Chap. 174.—An ACT to incorporate the Portsmouth dime savings bank.

Approved February 15, 1901.

1. Be it enacted by the general assembly of Virginia, That J. S. Craw-
ford, A. Brandt, V. G. Culpepper, Charles T. Bland, L. C. W. Page, A.
J. Phillips, T. J. Wool, M. D. Eastwood, Williamson Smith, and their
associates, successors and assigns be, and they are, hereby created a body,
politic and corporate, under the name and style of “The Portsmouth
dime savings bank,” and by such name acquire, hold and convey real
and personal property, sue and be sued, plead and be impleaded, in any
of the courts of the state, and have a continued succession for ninety-nine
years, and a common seal for the purposes indicated in the title, and
shall have all the powers, rights and privileges granted to any banking
institution under the laws of the state of Virginia.

2. That the capital stock of said corporation shall not be less than
five thousand dollars, which may be increased from time to time to a
sum not exceeding twenty-five thousand dollars in shares of ten dollars
each, payable as follows: ten per centum of share in cash, and ten per
centum per month for each month thereafter until the full sum is paid;
said corporation may, however, commence its business when five thou-
sand dollars of the capital stock aforesaid has been paid in. The stock-
holders shall not be individually liable for the debts or torts of the cor-
poration.

3. That seven persons shall constitute a board of directors of this cor-
poration, to be selected when said corporation shall be organized, who
shall continue in office until their successors are chosen: provided, that
no person shall be a director in said corporation without having first sub-
scribed and taken at least ten shares of said stock.

4. It shall be the duty of the board of directors to prescribe rules,
regulations, and by-laws for the government thereof; to choose officers,
fix salaries, fill vacancics, and generally do and perform such duties as
the rules, regulations, and by-laws of this corporation shall prescribe
when the same shall have been duly ratified by a majority in number
and value of the stockholders voting thereon in person or by proxy.

5. That this corporation shall have the power to receive, pay out the
lawful currency of the country; deal in exchange, gold and silver coin,
stocks, bonds, notes, and other securities; to loan money to, or receive
deposits of money or other property, or evidences of debt from corpora-
tions, minors, apprentices, femmes covert, or other persons, on such terms
and time, and manner of collection and payment as may be agreed upon
between the parties; and for the use and loan of money may charge so
high a rate of interest as six per centum per annum, and may take and
receive said interest at the time of making said loan, free from all other
control, contract or liability whatever; to invest in the stocks, bonds.
or other securities of this or any other state of the United States, or of
any corporation under the laws thereof, and to take such real and per-
sonal property conditioned in such form for the payment of the principal
and interest of money loaned, advanced or expended, as may be deemed
most safe, expedient and beneficial.

6. That said corporation shall have power and authority to guarantee
the payment of principal and interest of notes, bonds, bills of exchange,
and other securities or evidences of debt, including the obligations of such
corporations and individuals as may have secured their payment by
deed of trust made to this corporation for such special purpose, and
to receive for any guarantee such compensation as the parties may
agree upon, and may charge therefor so high a rate of interest as six
per centum per annum, and may take and receive the interest at the time
of making said transaction.

%. The said corporation shall have the power to receive money in trust
and accumulate the same at legal rate of interest, and to allow interest
not exceeding the legal rate; to accept and execute trust of every descrip-
tion as fully as a natural person could, which may be committed to
said company by any person or persons whatsoever, or by any corpora-
tion, or by order or decree or authority of anv court of record, upon such
terms as may be agreed upon, provided or declared in regard thereto:
to act as agent for the purpose of issuing. registering, or countersigning
certificates of stock, bonds, or other evidences of debt of any state. cor-
poration, association, municipality, or public authority on such terms as
may be agreed upon: to lease and rent real estate and collect rents from
the same; to aceept from and execute trusts for married women in respect
to their separate property or estate, and to act as agent for them in the
management, sale and disposition of their properties.

8. That in all cases where an application may be made to any court.
having jurisdiction to appoint a guardian of an infant, committee of an
idiot or insane person, administrator of any person dving, testate or in-
testate, trustee or receiver, such court shall have power to appoint said
company as such guardian, committee, administrator, trustee, or receiver
upon the like application that any person might be so appointed; and it
shall he Jawful for any person by decd. will. or any other writing to
appoint said company a trustee, executor, guardian, assignee, or receiver,
and as such executor. guardian of an infant, committee of an idiot or
insane person, administrator, trustee, executor, assignee, or receiver, said
company may lawfully act, and as such shall be subject to all the obli-
gations and liabilities of natural persons acting in like capacities, and
subject to be removed like natural persons.
9. That 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 :
provided, that the deposit shall not exonerate such individual from
liability.

