Chap. 211.—An ACT to incorporate The Border Grange War-hoosm
and Supply Company.

Approved March 25, 1875.

1. Be it enacted by the general assembly of Yirvinia,
That W. T. Sutherlin, W. E. Clark, John T. Watson, M. ME
Millner, J. C. Williamson, George W. Price, Sidney Lea, N.
C. Motley, William J. Fulton, P. W. Hairston, Henry &
Hodges, A. G. Walters, W. W. Clarkson, A. J. Clark. Ws
Haymes, C. T. Sutherlin, W. P. Watt, and M. Bohannon,
and aJl persons who may hereafter be associated with them,
and their successors, are hereby created and declared a bod

olitic and comporate, under the name and style of The
order Grange Warehouse and Supply Company.

2. The minimum capital stock of said company shall be
five thousand dollars, which may be increased by said com-
pany to a sum not exceeding one hundred and twenty thon-
sand dollars. So soon as the capital stock shall be subscribed
and ten per centum thereof paid in cash, it shall be lawful
for said company to organize and commence business. The
said capital stock shall: be divided into shares of twenty
dollars each, shall be deemed personal property, shall be
transferable as may be prescribed by the by-laws of the
company, and each share shall be entitled to one vote in all
meetings of the stockholders.

3. The said company shall have all the general powers
and be subject to all the general restrictions conferred or
imposed on corporations generally by the laws of Virginia,
except so far as the same shall conflict with the provisions
of this act.

4, The said company shall have power and authority to
carry on a general warehouse, storage, and supply business,
and may lease, purchase, hold, convey, sell, and assign all
such real and personal estate, as they may deem necessary
and convenient for their business, or to secure any debt;
also, for said company to carry on a general commission and
supply business, and they may buy and sell all and every
species of personal property either for their own account or
on commission, the same as if said company were a natural
person; and may construct warehouses and other edifices
for the purposes of their business. ‘They may reccive on
storage or deposit all kinds of merchandise and personal
property for safe-keeping or shipment, and make advances
in money, supplies or credits thereon, and may transact and
carry on all kinds of business usually transacted by were
housemen and merchants, and may collect and receive com-
pensation for storage, and for money, supplies, and credits
furnished, and all labor and expenses incident thereto, in-
cluding tbe expenses of receipt and delivery, insurance, and
custody, all on ‘property received on storage or deposit, at
such rates and on such terms as may be agreed on between
the company and the owners of the property or their
asrents; and all advances made by the company on property
received on storage or deposit, and compensation for all
charges and expenses thereon, shall be a preferred lien on
said property, which shall be satisfied and paid before the
company can be called on for the delivery of the property.
5. For property received by the company on storage or
deposit, the receipt or certificate of the compauy shall be
geiven, binding the company to deliver the same to the party
im whose favor the receipt or certificate is given, or his as-
Fignee, on payment of all dues to the company, for which
the property is liable; which receipt or certificate shall be
negotiable, and by endorsement or assignment and delivery
thereof, shall transfer the title to the property therein men-
tioned and described, to the holder of the receipt or certifi-
cate. The holder of the receipt or certificate shall be
entitled to receive the property from the company on deliv-
ery of the receipt or certificate, properly endorsed, and pay-
ing the company whatever may be due on the property for
advances, charges, storage, labor, and expenses, with interest
and costs thereon, if any have accrued. All advances made
by the company shall be endorsed or stated on the receipt or
certificate given for the property on storage or deposit, and
after a receipt or certificate is given or issued no advances on
the property for which it is given shall be made by the com-
pany. In the event of the loss or destruction of a receipt
or certificate given by the company for property on storage
or deposit, the bona fide holder of such receipt or certificate,
at the time of its loss or destruction, his representatives or
assigns shall have the same right to receive the property
from the company that he would have had on the delivery
of the receipt or certificate, on proof of the loss or destruc-
tion of the receipt or certificate, and on delivery to the com-
pany of a proper bond of indemnity, with security, satisfac-
tory to the company.

