Chap. 836.—An ACT to incorporate Bristol Loan and Improve-
ment Association.

Approved February 22. 1890.

1. Be it enacted by the general assembly of Virginia,
That H. W Bates, J. H. Wood, E. S. Kendrick, Charles
Slack, M. B..Wood, J. R. Dickey, John A. Smith, G. A.
Blackmore, H. E. McCoy, J. H. Caldwell, W. C. Harring-
ton, W. F. Rhea, their associates and successors, are hereby
incorporated and constituted a body politic and corporate
under and by the name of the Bristol loan and improve-
ment association, and by that name shall be known in law,
and shall have perpetual succession, and have power tosue
and be sued, plead and be impleaded, defend and be de-
fended in all courts, whether in law or equity, and may
make and have a common geal, and alter or renew the
same at pleasure; and shall have, enjoy and exercise all
the rights, powers and privileges pertaining to corporate
bodies and necessary for the purposes of this act; and
make by-laws, rules and regulations consistent with the
laws of the state for the government of all under its au-
thority, the management of its estate and properties and
the due and orderly conduct of its affairs.

2. The capital to be accumulated shall not exceed five
hundred thousand dollars, and shall be divided into shares
of the ultimate value of two hundred dollars ($200) each.
The shares may be issued in quarterly, half-yearly or yearly
series, in such amounts and at such times as the share-
holders may determine. No person shall hold more than
twenty-five shares in the capital of this company. No
shares of a prior series shall be issued after the issue of a
new series.

3. Hereafter the number, title, duties and compensation
of the officers of the company, their terms of office, the
time and manner of their election, and the time of each
reguiar meeting of the officers and shareholders shall be
determined by the by-laws. All officers shall continue in
office until their successors are duly eleeted.

4. The officers shall hold monthly meetings. At or be-
fore each of these meetings every member shall pay tothe
corporation, a8 a payment to its capital, one dollar dues
upon each share held by him until the share reaches the
ultimate value of two hundred dollars, or is withdrawn,
cancelled or forfeited. Payment of dues on each series
shall commence from its issue.

5. A shareholder may withdraw his unpledged shares at
any time by giving thirty days’ notice of his intention so
to do, written in a book held and provided by the corpora-
tion for that purpose. Upon such withdrawal the share-
holder’s account shall be settled as follows: From the
amount then standing to the credit of the share to be
withdrawn there shall be deducted all fines, a proportion-
ate part of any unadjusted loss, together with such pro-
portion of- the profits previously credited to the shares as
the by-laws may provide, and such shareholders shall be
paid the balance: provided, that at no time shall more
than one-half of the funds in the treasury be applicable
to the demands of withdrawing shareholders without the
consent of the directors. The directors may, at their dis-
cretion under rules made by them, retire the unpledged
shares of any series at any time after four years from the
date of their issue by enforcing the withdrawal of the
same; but whenever there shal] remain in any series, at
the expiration of five years after the date of issue, an ex-
cess above one hundred unpledged shares, then it shall be
the duty of the directors to retire annually twenty-five
per centum of such excess existing at said expiration of

© years after the date of its issue, so that not more than
one hundred unpledged shares shall remain in such series
at the expiration of nine years from the date of its issue ;
and thereafter the directors may, in their discretion, retire
such other unpledged shares as they consider the,best in-
terests of the company to require: provided, that when-
ever, under the provisions of this section, the withdrawal
of shares is to be enforced, the shares to be retired shall
be determined by lot, and the holders thereof shall be
paid the full value of their shares, less all fines and a pro-
portionate part of any unadjusted loss: provided, also,
that shares pledged for share loans shall be treated as un-
pledged shares. Shares may be issued in the name of a
minor, and if so issued, may, at the discretion of the
directors, be withdrawn, in manner as provided in section
two of this act, by such minor, the parent or guardian of
such minor, and in either case payments made on such
withdrawals of shares shall be valid. When a share or
shares are held by any one in trust for another, the name
and residence of the person for whom such share or shares
are held shall be disclosed; and the account shall be kept
in the name of sych holder as trustee for such person, and
if no other notice of the existence and terms of such
trust has been given in writing to the corporation, in the
event of the death of the trustee, such shares may be
withdrawn by the person for whom such deposit was made,
or by his legal representative.
6. When each unpledged share of a given series reaches
the value of two hundred dollars ($200) all payments of
dues thereon shall cease, and the holder thereof shall be
paid out of thé funds of the corporation two hundred
dollars ($200) thereof, with interest at the rate of six per
centum a year from the time of such maturity to the time
of payment: provided, that at no time shall more than
one-half of the funds in the treasury be applicable to the
payment of such matured shares without the consent of
the directors: provided, further, that when any series of
shares, either pledged or unpledged, reaches maturity be-
tween the dates of adjustment of profits, or whenever
shares are retired between such dates, the holders of such
shares shall, in addition to the value thereof, be entitled
to interest at the rate of six per centum per annum for
all full months from the date of the preceding adjust-
ment, and that before paying matured shares all arrears
and fines shall be deducted.

