Chap. 280.—An ACT to Incorporate the Arrington Land and Loan Com-
puny.

In force March 22, 1872.

1. Be it enacted by the general assembly, That James M.
Bickers, A. M. Stratton, Thomas P. Fitzpatrick, John Thomp-
son Brown, James L. Hubard, John L. Snead, Patrick C.
Massie, James Pettit, Paul Stratton, Robert Whitehead, Robert
A. Coghill, D. J. Hartsook, William C. Carrington, and such
others as they may associate with them, be and they are here-
by declared a body politic and corporate, by the name and
style of the Arrington Land and Loan Company, and as such
shall have perpetual succession and a common seal, which it
may renew or alter at pleasure, and may sue and be sued,
plead and be impleaded, contract and be contracted with, and
make ordinances, by-laws and regulations not inconsistent with
the provisions of this act or other laws of the state, or of the
United States, for the government of its officers and agents,
and the proper conduct of its affairs.

2. The capital stock of the company shall not be less than
ten thousand nor more than five hundred thousand dollars, to
be divided into shares of one hundred dollars each, to be sub-
scribed for under the direction of the persons hereinbefore
named, or of such agent or avents as they or the company
hereby incorporated may hereafter appoint; the office of the
company shall be at Arrington.

3. Any incorporated or joint stock company may subscribe
for stock in said company. and any stock subscribed for in said
company may be paid in land at its cash value; provided, such
value shall be fixed and ascertained between the president and
directors of said company and the owner of said land.

4. When the minimum amount of stock shall have been
subscribed, a meeting of the stockholders may be called, and
if a majority of the stock be represented in person or by
proxy, a board of seven directors shall be elected, and from
their number a president and vice-president shall be chosen, to
whom shall be entrusted the management of its business.
The president and directors shall hold their offices for one
year and until their successors are duly elected. The board
. of directors is hereby vested with power and authority to do
any act the company might lawfully do during their continu-
ance in Office, and four of said directors shall constitute a
board for the transaction of business.

5. Said company may purchase with its stock or otherwise
lawfully acquire lands, and may improve, cultivate, rent, sell,
mortgage and convey the same: provided, that it shall not at
any time hold more than fifty thousand acres; and after its
organization may issue and sell a preferred stock not exceed-
ing fifty thousand dollars in amount, to bear such rate of
interest as the directors may determine, not exceeding six per
centum, to be paid annually.

6. The said company may lawfully guarantee the payment
of promissory notes, bills of exchange, bonds, accounts, claims,
rents and other evidences of debt, on such terms as may be
established by the board of directors of said company; may
engage in manufacturing or any other business an individual
may lawfully carry on; may receive on deposit merchandise,
specie, stocks, bonds, bank notes, promissory notes, certificates
and evidences of debt, contracts, produce or any other property,
and to loan and advance money, securities and credits upon
any such property, real or personal, or choses in action which
may be so deposited or pledged, and upon a failure to pay any
money so advanced or loaned, at the time stipulated for its
payment, may, after ten days’ notice, sell such property or
choses in action for cash, at public auction, the proceeds to be
applied first to the payment of the money loaned or advanced,
with the accrued interest and costs of such sale, and the resi-
due to the owner of the property.

7. Notes and bills of exchange may be made negotiable and
payable at the office of said company, and for non-payment
may be protested according to law.

8. The personal liability of the stockholders shall be limited
to the amount due and unpaid upon the shares of stock owned
by such stockholders.

9. In no ease shall deposits made with the company, or any
property or storage, be liable for any contract, debt or under-
taking of the company.

10. Such company may provide for receiving its stock in
payment for any land it may sell, and stock thus received may
be cancelled and retired, or re-issued in the purchase of other
lands or property, as the interests of the company may make
expedient.

11. Said company may be appointed a receiver of any court,
and may execute bond with personal security as such receiver,
or in the discretion of the court may give bond and execute
a deed of trust upon its real estate or a sufficiency thereof;
and authority is hereby conferred upon said company to exe-
cute all bonds, contracts or other papers necessary to the
transaction of its business, the same to be executed by the
president of the company, with or without the seal of the
company, a8 may be preferred.

12. This act shall be in force from its passage.