Chap. 505.—An ACT to amend and re-enact section 36 of chapter 5 of
an act concerning corporations, which became a law May 21, 1908, re-
lating to the re-organization of corporations by pure asers of the
franchise and property of corporations. (H. B. 297.)

Approved March 23, 1916.

1. Be it enacted by the general assembly of Virginia, That
section thirty-six of chapter five of an act concerning corpora-
tions, which became a law May twenty-first, nineteen hundred
and three, be amended and re-enacted so as to read as follows:

36. Ifthe franchise and property of any corporation formed
under the provisions of this act, or existing under the laws of
this State, are sold under any deed of trust or mortgage, or by
virtue of the judgment or decree of any court, to an individual
or individuals, the person or persons who may become the pur-
chaser or purchasers of the franchise and property of such cor-
poration at any such sale may organize a corporation for con-
tinuing the operation and management of the same; and such
corporation when organized shall have the same rights, priv-
ileges, and franchises as have been granted to or acquired by
the corporation whose franchises and property have been pur-
chased as aforesaid; and shall be subject to all the limitations,
restrictions, and liabilities imposed upon the said corporation;
and, in addition thereto, shall be subject to all the provisions
of this act. Such corporation may be formed by a certificate of
incorporation, or articles of association, executed by the pur-
chaser or purchasers, and his or their associates which shall
set forth:

(a) The name of the proposed corporation.

(b) The place where its principal office is located.

(c) The names of the officers and directors who, unless
sooner removed by the stockholders, are to manage the affairs
of the corporation for the first year. The number of such direc-
tors shall not be less than required of the corporation whose
franchises and property have been so purchased as aforesaid.

(d) The description of the property sold and the date of
the deed of trust, mortgage, judgment, or decree under which
the sale was made.

The amount paid or to be paid on said franchise and prop-
erty, and to whom and by whom.

(f) Such other statements as may be deemed necessary by
the purchaser or purchasers, and his or their associates.

(g) The maximum and minimum amount of the capital
stock of the corporation, and its division into shares; and, if
shere be more than one class of stock, a description of the dif-
ferent classes thereof, with the terms on which the different
‘lasses are created.

The certificate of incorporation or articles of association
aforesaid shall be signed by the purchaser or purchasers, and
nis or their associates, if any; acknowledged by the person or
persons signing the same before an officer authorized to take
acknowledgments of deeds, and presented to the State corpora-
tion commission, with a receipt for the payment of the fee im-
posed, if any, by this State upon the filing of any such certifi-
cate or articles of association, and shall be issued, certified, re-
corded, and lodged in the manner in this act before provided as
to the issuing, certification, recordation, and lodging of the orig-
inal certificate of incorporation or articles of association of the
corporation whose franchise and property are so sold as afore-
said; and when such certificate shall be filed for recordation in
the office required as to original certificates of incorporation
or articles of association, as the case may be, the corporation
shall be deemed to be organized, and shall have all the rights,
powers, and privileges, and be subject to all the restrictions, lim-
itations, and liabilities of other similar corporations organized
under this act.