Chap. 272.—An ACT to Incorporate the Manchester Railway and Land
Improvement Company.

Approved March 28, 1878.

1. Be it enacted by the general assembly, That Wm. G.
Taylor, P. D. McKinney, Wm. I. Clopton, Parker Campbell,
S. H. Pulliam, James H. Dooley, T. B. Cersley, S. R. Owens,
Douglas Baird, A. L. Shepherd, Z. W. Pickerell, E. S. Ham-
lin, Thos. H. Wynne, H. C. Cabell, John G. Clarke, and their
associates, successors and assigns, be and they are hereby de-
clared to be a body corporate and politic, by the name of the
Manchester Railway and Land Improvement Company; and
by that name and style are hereby invested with all the rights,
powers and privileges conferred, and made subject to all the
rules, regulations and restrictions imposed, by the Code of Vir-
ginia and all general laws applicable to such institutions that
are not inconsistent with the provisions of this act.

2. The capital stock of said corporation shall not be less
than twenty thousand dollars, but the company shall have the
privilege of increasing the same from time to time to an amount
not exceeding one hundred thousand dollars. Said stock to
be divided into shares of one hundred dollars each, and at all
meetings of the stockholders each share shall be entitled to one
vote, which may be given by the holder thereof. or by proxy.
Five dollars per share shall be paid in on each share subscribed
before the company shall commence business; the remaining
instalments may be called in from time to time as may be re-
quired by the board of directors; and the before named corpo-
rators, or a majority of them, are hereby authorized and created
@ commission to receive subscriptions for stock, and for this
purpose they may open books of subscription in such manner
as they may deem necessary and keep the same open until they
or other persons shall have subscribed the amount of capital
stock named; and thereafter, within their discretion, they may
call a meeting of stockholders who may proceed fully to or-
ganize the company. The capital stock may be increased from
time to time until the maximum sum named in this act is
reached, on such terms as the stockholders may decide, or the
unsold stock may be sold in the open market or at auction:
provided, the same be not sold at less than its par value.

3. The stockholders shall annually elect seven directors,
which said board of directors, or a majority of them in meet-
ing assembled, shall manage and control all the business and
affairs of said company; shall choose a president and vice-
president out of their own number, and may appoint a secre-
tary and such other officers or agents as their by-laws may
direct, and said directors or a majority of them shall have
power to fill any vacancies in their number.

4. The said company shall have power in its corporate na-
ture to buy, contract for, hold, sell, mortgage, encumber or
convey real estate in or within eight miles of the town of Man-
chester to erect thereon dwellings, or other improvements, and
to rent or sell the same upon such terms as may be agreed
upon. Said company may also lay off and beautify public
squares or parks.

5. The real estate to be held shall not at any time exceed
one thousand acres in and within eight miles of the town of
Manchester, and such other real estate as may be bona fide
mortgaged to the company by way of security, or conveyed to
it in satisfaction of debts previously contracted, or purchased
at sales made to pay such debts.

6. The company shall have the privilege of issuing their
bonds in sums of one hundred dollars, or any multiple thereof,
either with or without coupons attached, and running any length
of time from three months to thirty years, and bearing any rate
of interest not exceeding the legal rate of interest.

7. The company shall have the privilege of selling their real
or personal property on such terms as may be agreed upon,
and may take notes or bonds, or bonds and deeds of trust of
individuais or corporations for said property, bearing any rate
of interest not to exceed the legal rate of interest; and said
interest may be received in advance, or the company may re-
ceive the bonds issued by this company for any of the deferred
payments upon such terms as may be agreed upon.

8. Said company may loan their surplus money on real or
personal security at the legal rate of interest, and may receive
the interest in advance, but this section shall not be construed
as granting any banking privileges.

9. To more fully promote the objects of this company, it is
hereby authorized to build and operate street railways from or
near any of their improvements, to run through the streets of
Manchester, or through the streets of Richmond, or over the
roads of Chesterfield and Henrico counties, not exceeding eight
miles in any direction from the town of Manchester: provided,
the proper authorities of the city, town or county interested
shall consent thereto; and they may connect with street rail-
ways elsewhere existing, with the consent of a majority of in-
terest therein owning such street railway or railways. In any
case in which said company is authorized to construct a rail-
way, it may lease a railway or railways, or any portion thereof,
or right to build such railway or railways from any other com-
pany or individual authorized to operate such railways.

10. This act shall take effect from its passage.