CHAP. 60.—An ACT to incorporate the Norfolk Library Association.

Approved February 10, 1880.

1. Be it enacted by the general assembly of Virginia, That
R. H. Baker, Charles Sharp, Robert M. Hughes, D. Tucker
Brooke, John J. Burroughs, D. J. Godwin, Alfred P. Thom,
Theodore S. Garnett, Junior, William H. White, James E.
Heath, Joseph T. Allyn, William B. Martin and Richard
Walke, or such of them as may accept the provisions of this
act, and such other persons as may be hereafter associated
with them, and their successors, shall be and they are hereby
constituted a body politic and corporate under the name and
style of The Norfolk Law Library Association, the object of
the said corporation being to establish a law library in the city
of Norfolk for the use of such persons as shall become stock-
holders in the said corporation.

2. The capital stock of said corporation shall not be less
than one thousand dollars nor more than twenty thousand dol-
lars, and shall be divided into shares of one hundred dol-
lars each; and all payments heretofore made by the above
named persons, or any of them, on account of their sub-
scription to the capital stock, in anticipation of the act of
incorporation, shall go in reduction of the amount due upon
the shares subscribed for, and the balance due by them, or any
of them, and all further subscriptions on the part of other per-
sons shall be paid in such manner and at such time or times
as the president and directors of said corporation shall pre-
scribe.

3. When the amount of the minimum capital of the associa-
tion shall have been subscribed the subscribers may organize
by electing a president and four other directors, who shall
constitute a board for the management. of the affairs of the
association, and they may also elect such other officers as they
may deem proper; or the election of such other officers may
be entrusted by the said stockholders to the aforesaid board of
directors.

4. It shall be lawful for the said association to receive law
books, either by absolute transfer or by loan for a stipulated
period, in lieu of money in payment of subscriptions to the
capital stock of the association; and the said law books,
whether so transferred or loaned, may be received at such
valuation as may be agreed upon.

5. It shall be lawful for the said association to give its notes
in the purchase of law books or other necessary property, or
to borrow money by giving its notes therefor, and the signature
of the president as such to said notes shall constitute the same
valid and binding obligations of the association.

6. It shall be lawful for the board of directors of the associ-
ation to impose yearly assessments upon the stockholders for
the increase or support of the library, and to specify the time
or times when the same shall be paid, and upon failure of any
member either to pay any instalment on his stock or any as
sessment imposed for sixty days after the same shall have
become due, he shall thereupon cease to be a member of the
association, and shall forfeit all payments theretofore made by
him and all interest in the property of the association ; but
the board of directors shall have full power and authority to
allow any such member to make good his default and to rein-
state him as a stockholder in the association.

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