Chap. 460.—An ACT to incorporate the Danville real estate invest-
ment, trust and land title company.

Approved March 5, 1888.

1. Be it enacted by the general assembly of Virginia, That
W. T. Sutherlin, P. R. Jones, H. Hairston, John L. Berkeley,
W. N. Ruffin, John L. Waring, and L. C. Berkeley, junior,
together with such persons as may become stockholders in
the corporation hereinafter created, and their associates and
successors, be and they are by this act created and consti-
tuted a body corporate, by the name of the Danville real
estate investment, trust and land title company, by which
name it shall have perpetual succession and a common seal;
may sue and be sued, plead and be impleaded, contract and
be contracted with, and shall have all the rights and. privi-
leges 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
corporations of this kind, so far as the same are applicable to
this corporation, and not inconsistent with this act.

2. The corporation hereby created, is authorized and em-
powered to purchase real estate, hold and dispose of the
same, to negotiate loans upon real estate and other security,
to loan money upon real estate and other securities, to buy
and sell real estate on commission, to make and certify for
compensation abstracts of title to real estate lying in the city
of Danville, the town of North Danville, and the county of
Pittsylvania, Virginia, and to purchase, lease, sell, and trans-
fer such real estate as shall be desirable for its own use and
profit, and to act as agent for individuals, firms, companies,
and corporations, except that said company shall not act as
agent for any state, county, or district officers or officers of
any court, or for any trustee or fiduciary; and except fur-
ther, that nothing herein contained shall be construed as
authorizing the said company to act as trustee, or to pur-
chase, own, hold, or negotiate any bonds of the state of Vir-
ginia, or coupons or other evidences of interest thereon, or
to act as agent or trustee for any owner or holder of such
state bonds.

3. The corporate stock of said corporation shall not be less
than two thousand and five hundred dollars, nor more than
twenty thousand dollars, to be divided into shares of one hun-
dred dollars each, to be paid in monthly cash instalments, as
the by-laws of said corporation may require, and each share
shall be entitled to one vote in the stockholders’ meeting:
provided, that no one stockholder shall cast more than fifty
votes at any such meeting, no matter how many shares of

. 8tock he may own.

4. The officers of said corporation shall be a president,
vice-president, secretary (who may also be treasurer), a trea-
surer, and three directors, in addition to the president and
vice-president, who shall be ex-officio members of the direc-
tory, and who, together with the three said directors, shall

constitute a board of directors of five in number, all of whom
shall be first elected at the first meeting of the stockholders,
after the minimum amount of stock is subscribed to, and shall
hold their respective offices until the regular annual stock-
holders meeting, to be held on the first Monday in each and
every year after the present year, and until their successors
in office are elected and qualified; and after the first election
of said officers, they shall be elected at the said annual meet-
ing, and shall hold their respective offices for the term of one
year, and until their successors are elected and qualify.

5. The individual stockholders of said corporation shall in
no case be liable for the debts, obligations, liabilities, con-
tracts, or torts of the said corporation, over and above the
amount unpaid on the share or shares of stock subscribed to
by such stockholders.

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6. The said corporation shall have power to make and!
ordain all such by-laws, rules, and regulations as may be nec-
essary, suitable, or convenient for the successful prosecution
of its business, providing therein for the terms and manner
of issuing and transferring its stock, conveying the real es-
tate of the corporation, the security required for loans, and
the terms upon which loans shall be made, the investments
to be made of trust funds and the funds of the corporation,
the manner and terms of certifying abstracts of title to real
estate, the payment of dividends, and in general the said
corporation shall have the power and authority to make and
provide all such other by-laws, rules, and regulations for its
maintenance, government, and operation as are not inconsist-
ent with the laws of this state and of the United States; and
may amend and repeal any of the said by-laws, rules, and
regulations at pleasure.

7. Alltaxes due by said corporation shall be paid in money '
and not in coupons. '

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