------ U.S. SECURITIES & ------------
FORM 4 EXCHANGE COMMISSION OMB APPROVAL
------ Washington, D.C. 20549 ------------
[ ] Check this box if OMB Number 3235-0287
no longer subject Expires: April 30, 1997
Section 16. Form 4 Estimated average burden
or Form 5 obliga- hours per response . . 0.5
tions may continue.
See Instruction 1(b).
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
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1. Name and Address of Reporting Person
Benton Ronald J.
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(Last) (First) (Middle)
38 Conifer Lane
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(Street)
Augusta Georgia 30909
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(City) (State) (ZIP)
2. Issuer Name and Ticker or Trading Symbol
Merry Land & Investment Company, Inc. (MRY)
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3. IRS or Social Security Number of Reporting Person
###-##-####
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4. Statement for Month/Year
June 1996
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
Director 10% Owner
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X Officer Other
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(give title below) (specify below)
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Vice President & Controller
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<TABLE>
<CAPTION>
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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3. 4.
Transaction Securities Acquired (A) or Disposed
Code of (D) (Instr. 3, 4 and 5)
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5. Amount of
Securities 6. Ownership 7. Nature of
2. Beneficially Form: Direct Indirect
Transaction Owned at End (D) or Beneficial
1. Date of Month Indirect (I) Ownership
Title of Security (MM/DD/YY) Code V Amount (A) or (D) Price (Inst. 3 & 4) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Common Stock -- -- -- -- -- -- 7,405.27 I By ESOP
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Common Stock 6/14/96 M<F1> V 2,000 A $8.2500 79,089.00 D --
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Common Stock 5/17/96 M<F2> V 6,000 A $16.625 I By Wife<F3>
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Common Stock 5/17/96 M<F2> V 6,000 D $21.875 I By Wife<F3>
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Common Stock 5/17/96 M<F2> V 4,500 A $20.875 I By Wife<F3>
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Common Stock 5/17/96 M<F2> V 4,500 D $21.875 I By Wife<F3>
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Common Stock 5/17/96 M<F2> V 4,000 A $19.00 I By Wife<F3>
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Common Stock 5/17/96 M<F2> V 4,000 D $21.875 I By Wife<F3>
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Common Stock 5/17/96 S<F2><F4> V 10,000 D $21.875 947.07 I By Wife<F3>
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<FN>
<F1> Exercise of options granted under the Amended and Restated Merry Land & Investment Company, Inc. Incentive Stock Option Plan
in a transaction exempt under Old Rule 16b-3. These options were exercisable in four annual installments of 2,000 shares on
3/16/93, 3/16/94, 3/16/95 and 3/16/96.
<F2> This transaction was effected pursuant to the reporting person's spouse's notice of termination of employment effective on
July 12, 1996.
<F3> The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission
that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
The reporting person's wife holds 947.07 ESOP shares under the Merry Land & Investment Company, Inc. Employee Stock Ownership
Plan.
<F4> Sold to the issuer in satisfaction of a loan under the issuer's stock loan program in connection with the reporting person's
spouse's notice of termination of employment effective on July 12, 1996.
</TABLE>
Reminder: Report on a separate line for each class of securities Page 1
beneficially owned directly or indirectly. SEC 1474
(Print or Type Responses) (3/91)
<TABLE>
<CAPTION>
FORM 4 (continued) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned Page 2
(e.g. puts, calls, warrants, options, convertible securities)
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4.<F4> 5.<F5> 6.<F6> 7.<F7>
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Amount or
Date Expira- Number
Exer- tion of
1.<F1> 2.<F2> 3.<F3> Code V (A) (D) cisable Date Title Shares 8.<F8> 9.<F9> 10.<F10> 11.<F11>
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Employee $8.25 5/17/96 M V 2,000 <F12> 3/16/02 Common 2,000 -- D
Stock <F12> <F12> Stock <F12> <F12>
Option
(Right
to Buy)
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SAR $16.625 5/17/96 M V 6,000 <F14> 7/12/03 Common 6,000 4,000 I By Wife
<F13> Stock <F15>
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Employee $16.625 5/17/96 H V 6,000 <F14> 7/12/03 Common 6,000 4,000 I By Wife
Stock <F13> Stock <F15>
Option <F16>
(Right
to Buy)
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SAR $20.875 5/17/96 M V 4,500 <F17> 1/18/04 Common 4,500 3,000 I By Wife
<F13> Stock <F15>
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Employee $20.875 5/17/96 H V 4,500 <F17> 1/18/04 Common 4,500 3,000 I By Wife
Stock <F13> Stock <F15>
Option <F16>
(Right
to Buy)
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SAR $19.00 5/17/96 M V 4,000 <F18> 8/18/04 Common 4,000 6,000 I By Wife
<F13> Stock <F15>
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Employee $19.00 5/17/96 H V 4,000 <F18> 8/18/04 Common 4,000 6,000 I By Wife
Stock <F13> Stock <F15>
Option <F16>
(Right
to Buy)
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<FN>
<F1> Title of Derivative Security (Instr. 3)
<F2> Conversion or Exercise of Price of Derivative Security
<F3> Transaction Date (MM/DD/YY)
<F4> Transaction Code (Instr. 8)
<F5> Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
<F6> Date Exercisable and Expiration Date (MM/DD/YY)
<F7> Title and Amount of Underlying Securities (Instr. 3 and 4)
<F8> Price of Derivative Security (Instr. 5)
<F9> Number of Derivative Securities Beneficially Owned at End of Year (Instr. 4)
<F10> Ownership of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)
<F11> Nature of Indirect Beneficial Ownership (Instr. 4)
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<F12> Exercise of options granted under the Amended and Restated Merry Land & Investment Company, Inc. Incentive Stock Option
Plan in a transaction exempt under Old Rule 16b-3. Options were exercisable in four annual installments of 2,000 shares on
3/16/93, 3/16/94, 3/16/95 and 3/16/96.
<F13> This transaction was effected pursuant to the reporting person's spouse's notice of termination of employment effective on
July 12, 1996.
<F14> These options were granted under the Amended and Restated Merry Land & Investment Company, Inc. Incentive Stock Option
Plan in a transaction exempt under Old Rule 16b-3. These options are exercisable in five installments of 2,000 shares on
1/12/94, 7/12/94, 7/12/95, 7/12/96 and 7/12/97. The reporting person disclaims beneficial ownership of these securities,
and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for
purposes of Section 16 or for any other purpose.
<F15> The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission
that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
<F16> Cancellation of option upon exercise of tandem SAR in transaction exempt under old Rule 16b-3.
<F17> These options were granted under the Amended and Restated Merry Land & Investment Company, Inc. Incentive Stock Option
Plan in a transaction exempt under Old Rule 16b-3. These options are exercisable in five installments of 1,500 shares on
7/18/94, 1/18/95, 1/18/96, 1/18/97 and 1/18/98. The reporting person disclaims beneficial ownership of these securities,
and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for
purposes of Section 16 or for any other purpose.
<F18> These options were granted under the Amended and Restated Merry Land & Investment Company, Inc. Incentive Stock Option
Plan in a transaction exempt under Old Rule 16b-3. These options are exercisable in five installments of 2,000 shares on
2/18/95, 8/18/95, 8/18/96, 8/18/97 and 8/18/98. The reporting person disclaims beneficial ownership of these securities,
and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for
purposes of Section 16 or for any other purpose.
</TABLE>
/s/ 7/10/96
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Ronald J. Benton 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 1474
(3/91)
