------ U.S. SECURITIES & ------------
FORM 3 EXCHANGE COMMISSION OMB APPROVAL
------ Washington, D.C. 20549 ------------
OMB Number 3235-0104
Expires:September 30, 1998
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
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1. Name and Address of Reporting Person*
Davis J. Russ, Jr.
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(Last) (First) (Middle)
2910 Lake Forest Drive
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(Street)
Augusta Georgia 30909
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(City) (State) (ZIP)
2. Date of Event Requiring Statement (MM/DD/YY)
May 12, 1997
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3. IRS or Social Security Number of Reporting Person
(Voluntary)
###-##-####
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4. Issuer Name and Ticker or Trading Symbol
Merry Land & Investment Company, Inc. (MRY)
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5. 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
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6. If Amendment, Date of Original (MM/DD/YY)
N/A
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7. Individual or Joint/Group Filing
(Check Applicable Line)
X Form Filed by One Reporting Person
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Form Filed by More than One Reporting Person
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<TABLE>
<CAPTION>
Table I - Non-Derivative Securities Beneficially Owned
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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)
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<S> <C> <C> <C>
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Common Stock 50,000 <F1> D ---
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<FN>
<F1> These shares were acquired under the Merry Land & Investment Company, Inc.'s Stock Option and
Incentive Plan pursuant to which the reporting person has executed a full recourse note in
favor of Merry Land & Investment Company, Inc. for the purchase price of the common stock,
which was $21.125 per share.
</TABLE>
Reminder: Report on a separate line for each class of securities Page 1
beneficially owned directly or indirectly. SEC 1473
(Print or Type Responses) (9/96)
*If the form is filed by more than one reporting person, see Instruction
5(b)(v).
<TABLE>
<CAPTION>
FORM 3 (continued) Table II - Derivative Securities Beneficially Owned Page 2
(e.g. puts, calls, warrants, options, convertible securities)
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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)
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<S> <C> <C> <C> <C> <C> <C> <C>
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Employee Stock <F1> 5/12/07 Common 50,000 $21.125 D ---
Option Stock
(Right to buy)
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<FN>
<F1> These options were granted under the Merry Land & Investment Company, Inc. Stock Option and Incentive Plan. Twenty percent
(20%) of these options become exercisable on 11/12/97 and an additional 20% become exercisable in four annual
installments on 5/12/98, 5/12/99, 5/12/00, 5/12/01.
</TABLE>
Explanation of Responses:
/s/ June 9, 1997
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J. RUSS DAVIS, JR. 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.
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB Number.
Page 2, SEC 1473, (9/96)
