Chap. 107.—An ACT to Incorporate the Piedmont Farmers’ Association.
Approved March 14, 1874.

1. Be it enacted by the general assembly, That William
Beverly, John A. Carter, 8. P. Noland, A. T. M. Filler,
George A. Quinby, Thomas E. Taylor, Alexander H. Rogers,
K. G. Caufman, and Clinton Lloyd, of Loudoun county, Kd-
ward C. Turner, Thomas Henderson, William Smith, Inman
H. Payne, Eppa Hunter, W. H. Gaines, and Benjamin F.
Rixey, of Fauquier, Thomas R. Love, J. P. Machen, Thomas
Sarpen, Henry W. Thomas, and Edward Daniel, of Fairfax,
B. F. Lewis, Allen Howison, and W. C. Dunnington, of Prince
William, and such other persons as they may associate with
them, be, and they are hereby declared a body politic and
corporate, by the name and style of the Piedmont Farmers’
Association, and as such shall have perpetual succession and
& common seal, which it may renew or alter at pleasure, and
may sue and be sued, plead and be impleaded, contract
and be contracted with, and make by-laws and regulations
not inconsistent with the laws of this state or of the United
tates.

2. The capital stock shall*not be less than two thousand
dollars, and may be increased at any time, and from time to
time, at the pleasure of the shareholders, at any regular
meeting called for the purpose, by a vote of a majority of
the shares, either in person or by proxy, to a sum not exceed-
ing one million of dollars, to be divided into shares of twenty
dollars each, and subscribed for or otherwise acquired under
the direction of the persons hereinbefore mentioned, or their
successors.

3. Any stockholder holding or cultivating land in this state
may vote in the meetings of the company and be eligible to
office or place in its directory.

. 4. The company may issue a preferred stock to an amount
not exceeding two-thirds of its paid-up capital, on which it
may guarantee dividends not exceeding ten per centum per
annum from the profits of the company; but when the gon-
eral profits exceed said per centum on the whole paid-u
stock, the holders of the preferred and common stock sh
share equally such profits.

5. The said company may issue bonds or other obligations,
or borrow money, at any time, to an amount not exceeding
seventy-five per centum of its paid-up stock.
6. It shall have power, and may lawfully guarantee the Pow
payment, punctual performance, and collection of promissory **
notes, contracts, bonds, accounts, and other claims or evi-
iences of debt, on such terms as may. be established by its
poard of directors, and. may make advances of money or Adv
supplies to farmers, and secure the same by lien upon the {™
crop planted or to be gathered in the then current year, and
upon the personalty of the debtor, which lien, upon being
r ed according to law in the clerk’s office of the county
wherein the Jand is situated, shall bind the said property
until the debt is paid; provided, that on the face of said lien Reg
the amount advanced shall be set forth, and that no more ©
property shall be covered thereby than is reasonably neces-
sary to discharge the debt, interest, and cost (if any) of col-
lection.

7. The company may receive in trust, upon storage, de- Pow
posit, or otherwise, merchandise, money, stocks, bonds, or 3
other evidences of debt, contracts, produce, or other prop- ito
erty, and invest or accumulate the same, or any of its own erid
funds, and take the management, custody, and charge of eb
real or personal estate and property, on such terms and such Rea
rates of interest as may be established by the directors or
agreed upon by the parties interested; such rates of interest
not to exceed the maximum now allowed by the laws of the
state.

8. The personal liability of any and every shareholder ria
shall be limited to the amount due and unpaid upon the *™*
shares owned and held by such stockholder.

9. Every stockholder not in debt to the company may, at as
pleasure, by power of attorney or in person, assign his stock soc
and transfer the same on the books of the company; but no
stockholder indebted or liable to the company shall be per-
mitted to make a transfer or receive a dividend until such
debt or liability be paid or secured to the satisfaction of the
directors. :

10. In no case are deposits made with thie association, or Dey
property held in trust or storage, or contracted therefor, to SF

e held liable for any contract, debt, or undertaking of the dev
association.

11. The persons named in this charter who shall become wn
stockholders in the company shall constitute the board of tt
directors for one year after organization, and thereafter the w
stockholders shall elect a board of directors annually of not bes
less than nine members, one of whom shall be the president 5_,
of the company.

_ 12. The general office of the association shall be in the wh
city of Alexandria, or the town of Leesburg, in Loudoun *!
county, as said association may determine, with power to
establish branch offices at such points as are deemed de-
sirable.

13. This association shall be subject to all the general laws gu
of the state now in force, or hereafter to be enacted, regu- se
lating corporations, so far as said laws are applicable. vr
14. It shall be lawful for the judge of any circuit court o!
this commonwealth to grant to any other association of far.
mers in Virginia which may organize, with the like prov.
sions of this act, and with a paid-up capital of two thousand
dollars, a charter granting the same privileges.

15. This act shall be in force from and after its passage.