Chap. 247.—An ACT to incorporate Norfolk dime savings bank.

Approved February 16, 1901.

1. Be it enacted by the general assembly of Virginia, That M.S.
Crowell, J. Sydney Smith, Key Compton, Richard H. Wright, A. W.
Cornick, F. M. V. Randlett, and O. A. Sledge, and their associates, suc-
cessors and assigns be, and they are, hereby created a body, politic and
corporate, under the name and style of “Norfolk dime savings bank,”
and by that name may acquire, hold and convey real and personal prop-
erty, 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 be five thousand
dollars, in shares of ten dollars each, pavable 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 commence its business
when five thousand dollars of the capital stock aforesaid has been paid in.
The stockholders shall not be individually liable for the debts or torts of
the corporation.

8. 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
subscribed 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 oflicers,
fix salaries, fill vacancies, 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 Habilitv 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
personal property conditioned in such form for the payment of the prin-
cipal 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 the 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.

7. 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 de-
seription as fully as a natural person could, which may be committed to
said company by any person or persons whatsoever, or by any corporation,
or by order or decree of authority of any 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 certifi-
cates of stock, bonds. or other evidences of debt of anv state, corporation,
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 accept 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 eases 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 anv person dying. 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 deed, 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 re-
ceiver, said company may lawfully act, and as such shall be subject to
all the obligations and liabilities of natural persons acting in like capaci-
ties 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 ofticer, 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 lia-
bility.

10. That every court wherein said company shall be appointed or shall
be allowed 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 affirmation, as to the security aforesaid.

11. That said company is authorized to invest moneys received in
trust or deposit, loan or otherwise. and to take, have, and hold estate—
real, personal or mixed—obtained 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 ex-
change, foreign, or domestic securities. mortgages, bonds, certificates of
indebtedness, stocks of incorporated companies, notes, loans, bonds of
the United States, or of any city, county, or of any incorporated com-
pany or individual.

12. Whenever any bond, recognizance, obligations, stipulations or un-
dertaking is by Jaw, municipal or otherwise, or the rules or the regula-
tions of any board, body corporate. municipal or otherwise, required or
permitted to be made, given, tendered or filed for the security or protec-
tion of any person, persons, corporation, municipality or other organiza-
tion whatsoever, conditioned for the doing of or not doing of any such
bond, recognizance, obligation, stipulation or undertaking specified. any
and all heads of departments, public ofticers—state, county or muni-
cipal—and any and all boards, courts, judges and municipalities now and
hereafter required or permitted to accept or approve the sufficiency of
any such bond, recognizance, obligation, stipulation, or undertaking, may,
in the discretion of such head of department, court, judge, public officer,
or municipality, accept such bond, 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 munici-
palities, and any and all public officers—state, county, town or munici-
pality—whose duty it may be or shall hereafter be, to accept or approve
the sufliciency of any such bond, recognizance, obligation, stipulation or
undertaking, may accept and approve the same when executed or guar-
anteed by said company; and said company is hereby vested with power
and authority to execute or guarantee such bonds, recognizance, stipula-
tions, obligations 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, morigages, 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 terms as may be established
by said company: and in all cases in which public officers of municipal
or private corporations are authorized to deposit monevs, 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 ercated 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 coniract 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 carrving 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 anv loss it may have sus-
tained for the non-fulfillment of such contract, or by reason of any mis-
representation, fraud or concealment.

1%. The principal office for the transaction of the business of the com-
pany shall be in the city of Norfolk. state of Virginia; but the business
of the company may be 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. This act shall be in force from its passage.