Chap. 192.—An ACT to incorporate the National Mereantile Exchange
Company,
X Passed Fohrunry 8, 1866. :

1. Be it enacted by the general assembly of Virginia, That
Robert H. Maury, John Robin McDaniel, Samuel C. Tardy,
s. C. Robinson, M. G. Iarman, Hugh W. ‘Shettey, J. Arthur
Johnston, E. C. af fobinson, J. Warner Slaughter, W. R. Drink-
ard, John Farrell, Thomas J. W elby and ‘Thomas B. Florence,
and such other persons as they may associate with them, and
their successors, be and they are hereby declared to be a body

olitic and corporate, by the name and style of The National

fercantile Exchange Company; and as such, shall have per-
petual succession and a common seal, which it may renew or
alter at pleasure; and may suc and be sued, implead and be’
impleaded; contract and be contracted with, purchase, hold
and grant such real estate as may be necessary to carry on
the legitimate business of the company, not exceeding, at
any one time, five thonsand acres; and to make ordinances,
by-laws and regulations, not inconsistent with the laws of
this state or of the United States, for the government of its
officers and agents and the proper conduct of its affairs.

2. The capital stock of the company shall be one million
of dollars, to be divided into shares of one hundred dollars
each; but the board of directors may from time to time in-
crease the capital stock to an amount not exceeding two mil-
lions of dollars.

3. The right to the franchise granted by this act shall vest
as soon as one-third of the capital stock is subscribed and one
hundred thousand dollars of the same shall be paid up. Of
these facts the company shall give notice to the governor of
the commonwealth, in the manner prescribed by law when
banks are about to be put into operation.

4, So soon as the requirements of the preceding section
are complied with, any five stockholders may call a general
meeting of stockholders, by notice given for twenty days in
one or more newspapers published in the city of Richmond;
but such meeting may be held otherwise, if two-thirds of the
stockholders are present in person or by proxy. At such
meeting the stockholders shall elect, by a majority of the
votes present, not less than five nor more than nine directors,
who shall represent said company and manage its business.

5. The board of directors shall, at their first meeting after
their election, or as soon thereafter as may be, elect one of
their number president of said company, and shall have
authority to elect such other officers and appoint such agents
as they may deem advisable. The president and directors
shall hold their offices for one year, and until their successors
are chosen. Vacancies in the board of directors and in all
offices shall be filled in such manner as the by- -laws may
prescribe.

6. The directors shall be elected annually, at such time and
place and in such manner as the by-laws may prescribe.
7. The business of said company shall be to facilitate the
exchange of commodities and productions, and to make pur-
chases tor others; to sell, in the best markets, the various
productions of the country; to insure property entrusted to
Its care, im transitu or in store, and to guarantee the payment
of debts contracted through its agency; and for this purpose,
it may contract with railroad and express companies, a8 com-
mon carriers, and with commission or other merchants, to
transact its operations: establish agencies throughout the
United States; indemnify itself by insurance against loss or
damage by fire, or risks of navigation or transportation; and
generally use such lawful ways and means as may be necessary
to carry on the said business.

x, But said company shall not commence its business until
it has deposited with the treasurer of this commonwealth
fifty thousand dollars of six per centum registered bonds of
the United States, and a power of attorney, under the seal
of said company, authorizing said treasurer to sell and transfer
so much of said bonds as may be required to satisfy and dis-
charge all duly authenticated judgments or decrees against
said company. And it shall be the duty of said treasure,
immediately upon the deposit of said bonds, to certify the
fact to the governor of the commonwealth, who shall there-
upon and upon evidence that one-third of the capital stock
has been subscribed, and a sum, in addition to the cost of
said bonds, sufficient to make one hundred thousand dollars,
has been paid in as aforesaid, give notice, for at least four
weeks, in some newspaper published in the city of Richmond,
that said company has complied with the requirements of
law, and is authorized to do business.

9. It shall be the duty of the treasurer of the common-
wealth, upon such deposit, to certity to the treasurer of the
United States a description of said bonds, and to transmit to
him a copy of said power of attorney and of this act.

10. Whenever a duly authenticated copy of any judyment
or decree against said company 1s filed with the treasurer of
this commonwealth, he shall give notice thereof to the presi-
dent or treasurer of said company; and if, for thirty days,
the said company shall fail to file with the treasurer satis-
factory evidence that said judgment or decree has been
satisfied, or suspended or superseded, he shall proceed to
sell and transfer so much of said bonds as may be required
to satisty such judgment or decree; and from time to time,
in further execution of said power of attorney, to sell and
transter the residue of said bonds to satisfy, in their order,
or pro rata, any other judgments or decrees that may be re-
covered against said company.

