Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-02-25
EXP0SITI0N-LAN
CAN'T BE DISPOSED Or eWlTHoUT THE
CONSENT OF THE LIFE MEMBeRSl
Important Report Made Yesterday by the
Special Committees of tho Two
Houses OF the General Assembly.


Houses OF the General Assembly.
The Virginia State Agricultural Society
was succeeded by the Virginia Agricultural
and Mechanical Society.
In 1883 the latter corporation held an ex-
position, and came out Of its enterprise
some $4,000 in debt.
1t was hoped that the city Of Richmond
would assume this Obligation and let the
society live and have exhibitions BIZ
ennlally. To this the Common Council
consented. but the Board of Aldermen OBJ
jected. Then the Executive Committee
ordered the eExpositiOn-Groundst to be sold.
II seems. however. that thev have reckOned
without their host. The life members Of
thC society have not agreed 10 the sale n
meeting, however, has been called Tor
March l2th), and mean time a special com
mIttee Of the two houses Of the General As
sembly IN obedience 30 instructions, have
submitted a report and they take the
ground that tho life members have rights
OF high order.
This report was presented in tho House
yesterday by Mr.. Kent and was ordered 10
be printed. 1t deals with a matter Of great
interest - thousands of our people and
viii be carefully studied.
Below 10 is given in full:
To The Gfnerai 4 ssenblyo Of Virginid:
Tho undersigned who were appointed com
mittoe under the joint resolution adopted Fob
ruary i4, l-q0 "to ascertain the status of parties
holding certificates Of life membership In the
property and franchises Of the Virginia state
Agricultural Society, and 20 Vnat extent the
rights ot said parties may be affected by the
proposed sale Of tho property of the virginia
~tntF Agricultural and Mechanical klelafg.f ney
leave q submit the following
REPORT:
Itsoems that for somo time prior 10 December
-, lS5i there existed In the state Of Virginia an
association known as Tho Virginia state Agri-
cultural society.
By an act Of tho General Assembly. passed on
that day, This society was constituted "a body
polite ami ,0rpOrnter " with a capital
of not less than i've thousand nor more than two
hundred thousand dollars, and with tho right %
hold lands not exceeding one thousand acres.
This act declares that " the said company -hall
be subject 20 tho provisions OF chapters 80 ana
81 OF tho Code Of Virginia, as far a. the same may
De applicable -; and with the single further
provision that " shall be subject % alteration,
amendment, or modification at the pleasure of
tho General Assembly, this charter q Uhe whole
Of which makes only about ten printed linesl
ends.
THE CORPORATE BODY.
It viii be perceived that the purposes of tho
organization were not declared, nor were its
powers, except 10 tho extent that tho general
statute law defined them, defined AZ all. In
deed, tho corporators werc not named. The
Virginia State Agricultural Society was simply
declared body "poliic and CORPORATE sub
Icct 70 the general law I'm respect 20 such bodies
THE FAIR-GEOUyDs.
Presumably the society organized under this
act. Certainly Il acquired property In its cor
pOrate name The siItv-four Acros q land near
the city Of Richmond. AMI known ~ the Fair
HHus NrH
deed, We are Informed, without Limitation or
condition, or any stipulation as 10 tho manner IN
whicn or purposes for which said land should 10
used or employed.
LIFE MEMBERS.
The oreanlza'i0n, 10 seems, comprised great
many probably I,5)0, members VINO wore
known A. life memDers.' These members were
each required to pay the sum of f2U on becoming
members; and with the money thus rcgiiled,
together with certain donations from private In
dyiduals, the land referred % VIVA purchased.
The land was used az the site OF an annual
"fair,r or exposition, 20 which tho general pGie
lie were charged An sdml--ion fee, hut % which
each "life member aud his family had lree
access during the lfeume OF the mnmner
by an act passed. February Is, lsai, the act 81
December lS, lsj3 was amended by providing
that the cOrpOr6tOrs Of tho society should be the
president and other elective officers % the
aOciefy then ID o1ire, and their successors, to-
gether With the life-momhera OF the society then
holding certificates "a such. and al others who
might thereafter become lite-members.
Exempt FROM TAXATION.
