Chap. 183.—An ACT to ineurporate the Virgiga Land, ‘Trust and Tmiu-
eration Comypuiy,

Passed February 12. 1806.

Ll Be it enacted by the general assembly of Virgima, That
William G. Paine, Robert uA. Laneaster, John D. II: arvey,
Franklin Stearns, John G. Spotts, Alexander Dudley, W. A.
Stuart and George W. Palmer, their associates and succes-
sors, he and are hereby incorporated and made a body politic
and corporate, under the name and style of The Virginia
Land, Trust and Immigration Company; subject, however,
to all the provisions of chapters fifty-six and fifty-seven of
the Code of Virginia (edition of eighteen hundred and sixty)
applicable to corporations of this character, and not incon-
sistent with this act.

2. The said company may, by or under its corporate title,
make and use a corporate seal, which it) may alter or renew
at Ms pleasure; and may sue and be sued, plead and be inv
pleaded, contract and be contracted with; and make by-laws,
rules and regulations, consistent with existing laws of the
state, for the govermment of all under its authority, the man-
agement of its estates and properties. and the due and or-
derly conduet of its aftairs.

3. The capital stock of said company shall not be less than
three hundred thousand dollars, divided into shares of one
hundred dollars each, and may be inereased to any amount
not exceeding five millions of dollars, by issue and gale of
shares thereof of one hundred dollars each, trom time to
time, under such regulations as the board of directors of said
company shall from time to time preseribe.

4. The said company shall have power, and may purchase,
hold, grant, or otherwise dispose of real and personal estate:
provided, that not more than thirty-five thousand acres of
land shall be purchased or held by the said company at any
one time: and the said company shall have power, and may
lay out said lands, or any part thereof, into parcels or lots of
convenient s1z@, with intervening roads, lanes, streets and
alleys, and improve, cultivate, sell, grant, morteage, or other-
wise dispose thereof, in such manner and upon such terms as
the said company may: think proper. But atter the expiration
of ten years from the passave of this act, the said company
shall not be allowed to purchase or hold any other lands or
other real estate, except such as may be acquired under the
fitth section of this act, until the quantity then held by the
said company shall be reduced below the quantity of ten
thousand acres ; which shall be done within fifteen years from
the date of this act; and thereatter the said company shall
not at any one time purchase or hold more than ten thousand
acres of land ‘or other real estate.

0. The preceding section shall not prevent the said com-
pany from purchasing or otherwise acquiring lands or other
real property over and above the quantity specified in this
act, in satisfaction of any order, judgment or decree, as col-
lateral security for, or in payment of any debt, or from pur-
chasing at any sale made for its benefit: provided. that not
more than ten thousand acres shall be purchased and held at
any one time under this section.

6. The said company shall have power, and may loan
money on mortgage or deed of trust conveying real or per- |
sonal estate, or on other securities. and for such periods as
the said company may think proper; may discount any bill
of exchange, foreign or domestic, promissory note or other
negotiable paper, and the interest may be received in advance.
7. The said company may receive money to keep for its
depositors, either with or without interest payable thereon.
and may buy or sell bullion, buy, sell, draw or negotiate bills
of exchange.

x. The said company shall have power, and may establish
a line or lines of steamships, or ships propelled by other mo-
tive power, to rnn between any ports in Virginia and ports
of the United States, Europe or elsewhere; to build docks
and wharves; to erect warehouses adjacent thereto, for the
receipt and discharge of cargoes of ships or other vessels;
to store goods, wares and merehaniise, and grant. certificates
therefor, in such torm and under such rules and regulations
as the said company may from time to time by by- laws pre-
scribe; and to transport goods, wares and merchandise either
by land or water, and make, grant and issue tire, marine and
other protective policies of insurance.

9. ‘The said company shall have power, and may contract,
at or near any port of entry‘in the United States, Europe or
elsewhere, except Africa, w ith any person whatsoever, for the
manual labor or skill of such person on the farms, lands or
other properties of the said company, in the capacity of and
as farm hands, wood choppers, mechanics, teamsters, seamen,
or any other service requiring manual labor or skill: and all
such contracts so made as atoresaid, and not Inconsistent
with existing laws. shall be binding on the parties thereto;
and the parties aforesaid, so contracting to render manual
labor, service and skill, may be held to the performance of
raid labor, service and skill by the said company, or its as-
signees, under and in accordance with the by-laws. rules and
reculations of said company, in force at the time of the date
of any such contract, t.and which shall not be inconsistent with
the Jaws of Virginia. But no contract for labor, service and
skill shall be binding for a longer period than three years
from the date thereof, for adults, and tor intant males until
they shall arrive at the age of twenty-one years, and for
females until they shall arrive to the ave of eighteen years.
All such contracts, to he binding. shall be authenticated, when
executed in the state of Virginia, or at or near any port of
entry in the United States, by at least two subscribing wit-
nesses, and acknowledged betore a justice of the peace, & no-
tary public, or a judge of a court of record, or a commissioner
of the state of Vir cinja tor any of the United States; and if
executed in a port without the bounflaries of the United
States, in the manner and form prescribed by chapter one
hundred and twenty-one of the Code of Virginia for the au-
thentication and recordation of deeds and other writings.

