Chap. 691.—An ACT to incorporate the Christ Church Loan Association.
Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That George
Loyall, William W. Old, junior, J. 8S. Taylor, W. H. Taylor, junior,
Herbert Old, T. A. Williams, T. 8. Purdie, M. W. Talbot, D. Lawrence
Groner, Henry A. Whiting, and such other persons as are now or may
hereafter be associated with them, be, and they are hereby, constituted a
body politic and corporate under the name and style of the Christ Church
Ioan Association, and with full and adequate powers to conduct a loan
association upon the conditions hereinafter set forth, lending in such
sums and to such persons as they may elect: provided, that no loan shall
be made on any deposit or pledge of personal property, nor upon any
stocks and bonds or other printed securities, or evidences of indebtedness
as collateral security.

2. The said association is hereby authorized to loan money to worthy
persons in need upon such assurances of character as may be acceptable
to them, and may, in their discretion, require endorsement.

3. No loan of less than ten dollars shall be made. Interest may be
charged, not exceeding the following rates: Two and one-half per centum
per month on amounts of twenty- five dollars or less; one per centum per
month on amounts over twenty-five dollars and less than one hundred
dollars, and one-half of one per centum per menth on amounts of one
hundred dollars or more: and, in addition thereto, the said association
may charge a reasonable fee for examining into the applications for
loans, not exceeding one, two, and three dollars for each of the within
classification of amounts, respectively. In computing the interest, frac-
tional parts (exceeding one-half) of a month may be counted as full
months, and partial payments may be credited quarterly in the calendar
year.

4. In pursuance of the benevolent objects and purposes of this associa-
tion, no dividends or profits shall be declared or divided amongst its
members, but all accretions, whether from interest, donations, or other-
wise, shall continue in the general fund for the purposes above set forth.

5. This association is hereby authorized to loan money upon the se-
curity of personal property remaining in the possession of the borrowers,
but in such cases not exceeding one-half of the rates of interest above
mentioned shall be charged.

6. The said association shall be entitled to take and hold any property
conveyed to it by gift, grant, devise, or bequest embraced in any will or
any other instrument made to it, and no misnomer or misdescription of
said association in any such will shall vitiate or defeat the said gift,
grant, devise, or bequest: provided, that it be sufficiently described to
ascertain the intent of the parties.

%. As soon as a fund of three hundred dollars is acquired the associa-
tion may organize and begin business.

8. Upon a dissolution of this association any money or funds remain-
ing may be applied to the purchase of books or furniture for the use of
the minister of the congregation of Christ Protestant Episcopal Church,
at Norfolk, Virginia.

9. All the property and assets of this association shall be exempt from
all taxes, State, county, and municipal, and no licenses shall be required
for the conduct of its business.

10. All acts and parts of acts inconsistent with this act are hereby re-
pealed.

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