An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1867 Extra Session |
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Law Number | 79 |
Subjects |
Law Body
Chap. 79.—An ACT to ineerporate the United States Cotton Cocipany.
Passed April 24, 1867.
1. Be it enacted by the general assembly of the state af
Virginia, That Robert V. Richardson, Richard P. Runde.
Thomas 0° Leary, Charles Johnson and William R. Utley, or
a majority, their assiens and successors, are hereby incorpo-
rated into a body politic, with powers to sue and be sued, to
contract, bargain, sell, purchase, convey and hold real estate
suflicient for the purposes of the company; alter a seal: have
succession for ninety-nine years; adopt, amend and repea!
by-laws; and do all other acts necessary and proper to exe-
cute the powers herein granted, under the corporate seal of
The United States Cotton Company.
2, The powers hereby conferred upon the said company.
and the objects for which the said company is chartered, are
to cultivate sugar-eane, cotton, rice, tobacco, indigo and othe
products of the earth; for preparing the same for market,
and tor transporting and disposing of the same: and tor de-
veloping the value of its lands by raising and cultivating sva
island cotton and all other varieties of cotton; and by manu-
facturing its timber into articles of commerce, as turpentine,
resin, tar, piteh. lumber, cord-wood, and by preparing all of
said products for market and transporting the same and dis-
posing thereof therein; to purchase, own, hold in mortgage,
lease trom others, bargain, sell, mortevage, convey and work
the necessary lands, tenements, ships, buildings, property, in-
ventions, machinery and appurtenances; but the said com.
pany shall not hold more than tity thousand acres at any one
time; to lend and advance money, sell and deliver merchan-
dise to cotton planters and other agriculturalists, upon time
or for cash, to be secured by promissory notes, bonds, bills
of exchanee, dratts and mortgages, created on personal, real
and mixed estates; to receive cotton, sugar, tobacco, rice and
other products of the soil, forests, mines and manutactories ;
to store, insure, forward to, and sell the same in market on
commission; to draw and dispose of dratts and bills of ex-
change, based on shipments of property consigned to or be-
longing to or by it, to or by others, and accept of and en-
dorse commercial paper drawn on it for shipments as afore-
said; and to make advances on cotton and other products of
the soil, forests, mines and manufactories; and to mcrease its
cayital by borrowing money on its bonds, with coupons at-
tached, on time; and genet rally to do and carry on all such
agricultural, manulacturing, mechanical, chemical, commer-
cizl and financial operations as may be necessarily connectca
with the above deseribed business: provided, that. for the
Joan or forbearance of money or other thine, there shall not
be received a greater rate of interest than that allowed by
law.
3. The amount of eapital stock of said company shail be
one million of dollars, to be increased to not execeding tive
millions of dollars, it found desirable by the board of trus-
tees or directors, which may be issued in payment tor Jands
and other property necessary for the business of the coin-
pany. or for money.
4. The capital stock of said compamy shall be divided into
ten thousand shares, unless the éapital stock shall be increased
to any ereater sum, not exce odin five millions of dollars,
when it shall be divided into a correspomling number of
shares, of one hundred dollars each, as the par y value thereat,
5. When titty thousand dollars, or tive hundred shares of
the capital stock shall have been subseribed, and ten) per
centum thereof paid into the treasury of the company, the
said company may procecd to business 28 a company com:
pletely organized. The number of directors and oilicers, and
their powers and duties, shall be fixed in the by-laws, which
ehall be enacted by the: board of directors. ‘Two- thirds of
all bodies shall be a quorum tor business. and a majority of
all quorums shall determine all questions. Salaries and wages
shall be reeulated in resolutions of the board.
6. The company shall have a business oitice in this state,
and may establish other eflices and agencies anywhere else.
7. The company shall have a lien upon all growing crops
for all loans and advances of money and supplies, with inte
rest and commissions agreed to be given thereon, made to
persons to enable them to prepare forand to cultivate, gather
and prepare for market all crops: provided that a receipt
signéd by the borrower, for such moneys and supplies, met
tioning therein the rate of interest and commissions to te
charged by the lender and paid by the borrower, shall have
heen gecorded 3 in the county where the lands to be cultivated
are situated. Said lien shall begin with the planting of the
crops, and shall continue and attach to the crops until the
amounts so advanced and loaned, with interest and commis
sions agreed upon between the parties, are satisfied and paid.
Priority of registration shall give priority of lien.
8. This act shall be in force from its passage, and. shall he
subject to amendment or modification, at the pleasure of the
ceneral assembly.
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