Chap. 129.—An ACT to amend chapter 65 of the Code, in relation to
Incorporations by the Circuit Courts.

Passed January 29, 1867.

1. Beit enacted by the general assembly of Virginia, That
the fourth section of chaptet sixty-five of the. Code, edition
of eighteen hundred and sixty, be amended and re-enacted
so as to read as follows:

Ҥ4. Any five or more persons who shall desire to form a
company for the conduct of any enterprise or business, which
may lawfully be conducted by private individuals, may make,
sign and acknowledge before any justice of the peace or no-
tary public, a certificate in writing, setting forth the name of
the company, the purposes for which it is ‘formed, the capital
stock and its division into shares, the amount of real estate
sroposed to be held, the place in which the principal office is
o be kept and the ‘chief business to be transacted, and the
ames and residences of the ofticers who, for the first year,
re to manage the affairs of the company. ‘This certificate
nay be presented to the circuit court of the county or city
n which the principal office of the company is to be located,
or to the judge thereof in vacation. The said court or judge
shall have a discretion to grant or refuse to said persons a
charter of incorporation upon the terms set forth in the said
certificate, or upon such other terms as may be adjudged
reasonable. If the charter be granted, it shall be recorded
by the clerk of the said court in.a book to be provided and
kept for the purpose, ands shall be certified by said clerk to
the secretary of the commonwealth, to be in like manner
recorded in his office.”

2. That section five of the said chapter be amended and
re-enacted so as to read as follows:

“$5. As soon as the charter shall have. been lodged in the
office of the secretary of the commonwealth, the persons who
shall have signed and acknowedged said certificate, and their
successors, and such other persons as may be associated with
them according to the provisions of their charter, shall be a
body politic and corporate, by the name set forth in the said
certificate, and shall have all the general powers, and be sub-
ject to all the general-restrictions provided by this Code, or
that may hereafter be enacted by the general assembly, i in
regard to such bodies politic and corporate.”

3. That section seven of the said chapter be amended and
re-enacted so as to read as follows:

Ҥ7. The minimum capital of every such company shall
not be less than five thousand dollars, nor shall the maximum
exceed twenty times*the minimum capital, and the same
proportion shall be preserved for greater sums; and the said
capital stock shall be divided into shares of not less than
twenty-five dollars each. And it shall be lawful for such
company to call and demand from the stockholders respec-
tively, all sums of money by them subscribed, at such time
and in such proportion as it shall deem, proper, and may en-
force payment by all the remedies provided by law in respect
to other chartered companies. Lach certificate of stock in
any such company shall set forth truly the actual capital of
the company, the nominal value of each share of the stock,
and the amount actually paid on each share by the holder of
such certificate.”

4, The clerk of the court in which any charter is granted
under this act, and the secretary of the commonwealth, shall
each be entitled to demand and receive from the persons con-
stituting any such company, at the time of performing the
services, for filing the papers and for all entries or records
made in relation thereto, double the fees provided by law for
similar services in regard to deeds in any of the courts of
the state.

5, This act shall be in force from its passage.