Chap. 261.—An ACT to Incorporate the Mechanics’ Association in the City
of Lynchburg.

Approved March 29, 1871.

1. Be i it enacted by the general assembly, That John Henry,
EK. H. Folkes, John A. Humphries, Samuel R. Dawson, Wil-
liam T. MeNamara, Thomas Epps, R. C. Burkholder, and such
other persons as may associate with them, be and they are
hereby declared to be a body politic and corporate by the name
and style of The Mechanics’ Association of Lynchburg, and as
such shall have perpetual succession and a common seal, 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 be subject to all general
laws now existing, or which may be hereafter enacted, so far
as appiieabye to the same.

It shall be lawful for said association to have and hold, by
purchase or otherwise, real estate sufficient for the transaction
of ais business, and to sell and assign the same.

. Be it further enacted, That it shall be lawful for the said
Mechanics’ association to establish and conduct a savings and
loan business, with a capital stock of not less than five thous-
and dollars nor more than two hundred thousand dollars; said
stock shall be divided into shares of ten dollars each, and in all
meetings of the stockholders each share of stock shall entitle
the holder to one vote. The right of the franchise granted by
this section shall vest as soon as five thousand dollars of the
stock is subscribed and ten per centum is paid thereon to such
agent as the Mechanics’ association may appoint.

“4, Be it further enacted, That it shall be lawful for the said
Mechanics’ association to have a public hall for the exhibition
and sale of all articles and inventions of members of said as-
sociation. The said association may also establish a reading
room and an employment agency in said hall, the net proceeds
of which, including sales, to be applied to benevolent purposes.

5. The principal office of the association shall be in Lynch-
burg, Virginia, and it may establish branch offices at such other
points within the limits of this state as its business may re-

uire.
4 6. This act shall be in force from its passage.