Chap. 544.—An ACT to incorporate the Builders Exchange of Rich-
mond.

Approved March 19, 1884.

1. Beit enacted by the general assembly of Virginia, That
the members of the association known as the Builders ex-
change of Richmond, Virginia, and all other persons who
may hereafter become associated with them, under the pro-
visions of this act, are hereby created a body corporate, by
the name of The Builders Exchange of Richmond, Virginia,
with perpetual successiow and power to use a common seal,
and alter the same at pleasure; to sue and be sued, to take
and hold, by grant, purchase and devise, real and personal
property to an amount not exceeding fifty thousand dollars,
or the purposes and bencfit of such exchange, and to sell,
convey, lease and mortgage the same, or any part thereof; to
erect buildings on the said real estate, or any part thereof,
and to do all and singular such acts as may be necessary to
carry on the business and further the objects of said associa-
tion.

2. The property, affairs, business and concerns of the cor-
poration hereby created, shall be managed by a president, first
vice-president, second vice-president, third vice-president,
treasurer and seven managers, who shall together constitute
a board of directors, and a secretary, to be elected annually
at such time and place, and in such manner as may be pro-
vided for by the by-laws of this exchange; and the present
officers and managers of this said exchange, as now consti-
tuted, shall be the officers and managers of said corporation
until the present term of office shall expire, and until others
under the provisions of this act shall be elected in their place;
all vacancies which may occur in said board, by death, resig-
nation or otherwise, shall be filled by said board. A majority
of the members of such board shall constitute a quorum for
the transaction of business.

3. The purposes of said corporation shall be to provide and
regulate suitable room or rooms for the daily meetings of the
said exchange, in the city of Richmond; to establish a more
general and good understanding, just and equitable principles
in all business transactions with each othcr and other people;
to acquire, preserve and disseminate valuable business infor-
mation, and in all cases of misunderstanding arising between
members of the said exchange, they shall be adjusted as may
hereafter be provided in the by-laws of this corporation; and
the said corporation shall have power to make all proper and
needful by-laws for the use and government of this exchange,
not contrary to the laws and constitution of the state of
Virginia or of the United States.

4. The said corporation shall have power to admit new
members and expel any member in such manner as may be
provided by the by-laws.

5. The capital stock of the said corporation shall not ex-
ceed fifty thousand dollars, divided into shares of twenty-five
dollars each, which shall be paid in cash or in instalments, as
may be required by the board of directors. In case payment
should be called for in instalments, any subscriber to the
capital stock who shall fail to pay such instalment within
thirty days after the date fixed for such payments, shall
forfeit all instalments previously paid. All certificates of
stock shall be signed by the president and countersigned by
the treasurer, and shall not be transferable, except with the
consent of the board of directors.

6. Every member of the corporation who has already paid
the regular initiation fee, shall be entitled to a credit of same
on one share of the capital stock in return therefor.

7. No stockholder shall ever be held liable or responsible
for the contracts or faults of the corporation beyond the
amount of his stock therein.

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