Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-01-12
EXPOSITION BILL.
THE DRAFT OF A SCHEME PROPOSED BY
TIE AGRICULTURAL SOCIETY.
What Is Proposed and What the Members
Think About the Situation
and Prospects.

The second days session OF the Execu-
tive Committee OF the Virginia State
Agricultural Society was held yesterday,
beginning at 10 o'clock, in the secretary's
Office.
The report OF the secretary was au-
dited. found to be correct, and received
and filed, after which the committee
took recess until night.
At 7 o'clock the committee reassem-
bled-President Starke presiding.
The Subcommittee appointed the
night before TO consider the advisability
of capitalizing the grounds and property
of tile society for the purpose OF ar
ranging an exposition reported by pre-
senting bill which they recommended
be presented before the Legislature for
adoption.
The bill was read section by section,
and perfecting changes were made. Al
ter oil the amendments had been at
tached the bill stood as follows:
THE CAPITALIZATION BILL.
an Act to Incorporate the Virginia
Agricultural and Mechanical 30
ciety.
Whereas it is made known TO the
Legislature of Virginia that the act
passed December 10, 1858, entitled an
act TO incorporate the Virginia State
Agricultural Society, and the act amenda-
tory thereof passed February 10, 1877,
are inadequate 10 meet the enlarged
wants of the agricultural and mechanical
interests of the State and whereas 1t is
requested by said Agricultural Society
that an act passed by the General Assem-
bly, of Virginia to the end that said
wants may be more fully met; now
therefore
BE 10 enacted Jy the General As
semby, That Ashton Starke and -,
members of the Executive Committee OF
the Virginia State Agricultural Society,
be. and they are hereby, constituted
body polite and corporate by the name
and style of the Virginia Agricultural and
Mechanical Society.
.. The capital stock OF said body poll
tic and corporate shall consist OF the real
and personal estate now owned by the
Virginia Agricultural Society, to be di-
vided into So, 900 shares Of the value OF
$40 for each share.
3. The said body corporate shall, out
of the 5000 shares of the capital stock,
issue one share OF the stock OF the coTpo-
ration to each life-member Of the Vir-
ginia State Agricultural Society now
living, which shall be the absolute pro-
perty of the party to whom the same IS
issued or in the event the life-member
elects to retain his privileges as such
under the constitution and bylaws OF
the Virginia State Agricultural Society,
in lieu of such certificate of stock he
shall be entitled to receive from said
Virginia Agricultural and Mechanical
Society a certificate in accordance there
with, and it shall be the duty of the so
ciety to issue a certificate to that effect
4. In the event the city Of Richmond
is willing to convert the debt owing by
the Virginia Agricultural Society into
the stock of said Virginia Agricultural
and Mechanical Society the said society
shall issue TO said city Of Richmond
shares of capital stock equal to said debt.
8. The said corporation herein named
shall Immediately after the passage OF
this act. and upon its acceptance by the
corporation Of said city of Richmond as
herein provided, convene the members
of said agricultural society, after having
first published in the daily papers pub
lished in the city Of Richmond notice of
the time and place OF meeting, and sub
NIT the same to them for their acceptance
or rejection, and in the event of their
acceptance the said Virginia Agricultu-
turai and Mechanical Society shall pro-
ceed at once to pass bylaws for the
government of said society, and
Shall elect a president, who shall
be er-oGcio chairman of said committee,
three vice presidents, and twelve other
officers, who shall constitute an executive
committee for the government of said So
cietv. of which committee the president
shall be er-o6iciO chairman. Three Of
the other officers shall be from the city
of Richmond, and nine from the State
outside of said city 4; and IN addition to
the three officers to be elected from the
city of Richmond, the president and one
vice president may also be elected from
said city.
6. The real and personal property of
said corporation shall be EXEMPT from
all taxes by the State subject to the right
of the Legislature at any time to revoke
this exemption.
T. The society shall provide a seal and
NAV sue and be sued as any other cor
porative body, and may obtain loans and
pledge its property by deed or otherwise
when authorized by a majority vote OF a
general meeting Of the society on recon-
mendation Of the Executive Committee,
or the said society may in like manner
issue its bonds to any amount not exceed
ing $4,000, the principal payable at
date not exceeding twenty years, the
interest not exceeding per centum per
annum, payable seml-annually, and the
said bonds shall from the date OF their
issue, upon being entered upon the lien
docket of the Hastings Court of the city
of Richmond, operate as lien on the
real estate Of said society.
8. The said body corporate may sell
and convey the real estate OF the corpo-
ration at any time it may deem it to the
interest of the said society to do so,
subject, however, to the ratification of
such sale by the stockholders in meeting
called for the purpose after thirty days
notice in one or more Of the newspapers
published in the city of Richmond, but
the proceeds of such sale shall be rein
vested in or near the city OF Richmond
in other real estate and in the erection
of such buildings thereon for the same
uses and purposes for which said real
estate is now held by said corporation.
8. Upon the acceptance of this act 10y
the said Virginia State Agricultural and
Mechanical Society, the act of Decem-
ber l3, 1853, incorporating the Virgins
State Agricultural Society, and the act
of February 10. 1877, amendatory there
OF, are hereby repealed.
10. This act shall be subject to any
alterations, amendments, or modifca
tions at the pleasure of the General AS
sembly.
ADOPTION.
The bill was then adopted. 1t is
claimed that the measure is still crudt
in its language. and the composition