10. <All drafts, orders, checks or other paper of the said
company, signed by the president, and countersigned by the
cashier, promising or directing the payment of any money,
or the delivery of any securities or other thing, shall be bind-
ing on said company; and any draft, order, check or other
paper, issued and signed, and countersigned as aforesaid,
shall be transferable and negotiable, if payable to order, by
endorsement, and if payable to bearer, by delivery.

11, The said company shall not pay out the bills or notes
of any bank or branch thereof, except such as it will receive
at par in payment of debts due the said company, or on
deposit.

12. If any draft, check, order, acceptance or other paper
due from the said company be presented for payment within
the usual hours of business, at the office or agency where
payable, and be not paid when so presented, in the funds
therein specified, the party presenting the same may, on mo-
tion, suit or warrant (according to the amount thereof), re-
cover from the said company the amount of such draft, check,
order, acceptance or other paper, with twelve per centum
per annum from the time of such failure until payment.

13. No director of said company, nor any firm in which
said director is a partner, shall be allowed to owe, at any one
time as principal, to said company more than ten thousand
dollars, unless the same shall be secured by two or more
responsible endorsers, neither of whom shall be a director;
or a deed of trust on real estate, the estimated cash value of
which shall be at least twice the amount proposed to be bor-
rowed, and then not for a greater amount than twenty thou-
sand dollars.

14. The said company shall not discount any bill or note
drawn, accepted or endorsed by a person ur company whose
liabilities, by virtue of that and other bills or notes drawn,
accepted or endorsed by him or it, and discounted by the
said company, will exceed forty thousand dollars. But every
note or bill mentioned in this and the next preceding section
shall, if discounted, be binding on the parties.

15. The seven persons first named in this act shall consti-
tute the first board of directors of the said company, and
shall continue in office until the first meeting of the stock-
holders thereof. At such first meeting, and at every annual
meeting, 80 many directors shall be elected as may be pre-
scribed by the by-laws and reculations of said company, who
may be removed by the stockholders in general meeting;
but unless so removed, shall continue in otlice until their suc-
cessors shall be elected.

16. The board of directors shall consist of seven persons,
until a greater or less number shall be prescribed by the
by-laws and reculations of said company, and shall be stock-
holders of said company. They shall appoint one of their
number president, aitd may fill any vacancy that may occur
in said board, unless by removal; in which case the same
shall be filled by the stockholders in general meeting. The
board shall appoint (to hold during its pleasure) the subordi-
nate officers and agents of the said company, prescribe their
compensation, and take from them such bonds, with such
security as they may deem fit.

17. The principal office of the said company shall be in
Richmond, Virginia; and the board of directors may estab-
lish other offices or agencies at such places as they may think
proper.

18. The annual meetings of the stockholders of the said
company shall be on the Wednesday aiter the second Mon-
day in January of each year, or on such other day as the
stockholders may, by resolution adopted in any annual meet-
ing, to take effect at the next annual meeting, prescribe. A
general meeting bf the stockholders of raid company may
be held at any time, as provided for ly the eighth section
of chapter fifty-seven of the Code ot Virginia (edition of
eighteen hundred and sixty).

19. The said company shall issue certificates of stock in
said company, to the original subscribers therefor, in shares
of not less than one hundred dollars each, signed by the
president, and countersigned by the secretary of said com-
pany. ‘The said certificates shall only be transferred by en-
dorsement thereon, made by the original subscriber therefor,
his personal representative or transterree, and acknowledged
before any notary public, or other person authorized by the
Code of Virginia to take acknowledgments of deeds; and
when so transterred, shall pass to the transterree thereof the
number of shares of the capital stock of the said company
represented by the said certificates, with all dividends there-
after declared thereon; and the said certificates, when so
transferred as atoresaid, may be returned to the said com-
pany and cancelled, and new certificates of stock issued in
ieu thereof, to the person entitled thereto, for a like number
of shares.

20. No stockholder in the said company shall ever be held
liable or made responsible for its debts and Habilitjes, in a
larger or further sum than the amount of any unpaid balance
due to the said company tor stock subscribed for in the name
of said stockholder.

21. This act shall be in force from the day of the passage
thereof. The levislature reserves to itself the right to modify,
alter and repeal this act at any time hereaiter.

