Chap. 116.—An ACT to incorporate the Southwest Virginia trust company.

Approved February 13, 1901.

1. Be it enacted by the general assembly of Virginia, That J. B. Fish-
burn, N. W. Phelps, Edward lL. Stone, William A. Glasgow, junior, W.
C. Stephenson, W. R. Moore, and Lucian H. Cocke, and such other
persons as may hereafter be associated with them, and their successors
be, and they are, hereby created a body corporate by the name of “South-
west Virginia trust company,” by which name iteshall have perpetual
suecessien and a cominon seal: may sue and he sued, plead and be im-
pleaded, contract and be contracted with, and shall have all the rights
and privileges of a corporation under the laws of the state of Virginia.

2. The said corporation is authorized to receive moneys in trust, and
to hold or dispose of same in accordance with the terms of the trust; to
accept and exeente such trusts, and perform duties of every description
not inconsistent with the laws of this state as may be committed to it by
any person or persons whatsoever, or by any corporation, or by any
court of this commonwealth.

3. The corporation is authorized to guarantee the payment of notes,
bonds, bills of exchange, and other evidences of debt, whether the same
shall be the obligation of individual or corporations, and to receive a
commission therefor; to re-discount paper; to receive money on deposit
for investment or otherwise, and to hold the same subject to the order
of the depositor, or may grant certificates therefor; to borrow money and
execute notes for the same; to buy, sell, draw or negotiate bills of ex-
change; to invest the money received on deposit or belonging to said cor-
poration, or to lend the same on stocks, notes, bonds, bills or other
security, real or personal, or use the same in purchasing or re-discounting
notes, bonds, bills, or other securities, and to receive interest therefor ;
to purchase, hold, lease, or rent real estate; to negotiate loans upon real
or personal security; to loan money on i1eal estate: to buy or sell the
same on commission; to become surety for all classes of fiduciaries; to
act as receiver for courts; to subscribe to and hold the stock of other
corporations; to make and certify for compensation abstracts of titles to
real estate, and to guarantce titles to real estate or personal property; to
act as agent, trustee, assignee, recciver, guardian, executor, administra-
tor, curator, or committee; to take charge of property, collect rents and
incomes, and manage real and personal estate; to act as ayents for life,
fire, and accident insurance companies, which are or which may be au-
thorized to do business in the state of Virginia.

4. The said corporation is further authorized to act as agent for the
purpose of transferring, issuing, registering, or countersigning certifi-
cates of stock, bonds or other evidences of debt of any corporation, asso-
ciation or municipality, and to receive and manage any sinking fund
therefor, on such terms as may be agreed upon. It may also make and
issue debenture bonds or certificates, to be paid at such times. and se-
cured in such manner as may be determined upon at the time of issue.

5. The said company may acquire suitable premises for the purpose of
receiving on storage any and all kinds of merchandise or personal prop-
erty for safe-keeping, sale, or shipment; may rent safety-deposit boxes.
and may receive compensation for storage, sale, or shipment: may make
advances in money, notes, acceptances, or other evidences of debt, or obli-
gations of persons or corporations storing or depositing such property
with it; and all such advances or guarantees xo made by said company
on property received for storage or deposit, as well as compensation for
all charges and expenses incident thereto, shall be a preferred lien on
said property, which shall be satisfied and paid before said company
shall be required to make delivery of said property.

6. It shall be lawful for said company to sell at public auction or
private sale, in its discretion, all property of whatever kind mentioned
or specified in any contract or agreement between the company and other
partics, when ten days shal] have elapsed over the time of maturity of the
obligation under said contract or agreement, or immediately upon the
discovery of any fraud, misrepresentation, or concealment in regard to
the ownership, or other facts in connection with said property which
might jeopardize the rights of the company or its security, after five
days’ advertisement of the time and place of sale in some newspaper
published in the city or county of the principal office or of any branch
oflice, and to reimburse itself out of the proceeds of said sale for the money
due it, with interest charges for storage, costs, and so forth, and to in-
demnify itself for any loss it may have sustained by the non-fulfi!lment
of its contract, or by reason of said misrepresentation, fraud or conceal-
ment.

7. The company shall also have power to make insurance upon the
lives of individuals, and every insurance appertaining thereto or con-
nected therewith; make endowments, and grant, purchase, or dispose
of annuities. The insurance business of the eompany shall be conducted
upon such plans and under such conditions or regulations as may be
adopted by the board of directors or specified in the by-laws of the
company, not inconsistent with the laws of Virginia. The board of
directors may determine the rates of insurance, terms of insurance, and
ihe sum to be insured.

8. That in all cases in which public officers of municipal or private
corporations are authorized to deposit money, stocks, bonds, or evidences
of debt. said deposit by said oflicers of said corporations may be made
with said company.

9. Whenever said company shall be appointed by any court to a place
of trust, as hereinbefore enumerated, or whenever deposits of moncy or
valuables of any kind shall be made with said company, the capital stock
and effects of the company shall be taken and considered as security re-
quired by Jaw for the faithful performance of its duties; and no other
security shall be required from it in the execution of the bond required ;
and it shall be lawful for any individual, executor, administrator, euar-
dian, receiver, assignee, public officer, or other person having the execu-
tion of any trust to deposit same for safe-keeping with said company.

10. The capital stock of said company shall be not less than twenty-
five thousand dollars, and not more than one hundred thousand dollars,
to he divided into shares of one hundred dollars each. which stock may
be issued in such classes and with such terms or preference as the by-
laws of the company may provide.

The officers of said corporation shall consist of president, vicc-presi-
dent. and secretary and*treasurer, which last two mentioned offices may
be filled by the same individual, and a board of directors, to consist
of not less than five, nor more than eleven stockholders, of which the
president and vice-president shall be members; and as soon as the mini-
mum amount of stock provided for in this charter shall have been sub-
seribed. the incorporators herein named, or a majority of them. shall
he authorized to call a mecting of the subscribers to the stock for the
purpose of electing a hoard of directors; and said board so elected shall
remain in office until the regular annual meeting of the company which
mav be provided for in the hy-laws.

The said company shall have power to make and ordain such by-laws,
rules, and regulations as may be necessary, suitable, and convenient for
the successful prosecution of its business, providing therein for the
manner of electing its officers, the terms and mode of issuing its stock,
the conveyance of real estate, and the terms upon which loans shall be
made and the manner in which the funds of the company shall be in-
vested; and in general, such by-laws, rules, and regulations for the
operation of the company as are not inconsistent with the laws of the
state or the United States.

The principal office of said company shall be located at Roanoke, Vir-
ginia, but the company shall have the right to establish branch ollices
in any county or city in this state.

All taxes due by said corporation shall be paid in money and not in
coupons. |

11. This act shall be in force from its paxsage.