Chap. 264. ihn ACT to incorporate the Petersburg Building and Im-
provement Company.

Approved March 27, 1875. °

1. Be it enacted by the general assembly, That William E.
Hinton, Senior, Stith Bolling, James M. Quick, William Fs.
Hinton, Junior, R. F. Hobbs, J. P. Minetree, W. C. Lumsden,
S.A. Hinton, William If. Tuppy, W. I. Harrison, John C.
Armistead, R. P. Barham, William EK. French, D. A. Hinton,
J. G. Dunn, and 8. W. Jones, and their associates, successors
and assigns, be and they are hereby declared to be a body
politic and corporate, by the name of The Petersburg Build-
ing and Improvement Company, and by that name and style
are hereby invested with all the rights, powers and privileges
conferred, and made subject to all the rules, regulations and
restrictions imposed by the Code of Virginia, and all genoral
laws applicable to such institutions that are not inconsistent
with the provisions of this act.

2. The capital stock of said corporation shall not be less
than twenty-five thousand dollars nor more than one hun-
dred thousand dollars, divided into shares of one hundred
dollars each, and five dollars per share shall be paid in on
each share subscribed before the company shall commence
business; the remaining instalments of five dollars each may
be called in from time to time, as may be required by the
board of directors, and the capital stock may be increased
from time to time until the maximum is reached, on such
terms as the stockholders may decide, or the unsold stock
may be sold on the open market or at auction: provided, the
same be not sold at less than its par value.

3. The objects of this company are to purchase or seil
vacant or unimproved lots and latids in and within eight
miles of the city of Petersburg; to cheapen rents to the citi-
zens of Petersburg and vicinity by erecting thereon dwellings
and other improvements, and renting or selling them on such
térms as may be agreed upon; raid company may also lay
off and beautify public squares and parks.

4. The real estate to be held shall not, at any time, exceel
one thousand acres in and within eight miles of the city
Petersburg, and such other real estate as may be bona fide
mortgaged to the company, by way of security, or conveyed
to it in satisfaction of debts previously contracted, or pur-
chased at sales made to pay such debts. -

5. The company shall have the privilege of issuing their
bonds in sums of one hundred dollars, or any multiple there-
of, either with or without coupons attached, and runninz
any length of time, from three months to thirty years, and
bearing any rate of interest not exceeding ten per centam
per annum.

§. The company shall have the privilege of selling the an-
improved lots or lands, or to sell the lots and the buildings.
or improvements thereon erected, on such terms as may be
agreed upon, and may take notes or bonds and deeds of
trusts of individuals or corporations for said property, bear-
ing any rate.of interest not to exceed ten per centum per
annum, and said interest may be received in advance or the
company may receive the bonds issued by this company for
any of the deferred payments, upon such terms as may be
agreed upon.

7. Such company may loan their surplus money on real or
personal security at the legal rate of interest, and may re-
ceive the interest in advance, but this section shall not be
construed as granting any banking privileges.

8. Said company may employ an agent to rent or sell their
properties, and do any other business for the company r-
quired by the board of directors, and may pay said agents
salary or a commission. And the said board may make such
by-laws for the regulation of the business of the company a:
they think proper: provided, they are not inconsistent with
this act or the laws governing such corporations.

9. To more fully carry out the objects of this company.
said company is hereby empowered and authorized to build
and operate street railways, omnibuses or other suitable sub
stitutes, from or near amy of their improvements, and if
deemed desirable, to connect the same with similar railways
now or hereafter running in the city of Petersburg, or within
eight miles thereof: provided, the assent of all proper an-
thorities is first obtained for such connection. Said company
is authorized to regulate from time to time rates of charge
for the transportation of passengers on or over the lines of
their improvements: provided, such rates shall not exceed
twenty-five cents for the conveyance of a passenger from
any one point to another between the termini thereof.

10. The officers of this company shall consist of a presi-
dent and six directors, a treasurer, a secretary, an agent to
rent out or sell their property, and to* perform such other
duties as may be required of him, and such other officers
and agents as the board of directors, by authority of the
stockholders, may appoint. Any four of the board of direc-
tors (the president being ex-officio a member of the board)
shall constitute a quorum. The president, in meetings of
this hoard, shall give the casting vote in caso of a tic; but
shall have no other vote in meetings of the board unless the
stockholders otherwise determine. The treasurer or agent
may also act as secretary, and the directors may hold any
other office.

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