This net further provided that the siKiy-four
acres OF land then held and owned by the So
clety n its Fair-GrOuuds, as we'll aS tho other
prOperty OF the society, should le exempt from
taxation during the pleasure Of the legislature,
ara. The society was authorized 10 obtain loans
ami pledge its property. by decd or otherwise, as
security therefor. or % issue it5 bonds Tor not
exceeding SNOu, payable Wlthln ten years the
b. HftH f1Us. anf q nan "a
10 be liens upon the real estate of tho society
from the date of their issue.
twin be observed that the business or pur-
ro-o Of the society WAS not prescribed IN any
way b. this Amendment
oRGANIzAIIos OF THE TXposGTIoN.
Thus matters stood until February Z, 1858,
when the General Assembly passed "an act %
INCORPORATE tho Virginia state Agricultural and
Mechanical Society," which VIII Dee againreierred
70 presently. ,-,-
that the "lite members" were tho absolute
owners of ,hc property acquired by tho virginia
state Agricultural society There was nothing
either IA the deed or deeds whereby tho sixty
four acres Of lanI were conveyed to the society,
or in the acts OF tho General Assembly whereby
tho society waa crosted a b0ly corporate, which
in any way restricted their absolute dominion
over this property.
THE INTEREST OF A SHAREHOLDER.
No reason IA perceived why tho life members,
who wero the corporstors-aud the only corpo-
rntors because only life members were ehgible
a. officers Of tho organization could not AZ any
time have disposed Of all the property aud, after
paving the debts OF the society, divided the
proceeds amoLg tho members. Upon Tue
death Of Bnv member, WHO MS right ana
thnt Of his family % free admission 20 no
fairs ana exp0sitions held on tho grounds
doubtless ceased, still the property interest Ol
such member. his interest a5 shrTeholdcr IN tho
company, necessarily passed 70 his personal re-
If the company had in any way dlssolvei, or
ts corporate rights and privileges for any reason
had ceased. all its property, after payment OF IL
debts, would necessarily have been Distributed
among the lito-mombers. lSee Code ot virginia.
section IlOA)
THE NEW CORPORATION.
By the act Of February 5, 1855 tho president
and Executive COMMITTEES Of the society, or raih-
er Tho individuals who then held these positions
aud who wero named IN the att,wore constituted
a body polite and corporate by the name ana
STYLE Of Tho Virginia state Agricultural anu Mo-
IL was provided that the capital stock Of this
new CORPORATION should consist OF the real ana
personal estate then oiens4 or fh'ffoJt,r - os &C.
0ilirsd by the VirJinia state Agrientnrat Socety,
which should be divided into six thousand
shares ~ the value of so eacn-Ono OF which
shares should De issued 70 each liie-memoer oi
the oil society hen hriHg "a MS GbsolWe pro-
rerfU unless the member should elect 20 retain
ma privileges as such under the constitution aud
bylaws Of the old eociety IN ieu OF the snare OF
stock in tho new society, which he was author
tied % DO, in which event he was entitled 20
certificate 10 that effect, TO be Issued by Tie ne"
society.
Ii was further provided that the city OF Mch-
ruoud might convert a lebt due to II by the OId
society into stock I'm the new
DUTIES OF THE NEW SOCIETY.
Il was made the duty Of the neic corporation 70
convene the members OF the old by publication
IA the Richmond papers for thirty days ani
submit the new charter for their acceptance or
rejection and in ey0nt Of thSir acceptance 10 or
ganize under the new charter.
The new society was authorized % obtain loans
and pledge the property as security therefor, or
10 issue bonds TO an amount not exceeding
s5OJOO, whicn, upon belng "el.ered upon tho
lien docket Of The Hastings Court OF the city ol
Mchmond,n p should operate as lien On tue rea!
estate OF tue society.
The new society was authorized 10 sell ana
convey tho real estate VI the company az any
time II might deem lt 10 the interest OF the 50
ceIy so 20 do the sale to De ratified by the stock
holders In a meeting called for the purpose, Dut
the proceeds OF sale we're required 10 90 rem
vested In or near the city Of nicnmond IN other
real estate apd in the erection OF sucn buildings
thereon "for the same uses and purposes tor
which said real estate IS now held oy SAID cor
uOFafOu.n