Chap. 183.—An ACT to ineurporate the Virgiga Land, ‘Trust and Tmiu-
eration Comypuiy,

Passed February 12. 1806.

Ll Be it enacted by the general assembly of Virgima, That
William G. Paine, Robert uA. Laneaster, John D. II: arvey,
Franklin Stearns, John G. Spotts, Alexander Dudley, W. A.
Stuart and George W. Palmer, their associates and succes-
sors, he and are hereby incorporated and made a body politic
and corporate, under the name and style of The Virginia
Land, Trust and Immigration Company; subject, however,
to all the provisions of chapters fifty-six and fifty-seven of
the Code of Virginia (edition of eighteen hundred and sixty)
applicable to corporations of this character, and not incon-
sistent with this act.

2. The said company may, by or under its corporate title,
make and use a corporate seal, which it) may alter or renew
at Ms pleasure; and may sue and be sued, plead and be inv
pleaded, contract and be contracted with; and make by-laws,
rules and regulations, consistent with existing laws of the
state, for the govermment of all under its authority, the man-
agement of its estates and properties. and the due and or-
derly conduet of its aftairs.

3. The capital stock of said company shall not be less than
three hundred thousand dollars, divided into shares of one
hundred dollars each, and may be inereased to any amount
not exceeding five millions of dollars, by issue and gale of
shares thereof of one hundred dollars each, trom time to
time, under such regulations as the board of directors of said
company shall from time to time preseribe.

4. The said company shall have power, and may purchase,
hold, grant, or otherwise dispose of real and personal estate:
provided, that not more than thirty-five thousand acres of
land shall be purchased or held by the said company at any
one time: and the said company shall have power, and may
lay out said lands, or any part thereof, into parcels or lots of
convenient s1z@, with intervening roads, lanes, streets and
alleys, and improve, cultivate, sell, grant, morteage, or other-
wise dispose thereof, in such manner and upon such terms as
the said company may: think proper. But atter the expiration
of ten years from the passave of this act, the said company
shall not be allowed to purchase or hold any other lands or
other real estate, except such as may be acquired under the
fitth section of this act, until the quantity then held by the
said company shall be reduced below the quantity of ten
thousand acres ; which shall be done within fifteen years from
the date of this act; and thereatter the said company shall
not at any one time purchase or hold more than ten thousand
acres of land ‘or other real estate.

0. The preceding section shall not prevent the said com-
pany from purchasing or otherwise acquiring lands or other
real property over and above the quantity specified in this
act, in satisfaction of any order, judgment or decree, as col-
lateral security for, or in payment of any debt, or from pur-
chasing at any sale made for its benefit: provided. that not
more than ten thousand acres shall be purchased and held at
any one time under this section.

6. The said company shall have power, and may loan
money on mortgage or deed of trust conveying real or per- |
sonal estate, or on other securities. and for such periods as
the said company may think proper; may discount any bill
of exchange, foreign or domestic, promissory note or other
negotiable paper, and the interest may be received in advance.
7. The said company may receive money to keep for its
depositors, either with or without interest payable thereon.
and may buy or sell bullion, buy, sell, draw or negotiate bills
of exchange.

x. The said company shall have power, and may establish
a line or lines of steamships, or ships propelled by other mo-
tive power, to rnn between any ports in Virginia and ports
of the United States, Europe or elsewhere; to build docks
and wharves; to erect warehouses adjacent thereto, for the
receipt and discharge of cargoes of ships or other vessels;
to store goods, wares and merehaniise, and grant. certificates
therefor, in such torm and under such rules and regulations
as the said company may from time to time by by- laws pre-
scribe; and to transport goods, wares and merchandise either
by land or water, and make, grant and issue tire, marine and
other protective policies of insurance.

9. ‘The said company shall have power, and may contract,
at or near any port of entry‘in the United States, Europe or
elsewhere, except Africa, w ith any person whatsoever, for the
manual labor or skill of such person on the farms, lands or
other properties of the said company, in the capacity of and
as farm hands, wood choppers, mechanics, teamsters, seamen,
or any other service requiring manual labor or skill: and all
such contracts so made as atoresaid, and not Inconsistent
with existing laws. shall be binding on the parties thereto;
and the parties aforesaid, so contracting to render manual
labor, service and skill, may be held to the performance of
raid labor, service and skill by the said company, or its as-
signees, under and in accordance with the by-laws. rules and
reculations of said company, in force at the time of the date
of any such contract, t.and which shall not be inconsistent with
the Jaws of Virginia. But no contract for labor, service and
skill shall be binding for a longer period than three years
from the date thereof, for adults, and tor intant males until
they shall arrive at the age of twenty-one years, and for
females until they shall arrive to the ave of eighteen years.
All such contracts, to he binding. shall be authenticated, when
executed in the state of Virginia, or at or near any port of
entry in the United States, by at least two subscribing wit-
nesses, and acknowledged betore a justice of the peace, & no-
tary public, or a judge of a court of record, or a commissioner
of the state of Vir cinja tor any of the United States; and if
executed in a port without the bounflaries of the United
States, in the manner and form prescribed by chapter one
hundred and twenty-one of the Code of Virginia for the au-
thentication and recordation of deeds and other writings.