7. The moneys accumulated, after due allowance made
for all necessary and proper expenses, and for the with-
drawal of shares, shall, at each monthly meeting, be
offered to the members according to the premiums bid by
them for priority of right toa loan. Each member whose
bid is accepted shall be entitled, upon giving proper se-
curity, to receive a loan of two hundred dollars for each
share held by him, or such fractional part of two hundred
dollars as the by-laws may allow.

8. It shall be lawful for said company to charge pre-
miums for loans, which shall consist of a percentage
charged on the amount lent in addition to interest, and
shall be deemed to be a consideration paid by the bor-
rower for the present use and possession of the future or
ultimate value of his shares, and shall, together with in-
terest and fines, be received by the corporation as a profit
on the capital invested in the loan, and shall be distrib-
uted to the various shares and series of said capital as
hereinafter provided.

9. A borrowing member, for each share borrowed upon,
shall, in addition to his dues and monthly premium, pay
monthly interest on his loan at the rate of six per centum
per annum until his shares reach the ultimate value of
two hundred dollars each, or the loan has been repaid;
and when said ultimate value is reached said shares and
loan shall be declared cancelled and satisfied, and the
balance, if any, due upon the shares shall be paid to the
member.

10. For every loan made a note secured by first mort-
gage of real estate shall be given, accompanied by a trans-
fer and pledge of the shares of the borrower. The shares
so pledged shall be held by the corporation as collateral
security for the performance of the conditions of said
note: and mortgage: Said note and mortgage shall recite
the number of shares pledged and the amount of money
advanced thereon, and shall be conditioned for the pay-
ment, at the stated meetings of the corporation, of the
monthly dues on said shares and the interest and pre-
mium upon the loan, together with all fines on payments
In arrears until said shares reach the ultimate value of
two hundred dollars each, or said loan is otherwise can-
celled or discharged: provided, that the shares, without
other security, may, in the discretion of the directors, be
pledged as security for loans to an amount not exceeding
their value as adjusted at the last adjustment and valua-
tion of shares before the time of the loan. If the bor-
rower neglects to offer security satisfactory to the direc-
tors within the time prescribed by the by-laws, his right
to the loan shall be forfeited, and he shall be charged
with one month’s interest and one month’s premium at
the rate bid by him, together with all expenses, if any,
incurred; and the money appropriated for such loan may
be. reloaned at the next or any subsequent meeting.

11. A borrower may repay a loan at any time upon
application to the corporation, whereupon, on settlement
of his account he shall be charged with the full amount
of the original loan, together with all monthly instal-
ments of interest, premium, and fines in arrears, and shall
be given credit for the withdrawing value of his shares
pledged and transferred as security, and the balance shall
be received by the corporation in full satisfaction and
discharge of said loan: provided, that all settlements
made: at periods intervening between stated meetings
of the directors shall be made as of the date of the stated
meetings next succeeding such settlement, and provided
that a borrower desiring to retain his shares and member-
ship may, at his option, repay his loan without claiming
credit for said shares, whereupon said shares shall be
retransferred to him, and shall be free from any claim by
reason of said cancelled loan. Partial payment of loans
op real estate may be received by the company in sums
of fiftv dollars or any multiple thereof; and for each two
hundred dollars so repaid one share of stock shall be re-
leased from pledge.

