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Virginia, hereby certify that an agreement, duly acknowledged, has been this day delivered to me, which agreement is in the words and figures following: (here insert it.) Wherefore, the corporators named in the said agreement, and who have signed the same, and their successors and assigns, are hereby declared to be, from this date until the day of poration by the name and for the purposes set forth in said agreement. Given under my hand and the great seal of the said State, at this day of — " (Code of 1916, c. 54.)

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§ 4. Recordation of charter.—Upon the filing for recordation, of such certificate, in the office of the clerk of the county court of the county, in which the said savings bank is to be located, the persons named therein, and their successors and assigns, shall be a corporation by the name and for the purposes therein specified, for a period of fifty years from the date of the said certificate. (Code 1916, c. 54.)

§ 5. Trustees.—As soon as practicable after the certificate of incorporation shall have been filed for record, the corporators named in such certificate, with such others as they may elect to associate with them in the corporation, subject to the approval of the judge or judges of the circuit court of the county in which said bank is located, shall select from their number fifteen trustees, who shall constitute a board of trustees, and said board shall have power to do, or cause to be done, all things that are proper to be done by the corporation. Within three months after this act takes effect, the judge or judges of the circuit court of the county in which any savings bank, incorporated under the act of which this act is an amendment, is located, shall select a board of fifteen trustees from the trustees heretofore appointed or elected for such bank, which selection shall be recorded in the order book of the court, and such fifteen trustees, so selected by such judge or judges, shall constitute a board of trustees with power to do, or cause to be done, all things that are proper to be done by the corporation. (Code of 1916, c. 54.)

§ 6. Officers and employees; by-laws and regulations.—The said board of trustees shall elect from their number a president and vice-president, and appoint such committee as they shall

see fit, and from their number or otherwise shall appoint a treasurer and such clerks, agents or employees of the corporation as in their judgment shall be necessary for the conduct of the corporation's business, and make such by-laws, rules and regulations as they may think proper for the general conduct of the business of the corporation, not inconsistent with the constitution and laws of the United States or of this state. (Acts 1917, c. 56.)

§ 7. Filling vacancies in trustees; quorum.-All vacancies in the board of trustees shall be filled by ballot of the board, at a regular meeting, and soon as practicable after such vacancy shall occur, and the affirmative votes of a majority of the whole number of trustees shall be necessary for the election of any trustee, and the election of a trustee shall be subject to the approval of the judge or judges of the circuit court of the county in which such savings bank is located. A majority of the board of trustees shall constitute a quorum for the transaction of business, and may transact any business and exercise all rights and powers which such board can lawfully transact or exercise. Any act heretofore done by or under authority of a majority of the board of trustees of any bank incorporated under said act, entitled "An act for the incorporation of savings banks," which would be valid if done by or under the authority of the whole board, shall be valid and binding. (Code 1916, c. 54.)

§ 8. Regular meetings of trustees.—Regular meetings of the board of trustees shall be held as often as once in every three months for the purpose of receiving reports of its officers and committees, and for the transaction of other business. (Code 1916, c. 54.)

$ 9. Same: failure of trustee to attend.—Any trustee omitting to attend the regular meetings of the board for six months in succession may thereupon, at the election and discretion of the said board, be considered to have vacated his place, and a successor may be elected. (Code 1916, c. 54.)

§ 10. Removal of trustees.—The judge, or judges, of the circuit court of the county in which the said savings bank is located, may at any time, for due cause, remove any trustees or member of

the corporation, after due notice to such person and affording him an opportunity to be heard in his defense. (Code 1916, c. 54.)

$ 11. Bonds and salaries of officers and employees. The trustees may require security from the officers, clerks and agents of the corporation, and fix the salaries of such officers, clerks and agents. (Code 1916, c. 54.)

§ 12. Compensation of trustees; liability for losses.—No trustee shall receive any compensation for his services as trustee, except as hereinafter provided; nor shall he be liable for any loss, except such as may happen from his negligence, willful or corrupt misconduct. It shall be lawful for the trustees of any such savings bank to receive such reasonable compensation, when acting as officers or agents of the corporation, as the majority of the trustees of the corporation shall by resolution prescribe for specified duties to be performed, such resolutions being approved by the judge, or judges, of the circuit court of the county in which the said savings bank is located; but it shall not be lawful to pay such trustees, as such, for their attendance at meetings of the board. (Acts 1917, c. 56.)

