Chap. 119.—An ACT to incorporate the Henrico Industrial Association.

Passed January 28, 1867.

Whereas, several citizens of this commonwealth have asso-
ciated themselves for the purpose of forming a company for
the manufacture of. all kinds of needle work, in order to pro-
vide employment for the poor and needy females of the city
of Richmond and its suburbs, and desire that they and’ their
associates and successors may be incorporated for the pur-
pose of establishing and perpetuating such an association,
with the powers necessary for that purpose and object:
Therefore, .. .

1. Be it enacted, That John E. Bossieux, Miles Turpin,
A. R. Courtney, George W&tt, William J. Yarbrough and
Robert H. Whitlock, and all persons now associated with
them and forming the Henrico industrial association, as well
as all others who may hereafter become associated with them,
shall be and are hereby constituted a body corporaie, by the
name and style aforesaid; and by that name and style shall
nave perpetual succession and a common seal, may sue and
pe sued, plead and be impleaded, and do and peform all such
other things as are incident to a body corporate and politic,
ind not inconsistent with the provisions of chapters fifty-six
ind fifty-seven of the Code of eighteen hundred and sixty.
2. The capital stock of said company shall not be less than
five hundred dollars nor more than fifty thousand dollars, and
raay be divided into shares of not less than ten dollars nor
more than fifty dollars each. The shares of stock shall be
personal estate: provided, however, no stockholder shall ac-
quire or hold more than thirty shares. The said stock shall
not be subject to the payment of debts contracted by the
stockholders after the passage of this act, or to taxes of any
‘kind, nor pass by insolvency, or into the hands of his execu-
tor or administrator; but, upon the death of any stockholder,
intestate, his interest shall pass to the family of each, accord-
ing to the course of descents. Books of subscription may
be opened by such persons and at such times and places as
shall be directed by the board of directors.

3, ‘Fhe affairs of the company shall be managed by a board
of directors, consisting of a president, who shall be a direc-
tor, and six other directors; and the time for the first elec-
tion of president and directors by the subscribers, shall be
appointed by the aforementioned persons, or any three of
them; and until such election, the said. persons shall have and
exercise all the powers of said board of directors, designat-
ing some one of themselves to act as president.

4. The president and directors shall hold their offices for
one year, and until their successors are appointed in general
meeting. All other officers of the company shall be ap-

‘pointed by the board of directors, and hold their offices at
the pleasure of said board, and so also shall vacancies in their
own body be filled until new appointments shall be made by
the stockholders.

5. It shall be lawful for said company to purchase and
hold lands in the city of Richmond and county of Henrico,
not exceeding in quantity four acres, and to erect such build:
ings thereon as may be necessary for their purposes; and may
take and hold any grant, donation or bequest of property
upon trust, to apply the same, or the income thereof, under
the direction of the board of directors, for the promotion of
the objects of this association. :

6. The board of directors may make and enforce such by-
laws and regulations for the government of the company as
they shall judge best: provided, they are not inconsistent
with this act. ) :

| 7. This act shall be in force from its passage, and shall b
subject to alteration, modification, amendment or repeal, at
the pleasure of the general assembly. |