Chap. 8.—An ACT to amend and re-enact section 3792 of the Code of Virginia
in relation to corporations and the creation of stock, etc.; the increase or
decrease of the same, the creation of preferred stock, the redemption thereof,
and dividends thereon. (S B 15]

Approved February 6, 1926.

1. Be it enacted by the general assembly of Virginia, That section
thirty-seven hundred and ninety-two of the Code of Virginia be
amended and re-enacted so as to read as follows:

Section 3792. Power to.create two or more kinds of stock, et-
cetera, and to increase or decrease same; redemption of preferred
stock; dividends.—Every corporation shall have power to create two
or more kinds of stock, of such classes, with such designations, prefer-
ences, and voting powers, or restrictions or qualifications thereof, as
shall be stated and expressed in the charter, certificate of incorpora-
tion, or articles of association, or in any amendment thereof;.and the
power to increase or decrease the stock, as elsewhere provided, shall
apply to all or any of the classes of stock. Any or all classes of pre-
ferred stock may, if desired, be made subject to redemption at such
time or times and at such price, not less than par, as may be expressed
in the certificate of incorporation or any amendment thereof; and the
holders of such preferred stock shall be entitled to receive and the
corporation bound to pay thereon dividends at such rates and on such
conditions as shall be stated in its charter or any amendment thereof,
or in the original or amended certificate of incorporation, or articles
of association, or in an amendment thereof; and such dividends may
be made payable before any dividends shall be set apart or paid on
the common stock, and such dividends may be made cumulative.

2. An emergency existing, this act shall be in force from its pas-
sage.