Chap. 251.—An ACT to incorporate the Alleghany Improvement Con
pany.

Approved April 27, 1874.

1. Be it enacted by the general assembly of Virginia, Tha
Samuel Coit, Howell Fisher, John Echols, H. M. Bell, R. H
Catlett, their associates and successors, shall be and they ar
hereby created a body politic and corporate, by the name o
<The Alleghany Improvement Company;” and as such shal
have perpetual succession, and all the powers, privileges
franchises and immunities, of a corporation.

2. The capital stock of said company shall consist of fiv
thousand shares, of the par value of one hundred dollars pe
share; and the stockholders shall have power from time t
time, to issue such additional amount of stock as they ma:
deem necessary to carry out the objects of the company, .t
an extent not exceeding ten thousand shares, of the par valu
aforesaid; or, may issue the bonds of the company, to an ex
tent not exceeding the capital subscribed and paid in, bear
ing such rates of interest, not exceeding ten per centum pe
annum, and payable at such times as they may designate; or
may issue said bonds, and dispose of the same at such price
and in such way and manner, as they may deem expedient
provided, that said bonds be not sold at a rate less than eighty)
per centum of their par value; and shall have power to se
cure the principal and interest of said bonds by a mortgag
or mortgages, or deed or deeds of trust, upon the whole o
apy parts of their Property, real or personal, and the corpo
rate rights acquired or to be acquired by said company.

3. The said company shall have the power to mihe, pur
chase, sell, and transport coal, iron ore and limestone, an
generally to engage in mining and manufacturing operation
in the counties of Alleghany, Augusta, Rockbridge, Rocking
ham, Bath, Highland and Craig, or either of them, and i1
370 ACTS OF ASSEMBLY.

Amount of land the sale of articles mined or manufactured by itself; and1-
authorized tobe this purpose the said company shall have power to acquir.
from time to time, by purchase, lease or otherwise, such lar‘
To dispose as it may deem expedient for its purposes under this act; a
sheree may lease, mortgage, sell, or otherwise dispose of such lani
or any rights, easements or privileges therein, and constr:.
thereon all buildings, machinery and fixtures, necessary :
its operations.
Capital stockto 4. The capital stock of said company shall be consider
be person oe. personal property, and shall be transferable as may be pri
ferable ded for in the by-laws thereof; and each share shall enti:
Ratie of votes the holder thercof to one vote in all meetings of the ste:
of stockholders holders, to be given in person or by proxy; and for the pu
pose of obtaining subscriptions to said capital stock, the sa:
Subscriptions COrporators,.or a majority of them, may reccive subscriptic:
to said stock, from time to time, as they may deem expediez
for the whole or any part of such capital stock, either in lar
o1 other property, or money; and if in land or other pr
perty, then at such just price and valuation as may be agre
Companiesor upon by those receiving such subscriptions. And it shall |
sate way lawful for any company, existing under the laws of this sta:

subscribeor or of the state of West Virginia, to subscribe for or purcha:
purchase or

arantee the stock, or to purchase or guarantee the bonds of th
nds company.
Directors of 5. The affairs of the company shall be managed by tt
company

persons named in the first section of this act, who are heret
constituted directors thereof, till other directors shall |
elected; and in case of the decease of one or more of 33:
persons, or of their refusal to act as directors, the remainin,
person or persons shall have power to elect other directo
in their stead for the time being.

Bondholders 6. The stockholders of the said company may admit th
meld in bene. DOndholders under any mortgago or deed of trust authorize
ral meetings by the company to representation in the meetings of th
stockholders, and determine the ratio of votes to be cast b

them.
Officeof com- 7. The said company may have an office in any city, ino
pany outside of this state, but shall have its principal office in th
city of Staunton, Virginia.
When privi- 8. If said company shall not commence operations withi

1c cing throe years from the passage of this act, then the power:
privileges and franchises therein granted shall be forfeite
and cease.

Charterunder 9. The general assembly reserves the right to alter o

‘fonteo! of legis- amend this act, but such alteration shall not affect the veste:

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