Chap. 286.—An ACT to Amend and Re-enact the 2nd, 4th, 5th, 8th, and 12th
Sections of an Act Entitled an Act to Incorporate the Masonic Temple
Association of Virginia, Passed March 15, 1858.

Approved March 31, 1871.

1. Be it enacted by the general assembly, That the second,
fourth, fifth, eighth, and twelfth sections of the act entitled an
act to incorporate the masonic temple association of Virginia,
passed the fifteenth day of March, eighteen hundred and fifty-
eight, be amended and re-enacted so as to read as follows :

Ҥ 2. The capital stock of said company shall not be less
than twenty-five thousand, nor more than three hundred thou-
sand dollars, to be subscribed in shares of twenty-five dollars
each.

Ҥ 4. There shall be a board of trustees for the management
of the affairs of the said association. The stockholders may
in general meeting prescribe the number of trustees by a by-
law to take effect at the next annual meeting; but unless a
different number be prescribed there shall be nine trustees.

Ҥ 5. The stockholders shall annually in general meeting,
elect the board of trustees at such time as they may appoint.
in their by-laws; but should the trustees not be elected in any
year on the day appointed for that purpose, the corporation
shall not for that cause be dissolved, but the trustees in office
shall continue‘in office until a new election be thereafter effected
as may be provided by the said association.”
Ҥ 8. A majority of the trustees shall conatitute a quorum
for the transaction of business, and the board of trustees shal
have power to supply any vacancy that may occur in the board.’

Ҥ 12. The said association may improve, lease, sell or other
wise manage or dispose of the real estate which it shall law
fally acquire and is authorized to borrow a sum of money no
to exceed one hundred and fifty thousand dollars, at a rate o
interest not to exceed twelve per centum per annum, and exe
cute bonds therefor in sums of not less than one hundred dol
lars each, and secure the punctual payment of the same, anc
the interest thereon as it may accrue by a deed of trust con
veying their real estate; but the said real estate shall not be
sold or conveyed in trust except in pursuance of a vote taker
at a general meeting of the stockholders and those representing
a majority of shares of stock concurring therein.”

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