12. Shareholders who make default in the payment of
their monthly dues, interest and premiums shall be charged
a sum not exceeding two per cent. a month on each dollar
in arrears. No fines shall be charged after the expiration
of six months from the first lapse in any such payment,
nor upon a fine in arrears. The shares of a shareholder
who continues in arrears more than six months shall, at
the option of the directors, if the shareholder fails to pay
the arrears within thirty days after notice, be declared
forfeited, and the withdrawing value of the shares at the
time of the first default shall be ascertained, and, after
deducting all fines and other legal charges, the balance
remaining shall be transferred to an account to be desig-
nated the “forfeited share account,” to the credit of the
defaulting shareholder. Said shareholder, if not a bor-
rower, shall be entitled, upon thirty days’ notice, to receive
the balance so transferred without interest from the time
of the transfer in the order of his turn out of the funds
appropriated to the payment of withdrawals. Aj] shares
so forfeited or transferred shall cease to participate in any
profits of the corporation accruing after the last adjust-
ment and valuation of shares before said first said default.

13. If a borrowing shareholder is in arrears for dues,
premium, or fines for more than six months the directors
may, at their discretion, declare the shares forfeited, after
one month’s notice, if the arrears continue unpaid. The
account of such borrowing shareholder shal] then be
debited with the arrears of interest, “ premium,” and fines
of date of forfeiture, and the shares shall be credited
upon the loan at their withdrawing value. The balance
of the account may, and after six months shall, be en-
forced against the security and be recovered as secured
debts are recovered at law.

14. The general accounts of the company shall be kept
by double entry. All moneys received by the corporation
from each shareholder shall be receipted for by persons
designated by the directors, in a pass-book provided by
the corporation for the use of, and to be held by, the
shareholder. The said pass-book shall be plainly marked
with the name and residence of the holder thereof, the
number of shares held by him, and the number or desig-
nation of the series or issue to which said shares belong,
and the date of the issue of such series. All moneys so
received shall be originally entered by the proper officer
in a book, to be called the cash-book, to be provided by
the corporation for the purpose, and the entries therein
shall be so made as to show the name of the payer, the
number of shares, the number or designation of the series
or issues of the particular share or shares so entered, to-
gether with the amount of dues, interest, premium, and
fines puid thereon, as the case may be. Each payment
shall be classified and entered into acolumn devoted to
its kind. Said cash book shall be closed after the termi-
nation of each stated meeting, and shall be an exhibition
of the receipts of all moneys paid at said meeting. All
payments made by the corporation for any purpose what-
soever, shall be by order, check or draft upon the treasur-
er, signed by the president and secretary and endorsed by
the persons in whose favor the same are drawn. The
name of payee, the amount paid, and the purpose, object,
or thing for which the payment is made, together with its
date, shall be entered on the margin of said order, check
or draft. The treasurer shall dispose of and secure the
safe-keeping of all moneys, securities and property of the
corporation in the manner designated by the by-laws, and
the treasurer and secretary shall give such security for
the faithful performance of their respective duties as the
by-laws may direct.

15. The profits and losses may be distributed annually,
semi-annually, or quarterly, to the shares then existing,
but shall be distributed at least once in each year, and
whenever a new series of shares is to be issued. Profits
and losses shall be distributed to the various shares exist-
ing at the time of such distribution in proportion to their
value at that time, and shall be computed upon the basis
of a single share fully paid up to the date of distribution.
Losses shall be apportioned immediately after their occur-
rence. At each periodical distribution of the profits the
directors shall reserve, as a guarantee fund, a sum not less
than one, nor more than five per centum of the net profits
accruing since the next preceding adjustment, until such
fund amounts to five per centum of the dues capital, which
fund shall thereafter be maintained and held; and- said
fund shall be at all times available to meet losses in the
business of the corporation from depreciation of its secu-
rities or otherwise.

16. Any such corporation may purchase at any sale,
public or private, any real estate upon which it may have
a mortgage, judgment lien, or other encumbrance, or in
which it may have an interest; and may sell, convey,
leasa, or mortgage, at pleasure, the real estate so purchased
to any person or persons whatsoever. All real estate so
acquired shall be sold within five years from the acquisi-
tion of the title thereto. |

17. The persons first named in this act, or such of them
as shall accept the provisions thereof, shall constitute the
first board of directors of the said company, and shall
continue in office until the first meeting of the sharehold-
ers thereof.

