds of the United States, or
in any stock or property whatsoever, and to take, have and hold estate—
real, personal, or mixed—obtained with the money aforesaid, or with
funds belonging to said company, and to sell, grant, mortyage, or other-
wise encumber, lease or dispose of the same, and to that end may execute
all deeds or other instruments concerning the same; to deal in, and buy
and sell on commission, exchange foreign or domestic securities, mort-
gages, lands, certificates of indebtedness, stocks of incorporated com-
panies, notes, loans, bonds of the United States, or of any state, city,
county, or of any incorporated company, or of individuals.

2. That sections eight and nine of the act of assembly, approved
March second, eighteen hundred and eighty-seven, entitled an act to
incorporate the Petersburg perpetual building and loan company be,
and the same are hereby, repealed.

3. That this act shall be in force from its passage.