CHAP. 176.—An ACT to incorporate the Small Dealers Cash-Payment
Guarantee Society.

Approved March 4, 1880.

1. Be it enacted by the general assembly of Virginia, That
KE. A. Legrand, John Craven, Bernard Westervelt, William
Muirheid, and George E. Long, and their associates and suc-
cessors, are hereby created a body politic and corporate, under
the title of The Small Dealers Cash-Payment Guarantee
Society, for the purpose of providing a means by which dealers
and store-keepers may induce their customers to make cash
payments for small purchases; and by that title shall act and
contract, and be recognized in all courts and places, and may
sue and be sued, may take and acquire real estate or other
property by gift, grant, purchase or devise, and hold, convey,
mortgage or dispose of the same, and shall have a corporate
seal, and shall be vested with the general powers and rights of
corporations.

2. That the capital of said society, to be known as the
guarantee capital, shall be one hundred thousand dollars,
divided into shares of one hundred dollars each, of which
capital sum five thousand shall be paid in cash; that the busi-
ness of said society shall be conducted by a board of managers,
to consist of not less than five nor more than twenty-five, as
the by-laws may from time to time provide, and the acts of a
majority of the board of such quorum for the transaction of
business, as the by-laws of the society may provide, shall be
the acts of the board; and that the board of managers shall
be elected annually from amongst the shareholders, in such
manner and at such time and place as the by-laws of the
society may provide; and that E. A. Legrand, John Craven,
Bernard Westervelt, William Muirheid, and George E. Long
shall be the first managers of the society, to hold office until
their successors are duly elected; that there shall also be
elected or appointed, as shall be provided by said by-laws, a
president, secretary, treasurer, and such other officers, clerks,
and servants as may be required, whose term of service shall
be one year, or until their successors are duly elected or ap-
pointed, as may be provided in the by-laws, whose duties and
compensation shall be defined and fixed, from time to time, by
resolution of the board of managers.

3. That the first managers named in this act shall open
books of subscription for shares of the guarantee capital of the
society, and may proceed to carry out its objects whenever the
whole amount of the capital shall have been subscribed, under
regulations to be prescribed by said managers, and each sub-
scriber shall be liable to the society for the full amount of his
subscription.

4. The board of managers shall have power to make by-laws
for the government of the society and its officers and the trans-
action of its business, not inconsistent with this act nor with
the laws of this state or of the United States, and to alter and
amend the same from time to time, and they may provide for
an increase of the guarantee capital from time to time as the
same may be required.

5. That the real and personal property of the society shall
be liable to taxation in the same manner and to the same ex-
tent as the property of an individual, but the subscribers or
holders of the shares of the guarantee capital shall not be
liable to any additional tax on such shares.

6. That this act shall take effect immediately from its pas-
sage.