18. All taxes, dues and demands due the state, shall be
paid in lawful money of the United States and not in
coupons.

19. This act shall be in force from its passage.
CuaAP. 836.—An ACT to amend and re-enact chapter 289 acts of
1887-88, entitled an act to amend and re-enact chapter 192, acts
rf 1885-86, entitled an act to incorporate the town of Pulaski

ty.

Approved February 22, 1890.

1. Be it enacted by the general assembly of Virginia,
That chapter two hundred and eighty-nine of acts of
assembly of eighteen hundred and eighty-seven and eigh-
teen hundred and eighty-eight, entitled an act to amend
and re-enact chapter one hundred and ninety-two of the
acts of eighteen hundred and eighty-five and eighteen hun-
dred and eighty-six, entitled an act to incorporate the
town of Pulaski City, in the county of Pulaski, be amended
and re-enacted so as to read as follows:

2. That the town of Pulaski, in the county of Pulaski,
as the saine heretofore has been or may hereafter be laid
off in lots, streets and alleys, shall be made a town corpo-
rate by the name of Pulaski; and by that name shall
have and exercise the powers conferred upon towns by
chapter forty-four of the code of Virginia of eighteen hun-
dred and eighty-seven, and all laws now in force or that
hereafter may be enacted for the government of towns of
less than five thousand inhabitants.

3. The boundaries of said town shall be: Commencing
at bridge number seventy-nine on the Norfolk and West-
ern railroad west of the lot of D. M. Hufford; thence in a
direct line of the west boundary of the lands of the Bertha
zinc company lying north of said railroad; thence along
the west boundary of said lands to Pond Lick branch;
thence down Pond Lick branch to Track Fork of Peek
creek, and across said creek to the nearest point of the
line of the lands of the Pulaski land and improvement
company; thence around the western, northern and east-
ern boundary of the same to the point where said line
touches the line of the lands of the Lake Springs land and
improvement company; thence around the northern, east-
tern and southern boundary of the lands of the said Lake
Spring land and improvement company to a point where
the line of the same intersects the line of the lands of the
Martin land and improvement company; thence around
the south boundary of the lands of the Martin land and
improvement company to the southwest corner of, the
same; thence due west to a point due south of said rail-
road bridge; thence north to the place of beginning.

4. All lands contained in this area, and used strictly for
farming purposes, shall not be eligible for taxation under
this corporation law.

5. The officers of the said town shall consist of one
mayor and six other citizens, who shall compose the coun-
cil of said town; a sergeant, who shall be elected by said
council, and such other officers as they (the council) may
deem necessary. The said council shall have power to
pass all by-laws and ordinances for the government of the
town which they may deem necessary: provided, that they
are not in conflict with the laws of this state or the United
States. The mayor and four members of the council, (or
in the absence of the mayor, five members of the council,
one of whom shall act as chairman), shall constitute a
quorum for the transaction of business.

6. An election for mayor and councilmen shall be held
on the fourth Thursday in May, eighteen hundred and
ninety, and every two yeare thereafter. The officers so
elected, and all officers elected or appointed by the council,
shall begin their term of office on the first day of July
succeeding their election, and shall hold their term of
office for two years, or until their successors are elected
and qualified, except that the council may prescribe the
term of all officers elected or appointed by it. If any va-
cancy occur in the office of mayor or in the council, the
same shaN be filled by the council. But the present in-
cumbent in the office of mayor and the members of the
council shall continue in office and exercise all the powers
conferred by this charter until the first day of July, eigh-
teen hundred and ninety, or until their successors are duly
elected and qualified. No citizen shall be eligible to be
mayor or a member of the council unless he be a free-
holder.. :

7. Any person entitled to vote in Pulaski county, and
residing within the corporate limits of the town of Palaski
six months next preceding any election shall be entitled
to vote at all elections under this act of incorporation.
The mayor shall cause ten days’ notice to be given of all
elections by posting notices at three or more places in said
corporation: The mayor shall appoint three qualified
voters who shall preside as judges at corporation elec-
tions, and who shall have the right to appoint two clerks
of election, as well as to decide the right of any individ-
ual to vote, and shall hold said elections between sunrise
and sunset of the day on which said election shall be

eld.

