Chap. 602.—An ACT to incorporate the People’s Bank of Commeree and Savings.
Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That Wilham
J. Payne, O. J. Sands, George A. Schmelz, 8. (Cordon Cumming, E. M.
Braxton, and TD. (. Lollickofte ‘Tr, and such other persons as may be here-
after associated with them, their successors and assigns, be, and they are
hereby, constituted a body politic and corporate by the name of the
People’s Bank of Commerce and Savings, and by that name shall have
perpetual succession and a common seal, which they may alter or amend
or renew at their pleasure, and may sue and be sued, implead and be im-
pleaded, contract and be contracted with, purchase, hold, and grant es-
tates, real and personal, and generally shall have, enjoy, and exercise all
the rights, privileges, and powers, and shall be subject to all the restric-
tions conferred or imposed by the laws of this State upon corporations of
like character. The principal office of the company shall be in the city
of Richmond.

The capital stock of the said company shall be not less than one hun-
dred thousand dollars, to be divided into shares of the par value of one
hundred dollars. ‘The above named incorporators, or a majority of them,
shall have power to open the books for subscription to the capital stock
of said company at such times and places, after ten days’ notice in some
newspaper published in the citv of Richmond, Virginia, as they may de-
termine, and as soon as the minimum amount ef capital stock shall have
been subscribed, thev may at any time thereafter, as they may deem best,
call a meeting of the subscribers and organize a company and elect a
board of directors, consisting of not less than five, who shall serve until
the ensuing annual election, or until their successors are elected. The
number of the said board may be inereased at any time by the stockholders
of said company in gencral mecting to a number not exceeding forty-

eight.
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A general meeting of the stockholders may be held at any tume upon
the call of the board of directors or of the stockholders holding together
one-tenth of the capital stock upon their giving notice of the time and
place of said meeting for ten days in a newspaper published in the cits
of Richmond, and it shall not be necessary to state in such advertisement
the special business to be transacted at such meeting, except that mention
shall be made in such advertisement that the question of increase of capi-
tal stock of said corporation is to be considered at such meeting before
such meeting shall have power to increase the same.

The said capital stock may be increased, from time to time, to an
amount not exceeding five million dollars by a vote of a majority of the
stockholders, and upon the payment of the additional charter tax into
the treasury of the State of Virginia, or to the auditor of public accounis,
to cover such increase, and a copy of the resolution authorizing such in-
crease lodged with the secretary of the Commonwealth.

3. The annual meeting of the stockholders shall be held on the second
Tuesday in January of each year, or at such other time as may be fixed
by by-law, and at such meeting shall elect its directors, whose term of
office and manner of election may be prescribed by by-laws adopted by the
stockholders, which by-laws shall provide for the election of a president
and one or more vice-presidents. The board of directors shall have power
to appoint and employ such other officers, managers, clerks, agents, and
attorneys as the business of said corporation may, from time to time, re-
quire ; all elections of directors shall be by ballot, and at all such elections
and at all meetings of stockholders every stockholder shall be entitled to
one vote for every share of stock held by him.

4, In addition to the gencral powers of corporations and those men-
tioned, the said corporation shall have power—

(a) To receive and keep on deposit all such valuables, gold, silver, or
paper money, bullion, precious metals, jewels, plate, certificates of stock
or evidences of indebtedness, deeds or muniments of title, or other valu-
able papers of any kind, or any other article or thing whatsoever that may
be left or deposited with it for safe-keeping, and to charge such commis-
sions or other compensation therefor as may he agreed upon, or may be
proper, and generally to transact and perform any and all business re-
lating to such deposit and safe-keeping or preservation of all such articles
or valuables as may be deposited with it as aforesaid.

(b) To accept the appointment and discharge the duties of executor,
administrator, curator, guardian, committee, receiver, trustee, or assignee :
to take and accept by grant, assignment, transfor, devise, or bequest, and
hold any real or personal estate, and any and all such trusts as are allowed
by the laws of this State in the case of a natural person, and to execute
all such trusts in regard to the same on such terms as may be declared,
established, or agreed upon in regard thereto: to act as agent for the
purpose of issuing, registering, or countersigning the certificates of stock,
honds, or other evidences of debt of any corporation, association, munici-
palitv, State, or public authority on such terms as may be agreed on; to
accept and execute trusts for married women in respect to their Separate
estate, whether real or personal, and to act as agents for them in respect
to.the management thereof, and generally to accept and execute trusts of
any kind snd every description that may be committed or transferred to
it, with their assent, by any person or persons whomsoever, or by any co-
partnership, body corporate or public, or by any court, whether of this or
any other State, or by any court of the United States.

(c) To invest it capital stock and such other moneys or funds as may
come into its possession in the course of its business or dealings in such
security, real or personal, or mixed, or in such estates, real or personal,
or mixed, as it may deem best, and to take, have, hold, and enjoy such
estates, real, personal, and mixed, as may be obtained by the investment
of its capital stock, and such other moneys or funds as aforesaid, and the
same to sell, grant, mortgage, encumber, lease, and dispose of at pleasure,
and to execute, acknowledge, and deliver all deeds and other instruments
concerning the same.

(d) To carry on the business of banking in all its branches, and to exer-
cise all such incidental powers as may be necessary thereto, whether by
buying, selling, making, drawing, discounting, or negotiating promissory
notes, drafts, bills of exchange, bonds, and other evidences of debt, by re-
ceiving deposits, by buying and selling exchange, coin, and bullion, by
loaning money, taking security, real or personal, therefor, or otherwise.

(e) To receive deposits from minors and to open account with them in
their own name, and when any deposit shall be made in the name of any
minor, the said corporation may deal with such minor in reference thereto
as though he or she were sui juris, and payments made to such minors
on his or her receipt or acquittance, or his or her check drawn against
such deposit, shall be a valid and sufficient release and discharge to such
corporation for such deposit, and any interest thereon or any part
thereof: provided, that nothing contained herein shall be construed as
authorizing any guardian to deposit with such corporation in the name
of such minor any money or funds entrusted to such guardian in his
fiduciary capacity.

(f) To borrow money and to issue therefor its certificate of debt or obli-

gation, and to secure the same as may be agreed upon by depositing in
the hands of the lender notes, bonds, stocks, or other securities as col-
lateral, or in such other manner as it may deem best.

(q) To take, charge, and receive for the performance of any of the ser-
vices contemplated by this charter such commission or other compensation
as is customary and proper, or as may be agreed upon, or as may be
allowed by any court having jurisdiction over the subject.

(h) To establish or acquire any one or more branch banks, establish
agencics or offices in any city, town, or county in this or any other State,
and to transact, through such bank, agencies or offices, such business as it
is herein generally authorized to do.

5. The board of directors shall have power to declare such dividends
or profits of said corporation as they may deem proper: provided, that no
dividend shall be declared when the capital stock would be thereby im-
paired.

6. The stockholders, by a majority vote, shall have power to enact
and adopt such rules, regulations, and by-laws for the management and
718 ACTS OF ASSEMBLY.

government of this corporation as they may deem advantageous to th
rene thereof: provided, the same are not contrary to law.

The said company may change ifs name ar any time when duly au
thorized thereto by a resolution adopted by a majority of its stockholder
at a general or special meeting of the stockholders, and a certified copy o
said resolution having been filed with the secretary of the Commonwealt!
of Virginia.

. This act shall be in force from its passage.