Chap. 62.—An ACT to Incorporate the Richmond Building and Improve-
ment Company.

Approved February 5, 1873.

1. Be it enacted by the general assembly, That John B. F
Crenshaw, I. H. Shields, John P. Branch, Dr. Thomas Pollard, b
Robert Polk, Dr. N. C. Sheppard, Thomas Branch, Wm. R. .
Polk, Dr. O. ‘A. Crenshaw, Asa Snyder, David J. Saunders, Col. °
Albert Ordway, and their associates, successors and assigns be
and they are hereby declared to be a body politic and corpo-
rate, by the name of The Richmond Building and Improve- F
ment 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 Virginia, 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-five thousand dollars nor more than one hundred
thousand dollars, divided into shares of one hundred dollars

at each, and five dollars per share shall be paid in on each share

" subscribed before the company shall commence business; the
remaining instalments of five dollars each may be called in
from time to time as may be required by the board of direc-
tors, and the capital stock may be increased from time to time
until the maximum is reached, on such terms as the stock-
holders may decide, or the unsold stock may be sold on the
open market or at auction: provided, the same be not sold at
less than its par value.

3. The objects of this company are to purchase or sell vacant

, or unimproved lots and lands in and within eight miles of the

city of Richmond; to cheapen rents to the g¢itizens of Rich-

mond and vicinity, by erecting thereon dwellings and other
improvements, and renting or selling them on such terms as
may be agreed upon; said company may also lay off and beau-
tify public squares and parks.

4. The real estate to be held shall not at any time exceed

, one thousand acres in and within eight miles of the city of
Richmond, and such other real estate as may be bone fide
mortgaged to the company, by way of security, or conveyed to
it in satisfaction of debts previously contracted, or purchases
at sales made to pay such debts.

5. The real estate shall be held in trust by three trustees

and their successors, all of whom shall be elected by the stock-
holders; said trustees shall convey said real estate when sold to
such parties as the board of directors in writing may direct.

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 ten per cent. per annum.
To fully secure said bonds in case they are not promptly paid

- at maturity by the company, each stockholder shall, individ-
ually, be liable for the payment of these bonds to the extent
of the face value of the stock held by him at the time of the
failure to pay on the part of the company, in addition to the
stock held by him, and said amount may be collected by law,
as any other private debt due by him, and the bonds shall state
this fact on their face; but this shall not be construed to mean
that these bonds shall be a lien upon the real or personal estate
of either the company or the private property of the stock-
holder, until after default shall have been made by the com-
pany in the payment of the bonds when presented for pay-
ment at their proper office or agency in the city of Richmond.

7. The company shall have the privilege of selling their un-
improved lots or lands, or to sell the lots and the buildings,
or improvements thereon erected, on such terms as may be
agreed upon, and may take notes or bonds and deeds of trust
of individuals or corporations for said property, bearing any
rate of interest not to exceed ten per cent. per annum, 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. Said company may employ an agent to rent or sell their
properties and do any other business for the company required
by the board of directors, and may pay said agent a salary or
@ commission. And the said board may make such by-laws for
the regulation of the business of the company as they think
proper: provided, they are not inconsistent with this act or
the laws governing such corporations.

10. To more fully carry out the objects of this company,
said company is hereby empowered and authorized to build
and operate horse railways from any of their improvements, to
connect with the horse railway now running~in the city of Rich-
mond, on such streets thereof as the city council of Richmond
may allow and not in conflict with the rights of any other city
railway.

11. The officers of this company shall consist of a president,
a board of six directors, four of whom shall constitute a quo-
rum, a treasurer, a secretary, an agent to rent out or sell their
property, and do any other business for the company, and
three trustees, who shall hold the real estate in trust for the
company, and convey it when directed by the proper officers.
The treasurer or agent, if thought advisable, may also act as
secretary, and the directors may hold any of the other offices
except that of trustee.

12. This act shall take effect from its passage.