11. If, for sixty days after such sale or transfer of bondy
by the ¢reasurer, said company shall tail to deposit, as afore-
said, an equivalent amount of the six per centum registered
bonds of the United States, with a power of attorney to sell
and transter as atoresaid, the franchise granted to said com-
pany shall cease and determine.

12. The said company shall have authority to draw the
interest on said bonds for its business purposes; and after
notice published in two or more of the newspapers of the
city of Richmond for sixty days, of its’ intention to discon-
tinue its business, the said company may withdraw said bonds
from the custody of the treasurer, unless, in the mean time,
notice be given to the treasurer of some outstanding claim or
liability; in which case, he shall retain said bonds to await
the adjustment of such claim or liability.

13. In case the said bonds, while so deposited, mature for
payment, the treasurer of this commonwealth is authorized
to receive the amount from the treasurer of the United States,
and is required to reinvest the same in other bonds of the
United States‘or of this commonwealth, to be registered in
the name of said company, and shall procure proper powers
of attorney to sell and transfer the same as aforesaid.

14. The necessary and reasonable expenses incurred in ex-
ecuting this act shall be borne by said company, and shall
constitute no charge on the public treasury.

15. That whenever, in carrying on its business, said com-
pany delivers, or procures to be delivered to any person
any goods, manufactures or supplies, in consideration of
an agreement by such person to deliver other goods, manu-
factures, products or supplies, in exchange, or to be sold to
pay for the same, the designation in writing, delivered to said
company, of the goods, manufactures, products or supplies so
agreed to be delivered, shall, irrespective of the possession,
vest in said company the right of property therein against all
persons whatsoever, who have at the time acquired no lien
thereon.

16. The principal office of said company shall be kept in
the city of Richmond, unless the same be removed by the
board of directors to some other city within this common-
wealth.

17. This act shall be in force from its passage, and shall be
subject to amendment, modification or repeal, at the pleasure
of the general assembly.

Chap. 192.—An ACT to incorporate the National Mereantile Exchange
Company,
X Passed Fohrunry 8, 1866. :

1. Be it enacted by the general assembly of Virginia, That
Robert H. Maury, John Robin McDaniel, Samuel C. Tardy,
s. C. Robinson, M. G. Iarman, Hugh W. ‘Shettey, J. Arthur
Johnston, E. C. af fobinson, J. Warner Slaughter, W. R. Drink-
ard, John Farrell, Thomas J. W elby and ‘Thomas B. Florence,
and such other persons as they may associate with them, and
their successors, be and they are hereby declared to be a body

olitic and corporate, by the name and style of The National

fercantile Exchange Company; and as such, shall have per-
petual succession and a common seal, which it may renew or
alter at pleasure; and may suc and be sued, implead and be’
impleaded; contract and be contracted with, purchase, hold
and grant such real estate as may be necessary to carry on
the legitimate business of the company, not exceeding, at
any one time, five thonsand acres; and to make ordinances,
by-laws and regulations, not inconsistent with the laws of
this state or of the United States, for the government of its
officers and agents and the proper conduct of its affairs.

2. The capital stock of the company shall be one million
of dollars, to be divided into shares of one hundred dollars
each; but the board of directors may from time to time in-
crease the capital stock to an amount not exceeding two mil-
lions of dollars.

3. The right to the franchise granted by this act shall vest
as soon as one-third of the capital stock is subscribed and one
hundred thousand dollars of the same shall be paid up. Of
these facts the company shall give notice to the governor of
the commonwealth, in the manner prescribed by law when
banks are about to be put into operation.

4, So soon as the requirements of the preceding section
are complied with, any five stockholders may call a general
meeting of stockholders, by notice given for twenty days in
one or more newspapers published in the city of Richmond;
but such meeting may be held otherwise, if two-thirds of the
stockholders are present in person or by proxy. At such
meeting the stockholders shall elect, by a majority of the
votes present, not less than five nor more than nine directors,
who shall represent said company and manage its business.