8. The council of the said town shall have all the gen-
eral powers vested in it by the laws of the state; and it
shall! also have power to mark accurately the bounds of ex-
isting streets, and compel the removal of obstructions
therefrom; to close or extend, widen .or narrow, open, lay
out and graduate, pave, and otherwise improve streets and
public alleys in the town; and for these purposes, upon
first paying a just compensation therefor, it may take such
private property as may be necessary; and no order shall
be made, and no injunction shal] be awarded by any court
or judge to stay the proceedings of the town in the prose-
cution of such works unless it be manifest that the inter-
position of a court is necessary to prevent injury that
cannot be repaired in damages. The method of ascertain-
ing what will be a just compensation for private property
thus taken shall be as follows: After reasonable notice in
writing by the clerk of the council to the owner of the
freehold whose property is proposed to be taken, or to his
tenant or agent, the mayor of the town shall at the time
and place mentioned in said notice proceed to appoint two
freeholders of the town as commissioners, one of whom
may be nominated by the owner of the freehold, or by his
tenant or agent, if either be present, whose duty it shall
be to view the property proposed to be taken, and ascer-
tain what will be a just compensation therefor, and the
damages to the residue of such owner’s property beyond
the peculiar benefits to be derived in respect to such resi-
due from the work to be done. The said commissioners,
if they cannot agree, may select a third freeholder as com-
missioner to act with them, and shall as soon as possible
report their proceedings to the council. When such re-
port has been returned, the council may, by a vote ofa
thajority of its members, either reject or accept said
report. If the report be rejected, the council may refer
the matter to another commission, appointed in the
same way and for the same purpose as the first. If the
report be confirmed, the amount ascertained by it to be a
just compensation for the property shall be paid to those
entitled thereto before work shall be begun on or through
said property.

9. The corporate limits of said town are hereby created
and declared to be a separate and distinct road district of
Pulaski county, and no road tax shall be levied on any
property within said limits except by the council of Pu-
laski, which tax shall be expended within the Jimits of
the corporation, on the streets and roads therein, under the
direction and supervision of said council.

10. The council shall have power to levy such taxes as
it may deem necessary for the purposes of the corpora-
tion: provided, that no tax upon the real and personal
property in said town shall exceed fifty cents on the one
hundred dollars assessed value thereof, exclusive of road
tax.

11. The council is hereby empowered to establish water-
works within the corporate limits of said town, and to
provide, locate, purchase, and erect and maintain all works
necessary or proper for introducing water into said town
and neighborhood; to purchase, locate erect, and main-
tain buildings, cisterns, reservoirs, pipes, pipe-lines, and
conduits for the reception, conveyance, and distribution of
water within said corporation and neighborhood, and ac-
quire, by lease or purchase, all property, real and personal,
necessary for said purposes; and, for value, to furnish
water to individuals, firms, and companies; to construct,
establish, and operate within said town an electric-light
plant or other system for lighting the streets and grounds
within said town, and, for value, to furnish lights to firms,
individuals, and companies; to locate, lay out, establish,
and construct a proper and sufficient system of drainage
for the town, within said town; and for the accomplish-
ment of all or any of the purposes named in this section,
the council shall have power to execute and issue, nego-
tiate and sell, the bonds of said town, not to exceed the
limit provided by section one thousand and thirty-nine
of code of Virginia of eighteen hundred and eighty-seven,
which bonds shall not run exceeding twenty years from
the date of issue, and the said bonds shall bear interest
not exceeding the rate of six per centum per annum, pay-
able semi-annually. The said bonds, when issued, shall
state for what purpose issued, and shall constitute a lien
upon the entire property of the town. But no such work
shall be so undertaken or bonds issued except upon the
petition of at least a majority of the freeholder residents
within the limits of said town.

12. The said council shall have power to establish or to
assist in the establishment of an educational institution
within the corporate limits of said town, and in order
thereto the said council shall have power to borrow money,
not exceeding ten thousand dollars, and to execute and
issue bonds of said town for the payment thereof, either
coupon or registered, bearing interest at a rate not exceed-
ing six per centum per annum, payable semi-annually,
which bonds may be payable on or before the expiration
of twenty years from their date; and to provide for the
payment of the interest and principal when due, an an-
nual tax shall be assessed and levied and a sinking fund
provided: provided, however, that no such bonds shall be
issued for said purpose by said council except upon the peti-
tion of at least three-fourths of the freeholders of said town.

