Chap. 104.—An ACT to amend and re-enact section 2 of chapter
875, acts 1889-90, incorporating the Pulaski development com-
pany, allowing it to increase its capital stock.

Approved January 28, 1892.

1. Be it enacted by the general assembly of Virginia,
That section two of chapter three hundred and seventy-
five of the acts of the general assembly of Virginia, eigh-
teen hundred and eighty-nine and ninety, entitled an act
to incorporate the Pulaski development company, ap-
proved February twenty-eighth, eighteen hundred and
ninety, be amended and re-enacted so as to read as follows:

§ 2. The capital atock of said company shall not be less
than fifty thousand dollars, and may be increased from
time to time to any amount not to exceed two million dol-
lars, by the issue and sale of shares, upon such terms as
the board of directors may prescribe. The par value of
each share shall be one hundred dollars. The directors
may receive real and personal property suited to the busi-
ness of the company in payment of subscriptions to the
capital stock of the company, at such valuation as may
be agreed upon between the directors and subscribers.
Certificates of stock shall be issued to the subscribers in
shares of one hundred dollars, signed by the president,
and countersigned by the secretary of the company. Said
stock shall be transferable only on the books of the com-
pany by the owners, their personal representatives, agent,
or attorney, and when so transferred certificates issued in
lieu thereof to the person entitled thereto for a like num-
ber of shares.

2. The board of directors of said company, by a vote of
the majority present, may release the stockholders from
the payment of any unpaid stock, such release not to af-
fect the rights of any creditor of the company at the time
of the passage of this act.

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