6. When, from any cause, the property in storage or de-
posit with the company shall so decrease in value as, in the
opinion of the company, to render the preferred lien on said

roperty a doubtful security for advances, charges, storage,
abor, and expenses due the company, or when any property
has been left on storage or deposit, and the charges and ex-
penses attending it have not been satisfied and paid at such
time or times as may be required by the regulations estab-
lished by the company for the conduct of its business, it shall
be lawful for the company to give notice to the party en-
titled to said property, personally or by mailing the notice,
prepaid, to his or his agent’s usual or last known residence
or place of business, requiring the party, within ten days
after the receipt of the notice, to pay the company all such
advances, charges, and expenses, with any interest which
may have accrued; and if, within thirty days after the per-
sonal service or mailing the notice, the same be not paid, it
shall be lawful for the company to sell such property, at
public sale, as to the company may seem best for the in-
terests of all concerned, and after reserving the amount due
the company, and paying the costs of sale, pay over the bal-
ance.of the proceeds of sale to the party entitled thereto, op
his surrender of the receipt or certificate given for the pre
perty. If the holder ot the receipt or certificate be tu-
known, the notice may be given to the party to whom it wa-
issued, or his personal representative, if deceased: provided.
however, that nothing in this section ‘contained, shall be con-
atrued to prevent the said company from making any such

sale at such earlier time and in such manner as may be pre
vided for in any contract or agreement made by any person
or persons With said company.

7. It shall be lawful for the company, from time to time.
to borrow such sums of money as may be necessary to carry
out the provisions of this act, and to issue and dispose of
their promissory notes or bonds for the amounts so bor-
rowed; and they may mortyage, pledge, or hypothecate. by
deed of trust or otherwise, any part of their corporate pr-
perty and franchises, to secure the payment of such notes or
bonds.

8. The stockholders, in gencral meeting, shall make and
establish such by- laws, rules, and regulations, not inconais-
tent witk the laws of the atate of Virginia, or of the United
States, as they may deem proper for “tho management and
control of their affairs and business, and government of their
officers, agents, clerks, and other employees, which shail be
binding on themselves and all persons in the employment cf
the company.

Lhe first annual meeting of the company shall be beld
in ‘the town of Danville, at such time as the board of direc-
tors may determine, ton days’ notice thereof having been
given by publication i in some newspaper published in said
town: and at the first and every subsequent annual meeting.
the stockbolders shall elect seven of their number to const-
tute a board of directors, to remain in office until their next
annual mecting, or until their successors are elected.

10. Subject ‘to the by-laws, rules and regulations of the
stockholders, the board of directors shall have the manaye-
ment of the company. From their own body they shall
elect a president, who shall preside at all meetings "of the
board, and perform such other duties as may be prescribed
for him by the stockholders or board of directors; and _ the
board of directors shall fix the amount of compensation the
president is to receive. They may also appoint from their
own body an executive committee, and prescribe the duties
thereof. They shall appoint such ‘officers , agents and clerks
as they may find necessary for the management of the busi-
ness of the company; they shall regulate the admission of
members and provide for receiving subscriptions to the capi-

tal stock, which they shall make pay able at such times and
in such instalments as they or the stockbolders may direct.
Any four members of the board shall constitute a quorum
or the transaction of business. The seven persons first
amed in the first section of this act, shall constitute the
oard of directors, to serve until the first annual mecting
nd until their successors are elected. So soon as the capital.
tock shall have been subscribed, they shall call a meeting
f the stockholders.

11. The officers of the company, and the warehouses, and
o forth, of the company, may be located at such place or
laces, in or near the town of Danville, as the board of
irectors or stockholders may determine.

12. For all supplies, money, farming implements, credits
yr articles of necessity to make crops, furnished by said cor-
oration to any person, it shall have the right to secure
tself from the crops of the year in which such things ‘are
lone or furnished, upon such terms as may be agreed upon
yy the parties, with the following conditions:

First. All the liens provided for in this section must be
‘reated by special contract in writing.

Second. They shall only exist as liens on the crop of the
rear in which they are made.

Third. Every person giving a lien under this section, hav-
ng previously given a lien or liens, shall, when giving a new
ien under this section on the same property, inform the
sgents of said corporation, if interrogated as to the facts, of
the amount of such lien or liens, and to whom given.

Fourth. Such person giving false information as to the
facts aforesaid, and by means thereof obtaining any of the
articles or things mentioned in this section, shall be deemed
guilty of larceny, and on conviction thereof punished accord-
ing to law.

Fifth. Said liens shall be recorded in the same manner as
deeds of trust.

13. This act shall be in force from its passage, and subject
to amendment, modification or repeal at the pleasure of the
gencral assembly.