Chap. 267.—An ACT to incorporate the Franklin Agricultural and
Mechanical Society.

Approved March 4, 1854.

1. Be it enacted by the general assembly of Virginia, That
W. H. Daughtrey, C. C. Vaughan, John H. Bryant, J. W.
Ridley, W. H. L. Goodman, Charles Parker, 8. B. Pretlow,
J.P. Gay, George T. White, and D. T. Webb, of the county
of Southampton; Thomas H. Barnes, John A. Cutchin,
Hilory Cutehin, and J. J. Cutchin, of the county of Nanse-
mond; A. T. Lee and Eugine Holland. of the county of Isle
of Wight, and all other members of the voluntary association
known as the Franklin Agricultural and Mechanical Society,
and all other persons who may become associated with them
under the provisions of this act, be and are hereby consti-
tuted a body politic and corporate, by the name and style of
the Franklin Avricultural and Mechanical Society, and as
such shall have perpetual succession and a common seal,
which it may alter or renew at pleasure, and may sue and be
sued, plead and be impleaded, contract and be contracted
with, and make all and needful by-laws, ordinances, and reg-
ulations not inconsistent with the laws of the common-
wealth.

2. The purposes and objects of the society shall be to estab-
lish and conduct fairs and other exhibitions of agricultural,
horticultural, and mechanical products as a means of devel-
oping the resources of the commonwealth and of promoting
and advancing all industrial pursuits. The principal office of
the society shall be kept, and its stockholders’ meetings,
fairs, and its exhibitions, held at or not more than a mile
from the town of Franklin, and in the county of Southamp-
ton.

3. The said society shall be entitled to take by grant, gift,
devise, or bequest, and hold real and personal property, with
the power to grant and convey the same, not to cxceed
twenty-five thousand dollars.

4. The capital stock of the society shall not be less than
two thousand dollars nor more than twenty-five thousand
dollars, divided into shares of twenty-five dollars each, which
shall be paid in cash or installments, as may be required by
the by-laws, and the personal liability of every and any stock-
holder for the debts of the society shall be limited to the
amount unpaid on the shares of stock subscribed by such
stockholder. All certificates of stock shall be signed by the
president, and countersigned by the treasurer and secretary
of the society. Hach stockholder shall have one vote, in per-
son or by proxy, in the election of directors, and at all meet-
ings of the stocholders, for each share of stock held by him.

5. The annual meetings of the stockholders shall be held
at such time as may be provided by the by-laws of the society.
If at any meeting of the stockholders there be present in
person or by proxy, those who can give a majority of all the
votes which could be given by all the stockholders, the same
shall constitute a quorum for the transaction of business, or
election of directors and other officers, and not other'vise.

6. At the first meeting of the stockholders under this act,
and thereafter, at their annual meetings, there shall be elected
fitteen directors, who shall be stockholders. The voting for
directors shall be by ballot, and a majority of the votes cast
shall be necessary to elect. The stockhulders shall choose
the president, secretary and treasurer of the society from
among their number, and fix their compensation. The board
of directors, including the president, secretary and treasurer,
shall have the appointment of such other officials and em-
ployees as they may deem necessary for the purposes of the
socicty, and fixing the compensation of such appointees.
They shall also have the management, superintendence and
control of the property, affairs, business and concerns of the
society; they shall make the necessary arrangements for the
stated fairs and exhibitions of the society, and prepare and
ordain schedules of premiums to be awarded to exhibitors;
and they shall annually, or from time to time, as when the
income of the society shall exceed its debts and expenses,
declare and pay dividends out of the net profits of its fairs
and exhibitions to the stockholders upon the stock held by
them

7. No moneys shall be paid out for or on account of the
association, but upon the order of the board of directors by
check or draft upon the treasurer, signed by the president
and countersigned by the secretary.

8. This act shall bein force from its passage.