Chap. 177.—An ACT to Incorporate The Virginia Chemical and Mining
Company.

Approved April 9, 1874.

1. Be it enacted by the general assembly of Virginia, That
VN. A. Pratt, Col. J. T. L. Preston and Col. J. D. H. Ross, of
Rockbridge county; Gen’! W. H. F. Lee, of New Kent; Isaac
Yavenport, Jr., John Purcell, E. O. Nolting, Gen’l Joseph R.
Anderson, G. F. Watson and R. H. Maury, of Richmond, and
reorge T. Lewis, of Philadelphia, Pennsylvania, with such
»ther persons as they may hereafter associate with them, be
und are hereby constituted a body corporate, under the name
and style of The Virginia Chemical and Mining Company,
who shall have power to develop by chemical manufacturing
and mining process, the mineral and other resources of the
state, by mining the native sulphur and other ores, earths,
rocks and minerals of Virginia, and by manufacturing these
and other minerals into sulphuric acid and other chemicals,
fertilizers and other useful products; and under that name
shall have perpetual succession and a common seal, which
they may alter or amend at pleasure; shall sue and be sued,
im plead and be impleaded, contract and be contracted with;
and have all the attributes of a legal corporation by the gen-
eral laws of the commonwealth, not inconsistent with the
special provisions and purposes of this act.

2. The capital stock of this company shall be one hundred
thousand dollars, in one thousand shares of one hundred dol-
lars each, and the works of the company shall be established
in Richmond, or such other place or places in the state as the
company shall determine.

3. The above-mentioned corporators, or a majority of them,
are hereby constitated commissioners, who are empowered
as they may see fit, to receive subscriptions to the capital
stock from individuals or other corporations or associations,
either within or out of the state, in money, lands or other
valuable consideration; and whenever fifty thousand dollars
shall have been subscribed, and ten per centum shall have
been paid thereon, the subscribers may, at the call of the
commissioners, meet in person or by proxy, in the city of
Richmond, or elsewhere, and organize by the election of a
board of five directors, who shall conduct and manage the
affairs of the company under this charter, and in accordance
with such regulations and by-laws as may, from time to time,
be adopted by the stockholders. The board of directors may
be increased or diminished by a vote of the stockholders, and
in like manner, as the wants of the company may from time
to time require, the capital stock may be increased to such
an amount as may be necessary to carry out the true intent
and meaning of this act, not to exceed two millions of dollars.

4. The time, place, and manner of holding meetings of the
stockholders, the vote to which each shareholder shall be en-

titled, the declaration of dividends, and the manner of con-
ducting the business, shall be fixed by the by-laws of the
stockholders.

5. The company shall have power to acquire, and to hold
by purchase, lease, or other legal means, such real estate or
personal property as may be necessary for their purposes.
not to exceed two millions of dollars in value; and, if deemed
necessary, may issue bonds or mortgage, or other conveyance
of its corporate property, for the furtherance of the objects
of the corporation.

6. In consideration of the important objects and purposes
of this company, to-wit: the development of now hidden and
neglected sources of wealth, and the inauguration of new and
useful branches of manufacture, and as an inducement for the
investment of foreign capital in such enterprises in the state,
its property shall be exempt from any additional taxation
above the present rate, of fifty cents upon the one hundred
dollars for the term of ten years from the date of this act,
and thereafter shall be subject as to all its property, to the
same rate of taxation as is imposed upon other like property
in the state.

7. The shareholders of this company shall not be liable
individually for any of the contracts or acts of the company,
other than the amount of the shares and the corporate prop-
erty respectively held by them.

8. This act shall be in force from its passage.