------ U.S. SECURITIES & ------------
FORM 3 EXCHANGE COMMISSION OMB APPROVAL
------ Washington, D.C. 20549 ------------
OMB Number 3235-0104
Expires: April 30, 1997
Estimated average burden
hours per response . . 0.5
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
- ---------------------------------------------------------------------------
1. Name and Address of Reporting Person
Speed Stewart R.
------------------------------------
(Last) (First) (Middle)
3113 Bransford Road
------------------------------------
(Street)
Augusta Georgia 30909
------------------------------------
(City) (State) (ZIP)
2. Date of Event Requiring Statement (MM/DD/YY)
August 15, 1996
--------------------------------------------
3. IRS or Social Security Number of Reporting Person
(Voluntary)
###-##-####
-------------------------------------------------
4. Issuer Name and Ticker or Trading Symbol
Merry Land & Investment Company, Inc. (MRY)
-------------------------------------------
5. Relationship of Reporting Person to Issuer
(Check all applicable)
Director 10% Owner
--------- ---------
X Officer Other
--------- ---------
(give title below) (specify below)
------------------------------------------
Vice President
------------------------------------------
6. If Amendment, Date of Original (MM/DD/YY)
N/A
-----------------------------------------
<TABLE>
<CAPTION>
1. Title of Security 2. Amount of 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Securities Direct (D) or Beneficial
Beneficially Indirect (I) Ownership
Owned (Instr. 4) (Instr. 5) (Instr. 5)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
Common Stock 578.7 I By ESOP
- ----------------------------------------------------------------------------------------------------
Common Stock 45,275 D <F1>
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<FN>
<F1> 45,000 shares were acquired under Merry Land & Investment Company, Inc.'s stock loan
programs pursuant to which the reporting person has executed full recourse notes in favor of
Merry Land & Investment Company, Inc. for the purchase price of the common stock.
Reminder: Report on a separate line for each class of securities Page 1
beneficially owned directly or indirectly. SEC 1473
(Print or Type Responses) (8/92)
</TABLE>
<TABLE>
<CAPTION>
FORM 3 (continued) Table II - Derivative Securities Beneficially Owned
Page 2
(e.g. puts, calls, warrants, options, convertible securities)
- ----------------------------------------------------------------------------------------------------------------------------------
3. Title and Amount of
Securities 5. Ownership
2. Date Exercisable and Underlying Form of
Expiration Date Derivative Security Derivative
(MM/DD/YY) (Instr. 4) 4. Conversion Security:
------------------------------------------------------ or Direct (D) 6. Nature of
1. Title of Exercise or Indirect
Derivative Amount or Price of Indirect
Beneficial
Security Date Expiration Number of Derivative (I)
Ownership
(Instr. 4) Exercisable Date Title Shares Security (Instr. 5)
(Instr. 5)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Employee Stock Option <F1> 4/16/06 Common 50,000 $20.875
D
(right to buy) Stock
- ----------------------------------------------------------------------------------------------------------------------------------
Employee Stock Option <F2> 7/12/03 Common 10,000 $16.625
D
(right to buy) Stock
- ----------------------------------------------------------------------------------------------------------------------------------
Employee Stock Option <F3> 1/18/04 Common 7,500 $20.875
D
(right to buy) Stock
- ----------------------------------------------------------------------------------------------------------------------------------
Employee Stock Option <F4> 8/19/04 Common 10,000 $19.00
D
(right to buy) Stock
- ----------------------------------------------------------------------------------------------------------------------------------
<FN>
<F1> These options were granted under the Merry Land & Investment Company, Inc. 1995
Stock Option and Incentive Plan in a transaction exempt under Old Rule 16b-3. Twenty
percent (20%) of these options become exercisable on 10/16/96 and an additional 20% become
exercisable in four annual installments commencing 4/16/97.
<F2> These options were granted under the Merry Land & Investment Company, Inc. 1993
Stock Option Incentive Plan in a transaction exempt under Old Rule 16b-3. 8,000 of these
options are currently exercisable with 2,000 shares exercisable on 7/12/97.
<F3> These options were granted under the Merry Land & Investment Company, Inc. 1993
Stock Option and Incentive Plan in a transaction exempt under Old Rule 16b-3. 6,000 of
these options are currently exercisable with two installments of 1,500 shares exercisable on
1/18/97 and 1/18/98.
<F4> These options were granted under the Merry Land & Investment Company, Inc. 1994
Stock Option and Incentive Plan in a transaction exempt under Old Rule 16b-3. 4,000 of
these options are currently exercisable with three installments of 2,000 shares exercisable on
8/18/96, 8/18/97 and 8/18/98.
</TABLE>
Explanation of Responses:
/s/ August 23, 1996
------------------------------- --------------------
STEWART R. SPEED Date
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must
be manually signed. If space provided is
insufficient, see Instruction 6 for procedure.
Page 2
SEC 1473
(8/92)
