Chap. 457.—An ACT to incorporate the Albemarle orchard company.

Approved February 20, 1900.

1. Be it enacted by the general assembly of Virginia, That Samuel
B. Woods, R. T. Martin, E. Woods, junior, J. B. Emerson, E. T. Riddick,
John R. Sampson, or any three of them, their associates, successors, and
assigns, shall be, and are hereby, constituted a body corporate by the
name of the Albemarle orchard company, and as such are authorized,
for the purpose of inducing immigration to the state, to buy, improve,
develop, plant, cultivate, and sell orchard lands in Virginia.

2. The said company shall have perpetual succession, and have power
to sue and be sued in all courts, whether in law or in equity, and may
make and have a common seal, and alter the same at pleasure, and shall
have all the rights and privileges of a corporation in the law and neces-
sary for the purposes of this act.

3. The capital stock shall not be less than twenty-five thousand nor
more than fifty thousand dollars, the par value of which shall not be less
than one hundred dollars, and the directors may receive cash, labor,
material, bonds, stock, real or personal property, in payment of subscrip-
tion to the capital stock at such valuation and at such prices as may be
agreed on between the directors and the subscribers, and may make such
subscriptions payable in such manner or amounts, and at such times,
as may be agreed upon with the subscribers.

4. The principal office of said company shall be at Charlottesville,
Virginia.

5. That the names and residences of the officers who for the first
year are to manage the affairs of the company shall be as follows: Samuel
B. Woods, president, Arrowhead, Albemarle county, Virginia; E. T. Rid-
dick, vice-president, New York city; J. B. Emerson, director, New York
city; E. Woods, medical doctor, director, Charlottesville, Virginia, shall
constitute the board of directors, with power in the event of the death or
resignation of any member to fill the vacancy; the said board shall con-
tinue in office until the next annual meeting of the stockholders, or until
their successors are elected by said stockholders.

6. That the Albemarle orchard company shall be exempt from the
payment of all taxes upon this charter, as provided for in section eleven
hundred and fifty-three of supplemental code; and as the property of
said company consists only in real estate and in personal property used
in the cultivation of the same, the said real and personal estate of the
corporation shall be taxed, and not the stock of the company.