10. ‘That every court wherein said company shall be appointed or shall
be dllowed to qualify as guardian, committee, executor, administrator,
trustee, or receiver, or in which it may be made the depository of moneys
or other valuables, shall have power to make all orders and compel obe-
dience thereto and require said company to render all accounts which
such court might lawfully make or require if such company was a natural
person; and the court, if it deem it necessary, may, from time to time,
appoint suitable persons to investigate the affairs and management of
said company, or the court may, if it deem necessary, examine the
officers of said company, under oath or allirmation, as to the security
aforesaid.

11. That said company is authorized to invest moneys received in
trust or deposit, Joan or otherwise, and to take, have, and hold estate—
real, personal or mixed—ohtained with the money aforesaid, or with
funds belonging to said company, and to sell, grant, mortgage, or other-
wise encumber, lease, or dispose of the same, and to that end may exe-
cute all deeds or other instruments concerning the same; to deal in
exchange, foreign or domestic securities, mortgages, bonds, certificates
of indebtedness, stocks of incorporated companies, notes, loans, bonds
of the United States or of anv city, county, or of any incorporated com-
pany or individual.

12. Whenever any bond. recognizance, obligations, stipulations or
undertaking is by law, municipal or otherwise, or the rules or the regu-
lations of any board, body corporate, municipal or otherwise, required
or permitted to be made, given, tendered or filed for the security or pro-
tection of any person, persons, corporation, municipality or other organi-
zation whatsoever, conditioned for the doing of or not doing of any such
hond, recognizance, obligation, stipulation or undertaking specified, any
and all heads of departme nts, public oflicers. state, county or municipal,
and any and all boards, courts, judges and municipalities now and here-
after required or permitted to accept or approve the sufficiency of any
such bond, recognizance, obligation. stipulation, or undertaking, may, in
the diseretion of such head of department. court, judge, public officer, or
municipality accept such hond, recognizance, obligation, stipulation or
undertaking and approve the same whenever the same is executed or the
conditions thereof are guaranteed by said company.

13. Whenever any such bond, recognizance, obligation, stipulation or
undertaking is so required or permitted to be made, given, tendered or
filed with one surety or with two or more sureties the execution of the
same, or the guaranteeing the performance of the conditions thereof, shall
be sufficient when executed or guaranteed by said company, and any and
all heads of departments. courts, judges. boards and municipalities, and
any and all public officers, state, county, town or municipality whose duty
it may be, or shall hereafter be, accept or approve the sufficiency of any
such bond, recognizance, obligation, stipulation or undertaking may
accept and approve the same when executed or guaranteed by said com-
pany; and the said company is hereby vested with power and authority
to execute or guarantee such bonds, recognizance, stipulations, obliga-
tions, or undertakings, whether given under the laws of this state or of
the United States, or of any state or county.

14. That said company shall have power to guarantee, endorse and
secure the payment and punctual performance and collection of notes,
debts, bills of exchange, contracts, bonds, accounts, claims, rents, annui-
ties, mortgages, choses in actions, evidence of debt, certificates of prop-
erty, values, checks and the title to property, real and personal, indebted-
ness of companies, partnerships, cities, counties, municipalities, and so
forth, in this state on such terms or commissions as may be agreed
upon or established by said company and the parties dealing therewith.

15. That said company may receive upon storage, deposit or otherwise,
merchandise, moneys, specie, plate, stock, promissory notes, certificates
and evidences of debts, contracts and all other personal properties what-
soever; take charge and custody of real and personal estates and securi-
ties, and advance money thereupon on such terins as may be established
by said company; and in all cases in which public officers of municipal
or private corporations are authorized to deposit moneys, stocks, bonds or
evidences of debt, such deposits by such officers or corporations may be
made with said company, and said company may be appointed and is
hereby authorized to act as redemption agent for any bank or banking
association created or existing under the laws of this state.

16. That it shall be lawful for the said company to sell at public auc-
tion all property or securities of what kind soever mentioned or specified
in any contract or agreement between the company and the other party
or parties after the maturity of an obligation under said contract or
agreement, upon giving ten days’ notice by advertisement of the time and
place of sale in some newspaper published in the city or county where
said company is carrying on its business, and to reimburse itself out of
the proceeds of such sale for the money due it with interest, storage
costs and charges, and to indemnify itself for any loss it may have sus-
tained for the non-fulfillment of such contract, or by reason of any mis-
representation, fraud or concealment.

17. The principal office for the transaction of the business of the com-
pany shall be in the city of Portsmouth, state of Virginia; but the busi-
ness of the company may he transacted by means of agencies, branches
or otherwise, throughout the state of Virginia, and elsewhere in the
United States; and the said company shall exist for ninety-nine years.

18. Whenever by banking law of the state, state banks shall be allowed
to issue notes to pass as currency or money. this company shall have
power to issue such notes in the same proportion and upon the same terms
and conditions as provided for other state banks in said general law.

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