------ 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:September 30, 1998
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*
Houston W. Tennent
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(Last) (First) (Middle)
2821 Hillcrest Avenue
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(Street)
Augusta Georgia 30903
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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
(Voluntary)
###-##-####
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4. Statement for Month/Year
January 1998
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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)
X Director 10% Owner
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X Officer Other
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(give title below) (specify below)
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President & Chief Executive Officer
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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>
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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 1/26/98 P V 50,000 A $22.59375 222,484.2951 D<F1> --
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Common Stock --- -- -- --- -- --- 22,484.4270 I By ESOP<F2>
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<FN>
<F1> These shares were acquired under the Merry Land & Investment Company, Inc. 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.
<F2> 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.
</FN>
</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) (7/96)
*If the form is filed by more than one reporting person, see
Instructions 5(b)(v).
<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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Date Expira-
Exer- tion
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 $22.59375 1/26/98 A V 50,000 -- <F12> 1/26/08 Common 50,000 -- 290,000 D --
Stock Stock
Option
(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 Period (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> 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 7/26/98 and an additional 20% become exercisable in four annual
installments commencing on 1/26/99.
</FN>
</TABLE>
/s/ 01/30/98
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W. Tennent Houston 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
Potential persons who are to respond to the collection of
informatin contained in this form are not required to respond (7/96)
unless the form displays a currently valid OMB Number.
