Chap. 319.—An ACT to incorporate the People’s Warehouse Company, of La
Crosse, Virginia.

Approved March 25, 1902.

1. Be it enacted by the general assembly of Virginia, That H. C.
Taylor, J. E. Matthews, R. P. Montgomery, T. A. Pulley, M. W. Tanner,
W. T. Carter, O. B. Cook, R. E. Nash, and R. L. Vaughn, their associates
and successors, be, and they are hereby, incorporated and made a body
politic and corporate under the name of People’s Warehouse Company,
of La Crosse, Virginia, and by that name shall be known in law and
have perpetual succession, and have power to sue and be sued, plead and
be impleaded in all courts, whether in law or in equity; and they may
make and have a common seal, and they may alter and renew the same at
pleasure, and shall have, enjoy, and exercise all rights, powers, and priv-
ileges pertaining to corporate bodics and necessary for the purposes of
this act.

2. The capital stock of said company shall not be less than one thou-
sand dollars nor more than five thousand dollars, divided into shares of
the par value of twenty-five dollars each; from time to time the capital
stock may be increased under such regulations and upon such terms as
the board of directors may prescribe, until the maximum amount above
named shall have been issued, except that the board of directors shall
not take nor solicit subscriptions to the capital stock at a price less than
the par value of cach share without the consent of a majority of the
stockholders. The hoard of directors may accept property or labor in
payment of subscriptions to the capital stock at a price as may be agreed
upon.

3. There shall he a president, a secretary, and treasurer, who shall be
ex-officio directors of said company, and the nine names mentioned in
the head of this act shall compose the rest of the board of directors of
said company. J.J. S. Cook shall be president, and J. S. Montgomery,
junior, secretary and treasurer of said company. ‘These shall hold office
from the passage of this act until the first day of August thereafter, or
until their successors are elected and accept office.

4. Said company is authorized and empowered to purchase not more
than two and one-half acres of land and build thereupon a warehouse
and other houses as may be necessary for the purpose of selling leaf
tobacco, and may hold, own, and lease same.

5. The stockholders shall elect annually on the first day of August of
each year the officers of this company, and any office made vacant by
those elected failing or refusing to act or otherwise may be vacant; said
office may be filled by a majority vote of the directors. Each shareholder
in the company shall, at all meetings or elections, be entitled to one vote
for each share of stock registered in his name, and any stockholder or
director may designate some stockholder or director of this company by
written request to act for them at all meetings.

. 6. No stockholder shall ever be liable or made responsible for its debts
and liabilities in a larger or further sum than the amount of any unpaid
balance due to the said company on account of stock purchased from the
company by the said stockholder.

7. The secretary of this company shall keep a statement of the num-
bers of shares issued, and to whom they belong and their postoffice, and
all stock can only be transferred by the secretary on his stock book. That
is to say, all stock shall belong to the person to whom issued until the
original stock certificate is filed with the secretary of this company and
requested by the holder of that certificate to issue a certificate to the per-
son who has purchased the stock.

8. The stockholders may declare at any time, not more than once a
year, a dividend out of the undivided profits, if any there shall be after
the payment of all necessary current expenses, if, in their discretion,
they think best.

9. The company shall at any time use the profits to purchase addi-
tional stock. It shall be held in reserve for the benefit of the stock-
holders.

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