10. <All drafts, orders, checks or other paper of the said
company, signed by the president, and countersigned by the
cashier, promising or directing the payment of any money,
or the delivery of any securities or other thing, shall be bind-
ing on said company; and any draft, order, check or other
paper, issued and signed, and countersigned as aforesaid,
shall be transferable and negotiable, if payable to order, by
endorsement, and if payable to bearer, by delivery.

11, The said company shall not pay out the bills or notes
of any bank or branch thereof, except such as it will receive
at par in payment of debts due the said company, or on
deposit.

12. If any draft, check, order, acceptance or other paper
due from the said company be presented for payment within
the usual hours of business, at the office or agency where
payable, and be not paid when so presented, in the funds
therein specified, the party presenting the same may, on mo-
tion, suit or warrant (according to the amount thereof), re-
cover from the said company the amount of such draft, check,
order, acceptance or other paper, with twelve per centum
per annum from the time of such failure until payment.

13. No director of said company, nor any firm in which
said director is a partner, shall be allowed to owe, at any one
time as principal, to said company more than ten thousand
dollars, unless the same shall be secured by two or more
responsible endorsers, neither of whom shall be a director;
or a deed of trust on real estate, the estimated cash value of
which shall be at least twice the amount proposed to be bor-
rowed, and then not for a greater amount than twenty thou-
sand dollars.

14. The said company shall not discount any bill or note
drawn, accepted or endorsed by a person ur company whose
liabilities, by virtue of that and other bills or notes drawn,
accepted or endorsed by him or it, and discounted by the
said company, will exceed forty thousand dollars. But every
note or bill mentioned in this and the next preceding section
shall, if discounted, be binding on the parties.

15. The seven persons first named in this act shall consti-
tute the first board of directors of the said company, and
shall continue in office until the first meeting of the stock-
holders thereof. At such first meeting, and at every annual
meeting, 80 many directors shall be elected as may be pre-
scribed by the by-laws and reculations of said company, who
may be removed by the stockholders in general meeting;
but unless so removed, shall continue in otlice until their suc-
cessors shall be elected.

16. The board of directors shall consist of seven persons,
until a greater or less number shall be prescribed by the
by-laws and reculations of said company, and shall be stock-
holders of said company. They shall appoint one of their
number president, aitd may fill any vacancy that may occur
in said board, unless by removal; in which case the same
shall be filled by the stockholders in general meeting. The
board shall appoint (to hold during its pleasure) the subordi-
nate officers and agents of the said company, prescribe their
compensation, and take from them such bonds, with such
security as they may deem fit.

17. The principal office of the said company shall be in
Richmond, Virginia; and the board of directors may estab-
lish other offices or agencies at such places as they may think
proper.

18. The annual meetings of the stockholders of the said
company shall be on the Wednesday aiter the second Mon-
day in January of each year, or on such other day as the
stockholders may, by resolution adopted in any annual meet-
ing, to take effect at the next annual meeting, prescribe. A
general meeting bf the stockholders of raid company may
be held at any time, as provided for ly the eighth section
of chapter fifty-seven of the Code ot Virginia (edition of
eighteen hundred and sixty).

19. The said company shall issue certificates of stock in
said company, to the original subscribers therefor, in shares
of not less than one hundred dollars each, signed by the
president, and countersigned by the secretary of said com-
pany. ‘The said certificates shall only be transferred by en-
dorsement thereon, made by the original subscriber therefor,
his personal representative or transterree, and acknowledged
before any notary public, or other person authorized by the
Code of Virginia to take acknowledgments of deeds; and
when so transterred, shall pass to the transterree thereof the
number of shares of the capital stock of the said company
represented by the said certificates, with all dividends there-
after declared thereon; and the said certificates, when so
transferred as atoresaid, may be returned to the said com-
pany and cancelled, and new certificates of stock issued in
ieu thereof, to the person entitled thereto, for a like number
of shares.

20. No stockholder in the said company shall ever be held
liable or made responsible for its debts and Habilitjes, in a
larger or further sum than the amount of any unpaid balance
due to the said company tor stock subscribed for in the name
of said stockholder.

21. This act shall be in force from the day of the passage
thereof. The levislature reserves to itself the right to modify,
alter and repeal this act at any time hereaiter.