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Exhibit 10.8

TIME SHARING AGREEMENT

This Agreement is made on July 31, 2002 by and between Perpetual
Corporation/Lazy Lane Farms, Inc. (Lessor) and Riggs Bank N.A. (Lessee).

R E C I T A L S :

WHEREAS, Lessor is the owner of that certain civil aircraft known as one
(1) 1982 Gulfstream III (G-1159A) model aircraft bearing manufacturers serial
number 362 and the United States Registration Number N800AR (the Aircraft);

WHEREAS, Lessor employs/contracts for the services of a fully qualified
flight crew to operate the Aircraft;

WHEREAS, Lessor and Lessee desire to lease said Aircraft and flight crew
on a time sharing basis as defined in Section 91.501 (c) (1) of the Federal
Aviation Regulations (FAR); and

NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the parties agree as follows:



|1. |  | Lessor agrees to lease the Aircraft to Lessee, on as as needed  as
available basis, pursuant to the provisions of FAR 91.501 (c) (1) and to
provide a fully qualified flight crew for all operations for flights
scheduled from the date hereof until August 1, 2005.
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Lessee shall pay Lessor for each flight conducted under this Agreement
all or so much of the actual expenses of each specific flight as
authorized by FAR Part 91.501 (d) as may be requested for payment by
Lessor. These expenses include and are limited to:         



| | (1)  |  | Fuel, oil, lubricants, and other additives;                                                                                  
| | ---- |  | -----------------------------------------------------------------------------------------------------------------------------
|
| | (2)  |  | Travel expenses of the crew, including food, lodging and
ground transportation;                                              
|
| | (3)  |  | Hangar and tie down costs away from, the Aircrafts base of
operation;                                                       
|
| | (4)  |  | Insurance obtained for the specific flight;                                                                                  
|
| | (5)  |  | Landing fees, airport taxes and similar assessments
including, but not limited to, IRC Section 4261 and related excise
taxes;
|
| | (6)  |  | Customs, foreign permit, and similar fees directly related to
the flight;                                                    
|
| | (7)  |  | In-flight food and beverages;                                                                                                
|
| | (8)  |  | Passenger ground transportation;                                                                                             
|
| | (9)  |  | Flight planning and weather contract services; and                                                                           
|
| | (10) |  | An additional charge equal to 100% of the expenses listed in
subparagraph (1) of this paragraph.                             





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|3. |  | Lessor will pay all expenses related to the operation of the Aircraft when
incurred, and will
provide an invoice and bill Lessee in accordance with paragraph 2 above on
the last day of
the month in which any flight for the account of Lessee occurs. Lessee
shall pay Lessor for said expenses within thirty days of receipt of the
invoice and bill therefor.                                                                                                                                                                                                                                                                              
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|4. |  | Lessee will provide Lessor with requests for flight time and proposed
flight schedules as far in advance of any given flight as possible, and in
any case, at least 3 hours in advance of Lessees planned departure.
Requests for flight time shall be in a form, whether written or oral,
mutually convenient to, and agreed upon by the parties and unless accepted
by Lessor, shall be deemed rejected. In addition to the proposed
schedules and flight times Lessee shall provide at least the following
information for each proposed flight at some time prior to scheduled
departure as required by the Lessor or Lessors flight crew:



| | (a) |  | proposed departure point;                                                                                                
| | --- |  | -------------------------------------------------------------------------------------------------------------------------
|
| | (b) |  | destination;                                                                                                             
|
| | (c) |  | date and time of flight;                                                                                                 
|
| | (d) |  | the number of anticipated passengers;                                                                                    
|
| | (e) |  | the nature and extent of luggage and/or cargo to be carried;                                                             
|
| | (f) |  | the date and time of return flight, if any; and                                                                          
|
| | (g) |  | any other information concerning the proposed flight that may
be pertinent or required by Lessor or Lessors flight crew.



|5. |  | Lessor shall have final authority over the scheduling of the Aircraft,
provided, however, that Lessor will try to accommodate Lessees needs and
avoid conflicts in scheduling.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|6. |  | Lessor shall be solely responsible for seeking maintenance, preventive
maintenance and required or otherwise necessary inspections on the
Aircraft, and shall take such requirements into account in scheduling the
Aircraft. No period of maintenance, preventative maintenance, or
inspection shall be delayed or postponed for the purpose of scheduling the
Aircraft, unless said maintenance or inspection can be safely conducted at
a later time in compliance with all applicable laws and regulations, and
with the sound discretion of the pilot in command. The pilot in command
shall have final and complete authority to cancel any flight for any
reason or condition which in his judgement would compromise the safety of
the flight.
|  
|7. |  | Lessor shall contract for or employ, pay for and provide to Lessee a
qualified flight crew for each flight undertaken under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|  
|8. |  | In accordance with applicable Federal Aviation Regulations, the qualified
flight crew provided by Lessor will exercise all of its duties and
responsibilities in regard to the safety of each flight conducted
hereunder, Lessee specifically agrees that the flight crew, in its sole
discretion, may terminate any flight, refuse to commence any flight, or
take other action which in the considered judgement of the pilot in
command is necessitated by considerations                                                                                                                                                                                                                                                                          





