Chap. 555.—An ACT to amend subsection (f) of section 1 of chapter 2, sub-
section (h) of section 1 of chapter 3, and section 28 of chapter 5 of an act of
the general assembly of Virginia, entitled “an act concerning corporations,”
which became a law May 21, 1903.

Approved January 2, 1904.

1. Be it enacted by the general assembly of Virginia, That subsec-
tion (f) of section one of chapter two, subsection (h) of section one of
chapter three, and section twenty-eight of chapter five of an act of the
general assembly of Virginia entitled “an act concerning corporations,”
which became a law May twenty-first, nineteen hundred and three, be
amended and re-enacted so as to read as follows:

(f) The names and places of residence of the officers and directors
who shall manage the affairs of the corporation for the first year, unless
others are sooner chosen by the stockholders to act in their places.
The number of directors shall not be less than seven.

(h) The names and places of residence of the officers and directors
who shall: manage the affairs of the corporation for the first year, unless
others are sooner chosen by the stockholders to act in their places. The
number of directors shall not be less than five.

§ 28. When any stockholder fails to pay any instalment or call upon
his stock which may have been properly assessed thereon by the directors,
in accordance with this contract of subscription, at the time when such
payment is due, the directors may collect the amount of such instalments
cr call, or any balance thereof remaining unpaid, from the said stock-
holder by an action at law, or they may sell at public sale such part of
the shares of such delinquent stockholder as will pay all assessments
then due from him, with interest and all incidental expenses, and shall
transfer the shares so sold to the purchaser, who shall be entitled to a
certificate therefor. Notice of the time and place of such sale and of the
sum due on each share shall be given by advertisement for three weeks
successively, once in each week before the sale, in a newspaper of the
county or city in this State where the principal office of the corporation
is located, and such notice shall be mailed by the treasurer of the cor-
poration to such delinquent stockholder at his last known postoffice ad-
dress at least twenty days before such sale. If no bidder can be had to
pay the amount due on the stock, and if the amount is not collected by
an action at law, brought within one year from the date of the bringing
such action at law, the said stock shall be forfeited to the corporation
and the amount previously paid in by the delinquent on the stock shall
he forfeited to the corporation.
2. This act shall be in force from its passage.