Chap. 130.—An ACT amending and re-enacting the act to incorporate the
Virginia Immigration Society, passed March 3, 1866.

Passed J anuary 29, 1867.

1. Be it enacted by the general assembly of Virginia, That
the act to incorporate the Virginia immigration society,
passed March third, eighteen hundred and sixty-six, be
amended and re-enacted so as to read.as follows:

Ҥ 1. That James Barbour, William D, Hart, Alexander
Rives, A. F. Robertson, G. C. Wharton, Richard V. Gaines,
N. Francis Cabell, John B. Robertson, W. H. F. Lee, and
such other persons as are now or may be hereafter associated
with them, shall be and they are hereby made a body politic
and corporate, under the name and style of The Virginia
Immigration Society, for the purpose of bringing immigrants
into this state.

Ҥ 2. The capital stock of said society shall not exceed
one million dollars, divided into shareg of five dollars each.
The said capital, so subscribed, may be paid in money, land
or other property, or may be securéd by a pledge of unin-
cumbered real estate, in value at least equal to the subscrip-
tion so made, which pledge shall constitute a lien upon such
real estate, and shall be liable for the debts and liabilities of
the said society. The real estate so pledged, shall be de-
scribed with metes and bounds, so that it may be fully and
clearly identified, and such pledge shall be recorded in the
clerk’s office of the county or corporation in which the land
lies, and constitute a prior lien-upon such real estate; and no
deed of trust, mortgage or judgment lien, shall in any man-
ner affect the liability of said real estate so pledged, to the
prejudice of this society; but the owner of such real estate
may, at any time, make sale of such real estate, and transfer
the same to the purchaser of such real estate, subject to said
lability to said society, or to any other liens upon the pro-
perty. But the owner of' any real estate so pledged may, at
any time, discharge the lien thereon by payment of the
amount for which it is pledged, and the interest thereon, such
payment to be made to the society: provided said lien shall
not have beeri transferred by said society. But if said lien
shall have been so transferred, then such payment shall be
made to the party or parties holding said lien. |

Ҥ 3. The said society shall have authority to procure, by
purchase or lease, such lands as may be required for its pur-
poses, in addition to the lands subscribed to its capital stock :
provided that the quantity so held shall, at no time, exceed
fifty thousand acres. The said society shall have authority
to sell, lease, rent or mortgage, such. lands as it may hold,
and to erect buildings thereon for sale, lease or rent.

Ҥ 4, The said society shall have authority to make such
by-laws and regulations as may be necessary or vroper for
the government of said society.”

2. This act shall be in force from its ‘passage, and subject
© amendment or repeal by the general assembly of Virginia
it any time.