Chap. 191.—An ACT to incorporate The Northampton Land Asso-
7 ciation.

Approved March 20, 1875.

1. Be it enacted by the general assembly, That Peter J.
Carter, T. Jefferson Hill, Victor C. Collins, Charles H. Carter,
Ross Hamilton, Alfred J. Knight, Austin Carter, R. D. Beck-
ley, Rufus 8. Jones, Edmund R. Carter, Anderson Dumas,
Peter K. Jones, William D. Lee, James P. Goodwyn, E. B.
Custis, William N. Stevens, Alfred J. Spady, Henry Turpin,
John B. Syphax, John W. Cromwell, W. B. Derrick, William
Gilliam, Andrew Williams, H. Clay Harris, L. A. Spivery, J.
P. Evans, Henry Cox, F. M. Perkins, and such other persons
as may become associated with them, and their successors,
be and they are hereby created a body politic and corporate,
by the name, style, and title of The Northampton Land
Association, and by that name and title they may be known
and have perpetual succession, and be capable of suing and
being sued, plead and being impleaded; and of receiving,
using, holding, granting, and conveying property, real, per-
sonal, and mixed, and of improving the same by the erection
of dwellings, tenant houses, barns, and so forth; and with
the privilege of constructing and using such other works
and improvements as may be deemed expedient and proper
by them ; and also to lease or farm, let or cispose of in fee-
simple, or otherwise, of the whole or any part of their pro-
perty, real, personal or mixed, with or without improve-
ments, and of all the producta or profits of the same in such
markets and places, and such prices and such terms, as to
them shall seem advisable: provided, that the said company
shall, at no one time, hold more than forty thousand acres of
land within this commonwealth. °

2. That the object of said company shall be the promotion
of the settlement of the uncultivated lands, and to secure
homes to those that are now destitute of homesteads (but
nothing in this act sball prevent any one who may desire to
buy from said company); to secure to settlers and pur-
chasers, or tenants, the means and capital necessary for the
cultivation and improvement of their lands, and for the
better holding and obtaining their farm stock, implements,
and farming utensils, and household goods, thé said tenants
or purchasers may execute and deliver to the said company
or corporation, a chattel mortgage upon their live stock,
growing crops, farm implements, household gouds, and other
property, at a rate of interest mutually agreed upon between
the parties, not exceeding the legal rate of interest at the
time of agreement, which said mortgage, when recorded,
shall be and remain a lien upon the chattels and things
therein enumerated, from the day and date of said agree-
ment between the parties; 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 por-
tion of the purchase money at a rate of interest not exceed-
ing the legal rate at the time of agreement, payable at such
times as may be agrced 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 not be less than
five hundred dollars, with the privilege of increasing the
same, from time to time, to two millions dollars, to be divi-
ded into shares not less than twenty-five dollars each.

4. The said company shall have power to create mortga-
ges on any part or on the whole of their property, real, per-
sonal, or mixed, at a rate of interest not exceeding the legal
rate at the time of such negotiation, and may increase their
resources, from time to time, by borrowing money upon a
pledge of their property, or without ledges. That the said
corporation shall have the right to fix the number of direc-
tors by their by-laws, a majority of whom shall be a quorum,
one of whom shall be president, to be elected by a majority
of the stockholders, and also elect a secretary and treasurer,
and may fix such compensation as a majority of the stock-
holders agree upon. The said directors and officers shall
hold their offices for such time 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
principa’ office of said company, or place of business, shall

e wherever a majority of the stockholders may agree upon,
and they may have branch offices at such points as may be
designated by the stockholders.

5. The said corporation shall be and they are hereby autho-
rized to make all such 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 or 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 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 com-
pany, and incieasa 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 designa-
ted by the by-laws, stating the purpose of the meeting,
remove any director, or officer, or agent, and appoint, suc-
cessors to fill the vacancies so made, or may abvlish the
office or agency.

6. This act shall continue in force for the period of forty
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.

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