Chap. 279.—An ACT to incorporate the Alexandria real estate, invest-
ment, trust, and title company.

Approved May 18, 1887.

1. Be it enacted by the general assembly of Virginia, That
Park Agnew, Michael B. Harlow, Augustus H. Agnew, James
R. Caton, and Nevell 8. Greenaway, ‘together with such per-
sons as may become stockholders, their associates and suc-
cessors, be and they are hereby created and constituted a
body corporate by the name of the Alexandria real estate,
investment, trust, and title company, by which name it
shall have perpetual succession, a common seal, may sue and
be sued, contract and be contracted with; and shall have all
the rights and privileges of a corporation under the general
laws of the State of Virginia, and be subject to all the rules,
regulations, and restrictions imposed by the laws of said State
in relation to joint stock companies so far as they are appli-
cable to and not inconsistent with this act.

2. The corporate body hereby created is authorized and
empowered to purcbase real estate, hold and dispose of the
same; to negotiate loans upon real estate security; to loan
money on real estate and other security; to buy and sell real
estate on commission; to make and certify abstracts of title to
real estate lying in the city and county of Alexandria; to
purchase, lease, sell, and transfer such real estate as shall be
desirable for its own use or profit, and to act as agent for in-
dividuals, companies, or corporations.

3. The corporate stock of said company shall not be less
than twenty-five hundred dollars nor more than fifty thou-
sand dollars, divided into shares of fifty dollars each, which
shall be paid in cash or instalments as the by-laws may re-
quire, and cach share shall be entitled to one vote in the
stockholders’ meeting.

4. The officers of said corporation shall be a president,
vice-president, secretary, who may likewise be treasurer, and
a board of three directors, all of whom shall be elected at a
stockholders meeting to be held on the first Monday in Jan-
uary in each year, and they shall hold over until their suc-
cessors are duly elected.

5. Until the first election under this charter, the following
persons shall be the officers of the said company, viz.: Park
Agnew, president; James R. Caton, vice-president; M. B.
Harlow, secretary ‘and treasurer ; and such directors as the
said company shall at a meeting ot the stockholders held for
the purpose, elect.

6. That no part of the funds of the said company shall ever
be loaned to any stockholder thereof.

7. The individual stockholders of the said company shall
in no case be liable for the debts, liabilities, obligations, or
contracts of the said company over or above the amount un-
paid on the share or shares of stock subscribed for by such
stockholder. a
8. The said corporation shall have power to establish by-
laws providing therein for the terms and manner of issuing
and transfering its stock; conveying the real property of the
corporation; the security required by the cor poration for
loans and terms upon which loans shall be made; the invest-
ments made of trust funds and funds of the company; the
payment of dividends; rules and regulations for the conduct
and management of the business of the corporation in accord-
ance with the law and the purpose for which the same is
organized, and such other by-laws and rules for its general

overnment not inconsistent with the laws of this State and
of the United States, and may amend and repeal the same at
pleasure; that all taxes against said company shall be paid
in money and not in coupons.

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