$ 13. Officers not to borrow for themselves or others.No trus. tee, officer, clerk, or servant thereof, shall directly or indirectly, for himself or as the agent or partner of others, borrow any of the funds or deposits of the corporation; or become an endorser or surety for any moneys loaned by such corporation. (Code 1916, c. 54.)

§ 14. Deposits and dividends. Such savings banks may receive on deposit any sum or sums of money that may be offered for that purpose, and invest the same and declare credits and dividends thereon, as hereinafter authorized and not otherwise. (Code 1916, c. 54.)

8 15. Regulations concerning deposits. The sum or sums so deposited, together with any dividend credited thereon, shall be repaid to such depositors respectively, or their legal representatives, after demand in such manner and at such times and after such previous notice and under such regulations as the board of

trustees shall prescribe; which regulations shall be printed in the pass books or other evidence of deposit furnished by the corporation, and shall be evidence of the contract: Provided, That every such corporation may limit the aggregate amount which any one person may deposit, may refuse to receive a deposit, and may at any time return a deposit. (Code 1916, c. 54.)

$ 16. Payments of deposits to minors or married women. The board of trustees of every such corporation shall have full power, at their discretion, to pay on application to any minor or married women, whether the deposit was made by the woman before or after marriage, such money, or any part thereof, as he or she may have deposited to his or her credit, or any interest or dividend accruing thereon, without the assent of the parent or guardian of such minor, or the husband of such married woman, as the case may be. And whenever it shall become apparent to the trustees or officers of any such corporation that it would be unwise or injurious to the interests of a minor to pay upon his: or her application any money standing to his or her credit, the hoard of trustees may demand a written order to make such payment from the parent or guardian of such minor; and in the event of the minor having neither parent nor guardian, may require an order from the circuit court of the county in which such minor shall reside, before making such payment. (Code 1916, c. 54.)

§ 17. Investment of deposits.—The trustees of any such savings bank shall invest the deposits of the bank and the income derived therefrom only as follows:

1. In the first mortgage or deeds of trust on real estate situate in this state, or in states continguous thereto, such real estate in another state not being situated at a distance exceeding fifty miles from such bank, to an amount not to exceed sixty per cent of the valuation of such real estate; and no loan on real estate security shall be made except upon the report of not less than two members of the board of trustees who shall certify to the value of the premises to be encumbered, according to their best judgment, and such report shall be filed and preserved with the records of the corporation.

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2. In bonds or securities of the United States, or of any state, or of any county, magisterial district, independent school district, or other school district, city, town or village in this state, in any

bonds for which the faith of the United States is pledged; or in the notes of any citizen of this state, with a pledge of any of the aforesaid securities at no more than eighty per cent of the market value and not exceeding the par value thereof.

3. In the notes of any citizen of this state with a pledge as collateral of the stock of any bank or banking association incorporated under the authority of this state or of the United States at no more than eighty percent of the market value and not exceeding the par value thereof; provided, that such corporation shall not hold as security for loans more than onequarter of the capital stock of any one bank, or banking association. Savings banks may deposit not to exceed twenty per cent of their deposits, on call, in such bank or banking associations, and may receive interest for the same.

4. In loans upon personal notes of the depositors of the corporation, but not exceeding the amount of his deposit to a depositor; and in such cases the deposit and book of the depositor shall be held by the corporation as collateral security for the payment of the loan.

5. If such deposit and income cannot be conveniently invested, not exceeding one-third part thereof may be invested in bonds or other personal securities, payable at a time not exceeding one year, with at least two sureties, if the principal and sureties are all citizens of this state and resident therein.

6. Fifteen per cent of the deposits of any such corporation, but not exceeding one hundred thousand dollars, may be invested in the purchase of a suitable site and the erection or preparation of a suitable building for the convenient transaction of its business; and from portions of which, not required for its own use, a revenue may be derived.

7. Any such corporation may take real estate, stocks, bonds and securities in payment in whole or in part of any debt bona fide owing to it, or may purchase the same if deemed necessary to secure or obtain payment of any such debt in whole or in part; and may manage, use and dispose of what has been taken or purchased as a natural person might do; but all taxes, fore

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