Chap. 295.—An ACT to amend and re-enact section 4148 of the Code of Virginia
as amended by an act approved March 20, 1920. (H B 83)

Approved March 20, 1924.

1. Be it enacted by the general assembly of Virginia, That section
forty-one hundred and forty-eight of the Code of Virginia, as amended
, by an act approved March twentieth, nineteen hundred and twenty, be
amended and re-enacted so as to read as follows:

Section 4148. Powers of trust companies; regulations and restric-
tions.—All banks which are authorized to do a trust. business, and all
trust companies herctofore and hereafter chartered, shall have the
powers, and he subject. to the regulations and restrictions conferred or
imposed upon companies authorized to do a general banking business
in.this State, and shall in addition thereto have the following rights,
powers and privileges:

(a) To act as agent for anv person, corporation, municipality or
State for the collection or disbursement of interest, or income or prin-
cipal of securities.

(b) To act as the fiscal or transfer agent of any State, municipality,
body politic or corporate, and in such capacity to receive and disburse
money; to transfer, register and countersign certificates of stocks,
bonds and other evidences of indebtedness, and to act as agent of any
corporation, foreign or domestic, for any lawful purposes.

(c) To act as trustee under any mortgage or bond issued by any
individual, municipality, body politic or corporate, and accept and
execute any other municipal or corporate trust not inconsistent with
the laws of this State.

(d) To accept trusts from and execute trusts for married women,
in respect to their separate property, and to be their agent in the man-
agement of such property, or to transact any business in relation thereto.

(e) 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.

(f) To take, accept and execute any and all such lawful trusts,
duties and powers in regard to the holding and management and disposi-
tion of any estate, real and personal, and the rents and profits thereof,
or the sale or lease thereof, as may be granted or confided to it by any
court of record, judge or clerk, or by any person, corporation, munici-
pality or other authority; 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.

(g) To take, accept and execute any and all such trusts and powers
of whatever nature and description as may be conferred upon or en-
trusted or committed to it by any person or persons, or any body politic
or corporate, or by other authority, by grant, assignment, transfer, de-
vise, bequest or otherwise, which may be entrusted 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.

(h) To act as executor under the last will and testament or ad-
ministrator 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 or committee for any convict in the pen-
itentiary, under appointment of any court of record, judge or clerk thereof
having jurisdiction of the estate of such deceased person, infant, insane
person, idiot, habitual drunkard or convict.

(i) 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 the title to real or personal estate, 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 of
duty of any person or corporation, or by guaranteeing or becoming surety
on any bonds; provided, however, that bond guaranteed shall not be in-
cluded as resources in calculating assessments under section forty-one
hundred and twenty-two of the Code.

(}) No bank or trust company of this State with a minimum un-
impaired capital stock of fifty thousand dollars or more shall be required
by any officer or court of this State to give security upon appointment
to or acceptance of, any office of trust which it may by law be authorized
to execute; provided, however, that no bank or trust company shall
qualify on an estate having a value in excess of its combined unimpaired
capital and surplus without giving bond for such excess.

(k) In all cases where any bank or trust company in this State shall
be appointed to act as trustee, executor or administrator.of any estate
or guardian of any infant or in any other fiduciary capacity it shall be
lawful for the president, vice-president, cashier, treasurer, secretary or
any other officer 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, guardian or other fiduciary.

(1) 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 court and fiduciaries in banks of deposit and dis-
count and savings banks.