CHaP. 394.—An ACT to repeal an act approved January 2,
1890, entitled an act to amend section one of an act to incorpor-
ate the Virginia steel company, approved May 2, 1887.

Approved February 28, 1890

1. Be it enacted by the general assembly of Virginia,
That the act approved January twenty-fourth, eighteen
hundred and ninety, entitled an act to amend section one
of an act entitled an act to incorporate the Virginia steel
company, approved May second, eighteen hundred and
eighty-seven, be, and the same is hereby, repealed.

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

CuHapP, 395.—An ACT to incorporate the Farmers Alliance and
hypothecation warehouse of Virginia.

Approved February 28, 1890.

1. Beit enacted by the general assembly of Virginia,
That G. T. Barbee, Mann Page, J. J. Silvey, George Chris-
man, their associates and successors, be, and they are
hereby, created a body politic and corporate under the
name of the farmers alliance and hypothecation ware-
house, for the promotion and advancement of the interest
of agriculture i in Virginia, and for the conduct of a general
storage and hypothecation warehouse business in all its
departments, including the sale and storage of fertilizers
and grain, hav, farming implements, and other agricul-
tural supplies.

2. The maximum stock of said company shall be one
hundred thousand dollars, and the minimum shal] be five
hundred dollars, divided into shares é6f ten dollars each.

3. The said company may acquire, hold, sell, and convey
so much real estate as may be necessary to transact its
business, not to exceed five acres in any one county in
which it may do business.

4. The place at which the principal office of the company
shall be kept shall be at some point in the state of Vir-
ginia, which shall be determined by a majority of the
stockholders. The principal office of said company shall
have power to issue charters tocounty and sub-alliances,
who shall have representation in said chief farmers’ alli-
ance and hypothecation warehouse company as shall be
determined by its by-laws.

5. Other persons than those herein named may be asso-
ciated with them by subscribing for shares, or otherwise
become stockholders of said company in such manner as
may be prescribed by its by-laws.

6. The said company may manufacture fertilizers, agri-
cultural implements, or any other products pertaining to
agriculture, and may take or own stock in any other com-
pany manufacturing the products above specified.

7. The said company shall be authorized to own and
control warehouses in any county of the state for the stor-
age or saleof agricultural products or implements, and
may make advances in money or supplies thereon, and
may transact all kinds of business usually transacted by
warehousemen; and may collect and receive compensation
for storage, and all labor and expenses incidental thereto,
including the expense of receipts and delivery, insurance
and custody on all property received on storage or deposit,
at such rates and upon such terms as may be agreed upon
between the company and the owners of the property or
their agents; and all advances made by the company on
property received on storage or deposit, and compensation
for all charges and expenses thereon, shall be a lien on
said property, which shall be satisfied and paid before the
company can be called on for the delivery of the same.

8. For property lawfully received by the company on
storage or deposit the receipt or certificate of the company
shall be given, binding the company to deliver the same to
the party in whose favor the receipt or certificate is given,
or his assignee, on payment of all dues to the company for
which the property is liable, which receipt or certificate
shall be negotiable unless otherwise endorsed thereon, and
by endorsement or assignment and delivery thereof shall
transfer the title to the property therein mentioned and
described to the holder of the receipt or certificate. The
holder of the certificate or receipt shall be entitled to re-
ceive the property from the company on delivery of the
certificate or receipt properly endorsed, and paying the
company whatever may be due on the property for advances,
charges, insurance, storage, labor and expenses, with in-
terest thereon, if any shall have accrued. AJl advances
made by the company shall be endorsed or stated on the
receipt or certificate given for the property on storage and
deposit, and after the receipt or certificate is given or issued
no advances on property for which it is given shall be
made by the company, except upon its return to the com-
pany and endorsement be made as aforesaid. In the event
of the loss or destruction of the receipt or certificate given
by the company for property on storage or deposit, the
bona fide holders of such receipt or certificate at the time
of its loss or destruction, his personal representative or
assigns, shall have the same right to receive the property
from the company that he or they would have had on the
receipt of the certificate or receipt on proof of the loss or
destruction thereof and delivery to the company of the
proper bond of indemnity, with security satisfactory to
the company.

9. When from any cause the property on storage or de-
posit with the company shall so decrease in value as, in
the opinion of the company, to render the lien on said
property doubtful security for advances, charges, storage,
insurance, and expenses due the company, or when any
property has been left on storage or deposit, and the ad-
vances, charges, storage, insurance and expenses thereon
have not been satisfied and paid at such times as may be
required by the regulations established by the company for
the conduct of its business, it shal] be Jawful for the com-
pany to give notice to the party entitled to said property
personally, or by mailing the notice, postage prepaid, to
him or his agent, at his usual or last known residence or
place of business, requiring the party, within ten days
after the receipt of the notice, to pay to the company all
such advances, charges, storage, insurance, and: expenses,
with any interest which may have accruedthereon. And
if within ten days after the personal service or mailing the
notice the same be not paid, it shall be lawful for the com-
pany to sell such property at public sale, upon such terms
as to the company shall seem best for the interest of all
concerned; and after receiving the amounts due the com-
pany and paying the cost of sale, the company shall pay
over the balance of the proceeds of sale to the party en-
titled thereto, on his surrender of the receipt or certificate
given for the property. Ifthe holder of the receipt or cer-
tificate be unknown, the notice heretofore required may be
given to the party to whom it was issued, or to his personal
representative: provided, however, that nothing in this
section shall be construed to prevent the said company
from making any such sale at such earlier time and in
such manner as may be provided in any contract or agree-
ment made by any person or persons with said company.

10. The stockholders in general meeting shall make and
establish such by-laws, rules and regulations not incon-
sistent with the laws of the state of Virginia or of the
United States as they may deem proper for the manage-
ment and control of their affairs and business and govern-
ment of their officers, agents, clerks and other employees,
which shall be binding on themselves and al) persons in
the employment of the company.

11. The annual meeting of the said company shall be
held at such time and place as the stockholders shall de-
termine to locate its principal office, or as the board of di-
rectors may hereafter determine; and at each annual
meeting hereafter held the stockholders shall elect five or
more members of théir number to constitute a board of
directors, to remain in office until the next annual meet-
ing after their election or until their successors are elected.

12. Subject to the by-laws, rules and regulations of the
stockholders, the board of directors shall have the man-
agement and control of the affairs and business of the
company. From their own body they shall elect a presi-
dent, vice-president, secretary, and executive committee
for their own body, and prescribe the duties of each. They
shall appoint such officers, agents, and clerks as they may
find necessary for the management of the business of the
company, and may require such bonds for the faithful
performance of their duties as may seem proper. Any
three members of the board shall constitute a quorum for
the transaction of any business. The several stockholders
hereinbefore named as the present officers of the company
shall continue as such until the next annual meeting or
until their successors are elected subject to the by-laws of
said company.

13. All taxes due at any time by said companv shall be
paid in lawful money of the United States, and not in
coupons.

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