------ 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
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1. Name and Address of Reporting Person
Gibson John W.
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(Last) (First) (Middle)
3013 Bransford Road
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(Street)
Augusta Georgia 30909
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(City) (State) (ZIP)
2. Date of Event Requiring Statement (MM/DD/YY)
January 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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Senior Vice President
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6. If Amendment, Date of Original (MM/DD/YY)
N/A
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<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)
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<S> <C> <C> <C>
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Common Stock 50,200<F1> D ---
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Common Stock 200 I By Spouse
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Common Stock 900 I By children
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<FN>
<F1> 50,000 of these shares were acquired under the Merry Land & Investment Company, Inc.'s stock loan program under the 1995
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.
</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) (8/92)
<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> 1/17/07 Common 50,000 $21.50 D ---
Option Stock
(Right to buy)
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<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 7/17/97 and an additional 20%
become exercisable in four annual installments commencing on 1/17/98, 1/17/99, 1/17/00, 1/17/01.
</TABLE>
Explanation of Responses:
January 22, 1997
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JOHN W. GIBSON 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)
