Chap. 76.—An ACT to incorporate the. Virginia Land and Improve-
ment company.

Approved April 21, 1882.

1. Be it enacted by the general assembly of Virginia, That
N. B. Noland, William J. Leake, and R. H. Cardwell, of Vir-

inia, and William L. Candler and Sumner C. Candler, of

oston, Massachusetts, their associates and successors, be
and they are hereby constituted a body corporate and poli-
tic, under the name and style of The Virginia Land and
Improvement Company, and by that name shall have per-
etual succession, and are hereby made capable in law and in
quity to sue and be sued, to implead and be impleaded, con-
ract and be contracted with, to make, have, and use a com-
non seal, and to break, alter, and renew the same at pleas-
ire, and to make and ordain, establish, and put in force such
y-laws for its own government as it may deem necessary
nd expedient, not in conflict with the laws of the United
tates and of the state of Virginia.

2. That the said company shall have authority, right, and
ower to acquire, take, and hold, by purchase, gift, or other-
vise, any real estate, lands, or tenements, or personal prop-
rty of any kind or description, and to sell and convey, con-
fey in trust, mortgage, lease, and otherwise dispose of such
ands, tenements, and other property, and to accept and
receive leases of any real estate or mixed property; that the
aid company be and it is hereby empowered to hold, im-
prove, and sell or lease lands in the state of Virginia, and to
erect and maintain saw-mills, factories for the manufacture
of articles of wood, iron, cloth, or any useful material what-
soever, and to sell and dispose of the products thereof; make
contracts for the purchase, sale, and improvement of real
estate in the state of Virginia, and for the construction of
railroaus and canals that have been or may hereafter be
chartered by the laws of Virginia, and to transact such other
business in relation to the purchase, holding, and selling of
real and personal estate as the board of directors may direct:
provided that said company shall not hold more than fifty
thousand acres of land at any one time.

3. That the capital stock of said company shall not be less
than fifty thousand dollars, nor more than one million dol-
lars, the same to be divided into shares of fifty dollars each.

4. That the stock of the said company shall be personal
property, and shall be transferable on the books of the com-
pany in person, or by attorney duly authorized in writing.

n all meetings of the stockholders of said company, every
stockholder shall have one vote for each share of stock held
by him. The stockholders shall be liable only to the pay-
ment of the full amount for the stock subscribed for by them,
and no stockholder holding full paid-up stock shall be liable
to any contribution or for any debts, liabilities, or obligations
of said company. A majority of the stockholders of said
company may call a meeting of stockholders at any time.

5. The said company shall elect a board of directors to
manage the business of said company. The board of direc-
tors shall appoint all such agents and officers as may be
necessary, and shall prescribe their duties, and suspend and
remove them at its pleasure, and shall require of such officers
and agents such bonds, with sureties, as they may deem
expedient. The election of the board of directors shall be
held at the annual meeting of said company, the date of
which shall be fixed by the stockholders; and every stock-
holder may vote either in person or by proxy. The presi-
dent shall be elected from the members of the board of
directors by a majority of the votes of the board. All vacan-
cies occurring in the said board may be filled by said board
for the unexpired term for which said board is elected. The
president and directors shall hold their office for the term of
one year, and until their successors are elected. If from any
cause the annual meeting of the stockholders shall not be held, |
the board of directors shall continue in office until the elec-
tion of new directors shall take place.

6. That it shall be lawful for the said company to receive
in payment for subscriptions to its capital stock, any prop-
erty, real, personal, or mixed, which the board of direc-
tors may agree to receive; and upon receiving a conveyance
for such property, if real estate; or other proper title thereto, —
if personalty; then said company shall have the right to
deliver to such subscriber to its stock a proper certificate for _
80 many paid-up shares of stock as may be agreed upon.

7. The said company shall have power to advance and
loan money on real or personal security, to buy and sell |
notes, bills, or drafts, and to buy and sell stocks and bonds; |
to issue its own bonds, bearing interest, and to secure said
bonds by a deed of trust or mortgage upon any of the real
or personal estate of said company.

