Chap. 16.—An ACT to incorporate the Winchester Building Company.
Approved January 5, 1875.

1. Beit enacted by the general assembly of Virginia, That
E. P. Dandridge, R. W. Hunter, W. P. McGuire, J. B. Wor-
tham, R. T. Barton, and their associates and successors, or a
majority of them, are hereby created and constituted a body
politic and corporate by the name and style of The Winches.
ter Building Company, and by that name and style shall
have perpetual succession, may contract and be contracted
with, sue and be sued, have a common seal, and all the righta
and privileges of a corporation, and shall be subject to all the
rules, regulations, and restrictions imposed by the Code of
eighteen hundred and seventy-three, in relation to joint stock
companies, so far as they are applicable to and not inconsis-
tent with the provisions of this act.

2. ‘The capital stock of this corporation shall be divided
into shares, the number and minimum amount to be deter-
mined by the by-laws; but it shall not exceed two hundred
thousand dollars.

3. The corporation shall hold its meetings in Winchester,
and have there its office and place of business.

4. This corporation may erect houses and purchase lands
within the city of Winchester and county of Frederick not
excceding ‘at any one time, however, the value of two hun-
dred and fifty thousand dollars.

5. The corporation may issue bonds to an amount equal to
the actual cost of the houses it may erect or the real estate
it.may purchase, to be secured by deed or deeds of trust upon
its real property or such portion thereof, as may be of a
value equal to the bonds issued; the said bonds may be pay-
able at such time and be of such denominations as the com-
pany may determine, and may bear a rate of interest not
exceeding eight per centum per annum.

6. The real estate purchased, and the houses erected by
the company may be sold by it upon such terms as it may
see proper, and to the extent that the company has issued
bonds it may receive interest upon the deferred payments of
its purchdse money, at a rate not exceeding eight per centum
per annum, and to this extent the said deferred payments
shall be pledged by the company for the payment of the
princips’ and interest of its bonds. In the case both of its

onds and its sales, the interest may be made payable at such
times as the company may see fit.

7. Each stockholder present at any meeting, either in per-
son or by proxy, shall be entitled to one vote on each share
of the stock held by him.

8. The corporation may, by its by-laws, determine the
number of its directors and other officers, and prescribe the
mode of their election and their duties.

9. This act shall take effect upon its passage, and shall be
subject to amendment, modification, ar repeal, at the plea-
sure of the general assembly.