Chap. 79.—An ACT to incorporate the Onancock Town Hall Com-
pany in the county of Accomac.

Approved February 20, 1878.

Whereas by an act approved March twenty-nine, eighteen
hundred and seventy-seven, entitled an act to release the
state’s interest in certain real estate in the village of Onan-
cock, in the county of Accomac, the estate, right, title, and
interest of the commonwealth in or to a certain lot of land,
situated in the said village of Onancock, and known as market
square, was released and granted to certain persons, therein
named, or their successors, in trust, for the purpose of erect-
ing a building on said lot to be used as a temperance hall and
for such other public uses as may be authorized and permit-
ted; and whereas, by and with the agreement and consent
of a majority of said trustees, in order to erect a suitable
building on said lot, it was deemed necessary that the same
should be erected by means of subscription in shares of twelve
and a half dollars each, with the understandirg that the
owners of such shares should have an interest in said build-
ing and its appurtenances, to the extent and in the propor-
tion of their rgspective shares subscribed and paid in by
them; and whereas, in pursuance of such agreement and
consent, a building appropriate to the position where it is
located and calculated to contribute to the public welfare of
the neighborhood, is in an advanced course of construction;
and whereas it is desirable that the said building shall be
completed and that those who have already taken shares and
those who may hereafter take shares in said building, for the
completion thereof, shall be assured of freedom from any
disturbance of their right to an interest in said building, its
fixtures, furniture, and appurtenances; and it appearing that
an act of incorporation is necessary to the completion of said
building and the proper management of the same:

1. Be it enacted by the general assembly of Virginia, That
for the purpose of constructing and completing the said
building on market square in the village of Onancock, in the
county of Accomaa, it shall be lawful to open books for re-
ceiving subscriptions to an amount not exceeding five thou-
sand dollars, to be divided into shares of twelve and half dol-
lars each. Said books shall be opened at Onancock, under
the direction of William IL. A. Hopkins, John M. Posque, Jr.,
and Henry T. Powell, and at such other places as a majority
of them may appoint.

2. When one hundred shares shall have been subscribed,
the subscribers and their successors shall be and are bereby
incorporated and created a body politic and corporate by the
name and style of Lhe Onancock Town Iall Company, and
may by that name suc and be sned, plead and be impleaded
at law and in equity, and be capable in law of holding, let-
ting, managing, owning, possessing, and controlling their
paid building, its fixtures, furniture, and appurtenances; and
all persons who have heretofore subscribed for one or more
shares, of twelve and a half dollars each, towards the con-
struction of said building, and made payment thereon, are
hereby constituted and declared, together with those who
shail hereafter subscribe, members of the Onancock town
hall company, hereby incorporated. All payments, for the
erection of of said building, heretofore made by persons who
shall hereafter subscribe on a subscription book of said com-
pany, shall be held and regarded as good payments, on their
respective subscriptions, to the extent to which such pay-
ments have been actually made.

3. After said one hundred shares shall have been sub-
scribed, inciuding tho shares already taken or subscribed, the
members of said company attending for such purpose, shall
proceed to elect, after ten days notice, cither in a newspaper
published in said county or by advertisements posted at the
front door of the courthouse of said county and two public
places in Onancock, of the time and place of such election,
five directors, who shall continte in office until the first
Monday in January, in the year cightcen hundred and sev-
enty-nine, until other directors shall be chosen; and the
members of said company shall, annually, on the first Mon-
day in January, elect from the stockholders of said company
five directors, to serve for the term of dhe year, and until
others shall be chosen; and the annual election of directors
shall be made in such manner as, by the by-laws or regu-
lations hereafter to be made by the directors, subject to the
approval of a majority of the stockholders, shall be appointed,
and shall be made by such of the stockholders of said com-
pany as shall attend for that purpose, either in person or
by proxy; all elections shall be made by ballot; each share
of stock, on which all instalments due have been paid, shall
entitle the holder thereof to one vote, and the five persons
receiving the greatest number of votes, shall be the directors ;
and, if it shall happen at any election that two or more per-
sons shall have an equal number of votes so that no choice
shall have been made as to such persons, then the stockhold-
ers herein authorized to vote at such election, shall proceed
by ballot a second time, and oftener if necessary, and by a
plurality of votes, to determine which of the persons so hay-
ing an equal number of votes, shall be the director or direc-
tors, so as to complete the number required; and, in case it
shall at any time happen that an election of directors shall
not be made on the day when, pursuant to this act, it should
have been made, the said corporation shall not for that rea-
son or for any other non-user, be deemed dissolved; but it
shail be lawful, on any other day, to hold an election of
directors after ten days notice thereof, published or posted
as hercinbefore mentioned. The said directors shall, during
their term of service, have the sole management of the stock,
property, affairs, and concerns of the company; they shall
appoint one of their own number to be president of the com-
pany, who may preside at the mectings of the direttors;
and if any vacancy shall be created in the board of directors,
by death, resignation or otherwise, the same shall be filled
for the remainder of the term in which it may happen, by
such person or persons among the stockholders as the re-
mainder of the directors may appoint.

4. All the authority, duties, powers, and rights conferred
by the said act, approved March twenty-nine, eighteen hun-
dred and seventy-seven, on the trustees therein named, are
hereby transferred to an conferred on the company hereby
incorporated, and shall be exclusively exercised by the said
compuny as the successors of said trustees. And the said
company are hereby authorized and empowered to continue
and complete the erection of the building now being con-
structed on the said lot, and to finish the same with such fix-
tures and furniture as, by the said company or its directors,
shall be deemed proper and suitable, and to charge and re-
cover rent and compensation for the occupation and use of
said building and its appurtenances; and the said company
shall be and are hereby autforized to contract for such rent,
occupation and use, and to recover according to such con-
tracts; to enclose said lot with railing or other enclosure,
lay off said lot into suitable walks, and make on said lot such
improvements as may be deemed by said company, necessary,
convenient, ornamental or useful.

5. A majority of the directors shall form a board for the
transaction of business, and make all by-laws and regulations,
subject to the approval of a majority of the stockholders,
necessary for the management of the affairs of the company:
provided such by-laws and regulations be consistent with the
constitution and laws of the United States and of this state;
they may appoint asecretary and treasurer, removable at any
time at the diserction of said board, and shall ave power to
declare and provide for the payment of dividends to the stock-
holders; to pay off the debts of the company out of the pro-
ceeds arising from the stock, and, in general, to plan, transact,
conduct, and superintend the business, concerns, and interest
of said company.

6. If any person or persons shall, without authority from
said company, injure or destroy any part of said building or
any part of the enclosure which shall be put around said lot
by said company, orany part of the improvements on said lot,
the said company may, by its corporate name and style afore-
said, sue for the damage caused thereby and recover the full
gnount of damaces actually sustamed,

7. The shares of individuals in the capital stock of said
company shall be transferable by assiznments of certificates
of their stock.

8. This act shall bein force from its passage.