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

Chap. 76.—An ACT to incorporate the. Virginia Land and Improve-
ment company.

Approved April 21, 1882.

1. Be it enacted by the general assembly of Virginia, That
N. B. Noland, William J. Leake, and R. H. Cardwell, of Vir-

inia, and William L. Candler and Sumner C. Candler, of

oston, Massachusetts, their associates and successors, be
and they are hereby constituted a body corporate and poli-
tic, under the name and style of The Virginia Land and
Improvement Company, and by that name shall have per-
etual succession, and are hereby made capable in law and in
quity to sue and be sued, to implead and be impleaded, con-
ract and be contracted with, to make, have, and use a com-
non seal, and to break, alter, and renew the same at pleas-
ire, and to make and ordain, establish, and put in force such
y-laws for its own government as it may deem necessary
nd expedient, not in conflict with the laws of the United
tates and of the state of Virginia.

2. That the said company shall have authority, right, and
ower to acquire, take, and hold, by purchase, gift, or other-
vise, any real estate, lands, or tenements, or personal prop-
rty of any kind or description, and to sell and convey, con-
fey in trust, mortgage, lease, and otherwise dispose of such
ands, tenements, and other property, and to accept and
receive leases of any real estate or mixed property; that the
aid company be and it is hereby empowered to hold, im-
prove, and sell or lease lands in the state of Virginia, and to
erect and maintain saw-mills, factories for the manufacture
of articles of wood, iron, cloth, or any useful material what-
soever, and to sell and dispose of the products thereof; make
contracts for the purchase, sale, and improvement of real
estate in the state of Virginia, and for the construction of
railroaus and canals that have been or may hereafter be
chartered by the laws of Virginia, and to transact such other
business in relation to the purchase, holding, and selling of
real and personal estate as the board of directors may direct:
provided that said company shall not hold more than fifty
thousand acres of land at any one time.

3. That the capital stock of said company shall not be less
than fifty thousand dollars, nor more than one million dol-
lars, the same to be divided into shares of fifty dollars each.

4. That the stock of the said company shall be personal
property, and shall be transferable on the books of the com-
pany in person, or by attorney duly authorized in writing.

n all meetings of the stockholders of said company, every
stockholder shall have one vote for each share of stock held
by him. The stockholders shall be liable only to the pay-
ment of the full amount for the stock subscribed for by them,
and no stockholder holding full paid-up stock shall be liable
to any contribution or for any debts, liabilities, or obligations
of said company. A majority of the stockholders of said
company may call a meeting of stockholders at any time.

5. The said company shall elect a board of directors to
manage the business of said company. The board of direc-
tors shall appoint all such agents and officers as may be
necessary, and shall prescribe their duties, and suspend and
remove them at its pleasure, and shall require of such officers
and agents such bonds, with sureties, as they may deem
expedient. The election of the board of directors shall be
held at the annual meeting of said company, the date of
which shall be fixed by the stockholders; and every stock-
holder may vote either in person or by proxy. The presi-
dent shall be elected from the members of the board of
directors by a majority of the votes of the board. All vacan-
cies occurring in the said board may be filled by said board
for the unexpired term for which said board is elected. The
president and directors shall hold their office for the term of
one year, and until their successors are elected. If from any
cause the annual meeting of the stockholders shall not be held, |
the board of directors shall continue in office until the elec-
tion of new directors shall take place.

6. That it shall be lawful for the said company to receive
in payment for subscriptions to its capital stock, any prop-
erty, real, personal, or mixed, which the board of direc-
tors may agree to receive; and upon receiving a conveyance
for such property, if real estate; or other proper title thereto, —
if personalty; then said company shall have the right to
deliver to such subscriber to its stock a proper certificate for _
80 many paid-up shares of stock as may be agreed upon.

7. The said company shall have power to advance and
loan money on real or personal security, to buy and sell |
notes, bills, or drafts, and to buy and sell stocks and bonds; |
to issue its own bonds, bearing interest, and to secure said
bonds by a deed of trust or mortgage upon any of the real
or personal estate of said company.

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