Chap. 238.—An ACT to Incorporate the Manchester Railway and Land
Improvement Company.

Approved March 29, 1876.

1. Be it enacted by the general assembly, That William G.
Taylor, C. W. Turner, William I. Clopton, 8. Brooks, J. R.
Perdue, J. D. Craig, E. W. Weisiger, W. A. Campbell, S. R.
Owens, James H. Dooley, Z. W. Pickerell, H. C. Cabell, John
G. Clarke, and their associates, successors, and assigns, be
and they are hereby déclared to be a body corporate and
politic, by the name of The Manchester Railway and Land
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 general
laws applicable to suc’ institutions that are not inconsistent
with the provisions of this act. ‘

2. The capital stock of said corporation shall not be less
than fifteen thousand dollars, but the company shall have the
privilege of increasing the same, from time to time, to an
amount not exceeding two hundred thousand dollars, said
stock to be divided into shares of one hundred dollars each.
Five dollars per share shall be paid in on each share sub-
scribed, before the company sball commence business; the
remaining instalments may be called in, from time to time,
as may be required by the board of directors; and the before-
named corporators, or a majority of them, are hereby
authorized and created a commission to receive subscrip-
tions for stock, and for this purpose they may open books of
subscription in such manner as they may deem necessary,
and keep the same open until they or other persons shall
have subscribed the amount of capital stock named; and
thereafter, within their discretion, they may call a meeting
of stockholders, who may proceed fully to organize the com-
pany. The capital stock may be increased, from time to
time, until the maximum sum named in this act is reached,
on such terms as the stockholders may decide, or the unsold
stock may be stold in the open market or at auction: pro-
vided, the same be not sold at less than its market value.
The city of Manchester is hereby authorized to subscribe to
the capital stock of the said company a sum not exceeding
ten thousand dollars. No stockbolder shall be liable for
more than the stock held by him, and any unpaid quota
thereon.

3. The stockholders shall, annually, elect not less than
six and not more than ten directors, who shall manage and
control all the business and affairs of said company; shall
choose a president. and vice-president out of their own num-
ber, and shall appoint such other officers or agents as may be
required; and said directors, or a majority of them, shall
have power to fill any vacancies in their number for the un-
expired term. .

4, The said company shall have power, in its corporate
nature, to buy, contract for, bold, sell, mortgage, encumber
or convey, real estate, in or within eight miles of the city of
Manchester. to erect thereon dwellings or otber improve-
ments, and to rent or sell the same upon such terms as: may
be agreed upon. Said company may also lay off and beau-
tify public squares or parks.

5. The real estate to be held shall not, at any time, exceed
one thousand acres in and within eight miles of the city of
Manchester, 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.

6. The company shall have the privilege of issuing their
bonds in sums of one hundred dollars, or any multiple thereof,
either with or without coupons attached, and running any
length of time, from three months to thirty years, and bear-
ing such rate of interest as may be agreed upon, not exceed-
ing eight per centum per annum.

7. The company shall have the privilege of selling their
real or personal property on such terms as may be agreed
upon, and may take notes or bonds, or bonds and deeds of
trust, of individuals, for said property, bearing legal interest;
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.

8. Said company may lend their surplus money on real or
personal seourity, 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.
9. To more fully promote the objects of this company, it
is hereby authorized to build and operate atreet railways, to
run through the streets of Manchester, or through the streots
of Richmond, or over the roads of Chesterfield and Henrico
counties, not exceeding eight miles in any direction from the
city of Manchester: provided, the proper authorities of the
city or county interested, shall consent thereto; and they may
connect with street railways existing, witb the consent of a
majority of interest therein owning such street railway or
railways. Or said company may lease or purchase a railway
or railways, or any portion thereof, or the right to build and
operate a railway or railways from any other company or in-
dividual authorized to operate such railways within the ter-
ritory before named herein.

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