Chap. 243.—An ACT to incorporate the Liberty Improvement Com-
pany.

Approved March 3, 1884.

1. Be it enacted by the general assembly of Virginia, That
Samuel M. Balling, George D. Wright, Thomas D. Berry
Thomas J. Matthews, Charles W. Wharton, and Martin P.
Burks, and such others as now are or may hereafter be
associated with them, and their successors, be, and they are
hereby constituted and made a body corporate and politic,
under the name and style of Liberty Improvement Company,
and by that name shall have perpetual succession, and are
hereby made capable in Jaw and in equity to sue and be sued,
to implead and be impleaded, contract and be contracted
with, to make, have, and use a common seal, and to break,
alter, and renew the same at pleasure, and to make, ordain,
establish, and put in force, for its own government, such
by-laws as it may deem necessary or expedient, not in con-
flict with the laws of this state or of the United States.

2. The said company shall have authority, right, and power
to acquire, take, and hold, by purchase, gift or otherwise, any
real estate, lands, or tenements, or personal property of any
kind or description whatsoever, and to sell and convey the
same, and to encumber the same by deed of trust. mortgage,
leases, or otherwise, and to accept leases of any real or mixed
property. And the said company is hereby authorized to
hold, improve, sell or encumber real or personal property in
the county of’ Bedford, Virginia, to build houses, either on
their own lands or on the lands of others with whom they
may contract, and to lease any houses or other buildings or
improvements which may be erected by said company. And
said company shall have power and authority to take and
hold stock in any other incorporated company doing business
in the state of Virginia. And said company shall have full
power to make contract for the purchase, sale, lease. or
Improvement of any property held by said company, and to
transact such other business in relation to the purchase, sale,
lease, improvement, and holding of its real and personal
property as the board of directors may direct: provided
however, that said company shall not hold more than five
thousand acres of land at any one time: and provided further.
that all conveyances of real estate made by said company shall
be by deed, under the corporate seal of said company, signed
by the president or acting president of said company, and
attested by its secretary.
3. The capital stock of said company shall not be less than
five thousand dollars, nor more than one hundred thousand
dollars, the same to be divided into shares of fifty dollars
each. And the board of directors of said company may issue
certificates for preferred stock, upon such terms and condi-
tions as it may deem proper.

4. The stock of said company shall be personal property,
and shall be transferable on the books of the company in per-
son, or by attorney duly authorized in writing, and in all
meetings of stockholders, each stockholder shall be entitled
to one vote for each share of stock held by him. The stock-
holders shall be liable only for the payment of the full amount of
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. The
company shall have a lien on the stock of any stockholder,
for the amount due by him at any time to said company. A
majority of the stockholders may call a meeting of the stock-
holders at any time.

5. The company shall elect a board of directors to manage
its business. The board of directors shall appoint all such
avrents and officers as may be necessary, and shall prescribe
their duties and compensation, and suspend and remove them
at pleasure, and require of such officers and agents such
bonds, with sureties, as they may deem expedient. The elec-
tion of the board of directors shall be at the annual meeting
of the stockholders. The president shall be elected from the
board of directors, by a majority of the votes of the board.
All vacancies occurring in the board may be filled by said
board for the unexpired term for which said board is clected.
The directors shall hold their office for one year, and there-
after, until their successors have been elected and accepted
the trust. The president shall be entitled to a vote as other
directors, but shall have only one vote in case of a tie.

6. It shall be lawful for said company to receive in pay-
ment for subscriptions to its capital stock, any property, real,
personal or mixed, which the board of directors may agree
to receive; and upon receiving a conveyance for such pro-
perty, if real estate, or other proper title thereto, if per-
sonalty, the said company shall have the right to deliver to
such subscriber to its stock, a proper certificate for so many
pard-vp 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, and to borrow
money and issue ils own bonds therefor, bearing interest, and
to secure said bonds by a deed of trust or mortgage upon any
of its real or personal property. And said company shall
have all other powers that are now or may hereatter be
granted by the laws of this state to like companies,

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