Chap. 171.—An ACT to incorporate the Consolidated Security and
Investment Company.

Approved February 19, 1886.

1. Be it enacted by the general assembly of Virginia, That
J. B. Pace, C. E. Belvin, B. R. Lipscomb, Samuel D. Davies,
S. G. Tinsley, T. F. Minor and Preston Belvin, or such of
them as may accept the provisions of this act, their associates
and successors, be and they are hereby incorporated and
made a body politic and corporate, under the name and style
of the Consolidated Security and Investment Company, and
by that name shall be known in law and shall have perpetual
succession, and have power to sue and be sued, plead and
be impleaded, defend and be defended in all courts, whether in
law or equity, and may make and have a common seal, and
alter and renew the same at pleasure, and shall have, enjoy and
exercise all the rights, powers and privileges pertaining to cor-
porate bodies and necessary for the purpose of this act, and
make by-laws, rules and regulations consistent with the exist-
ing laws of the state, for the government of all under its au-
thority, the management of its estate and properties, and the
due and orderly conduct of its affairs.

2. The capital stock of the said company shall not be less
than fifty thousand dollars, and may be increased from time to
time by a vote of a majority of the stockholders, by issue and
sale of shares, the par value of which shall not be less than
fifty dollars, from time to time, under such regulations as the
board of directors of said company shall from time to time
prescribe; and the directors may receive real or personal prop-
erty suited to the business of the company in payment for sub-
scriptions to the capital stock, at such valuation as may be
agreed upon between the directors and subscribers.

3. The said company shall have power to make advances or
loans of money on cotton, tobacco, warehouse receipts, and on
other property and securities, including the bonds, obligations,
and securities of any corporation, company, firm or person in
this state or elsewhere, to deal in or make investments in such
bonds, obligations, and securities, to. endorse or guarantee the
payment of the same, and to receive and hold the same and
property of every kind, in trust or for safe-keeping or on de-
posit, or as collateral or otherwise, and to make loans of money
or its credit to any such corporation, company, firm or person.

4. The persons first named in this act, or such of them as
shall accept the provisions hereof, shall constitute the first
board of directors of the said company, and shall continue in
office until the first meeting of the stockholders thereof. At
such first meeting, and at every annual meeting, so many di-
rectors shall be elected as may be prescribed by the by-laws
and regulations of said company, who may be removed by the
stockholders in general meeting; but unless so removed, shall
continue in office until their successors shall be elected and
qualified. Each stockholder. in the company shall at all meet-
ings or elections thereafter, be entitled to one vote for each
share of stock registered in his name.

5. The board of directors shall be stockholders of said com-
pany. They shall appoint one of their number president, and
may fill any vacancy that may occur in said board, unless by
removal; in which case the same shall be filled by the stock-
holders in general meeting. Whenever the minimum amount
of capital stock herein named shall have been subscribed, and
the board of directors shall have elected a president, said com-
pany shall be considered legally organized, and may proceed
to the transaction of business. The board shall appoint, to
hold during its pleasure, the subordinate officers and agents of
the said company, prescribe their compensation, and take from
them such bonds, with security, as they may deem fit.
6. The board of directors may establish offices and agencies
at such places as they may deem proper, but the principal
office of the company shall be located at some point within the
limits of the state of Virginia.

7. The annual meetings of the stockholders of said company
shall be held at Richmond, Virginia, on the first Wednesday
of May of éach year, or as soon thereafter as practicable, and
on such other day and at such other place as the stockholders
may, by resolution adopt in any annual meeting to take effect
at the next annual meeting, prescribe. A general meeting of
the stockholders of said company may be held at any time, as
provided for by the tenth section of chapter fifty-seven of the
Code of Virginia, edition of eighteen hundred and seventy-
three.

8. The said company shall issue certificates of stock in said
company to the subscribers thereof, in shares of not less than
fifty dollars each, signed by the president, and countersigned
by the secretary of said company. The said certificates shall
be transferable only upon the books of the company by the
said subscribers, their personal representatives, or duly author-
ized agents or attorney; and the said certificates, when so trans-
ferred as aforesaid, may be returned to the said company and
cancelled, and new certificates of stock shall be issued in lieu
thereof to the person entitled thereto for a like number ot
shares.

g. It shall be lawful for said company to issue and sell its
bonds, from time to time, for such sums, and on such terms,
as its board of directors may deem expedient and proper in the
prosecution of its works, and may secure the payment of its
said bonds by mortgage or deeds of trust.

10. No stockholder in said company shall be held lable or
made responsible for its debts and liabilities in a larger or fur-
ther sum than the amount of any unpaid balance due to the
said company for stock subscribed for by said stockholder.

11. Whenever this corporation shall exercise any of the pri-
vileges conferred by this act, it shall be liable to the same taxes
as may be imposed by law upon other like corporations or per-
sons exercising like privileges.

12. This act shall be in force from its passage, but the gen-
eral assembly of the state of Virginia, reserves the right to
modify, alter or repeal this act at any time hereafter; and all
taxes and debts due or to become due by this company to this
commonwealth, shall be paid in lawful currency of the United
States, and. not in coupons.