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

CuHaP. 887.—An ACT to amend and re-enact sections 2, 4, and 5,
and to repeal section 3, of an act approved March 1, 1884, enti-
tled an act to provide for the improvement and working of the
roads in the county of Henrico, and for the construction and
repair of the bridges, &c. ,

Approved February 24, 1890.

1. Be it enacted by the general assembly of Virginia,
That sections two, four, and five of an act of the general
assembly of Virginia, entitled an act to provide for the
improvement and working of the roads of the county of
Henrico, and for the construction and repair of the bridges,
and so forth, approved March first, eighteen hundred and
eighty-four, be amended and re-enacted so as to read as
follows:

82. The said board is authorized and empowered, and
shall contract for all improvements and repairs to said
roads and bridges, where the expenditure exceeds the sum
of ten dollars, at public auction, to the lowest bidder there-
for, giving good and sufficient security for the performance
thereof; and shall give not less than ten days’ notice of
such letting by posting notices in at least three public
places in the township, and one notice at or near the place
the work is to be done. It may lay off said county into
road precincts, and appoint a surveyor for such of the
roads therein as if may designate, who shall keep the
same in repair, as hereinafter directed. Any surveyor so
appointed may be removed by the county court for cause
shown.

§4. Each road surveyor appointed under this act shal]
superintend such of the roads of his precinct as may have
been put under his charge, and see that they are kept in
the condition required by the first section, and across any
stream, where it is necessary and practicable, a sufficient
bridge or bench log for the accommodation of foot passen-
gers, and when any more important bridge or causeway is
necéssary, and it is practicable for him to have it made,
he shall cause the same to be made twelve feet broad at
the least and safe and convenient. Every bridge or cause-
way in his precinct, under his charge, shall be kept in
good order. For the purpose of keeping in order the
roads of his precinct, under his charge, he shal] summon
twice a year (in the month of May and June) all male
persons in his district subject to road duty, under the gen-
eral road law, to attend with proper tools and work the
roads of said precinct in the following manner: The road-
bed to be thrown up at least two feet above the bottom of
the ditches, measuring at the margin of said ditches, and
not less than sixteen feet wide and six inches crowning in
the middle; but no person shall be required to work upon
said road more than two days in any one year; and if such
person fail to attend in person or by a sufficient substitute,
for each day of such failure there shall be paid to said sur-
veyor by the person in default, if of full age, or if he be an
infant, by his parent or guardian, the sum of seventy-five
cents. If the money be not paid in ten days from time
of such summons to work, it shall be the duty of the said
surveyor to place the bill in the hands of a constable for
collection. The officer having charge of the collection of
such fines may distrain therefor in the same manner as for
taxes and levies. The officer having charge of such col-
lection shall, within sixty days, account to the said board
for all fines collected, and shall receive for his compensa-
tion fifteen per centum of the amount collected, and the
3aid surveyor shall receive for his services five per centum
of the amount socollected. No person residing within the
bounds of any road precinct established by the board shal}
be exempt from road duty therein by reason of the public
road nearest him being worked by contract, or by the force
operating under the direction of the board. If the sur-
veyor of any precinct is unable to keep in good order the
roads of which he is surveyor, owing to the lack of labor
or means at his disposal, the said board may authorize
him to spend so much money as it may deem reasonable
for the purpose of putting the same in good order. The
gaid board shall require, upon such day as it may designate,
said surveyors to make such report to it as 1s required by
section nine hundred and seventy-five of the code of Vir-
ginia, eighteen hundred and eighty-seven. ach sur-
veyor shall receive for his compensation the sum of one
dollars and fifty cents for each day sworn to by him as
actually employed, not to exceed ten days in any one
ear.

