57-21 - May hold personal property through trustees. - Virginia Statutes

§ 57-21. May hold personal property through trustees.

Any such association may acquire personal property for its use, and hold thesame and any such as it may have heretofore acquired, through theintervention of trustees in whom the legal title shall be vested for itsbenefit; and the circuit court of the county, or the circuit court of thecity, in which the meetings of such association are usually held, or thejudge of such court in vacation, may, on the application of the properauthorities of the association, from time to time, appoint trustees, eitherwhere there were or are none, or in place of former trustees, and changethose so appointed, as may seem to the court or judge to be proper; and thelegal title to such personal property shall be vested in the trustees, forthe time being, and their successors, for the use and benefit of theassociation.

(Code 1919, § 49; 2005, c. 772.)