Chap. 267.—An ACT to change the name of the Security Trust Company, of New-
port News, Virginia, to Security Trust and Savings Bank, of Newport News,
Virginia, and to amend and re-enact sections 1, 2, 14, and 16 of chapter 113 of
acts of assembly 1893-4, entitled an act to incorporate the Security Trust
Company, of Newport News, Virginia, approved January 31, 1894.

Approved March 25, 1902.

1. Be it enacted by the general assembly of Virginia, That sections
one, two, fourteen, and sixteen of chapter one hundred and thirteen of
acts of assembly of eighteen hundred and ninety-three and eighteen hun-
dred and ninety-four, entitled an act to incorporate the Security Trust
Company, of Newport News, Virginia, approved January thirty-first,
eighteen hundred and ninety-four, be amended and re-enacted so as to
read as follows:

§ 1. That C. B. Orcutt, I. E. White, W. A. Post, J. A. Willett, M. B.
Crowell, M. V. D. Doughty, Theodore Livezey, John R. Swinerton, and
R. G. Bickford, and their associates and successors, shall be, and are
hereby, made and created a body corporate and politic by the name of
the Security Trust and Savings Bank, of Newport News, Virginia, and
by that name shall have perpetual succession, and may contract and be
contracted with, sue and be sued, plead and be impleaded, and have and
exercise all the powers hereinafter given, and such other powers as are
usually given to and exercised by like corporations, and may have and
use a common seal, and alter the same at pleasure.

§ 2. The capital stock of the said corporation shall consist of two hun-
dred and fifty shares of the par value of one hundred dollars each, with
the privilege to increase the same by a vote of the stockholders (those
holding two-thirds of all the capital stock assenting thereto) at an
annual or special meeting to any sum not exceeding one hundred thou-
sand dollars. The corporators, or a majority of them named in the first
section of this act, shall have power to open books for subscriptions at
such times and places as they may deem expedient; and when not less
than two hundred and fifty shares shall have been subscribed, the share-
holders may elect a board of not less than seven directors, which number
may at any time be increased by vote of the stockholders owning two-
thirds in value of the stock to any number not exceeding fifteen. The
directors shall serve until the next annual election or until their succes-
sors shall be duly elected and qualified; and the directors so elected by
the said company, when it shall have been organized, may, and they are
hereby, authorized and empowered to have and exercise in the name and
in behalf of the said company all the rights and privileges which are
possessed by the said corporation.

814. That the said company shall have the power to buy, sell, lease,
and release real estate on commission, and to act as lawful agents for any
insurance company or companies, and it shall be lawful for said company
to sell its capital stock to any other corporation, and to subscribe to, to
purchase, to hold, and to vote the capital stock of any other corporation;
and to purchase or otherwise acquire and hold the stock or bonds of any
other company or corporation chartered under the laws of this or any
other State. The said company is authorized and empowered to sell,
lease, or otherwise to dispose of its rights, property, privileges, immuni-
ties, and franchises to any other company or corporation, and to buy,
lease, or otherwise acquire the rights, property, privileges, immunities,
and franchises of any other company or corporations; and it shall be law-
ful for the company hereby incorporated to unite and consolidate with
any other company or companies upon such terms as may be agreed
upon between them, and power is hereby conferred on such other com-
pany or companies to transfer, by sale or lease, their property, franchises,
rights, privileges, and immunities to the company hereby incorporated,
or to unite and consolidate with it upon such terms as may be agreed
upon between them.

§ 16. That said company may declare and pay annual or semi-annual
dividends from its net earnings, but before declaring any dividends it
shall reserve from the said net earnings not less than twenty per centum
of the net profits earned by the said company since the last dividend,
and shall continue to do so until the amount thus received shall equal
one hundred per centum of the paid up capital stock.

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