85. The board of supervisors, or any road contractor, or
the surveyor of any road, may take from any convenient
lands so much wood, stone, gravel, or earth as may be
necessary to be used in constructing, improving, or repair-
ing such road or any bridge or causeway therein, and may,
for the purpose of draining the road, cause a ditch to be
cut through any lands adjoining the same: provided, how-
ever, such wood and other articles be not taken from and
guch ditch be not cut through any lot in a town yard or
garden without the consent of the owner. For any mate-
rial taken or ditch cut, compensation shall be allowed
only as provided in section nine hundred and eighty-six
of the code of eighteen hundred and eighty-seven. When
any gravel is to be used it must be applied in the month
of July and August, and in centre of road-bed, eight feet
wide and not less than eight inches deep. Any contracts
for applying same must be let out in sections not to
exceed one hundred rods; each district supervisor shall
designate what and what kind of gravel must be used; all
stones three inches in diameter and over must be taken
out. No member of the board of supervisors shall become
financially interested in any contract or profits of any con-
tract let by them under this act. Any violation of this
provision shall subject the one guilty to a fine of one hun-
dred dollars.

9. That section three of the said act of the general
assembly of Virginia, approved March first, eighteen hun-
dred and eighty-four, be and the same is hereby repealed.
3. This act shall be in force from and after the first
day of May, eighteen hundred and ninety.

re

CuapP. 838.—An ACT to incorporate the South Boston Perpetual
Building and Loan company.

Approved February , 1890.

1. Be it enacted by the general assembly of Virginia,
That W. E. Owen, R. W. Watkins, Joseph Stebbins, Hen
Easley, J. W. Easley, Coles Spragins, William Slater, J. J.
Lawson, and J. D. Tucker, together with such other per-
sons as may hereafter be associated with them, oe, and
they are hereby, created and made a body politic and cor-
porate by the name of the South Boston perpetual build-
ing and loan company, and as such shall be capable in law
to purchase, hold, and dispose of property, both real and
personal; to make loans on real estate, personal or collat-
eral security; to recive deposits and savings and for such
other objects as may promote the interest of the company,
and for the purpose of enabling persons of limited means
to purchase a homestead for their families. The said cor-
poration shall have power to make, have, and use a com-
mon seal and the same to change, alter and renew at plea-
sure, to sue and be sued, plead and be impleaded in any
court of Jaw and equity; to make al] deeds, transfers, con-
tracts, conveyances and grants whatsoever and to exercise
all the powers incident to bodies politic and corporate not
inconsistent with the laws of this state or of the United
States.

2. There shall be a meeting of said corporators at such
time and place after the passage of this act as the persons
above named, or any five of them, shall appoint (and on
such a day and at such a place annually thereafter as the
by-laws may appoint) for the purpose of choosing from
among the voting members a president and vice-president,
six directors and a secretary and treasurer to manage the
affairs of said corporation for one year thereafter and until]
a new election shall take place and their successors are
duly qualified, and the members above-named, or a ma-
jority of them, shall appoint the judges of the first election,
and all subsequent elections shall be conducted and judges
appointed in accordance with the by-laws.

3. The directors, or a majority of them, shall have
power to fill all vacancies that may occur in the offices of
president, vice-president, and in their own body; to ap-
point such other officers and agents as they may deem
necessary to conduct and execute the business of said cor-
poration; to fix their compensation, and, in their discre-
tion, to dismiss them; to take bonds for the said corpora-
tion from all or any of the officers or agents, with security,
conditioned in such form as they shall approve, for the
faithful performance of the duties of such officers or
agents, and to secure the said corporation from loss; to
invest the funds of said corporation as they shall see
proper, and generally to do any other act or acts touching
the interests of the company, as they shall deem most safe
and beneficial; to admit members upon such terms as the
by-laws may prescribe, and furnish proof of such admis-
sion, and of all payments so made by such members upon
their respective shares, whether in advance or otherwise ;
to exclude members when they have not any property in
said corporation; and to make all such by-laws as may be
necessary for the exercise of the aforesaid powers or the
powers vested in the said corporation, and the same to
‘alter or repeal at pleasure: provided, that such by-laws
shall not be contrary to any law of this state or of the
United States.