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|    |  | of safety. No such action of the pilot in command shall create or
support any liability for loss, injury, damage or delay to Lessee or any
other person. The parties further agree that Lessor shall not be liable
for delay or failure to furnish the Aircraft and crew pursuant to this
Agreement when such failure is caused by government regulation or
authority, mechanical difficulty, war, civil commotion, strikes or labor
disputes, weather conditions, acts of God or other unforeseen
circumstances.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|9.  |  | Lessor will make its best efforts to provide such additional insurance
coverage as Lessee shall request or require, provided, however, that the
cost of such additional insurance shall be borne by Lessee as set forth in
paragraph 2(d) hereof.                                                                                                                                                                                                                                                                
|   
|10. |  | Lessee warrants that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



| | (a) |  | Lessee will solely use the Aircraft for and on account of its
own personal or business use, and will not use the Aircraft for the
purpose of providing transportation of passengers or cargo for
compensation or hire;                                                                                                                                                                                                                                                                    
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (b) |  | Lessee shall refrain from incurring any mechanics or other
lien in connection with inspection, preventative maintenance,
maintenance or storage of the Aircraft, whether permissible or
impermissible under this Agreement, nor shall there be any attempt
by Lessee to convey, mortgage, assign, lease or any way alienate the
Aircraft or create any kind of lien or security interest involving
the Aircraft or do anything or take any action that might mature
into such a lien; and
|
| | (c) |  | during the term of this Agreement, Lessee will abide by and
conform to all such laws, governmental and airport orders, rules and
regulations, as shall from time to time be in effect relating in any
way to the operation and use of the Aircraft by a timesharing
Lessee.                                                                                                                                                                                                               



|11. |  | Neither this Agreement nor any partys interest herein shall be
assignable to any other party whatsoever. This Agreement shall inure to
the benefit of and be binding upon the parties hereto, their heirs,
representatives and successors.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|12. |  | TRUTH IN LEASING STATEMENT UNDER SECTION 91.23 OF THE FARs.                                                                                                                                                                               

WITHIN THE TWELVE (12) MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, THE
AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED AND IN ACCORDANCE WITH THE FOLLOWING
PROVISIONS OF FAR:





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CHECK ONE:

|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|[ ] |  | 91.409 (f) (1): A continuous airworthiness inspection program that is
part of a continuous airworthiness maintenance program currently in use
by a person holding an air carrier operating certificate or an operating
certificate issued under FAR Part 121, 127, or 135 and operating that
make and model aircraft under FAR Part 121 or operating that make and
model under FAR Part 135 and maintaining it under FAR 135.411(a)(2).
|   
|   
|   
|   
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|   
|   
|   
|[ ] |  | 91.409 (f) (2): An approved aircraft inspection program approved under
FAR 135.419 and currently in use by a person holding an operating
certificate issued under FAR Part 135.                                                                                                                                                                                                                                                        
|   
|   
|   
|   
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|   
|   
|   
|[ ] |  | 91.409 (f) (3): A current inspection program recommended by the
manufacturer.                                                                                                                                                                                                                                                                                                                                                          
|   
|   
|   
|   
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|   
|   
|   
|[ ] |  | 91.409 (f) (4): Any other inspection program established by the
registered owner or operator of the Aircraft and approved by the
Administrator of the Federal Aviation Administration in accordance with
FAR 91.409 (g).                                                                                                                                                                                                               

THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR
OPERATIONS CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED
IN ACCORDANCE WITH THE PROVISIONS OF FAR:

CHECK ONE:

|    |  |              |  |     |  |              |  |     |  |              |  |     |  |             
|--- |  | ------------ |  | --- |  | ------------ |  | --- |  | ------------ |  | --- |  | ------------
|[ ] |  | 91.409(f)(1) |  | [ ] |  | 91.409(f)(2) |  | [ ] |  | 91.409(f)(3) |  | [ ] |  | 91.409(f)(4)

LESSOR SHALL HAVE AND RETAIN OPERATIONAL CONTROL OF THE AIRCRAFT DURING ALL
OPERATIONS CONDUCTED PURSUANT TO THIS LEASE. EACH PARTY HERETO CERTIFIES THAT
IT UNDERSTANDS THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR
COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL
AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FEDERAL AVIATION
ADMINISTRATION FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT
OFFICE, OR AIR CARRIER DISTRICT OFFICE.

* * *

THE PARTIES HERETO CERTIFY THAT A TRUE COPY OF THIS AGREEMENT SHALL BE CARRIED
ON THE AIRCRAFT AT ALL TIMES, AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON
REQUEST BY AN APPROPRIATELY CONSTITUTED IDENTIFIED REPRESENTATIVE OF THE
ADMINISTRATOR OF THE FAA.





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IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date and year written below.

|                      |  |                
|--------------------- |  | ---------------
|Lessor:               |  | Lessee:        
|                     
|                     
|                     
|                     
|                      |  |                
|                     
|                     
|                     
|                     
|PERPETUAL CORPORATION |  | RIGGS BANK N.A.

|       |  |                       |  |        |  |                             
|------ |  | --------------------- |  | ------ |  | ----------------------------
|By:    |  | /s/ Stephen P. Gibson |  | By:    |  | /s/ Robert C. Roane         
|      
|      
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|      
|       |  |                       |  |        |  |                             
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|Print: |  | Stephen P. Gibson     |  | Print: |  | Robert C. Roane             
|      
|      
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|Title: |  | Vice President        |  | Title: |  | Executive Vice President and
|      
|      
|      
|      
|       |  |                       |  |        |  | Chief Operating Officer     

LAZY LANE FARMS, INC.

|       |  |                       |  | 
|------ |  | --------------------- |  | 
|By:    |  | /s/ Stephen P. Gibson |  | 
|      
|      
|      
|      
|Print: |  | Stephen P. Gibson     |  | 
|      
|      
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|Title: |  | Vice President        |  |