Chap. 124.—An ACT to incorporate the F armers Union of Cumber-
land, Buckingham and Prince Edward Counties.

Approved February 16, 1886.

Be it enacted by the general assembly of Virginia, That
5. 'P. Bolling, Anthony F. Mason, Louis R. Bolling, J. W.
White, Zack Griffin, Martin Hemmings, Charles Palmer,
George Thornton, Allen Eppes, Wilson Bolling, F. T. Hem-
mings, Addison Banks, 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 Farmers
Union, for the Counties of Prince Edward, Cumberland and
Buckingham, and as such shall have perpetual succession and
a 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 incon-
sistent with the laws of this state or of the United States.

2. The object of this association shall be for the purpose of
leasing or buying lands, and cultivating the same, to manufac-
ture farming utensils, open and operate a store or stores at such
place or places in these counties as the directors, to be herein-
after named, shall deem advisable, to manufacture and sell fer-
tilizers for the purpose of this association, and conduct the
manufacture of clothing for sale.

3. The capital stock of this association shall not be less than
one thousand dollars, nor more than fifty thousand dollars, di-
vided into shares of ten dollars each.

4. This association may hold and own land for purposes of
this association, simultaneously, in either or all the counties
named above: provided, it does not hold more than five thou-
sand acres of land in each county at one and the same time,
or in the aggregate fifteen thousand acres of land.

5. The principal office of this association shall be located in
the town of Farmville, Virginia.

6. The association may borrow money, provided the sum
borrowed shall not exceed two thousand dollars at any one
time, at a rate of interest not exceeding six per centum per an-
num, and pledge its property, real and personal, for the re-
demption of its bonds or other securities issued or made for
this purpose.

7. The officers of the association shall be a president, vice-
president, secretary (who shall be ex-officio treasurer), and six
directors, besides the president of the association, who shall be
ex-officio a member and chairman of the board of directors.
The officers of the association, for the first year, shall be pre-
sident, vice-president, secretary (and treasurer), and directors.
_ 8. There shall be ‘an annual meeting of stockholders, at
which all the officers designated in the preceding sections shall
be elected: provided, the board of directors shall have power
to fill vacancies occurring in any of the offices of the associa-
tion prior to the annual meeting; all officers of the association
shall hold office for one year, and until their successors are
elected or appointed, and qualified.

9. The president (vice-president during a vacancy in the office
of president), secretary and treasurer, shall give bonds, in good
and sufficient penalty, and with approved security, payable to
the board, and with such conditions as the board of directors
may prescribe, for the security of the funds and property of
the association. .

10. The board of directors shall have general power and au-
thority, subject to the by-laws of the association, to manage
and conduct all of the affairs of the association, regulate sala-
ries, fix penalties of bonds, determine questions of appoint-
ment of additional officers or agents required, and questions of
removal from office, make loans, execute bonds and deeds of
trust to secure the same, and generally to do and perform all
that said corporation is by this charter authorized to do.

11. This act shall be in force from its passage.