Chap. 161.—An ACT to amend and re-enact Section 3853 of the Code of Vir-
ginia, as heretofore amended, in relation to boards of directors of corporations
created under chapter 148 of the said Code, by omitting provisions for change
of principal office by action of the board. [H B 324]

Approved March 12, 1936

1, Beit enacted by the General Assembly of Virginia, That section
thirty-eight hundred and fifty-three of the Code of Virginia, as
heretofore amended, be amended and re-enacted so as to read as
follows:

Section 3853. Management to be vested in a board of directors;
their number; term of office; quorum; executive committee; powers
of.—The business of every corporation organized under the provis-
ions of this chapter shall be managed by a board of directors of
such number, not less than three, as may be prescribed by the certifi-
cate of incorporation or the by-laws of the corporation. They shall
hold office, unless sooner removed by the stockholders for the term
fixed by the certificate of incorporation or by-laws and until their
successors are respectively elected and qualified, and a majority of
them shall constitute a quorum for the transaction of business. The
board of directors may, if authorized by the stockholders, or by the
by-laws, by a resolution passed by a majority of the whole board,
designate two or more of their number to constitute an executive
committee, who, to the extent provided in said resolution or in the
by-laws of said corporation, shall have and exercise the power of
the board of directors in the management of the business and affairs
of the corporation, and may have power to authorize the seal of the
company to be affixed to all papers which may require it.

2. An emergency existing, this act shall be in force from its
passage.