Chap. 240.—An ACT to Charter the Fredericksburg Loan and Land Com-
pany.

Approved July 9, 1870.

1. Be it enacted by the general assembly, That George B.
Scott, William T. Hart, Robert W. Adams, John G. Hur-
kamp, Alexander K. Phillips, Hay B. Hoomes, John L. Stans-
bury, Charles Herndon, and such other persons as they may
associate with them, be and they are’ hereby declared to be a
body politic and corporate, hy the name and style of Frede-
ricksburg Joan and Land Company, and as such, shall have
perpetual succession; and a common seal, which it may renew
or alter at pleasure; and may sue and be sued, contract and
be contracted with; and make by-laws and regulations, not
inconsistent with the laws of this state or of the United States,
and subject to all general laws now existing or which may
be hereafter enacted, so far as applicable to the same.

2. The capital stock of the company shall not be Jess than
fifty thousand dollars, which may be increased at any time, and
from time to time, by the stockholders, either at regular meet-
ings or at a special meeting called for that purpose, so that
such increase shall not exceed the sum of three millions of
dollars; said stock shall be divided into shares of one hundred
dollars each, and subscribed under the direction of a majority
of the persons hereinbefore named, or of said company after
it has been organized.

3. The company shall have power to borrow money, and
issue its notes or bonds therefor in such form as it may from
time to time adopt. It shall have power to lend money and
take security therefor; to discount, buy, sell, draw, or nego-
tiate notes, bills of exchange, and bonds or other papers, and
to receive in advance the interest on such transactions; to buy,
have, hold, or sell, on its own account or on commission, real
or personal estate: provided, that nothing herein contained
shall authorize the taking of a greater rate of interest than
that allowed by law.

4. This act shall be in force from its passage, and shall be
subject to amendment, modification, alteration, or repeal, at
the pleasure of the general assembly.