Chap. 310.—An ACT to provide how trust companies may be incorporated,
and to provide for general powers for the purpose of doing a trust
business in this State, in addition to a general banking business.

(H. B. 409.)

Approved March 27, 1914.

1. Be it enacted by the general assembly of Virginia, That
trust companies formed for the purpose of doing a trust business
in this State, or for the purpose of doing a trust business in addition
to a general banking business in this State, may be incorporated
according to chapter one of an act entitled an act concerning cor-
porations, which became a law May twenty-first, nineteen hundred
and three, and acts amendatory thereof, and shall be subject to all
the general duties and restrictions and shall have the general pow-
ers provided in the statutes of this State regulating banks of dis-
count and deposit and savings banks, or which may be hereafter
provided by law, except as shall be otherwise provided in this act,
but in its articles of incorporation, or in the case of an existing bank
desiring to do a trust business, in its amendments to its articles of
incorporation it shall state its intention to conduct a trust business
and the word “trust” or “trusts” shall be a part of its corporate
name.

2. The provisions of this act are subject to the exception that
the word “incorporated” or the word “corporation” shall not here-
after be a necessary portion of the corporate name of any banks of
discount and deposit, savings banks and trust companies in this

tate.

3. That all trust companies heretofore and hereafter chartered,
in addition to the powers, regulations and restrictions provided by
any law of this State heretofore or hereafter enacted regulating
the conduct of a general banking business in this State, shall have
as a trust company the following rights, powers and privileges:

First. The name of such trust company shall contain the words
“trust or trusts.”
Second. The capital of any trust company shall not be less than
ene hundred thousand dollars. :

Third. The board of directors shall have the power from time
to time to prescribe conditions which shall govern the regulation
of making and withdrawing deposits, provided that should regula-
tions be adopted at variance with the withdrawal upon demand.
that such regulations shall be printed in the pass book which shall
be furnished the depositor, and copies of such regulations shall be
posted in two accessible places in the business office of such trust
company, and in addition to the general powers conferred it shall
have power:

First. To act as agent for any person, corporation, munici-
pality or State for the collection or disbursement of interest, or in-
come or principal of securities.

Second. To act as the fiscal or transfer agent of any State,
municipality, body politic or corporate, and in such capacity to re-
ceive and disburse money; to transfer, register and countersign cer-
tificates of stocks, bonds or other evidences of indebtedness, and to
ect as agent of any corporation, foreign or domestic, for any lawful
purpose. ,

Third. To act as trustee under any mortgage or bond issued
by any individual, municipality, body politic or corporate, and ac-
cept and execute any other municipal or corporate trust not incon-
sistent with the laws of this State.

Fourth. To accept trusts from and execute trusts for married
women, in respect to their separate property, and to be their agent
in the management of such property, or to transact any business
in relation thereto.

Fifth. To act as guardian, receiver or trustee of the estate of
any minor, and as depository of any money paid into court, whether
for the benefit of any minor or other person, corporation or party.

Sixth. To take, accept and execute any and all such legal trusts,
duties and powers in regard to the holding, management and disno-
sition of any estate, real and personal, and the rents and profits
thereof, or the sale thereof, as may be granted or confided to it by
any court of record, judge or clerk, or by any person. corporation.
municipality or other authoritv: and it shall be accountable to all
parties in interest for the faithful discharge of every such trust.
duty or power which it may so accept.

Seventh. To take, accept and execute any and all such trusts
and powers of whatever nature and description as may be conferred
upon or entrusted or committed to it by any person or persons, or
and body politic or corporate or by other authority, by grant, as-
signment, transfer, devise, bequest or otherwise, which may be en-
trusted or committed or transferred to it or vested in it by order
of any court of record, judge or clerk, and to receive and hold any
property or estate, real or personal, which may be the subject of any
such trust.
Eighth. To act as executor under the last will and testament
or administrator or of the estate of any deceased person; or as
guardian of any infant; or as committee of the estate of any insane
person, idiot or habitual drunkard, or trustee for any convict in the
penitentiary, under appointment of any court of record, judge or
clerk thereof having jurisdiction of the estate of such deceased per-
son, infant, insane person, idiot, habitual drunkard or convict.

Ninth. To guarantee the fidelity and diligent performance of
their duty by persons or corporations holding places of private or
public profit or trust in all cases where individual bonds are not
required by law, to guarantee or become security on any bond given
by any person or corporation against loss or damage by reason of
any risk assumed, by insuring the fidelity or diligent performance
ct duty of any person or corporation, or by guaranteeing or becom-
ing surety on any bond.

Tenth. No trust company of this State with a minimum unim-
paired capital stock of one hundred thousand dollars or more shall
be required by any officer or court of this State to give security
for upon appointment to or acceptance of any office of trust which
it may by law be authorized to execute.

Eleventh. In all cases where any trust company in this State
shall be appointed to act as trustee, executors, administrators of any.
estate or guardian of any infant, it shall be lawful for the president,
vice-president, cashier, treasurer or secretary of such trust company
to take and subscribe for such corporation any and all oaths required
to be taken or subscribed by such executor, administrator trustee
or guardian.

Twelfth. Nothing in this section shall ever be construed as
authorizing the creation of a trust not lawful as between individuals
nor to prohibit the deposit of funds by courts and fiduciaries in
banks of deposit and discount and savings banks.