Chap. 267.—An ACT to incorporate the Marion Land Agency and
Improvement company.

Approved May 16, 1887.

- 1. Be it enacted by the general assembly of Virginia, That
Dp. D. Hull, M. Jackson, J. P. Shetfey, N. L. Look, and Samuel
D. Jones, and such others as now are or may hereafter be
associated with them and their successors, be and they are
hereby constituted aud made a body corporate and politic
under the name and style of Marion Land Ageney and Im-
provement company, and by that name sball have perpetual
succession, and are hereby made capable in law and in equity
to suc and be sued, to implead and be impleaded, contract
and be contracted with, to make, have, and use a common
seal, and to break, aller, and renew the same at pleasure, and
to make, ordain, establish, and put in force for its own gov-
ernment, such by-laws as it may deem necessary or expe-
dient, not in conflict with the laws of this State or of the
United States.
2. The said company shall have authority, right, and power

to act as agent for the sale or purchase of lands or other prop-

erty, to make contracts to effect the sale or purchase of any
real estate by correspondence, advertising, or otherwise, and
to conduct a general real estate business. And 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 encum-
ber 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 State of 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
nutbority 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 contracts for the pur-
chase, 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 ot) its
real and persenal property as the board of directors may
direct: provided however, that said company shall not hold
more than fifty thousand acres of land at any one time: and
provided further, that all conveyances of reel estate made by
said company shall be by deed, under the corporate seal of

said company, signed by the preside nt or acting president
and secretary of ‘the company. All other contracts, where
not otherwise specified, shall be sufficient and binding when
signed by the president and secretary of the board of direc-
tors, and the corporate seal attached,

3. The capital stock of said company shall not be less than
five thousand dollars nor more than fifty thousand dollars,
the same to be divided in shares of one hundred dollars eac sh.
And the board of directors of said Company may issue cer-
titicates of stock.

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
mectings of stoc ‘cholders, each stockholder shall be entitled
to one vote for cach share of stock held by him. The stock-
holders shall be Hable only tor the payment of the full
amount of the stock subscribed for by them, and ne stock.
holder holding fully paid up stock shall be liable to any con-
tribution, or tor any debts, babilities, 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 stockholders at any time.

5. Tho company shall elect a board of directors to manage
its business. The board of directors shall appoint all such
agents 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 securities, as they may deem expedient. The
election of the board of directors shall be at the annual meet-
ings of the stockholders. The president shall be elected from
the board of directors by a majority of the votes by the board.
All vacancies occurring in the board may be filled by said
board tor the unexpired term for which said board is elected.
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 subscription 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 prop-
erty, if real estate or other proper title thereto; if personalty,
the said company shall have the right to deliver to such sub-
scriber to its stock, a proper certificate for so many paid up
shares of stock as may be agreed upon.

7. The said company ehall have power to advance and
loan money On real or personal security, and to borrow money
and issue its own bonds therefor bearing interest, signed by
the president and secretary of the board of directors, and tb
secure said bonds by decd of trust or mortgage upon any of
its real or personal property. And said company shall have
all otber powers that are now or may bereafter be granted
by the laws of this State to like companies.

8. This charter is granted upon condition that this com-
pany shall pay all taxes and dues to the commonwealth in
lawful money and not in coupons.

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