Chap. 439.—An ACT to Incorporate the Land Improvement Company.

In force November 10, 1870. |

1. Be it enacted by the general assembly, That Daniel R.
Brower, Charles G. Bickings, A. B. Longaker, R. A. Bright,
Jas. W. Custis, and W.S. Peachy, and such other persons as
may become associated with them, and their successors, be end
they are hereby created a body politic and corporate, by the
name, style, and title of The Land Improvement Company ;
and by that name and title they shall be known and have per-
petual succession, and be capable of sueing and being sued,
impleading and being impleaded, and of receiving, using, hold-
ing, granting, and conveying property, real, personal, and mixed,
and of improving the same by the erection of dwellings, tenant
houses, barns, and so forth, and with the privilege of construct-
ing and using such other works and improvements as may be
deemed expedient and proper by them; and also to lease or
farm, let, or dispose of in fee simple or otherwise, of the whole
or any part of their property, real, personal, or mixed, with or
without improvements, and of all the products or profits of
the same, in such markets and places, and at such prices, and
on such terms, as to them shall seem advisable: provided, that
the said company shall at no one time hold more than thirty
thousand acres of land within this commonwealth.

2. That the object of said corporation shall be the promo-
tion of the settlement of the uncultivated lands of this state ;
and in order to secure to settlers and purchasers, or tenants,
the means and capital necessary for the cultivation and im-
provement of their lands, and for the better holding and ob-
taining their farm stock, implements, and farming utensils, and
household goods, the said tenants or purchasers may execute
and deliver to the said corporation a chattel mortgage upon their
live stock, growing crops, farm implements, household goods,
and other property, at a rate of interest mutually agreed upon
between the parties, not exceeding ten per centum per annum,
which said mortgage shall be and remain a lien upon the chat-
tels and things therein enumerated, from the day and date of
its recordation in the proper oflice, and also to sell and convey
their said real estate, or any portion of the same, subject to a
mortgage or other encumbrance for the whole or any portion of
the purchase money, at a rate of interest not exceeding ten
per centum per annum, payable at such times as may be mu-
tually agreed upon between the parties; and their grantees,
whether by lease, purchase, or otherwise, may be aliens as well
as citizens of the United States of America. :

3. The capital stock of said company shall be one hundred
thousand dollars, with the privilege of increasing the same
from time to time to five hundred thousand dollars, to be di-
vided into shares of not less than fifty dollars each; and all the
property held by the said company shall be held and enjoyed,
and transmitted as personalty.

4, The said company shall have power to create mortgages
on any part, or on the whole of their property, real, personal,
or mixed, at a rate of interest not exceeding ten per centum per
annum, and may increase their resources, from time to time, by
borrowing money upon a pledge of their property, or without
pledge.

o. That the said corporation shall have the right to fix the
number of directors by their by-laws, a majority of whom
shall be a quorum, one of whom shall be president, to be elected
by them, and may elect one of their number secretary, and one
of their number treasurer, and fix such compensation as they
may deem necessary, if no compensation be provided by the
by-laws. And the said directors and officers shall hold their
offices for such term as may be provided by the by-laws, or
until their successors shall have been elected. The directors
shall be citizens of the United States, and the principal office
of the said company, or place of business, shall be in the city
of Richmond, and branch offices at such points as may be de-
signated by the stockholders.

6. The said corporation shall be and they are hereby au-
thorized to make all such by-laws and regulations to enable
them to carry out the business and objects of the corporation as
they may deem proper, and to alter and amend the same at
pleasure; but no by-law shall be made contravening the con-
stitution and general laws of this state or of the United States.
They may fix and elect or appoint their own officers and agents,
and remove them at pleasure; may adopt a corporate seal, and
alter the same; may make and issue capital stock and sell the
same, and fix the amount of shares and the par value of the
same, and issue certificates therefor, representing the value of
their property in such: form, and subject to such regulations
and interests as they, from time to time, may prescribe, and
may regulate and prescribe in what form and manner their
contracts and obligations shall be made and executed; may fix
the number of the directors of the company, and increase or
diminish their number, and fix their term of service; may, by
a vote of two-thirds in interest of the stockholders, called by
such number as may be designated by the by-laws, stating the
purpose of the meeting, remove any director, officer, or agent,
and appoint successors to fill the vacancies so made, or may
abolish the office or agency. .

7. This act shall continue in force for the period of thirty
years, unless it be sooner dissolved by a majority in interest of
the stockholders; and said dissolution shall be effected in such
way, and subject to such rules and regulations, as may be
agreed upon from time to time by a majority in interest of the
stockholders.

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