CHAP. 359.—An ACT to incorporate the James river valley colon-
ization and improvement company of Virginia.

Approved February 25, 1890.

1. Beit enacted by the general assembly of Virginia, That
J. L. Randall, of the city of New York; George D. Swoop,
of the city of Philadelphia; J. A. Pattee and E. D. Champ-
lin, of the city of Richmond; W. A. Parsons and J. S.
Masters, of the county of Goochland, state of Virginia,
and D. W. Anderson, of the county of Fluvanna, state of
Virginia, or such of them as may accept the provisions of
this act, and such other persons as may hereafter be asso-
ciated with them, their successors and assigns, be, and
they are hereby, constituted a body corporate and politic,
to be known as the James river valley colonization and
improvement company of Virginia, and by that name to
sue or be sued, plead and be impleaded in all the courts
of law and equity in this state, may have, use and make a
common seal, and the same break, alter and renew or
change at their pleasure; may make, ordain, establish,
alter, or amend such by-laws, ordinances and regulations
concerning all points of organization and business not
herein specifically provided for, as they may think wise, and
generally may do every act and thing necessary to carry into
effect this act or to promote the objects and designs of the
corporation: provided, that such by-laws, ordinances, reg-
ulations, or acts be not inconsistent with the laws of this
state or of the United States.

2. The objects of this association are: To promote im-
migration by colonization; to settle families and persons
from the more thickly settled states upon the cheaper lands
in this state, in one or more. localities in colonies; to fur-
nish advice and aid to such families and persons, and to
these ends to buy for cash, or otherwise in quantities to
suit, tillable and grazing, improved or unimproved. lands
in this state, and subdivide and offer such lands for gale
in such quantities and on such terms as to enable and to
induce persons of small means to pay and secure lands
and to settle homes of their own, independent of others, in
colonies; and the association may act as agent for the
purchase and sale of lands for such purpose, also to con-
tract with railroad and steamboat companies for the trans-
portation of families and persons and their effects to the
places selected for their settlement.

3. The capital stock of said association shall not be less
than five thousand dollars, which may be increased from
time to time by the stockholders to a sum not exceeding
one hundred times that amount. Sajid stock to be divided
into shares of one hundred dollars each, and at all meet-
ings of the stockholders each share shall be entitled to
one vote, which may be given by the holder thereof or by
proxy.

4, When the minimum amount of capital stock famed
is subscribed, ten dollars per share shal! be paid in before
the association shall commence business; the remaining
instalments may be called in from time to time as may be
required by the board of directors. After the minimum
amount of stock has been subscribed, and the association
organized, it may, by a vote of a majority of its stock, re-
ceive lands in payment for additional stock or for the in-
stalments remaining unpaid on stock already subscribed,
and may instruct its board of directors to select such lands
and agree with the owners thereof upon the price to be
paid therefor in stock, and such lands shall thereupon be-
come the property of the association.

5. Every stockholder not in debt to the association may
at pleasure, by power of attorney or in person, assign his
stock and transfer the same on the books of the associa-
tion; but no stockholder indebted or liabie to the associa-
tion shall be permitted to make a transfer of his stock or
receive a dividend until such debt or liability be paid or
secured to the satisfaction of the board of directors.

6. When five thousand dollars of the stock shall have
been subscribed, the corporators may at their discretion
call a meeting of the stockholders and fully organize the
association by electing five directors, who shall be stock-
holders in the association, when said board of directors,
or a majority of them in meeting assembled, shall manage
and control all the business and affairg of the association,
and shall choose a president and vice-president from their
own number, and may appoint a secretary and treasurer
and such other officers and 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.

7. The officers of the association shall hold their offices
until] their successors are appointed or chosen and qualified.

8. The principal offices of the association may be in the
city of Richmond, or such other place as the stockholders
shall select in the state of Virginia, and they may estab-
lish other offices or agents at such places as may be deemed
best to promote the objects of this association, either in
or out of this state.

9. The said association shal] have the privilege to lay
off lands into towns and village lots, and dedicate to pub-
lic use highways, streets, cemeteries, and parks, and to
establish towns, villages, churches, schools, and manufac-
tories; to sell their land improvements thereon on such
terms as may be agreed upon, and may take notes or bonds
and deeds of trust, bearing legal rate of interest, from in-
dividuals or corporations therefor, and may loan or borrow
money, but no stockholder shall be liable for more than
the amount of his subscription.

10. All taxes due or to become due the commonwealth
shall be paid in lawful money of the United States and
not in coupons.

11. This act shall be in force from its passage, and be
subject to the control, modification, or repeal of the gen-
eral assembly.