5. The board of directors shall, at their first meeting after
their election, or as soon thereafter as may be, elect one of
their number president of said company, and shall have
authority to elect such other officers and appoint such agents
as they may deem advisable. The president and directors
shall hold their offices for one year, and until their successors
are chosen. Vacancies in the board of directors and in all
offices shall be filled in such manner as the by- -laws may
prescribe.

6. The directors shall be elected annually, at such time and
place and in such manner as the by-laws may prescribe.
7. The business of said company shall be to facilitate the
exchange of commodities and productions, and to make pur-
chases tor others; to sell, in the best markets, the various
productions of the country; to insure property entrusted to
Its care, im transitu or in store, and to guarantee the payment
of debts contracted through its agency; and for this purpose,
it may contract with railroad and express companies, a8 com-
mon carriers, and with commission or other merchants, to
transact its operations: establish agencies throughout the
United States; indemnify itself by insurance against loss or
damage by fire, or risks of navigation or transportation; and
generally use such lawful ways and means as may be necessary
to carry on the said business.

x, But said company shall not commence its business until
it has deposited with the treasurer of this commonwealth
fifty thousand dollars of six per centum registered bonds of
the United States, and a power of attorney, under the seal
of said company, authorizing said treasurer to sell and transfer
so much of said bonds as may be required to satisfy and dis-
charge all duly authenticated judgments or decrees against
said company. And it shall be the duty of said treasure,
immediately upon the deposit of said bonds, to certify the
fact to the governor of the commonwealth, who shall there-
upon and upon evidence that one-third of the capital stock
has been subscribed, and a sum, in addition to the cost of
said bonds, sufficient to make one hundred thousand dollars,
has been paid in as aforesaid, give notice, for at least four
weeks, in some newspaper published in the city of Richmond,
that said company has complied with the requirements of
law, and is authorized to do business.

9. It shall be the duty of the treasurer of the common-
wealth, upon such deposit, to certity to the treasurer of the
United States a description of said bonds, and to transmit to
him a copy of said power of attorney and of this act.

10. Whenever a duly authenticated copy of any judyment
or decree against said company 1s filed with the treasurer of
this commonwealth, he shall give notice thereof to the presi-
dent or treasurer of said company; and if, for thirty days,
the said company shall fail to file with the treasurer satis-
factory evidence that said judgment or decree has been
satisfied, or suspended or superseded, he shall proceed to
sell and transfer so much of said bonds as may be required
to satisty such judgment or decree; and from time to time,
in further execution of said power of attorney, to sell and
transter the residue of said bonds to satisfy, in their order,
or pro rata, any other judgments or decrees that may be re-
covered against said company.

11. If, for sixty days after such sale or transfer of bondy
by the ¢reasurer, said company shall tail to deposit, as afore-
said, an equivalent amount of the six per centum registered
bonds of the United States, with a power of attorney to sell
and transter as atoresaid, the franchise granted to said com-
pany shall cease and determine.

12. The said company shall have authority to draw the
interest on said bonds for its business purposes; and after
notice published in two or more of the newspapers of the
city of Richmond for sixty days, of its’ intention to discon-
tinue its business, the said company may withdraw said bonds
from the custody of the treasurer, unless, in the mean time,
notice be given to the treasurer of some outstanding claim or
liability; in which case, he shall retain said bonds to await
the adjustment of such claim or liability.

13. In case the said bonds, while so deposited, mature for
payment, the treasurer of this commonwealth is authorized
to receive the amount from the treasurer of the United States,
and is required to reinvest the same in other bonds of the
United States‘or of this commonwealth, to be registered in
the name of said company, and shall procure proper powers
of attorney to sell and transfer the same as aforesaid.

14. The necessary and reasonable expenses incurred in ex-
ecuting this act shall be borne by said company, and shall
constitute no charge on the public treasury.

15. That whenever, in carrying on its business, said com-
pany delivers, or procures to be delivered to any person
any goods, manufactures or supplies, in consideration of
an agreement by such person to deliver other goods, manu-
factures, products or supplies, in exchange, or to be sold to
pay for the same, the designation in writing, delivered to said
company, of the goods, manufactures, products or supplies so
agreed to be delivered, shall, irrespective of the possession,
vest in said company the right of property therein against all
persons whatsoever, who have at the time acquired no lien
thereon.

16. The principal office of said company shall be kept in
the city of Richmond, unless the same be removed by the
board of directors to some other city within this common-
wealth.

17. This act shall be in force from its passage, and shall be
subject to amendment, modification or repeal, at the pleasure
of the general assembly.