Lightly grease Bundt pan - sprinkle with nuts and sugar. The nuts are optional.
Beat butter with cream cheese until soft. Gradually add sugar until blended. Add the vanilla. Put in the eggs, one at a time - beating after each.
Blend the flour, baking powder, and salt together. Mix together with the butter and cream cheese and add the chocolate chips.
Pour into pan and bake in preheated 300 degree oven for 1 hour and 5 minutes. Let stand for 10 minutes. Remove from pan.
Aunt Ruth noted that she would start to watch the cake after 40 minutes to ensure it did not burn. A toothpick inserted in the center of the cake should come out clean.