Chap. 450.—An ACT to amend and re-enact section 3777 of the Code of
Virginia. [H B 143]
Approved March 27, 1922.

1. Be it enacted by the general assembly of Virginia, That sec-
tion thirty-seven hundred and seventy-seven of the Code of Virginia
be amended and re-enacted to read as follows:

Section 3777. Powers of corporations.—Every corporation of this
State shall have power:

(a) To have succession for the time stated in its charter, cer-
tificate of incorporation, or articles of association. But when no
period is so limited, it shall be perpetual, subject to the power of
repeal reserved by the Constitution to the general assembly.

(b) To sue and be sued in any court of law or equity.

(c) To have a common seal, which it may alter, renew, or
amend at its pleasure.

(d) To contract and be contracted with, to purchase, hold, and
grant such real and personal estate as the purpose of the corporation
shall require, and all other real estate which shall have been bona
fide conveyed or mortgaged to the said corporation, or for its benefit,
by way of security, or in satisfaction of debts, or purchased at sales
upon judgment or decree obtained for such debts, and to mortgage
or pledge, or convey by way of deed of trust, or otherwise encumber
any such real or personal estate as is mentioned in this paragraph,
together with the franchises of such corporation, in whole or in
part. The power to hold real and personal estate shall include the
power to take the same by gift, devise, or bequest.

(e) To borrow money, to make and issue its bonds, payable to
bearer or otherwise, and with or without interest coupons attached,
or drafts or notes for the same, or for any debts or obligations
incurred by it, or for any of the purposes of the corporation, and to
secure the same by mortgage or deed of trust on all of its works,
property, and franchises, or any part thereof.

(f{) To appoint such officers and agents as the business of the
corporation shall, in its opinion, require, and to fix their compensation.

(z) To make ordinances, by-laws and regulations not inconsis-
tent with the Constitution or laws of the United States or of this
State, fixing and altering the number of its directors, the division of
the same, if desired, into classes; their authority and powers; the
duration of the terms of its officers and directors; for the certification
and transfer of its stock; for the calling and holding of meetings
of its members; and generally for the government of all under its
authority ; for the management of its estates, and the due and orderly
regulation and conduct of its affairs.

(h) If authorized so to do in its charter, certificate of incorpo-
ration, or articles of association, or in any amendment thereof, tc
subscribe to, purchase, or otherwise acquire, or to guarantee or tc
become surety in respect to the stock, bonds, or other securities and
obligations of other companies.
(1) To wind up and dissolve itself, or to be wound up and
dissolved in the manner provided by law.

(j) To exercise all other powers granted to corporations gener-
ally by the laws of this State.

All corporations, other than public service corporations, organized
under the laws of this State shall have power to enter into partnership
agreements with other corporations having similar powers and pur-
poses, whether organized under the laws of this or other States,
or with any individual or individuals; but no such agreement shall
be entered into except the same be authorized in a stockholders’
meeting by a resolution passed by unanimous vote of all the stock-
holders of each corporation affected, in the notice of which said meet-
ing the object and purpose thereof has been duly stated.