CHAP. 97.—An ACT to amend and re-enact an act entitled an act
wroviding for working and keeping in order the public roads of
vansemond county, and for levying the necessary tax for said

purposes, approved February 24, 1886.

Approved January 25, 1890.

1. Be it enacted by the general assembly of Virginia,
That chapter one hundred and ninety-four of the acts of
eighteen hundred and eighty five-eighty-six entitled an
act providing for working and keeping in order the public
roads of Nansemond county, and for levying the necessary
tax for said purposes, approved February twenty-four,
eighteen hundred and eighty-six be amended and re-en-
acted so as to read as follows:

§1. Be if enacted by the general assembly of Virginia,
That in addition to the provisions of the present general
road laws, the board of supervisors for the county of Nan-
semond shall, for the working and keeping in repair of all
the roads or any part thereof in said county, annually
levy a tax upon the real and personal property of the
county not to exceed ten cents on the one hundred dollars
of the assessed value.

2. That the tax levied as aforesaid by the board of
supervisors of said county shall be known as the road tax
of Nansemond county, and shall be collectible as other
taxes, and shall be held by the county treasurer, subject
to the order and direction of the board of supervisors, and
they will expend the proceeds of said tax in the, working,
keeping, and repairing the county roads of said county in
such manner as to them shall seem best: provided that so
1uch of said tax as shall be levied on property within the
own of Suffolk shall be collected by the treasurer of Suf-
alk, and expended under the direction of the council of
aid town upon the public roads outside of but adjacent to
aid town.

do. All acts or parts or acts inconsistent with this act
re hereby repealed.

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

SHAP. 98.—An ACT to incorporate the Equity Lmprovement
Company.

Approved January 25, 1890.

1. Be it enacted by the general assembly of Virginia,
That Holmes Conrad, John Hundley, Robert W. Hunter,
John T. Richards, and William Richmond, their associates
and successors be, and they are hereby, created a body
corporate and politic by the name, style, and title of the
Equity improvement company, and by that name and title
they shall be known and have perpetual succession, ¢hd
be capable of suing and being sued, and being impleaded,
and of purchasing, receiving, using, holding, granting,
leasing, and conveying property, real personal, and mixed,
In the commonwealth of Virginia or elsewhere, and of
improving the same by the erection of houses, hotels,
water-works, and such other works, manufactories, build-
ings and improvements as may be deemed expedient and
proper by a vote of the majority of the board of directors
of said company; and also to lease, let or dispose of any
part of their property, real, personal or mixed, with or
without improvements, and of al]l the products and profits
of same, to sell or dispose of in such markets and places,
and on such terms as to the said company or a majority
of its directors, shall seem advisable.

2. That the capital stock of said company shall consist
of not less than ten thousand dollars, and shall be divided
into shares of not less than five dollars, nor more than
one hundred dollars each, and all subscriptions to the
capital stock shall be paid in such instalments and at
such times as the board of directors may require; and if
default be made in any cash payment, the person or per-
sons in default shall be liable to pay in addition to the
amount so called for and unpaid, at the rate of one per
centum per month for the delay of such payment, and the
directors, by a majority vote, may cause suit or suits to be
brought for the recovery of the amount due, together
with the penalty of one percentum per month as afore-
said; and no stockholder shall be entitled to vote at any
election or at any meeting of the stockholders on whose
share or shares any instalment or arrearages may have
been due and unpaid for the period of thirty days imme-
diately preceding such election or meeting; and said capi-
tal stock may also be paid in property, real, personal or
mixed, or in labor, in whole or in part of the par value of
such stock, or in securities of the market value of such
stock at par; the shares of the capital stock of said com-
pany may be transferred on the books of the company, in
person or by attorney, or by simple endorsement on the
back of such share or shares, or otherwise, as the major-
ity of the directors of said company may direct. The
amount of the capital stock may be increased or dimin-
ished at any regular or special meeting of the board of
directors, and said company may redeem, from time to
time, one or more shares of capital stock at the market
value of the same. The par value of the shares thus
redeemed shall not exceed in any one year one hundred
thousand dollars, and may re-issue for cash or property a
like number of shares in place of the stock thus redeemed
from time to time: provided, that at no time shall the
capital of said company be reduced to less than ten thou-
saad dollars, nor shall said capital be increased to more
than fifty million dollars. The said company may by a
majority vote of the directors, also issue from time to
time, capital stock certificates; bonds or debentures, in a
series of numbers and amounts not exceeding the capital
of fifty millions, in consideration of property, real, per-
sonal or mixed, conveyed, sold or delivered by any person
or incorporated company of this state, or of any other
state or place; and may also provide for the redemption
and payment of such series of stock, bonds or debentures
so numbered out of the profits of the property so acquired
or purchased. }

3. That said company shall have the right to fix the
number of directors by their by-laws, a majority of whom
shall be a quorum, one of whom shall be a president, and
they shall hold their office until their successors shall be
duly elected, and said directors may elect or appoint, and
remove at will such other officers or agents, from time to
time, as the by-laws of said corporation may direct. The
said company shall and they are hereby anthorized to
make such by-laws to enable them to carry on the busi-
ness of the said corporation as they may deem proper,
and alter and amend the same at pleasure, but no by-law
sha!l be made contravening the constitution of this state
or of the United States.

4. That said corporation may adopt a corporate seal, and
alter the same, and fix the amount of shares and the par
value of the same, and issue certificates therefor in such
form and subject to such regulations and interest as the
said company may from time to time, prescribe by their
by-laws; provided, that at no time shall-the par value of
said shares be fixed at less than five nor more than one
hundred dollars each, and may also regulate and prescribe
in what form and manner their deeds, leases, contracts
and obligations shall be made and executed.

5. That the said corporation may issue the bonds of the
said company, bearing such rate of interest not exceeding
six per centum per annum, principal and interest payable
at such time as the company may designate, and dispose
of the same at such prices and insuch way and manner
as sald company may deem expedient, and shall have
power to secure the payment of the principal and interest
of said bonds by a mortgage or mortgages, deed or deeds
of trust, to any one or more of the banks or trust compa-
nies of this state or in any other state, or to any person.
Said corporation may select as the trustee, upon the whole
or any part of the property, real or personal, of said com-
pany, and other corporate rights and franchises acquired
or to be acquired by said company; and said company
may also issue debentures bearing interest not exceeding
81x per centum, and running for such period of time as
said corporation may agree upon by vote of the majority
of the board of directors; and said bonds and debentures
to be redeemed by creating a sinking fund, or by lot, or
by number, as may be provided by resolution or otherwise
of the said company.

6. That the principal office of said company shall be
located at Winchestcr, Virginia, and that branch offices
and agencies may be established elsewhere by a majority
of the directors for the transaction of any business of the
company.

7. Thatit shall and may be lawful for any incorporated
company of this state, or of any other state, to subscribe,
take, and pay for, either in lawful money or in property,
real, or personal, or mixed, one or more shares of the cap-
ital stock of this company, and may also in the same way
take and purchase the bonds and debentures of this com-
pany, and pay for them in lawful money or in property
real, or personal, or mixed.

8. This company, by the acceptance of this charter,
binds itself to pay all taxes and dues to the common-
wealth of Virginia that may be assessed upon it in lawful
money of the United States and not in coupons.

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