4. The stock of the said corporation shall consist of not
less than three hundred, nor more than five thousand unre-
deemed shares of the par value of one hundred dollars
each, payable in such instalments as the by-laws may
prescribe. But the by-laws may provide conditions for
the payment of all or any part thereof in advance, and
may also prescribe the entrance fee to be paid by such
stockholder at the time of subscribing, and, if they see
proper, may limit the number of shares which each stock-
holder may hold at one time; and the corporation shall
have power to compel the punctual performance of all
duties to the corporation, and to enforce the payment of
all instalments and other dues due the corporation by all
parties subscribing to its stock, or borrowing money under
its contracts, in pursuance of its charter and by-laws, by
such fines and forfeitures as the directors may from time
to time provide in the by-laws; power to transfer shares
on the books of the corporation without any liability on
the assignor for any instalments or payments thereon
accruing after the date of such transfer. All transfers
shall be subject to such rules, regulations, and fees as the
charter and by-laws may prescribe; and every member
shall have one vote for every share of unredeemed stock
which he may hold, at any meeting of stockholders or
directors, the payments on which are not in arrears; and
no one shall be eligible as president, vice-president, or
director, who is not a bona fide owner, in his own right, of
one or more unredeemed shares of stock; and upon his
ceasing to hold, in his own right, unredeemed stock, it
shall be the duty of the board of directors to declare his
or their office vacant, and to fill the vacancy.
5. Any person or persons applying for membership, or
for stock in said corporation, after the end of one month
from the time of incorporation, may be required to pay
for stock such price as may, from time to time, be fixed
by the board of directors, in order to place such new mem-
bers or stockholders on a footing with the original mem-
bers and others holding unredeemed shares at the time of
application.

6. The corporation shall have power to make loans to
members of the corporation or others, and receive as part of
the security for loans to members, their shares, either by way
of redemption or hypothecation, as well as to take deeds of
trust or mortgages, or any real, personal or collateral secur-
ity conditioned for the payment of the loan or advance
and the interest on the amount of said loan until the last
payment 18 made, in such instalments as may be agreed
upon, and for the faithful performance by the parties
thereto of all covenants, stipulations and agreements:
provided, however, that in case of such hypothecation of
stock, no greater sum of money shall be drawn out by any
member than has already been paid in by him on his
shares at the time of such hvpothecation; the property so
mortgaged or hypothecated as aforesaid to the corporation
to be kept clear of taxes by the mortgagor. In the case of
a redemption the shares redeemed shall be cancelled, but
the members so having their shares redeemed, shall in no
wise thereby be released from their obligations to perform
all the duties they may have assumed to the corporation, and
shall, tor failure, be subject to like fines and penalties as
though their shares of stock had not been redeemed. It
shall and may be lawful for the said corporation to receive
in advance the interest on loans, as well as to charge and
deduct upon the redemption of shares, such premium for
the privilege of having them redeemed, as may from time
to time be fixed by the board or agreed upon between the
corporation and the parties so having their shares redeemed,
or to add to the principal sum for which said shares are
redeemed the interest thereon for the period during which
the instalments extend, the whole to be paid in such in-
stalments as may be agreed upon.

7. All shares of stock redeemed by the corporation in
accordance with the preceding section, or purchased by it,
shall be considered as redeemed shares, and shall be can-
celled; and it shall be lawful for the company to issue an
equal number of new shares in their stead, so that the
number of unredeemed shares authorized by this act may
never exceed the number of five thousand unredeemed
shares perpetually. And the member or members of the
corporation so redeeming the said share or shares of stock
shall not be entitled to vote at any meeting of the corpor-
ation held for the purpose of electing directors or for any
other purpose.

8. It shall be the duty of the board of directors, at least
ten days prior to the expiration of each succeeding half
year, reckoning from the date of organization of the com-
pany, to appoint from the stockholders three competent
persons to investigate the affairs of the corporation and
make a report thereof, which report shall be recorded on
the books of minutes of the stockholders’ meetings, and
be at all times open to the inspection of the stockholders ;
and thereupon the board of directors shall, within a rea-
sonable time, declare such dividend of the profits as shall
have been made during the preceding six months upon the
unredeemed shares, the dividends upon fully paid-up
shares to be paid in cash, and upon shares not paid up in
full to be pro rata passed to the credit of the holder thereof :
provided, that always at the expiration of a current year,
the newly elected board of directors only shall have the
power fo declare such dividend.

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