Chap. 302.—-An ACT to Incorporate Land Companies in the respective
Counties in the State of Virginia.

Approved March 31, 1873.

1. Be it enacted by the general assembly of Virginia, That
any five or more persons resident in any county of this state,
and such other persons as may hereafter be associated with
‘them and their successors, after filing notice of same with the
secretary of the commonwealth, shall be and they are hereby
created a body politic and corporate, under the name and style
of their respective county land company, and are hereby in-
vested with power and authority to receive subscriptions in land
and moneys, and to dispose of all lands so received to non-resi-
dent actual settlers in such manner as may be prescribed by
the by-laws of said company not inconsistent with this charter.

2. The capital stock of said company shall not be less than
five thousand dollars, and may be increased to one hundred
thousand dollars, to be divided into shares of twenty-five dol-
lars each, to be subscribed for under the direction of the cor-
porators aforesaid for their respective county after reasonable
public notice. Any person may subscribe for stock in any one
or more of said companies payable in land, for which certifi-
cates of common stock shall be issued for such valuation of
the said land in money as may be agreed upon between said
company and the party or parties so subscribing; or the cor-
porators may appoint disinterested appraisers to act for them
in ascertaining such valnes, or adopt any other equitable mode
to be provided for in the by-laws of said companies respectively.
Every subscription payable in land shall become void if satis-
factory conveyance of the legal title thereof be not made to
such company within such time as its by-laws may prescribe.
Subscription to the capital stock may also be made from
time to time payable in money for an amount not exceeding
one-fiith of the value of the lands previously subscribed to any
of the said companies respectively, and for which common stock
has been issued. For such money subscriptions the said com-
pany may, when the full par value thereof has been paid up,
issue certificates of preferred stock, by order of its president
and directors, in sums of twenty-five dollars, wpon which inter-
est at the rate of six per cent. per annum, payable semi-annu-
ally at a time and place to be specified on the face of the cer-
tificates, shall be paid out of any money in the treasury of the
company; and for such money subscriptions, the lands of the
company shall be liable as security, by virtue of this act, for
the redemption of the certificates of preferred stock issued
therefor, principal and interest: provided, that in case of a sale
of any land the lien hereinbefore created shall be satisfied to
the extent of any payment made out of the proceeds of such
land sale. The stockholders, in general meeting assembled,
may authorize the borrowing of money and cause bonds to be
issued for the same, as they may deem expedient, and give a
lien upon their lands as security therefor, subject to the lien of
the preferred stock.

3. In addition to the lands obtained by subscription, said
company shall have power to purchase, lease or otherwise law-
fully acquire lands adjacent and necessary to carry out the pur-
pose of this act.

4. Said company may organize , and commence its operations
after the minimum amount of its capital stock has been sub-
scribed in land or money, as herein provided, on reasonable
public notice given by the corporators of time and place for a
meeting of the stockholders. The stockholders in their first
general meeting, a majority of stock being present or repre-
sented by proxy, shall, for the management of the affairs of
said company, elect a president and four directors, who shall
constitute a board of directors, to continue in office until the
next annual meeting,’ to be designated by such meeting
of stockholders, or until their successors are elected; such
board shall have power to fill vacancies in theirown body. At
any meeting of the stockholders, each stockholder shall be en-
titled to one vote for every share of stock held by him, whether
preferred or common stock, represented in person or by proxy.
If a majority of such stockholders fail to attend, a lesser num-
ber may adjourn from time to time. The stockholders shall
provide by-laws for the management of the company not in- By-laws
consistent with this act.

5. Said company may combine with one or more similar Combinatio
companies in this state and North Carolina, upon such terms S¢vera! com
as they may agree upon to unite ina common plan to secure land purcha
land purchasers and settlers in Virginia and North Carolina, and settlers
and appoint such agents or officers as they deem proper as cen- Agents and
tral executive agents of the co-operative plan of such compa- eotatea” i.
nies, and, for the furtherance of such combination, may con- Contributio
tract to contribute its due and equitable proportion of all ex- [0 delay ex
penses incurred in carrying out the objects of such combina-
tion, especially such expenses as may be incurred in procuring
land purchasers and settlers, in providing accommodations for
their reception at the ports of debarkation, and in facilitating
them in their transit to their new home.

6. The principal office of the common plan provided for in Principal of
section five of this act shall be in Petersburg. wher nee

7. The board of directors may appoint a secretary and trea- Secretary, ts
surer, and such other officers as they may deem necessary, eprer and 0
and fix their compensation, and require such bond, with se- Treasurer t
curity, of the treasurer or other officey as the by-laws may require. ©*°°'e >>
The salary of the president shall be fixed by the stockholders. Galery’ of fs

8. The personal liability of any and every shareholder shall Liability of
be limited to the amount due and unpaid upon the shares of *#reholder
stock owned and held by such shareholder.

9. Every stockholder not in debt to the company may, at Stock howa
pleasure, by power of attorney or in person, assign his stock fenuecen
and transfer the same on the books of the company, or any
part thereof, not being less than a whole share; but no stock-
holder indebted or liable to the company shall be permitted to
make atransfer or receive any distributive share of the pro-
ceeds of any land sales until such debt or liability is paid or
secured to the satisfaction of the board of directors.

10. All deeds of conveyance made by the company shall be Deeds of co:
executed by the president, attested by the secretary, and have toypare t
the seal of the company affixed, and shall contain covenants of executed
general warranty and be acknowledged according to law.

11. The price at which the lands are subscribed to any Of Price of lan
said companies shall remain unalterable. pabscr edt

12. If any officer of any company or agent of any one or oOficers and
more of said companies, during his or their term of office, shall ited to ior
speculate in any land within their respective counties, or un- late inland:
der the jurisdiction of any organized company incorporated renee ean
under this act, or shall receive any compensation directly or
indirectly, except his or their fees of office, or shall knowingly
misrepresent any land so offered by any one of said companies,
he or they shall forfeit his or their office, and be thereafter in-
capable from holding any office or agency under this act.

13. After the expiration of five years from the date of the How compa:
organization of the company, by a vote of three fifths of the may, wimdu
stockholders, said company may go into liquidation and wind
up its affairs.

14, This act shall be in force from its passage. Commencer: