An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1881/1882 |
---|---|
Law Number | 249 |
Subjects |
Law Body
Chap. 249.—An ACT to incorporate the Iron Belt Land, Mining, and
Development Company, of Virginia.
Approved March 6, 1882.
1. Be it enacted by the general assembly of Virginia, That
T. B. Brooks, Jacob Houghton, R. P. Gilliam, Charles A. De
Russy, James L. Radford, G. C. Wharton, William Frazier,
John F. Slaughter, Joseph Harrison, C. L. Dent, H. Weber,
and Joseph Walker, or such ot them as may accept the pro-
visions of this act, their associates and successors, be and
they are hereby incorporated and made a body politic and
corporate, under the name and style of the Iron Belt Land,
Mining, and Development Company, of Virginia, and by that
name shall be known in law and shall have perpetual succes-
sion, and have power to sue and be sued, plead and be
impleaded, defend and be defended in all courts, whether in
law or equity, and make and have a common seal, and alter
or renew the samo at pleasure; and shall have, cnjoy, and
exercise all the rights, powers, and privileges pertaining to
corporate bodies and necessary for the purposes of this act,
and make by-laws, rules, and regulations consistent with
existing laws of the state, for the government of all under
its authority, the management of its estates and properties,
and the due and orderly conduct of its affairs.
2. The capital stuck of said company shall not be less than
thirty thousand dollars, but may be increased at any meet-
ing of the stockholders called for that purpose, not less than
three-fifths of the stockholders voting therefor, by issue and
sale of the shares thereof, not less than one hundred dollars
each, under sucb regulations as the board of directors of said
company shall, from time to time, prescribe; and the direc-
tors may receive real or persona” property in payment for
subscriptions to the capital stock, at such valuation as may
be agreed upon between the directors and the subscribers.
3. The said company is authorized and empowered to pur-
chase, hold, own, lease, and control in any manner, grant,
bargain, sell, mortgage, convey, and otherwise dispose of real
and personal estate in this state or elsewhere, and to lay out
said lands or any part thereof into parcels or lots of conve-
ment size, with intervening roads, lanes, streets, and alleys,
and to develop, work, improve and cultivate, or otherwise
dispose of the same, in such manner and upon such terms as
the said company may think proper, and may contract for,
purchase, lease, hold, construct, operate, and maintain any
work of public or private improvement in this state or else-
where, with the right and power to lay out, construct, and
operate any roads, tram-tracks, and railroads, from any of
the lands or works of said company to any point on the Nor-
folk and Western, the Richmond and Louisville, or Iron Belt
railroad, or any branch road of either of said railroads: pro-
vided, that nothing in this section shall be construed as
exempting the said company from the provisions of chapter
sixty-one of the Code of eighteen hundred and seventy-three,
if it shall engage in constructing or operating any work of
internal improvement in this state.
4. The said company is authorized and empowered to mine
and quarry coal, iron, zinc, lead, and copper ores, and other
mineral substances, and prepare and manufacture the same
for use and sale in all manner of forms it may adopt; and to
manufacture and prepare for market and sale all other raw
materials, minerals or vegetables, produced by its own lands
or obtained from others; and for this purpose may erect and
operate all kinds of furnaces, mills, manufactories, coke-
ovens, works, and machinery necessary for the enjoyment of
the privileges herein granted to the fullest and most ample
extent. The said company shall also have power and may
manufacture, purchase, sell, ship, and deal in goods, wares,
and merchandise; may contract for, build, and maintain pipe-
lines, warehouses, and elevators, and may store goods, wares,
and merchandise, and grant certificates therefor in such form
and under such rules and regulations as the said company
may, from time to time, by by-laws, prescribe, and to trans-
port goods, wares, and merchandise, either by land or water ;
and may make, grant, and issue fire, marine, or other protec.
tive policies of insurance: and may do and perform all things
necessary to carry the provisions of this act into effect ; pro-
vided that if said company shall avail themselves of the
power granted above as regards policies of insurance, they
shall be considered to be a foreign insurance company, and
subject to the general laws relating to foreign insurance com.
panies.
5. The said company shall have power and may loan
money on mortgage or deed of trust, conveying real or per
sonal estate, or on other securities, and for such periods as the
said company may think proper; may discount any bill of
exchange, foreign or domestic, promissory note, or other
negotiable paper, and the interest may be received in advance.
The said company may receive money to keep for its deposi-
tors, either with or without interest payable thereon; and
may buy or sell bullion; buy, sell, draw, and negotiate bills
of exchange. All drafts, orders, checks, or other paper of
the said company, signed by the president and countersigned
by the cashier, promising or directing the payment of any
money, or the delivering of any securities or other thing,
shall be binding on said company; and any draft, order,
check, or other paper, issued and signed and countersigned
as aforesaid, shall be transferable and negotiable—if payable
to order, by endorsement; and if payable to bearer, by deliv-
ery.
6. The persons named in this act, or such of them as may
accept its provisions and participate in the organization of
the company, shall constitute the first board of directors of
the said company, and shall continue in office until the first
meeting of the stockholders theroof. At such first meeting,
and at every annual meeting, so many directors shall be
elected as may be prescribed by the by-laws and regulations
of said company ; who may be removed by the stockholders
in general meeting; but unless so removed, shall continue in
office until their successors shall be elected and qualified.
7. The board of directors shall be stockholders of said
company. They shall appoint one of their number president,
and may fill any vacancy that may occur in said board, unless
by removal; in which case the same shall be filled by the
stockholders in general meeting. The board shall appoint,
to hold during its pleasure, the subordinate officers and agents
of the said company, prescribe their compensation, and take
from them such bonds, with such security, as they may deem
fit.
8. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the princi-
pal office of the company shall be located at some point
within the limits of the state of Virginia, at which place the
annual meeting of the stockholders of the said company shall
be held on the first Wednesday in May of each year, or on
such other day as the stockholders may, by resolution adopted
in any annual meeting, to take effect at the next annual meet-
ing, prescribe. A general meeting of the stockholders of
said company may be held at any time, as provided for by
the eighth section of chapter fifty-seven of the Code of Vir-
ginia, edition of eighteen hundred and seventy-three. Each
stockholder in the said company shall at all meetings or elec-
tions be entitled to one vote for cach share of stock regis-
tered in his name.
9. The said company shall issue certificates of stock in said
company to the subscribers thereof, in shares of not less than
one hundred dollars each, signed by the president and coun-
tersigned by the secretary of said company. The said certi-
cates shall only be transferred by endorsement thereon, made
by the original subecriber therefor, his personal representa-
tive or transferee ; and when so transferred, shall pass to the
tranferee thereof the number of shares of the capital stock
of the said company represented by the said certificates, with
all dividends thereafter declared thereon; and the said certi-
ficates, when so transferred as aforesaid, may be returned to
the said company and cancelled, and new certificates of stock
shall be issued in lieu thereof to the person entitled thereto
for a number of shares. .
10. It shall be lawful for the said company to issue and sell
its bonds, from time to time, on such terms as its board of
directors may deem expedient and proper in the prosecution
of any of its works, and to secure the payment of said bonds
by mortgages or deeds of trust upon all or any portion of its
property and franchises. And it shall be lawful for said com-
pany to guarantee the payment of the interest, or principal
and interest, of any bonds or other evidences of mdebtedness
that may be issued by any railroad company or other incor-
porated company, or subscribe to and hold shares in the capi-
tal stock of any such company, whenever the board of direc-
tors of said company shall deem it to its interest so to do.
11. No stockholder in said company shall ever be held lia-
ble or made responsible for its debts and liabilities in a larger
sum or further sum than the amount of any unpaid balance
due to the said company for stock subscribed for by said
stockholder. :
12. Whenever this corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges.
13. The charter hereinbefore granted, except as to matters
herein otherwise provided for, is hereby declared to be sub-
ject to the provisions of the general law in regard to char-
tered companies and incorporations, as expressed in the Code
of Virginia, edition of eighteen hundred and seventy-three,
chapters fifty-six, fifty-seven, fifty-eight, fifty-nine, and sixty-
one.
14. This act shall be in force from its passage, but the gen-
eral assembly of the state of Virginia reserves to itself the
nght to modify, alter, or repeal this act at any time here-
atter.
Chap. 249.—An ACT to incorporate the Iron Belt Land, Mining, and
Development Company, of Virginia.
Approved March 6, 1882.
1. Be it enacted by the general assembly of Virginia, That
T. B. Brooks, Jacob Houghton, R. P. Gilliam, Charles A. De
Russy, James L. Radford, G. C. Wharton, William Frazier,
John F. Slaughter, Joseph Harrison, C. L. Dent, H. Weber,
and Joseph Walker, or such ot them as may accept the pro-
visions of this act, their associates and successors, be and
they are hereby incorporated and made a body politic and
corporate, under the name and style of the Iron Belt Land,
Mining, and Development Company, of Virginia, and by that
name shall be known in law and shall have perpetual succes-
sion, and have power to sue and be sued, plead and be
impleaded, defend and be defended in all courts, whether in
law or equity, and make and have a common seal, and alter
or renew the samo at pleasure; and shall have, cnjoy, and
exercise all the rights, powers, and privileges pertaining to
corporate bodies and necessary for the purposes of this act,
and make by-laws, rules, and regulations consistent with
existing laws of the state, for the government of all under
its authority, the management of its estates and properties,
and the due and orderly conduct of its affairs.
2. The capital stuck of said company shall not be less than
thirty thousand dollars, but may be increased at any meet-
ing of the stockholders called for that purpose, not less than
three-fifths of the stockholders voting therefor, by issue and
sale of the shares thereof, not less than one hundred dollars
each, under sucb regulations as the board of directors of said
company shall, from time to time, prescribe; and the direc-
tors may receive real or persona” property in payment for
subscriptions to the capital stock, at such valuation as may
be agreed upon between the directors and the subscribers.
3. The said company is authorized and empowered to pur-
chase, hold, own, lease, and control in any manner, grant,
bargain, sell, mortgage, convey, and otherwise dispose of real
and personal estate in this state or elsewhere, and to lay out
said lands or any part thereof into parcels or lots of conve-
ment size, with intervening roads, lanes, streets, and alleys,
and to develop, work, improve and cultivate, or otherwise
dispose of the same, in such manner and upon such terms as
the said company may think proper, and may contract for,
purchase, lease, hold, construct, operate, and maintain any
work of public or private improvement in this state or else-
where, with the right and power to lay out, construct, and
operate any roads, tram-tracks, and railroads, from any of
the lands or works of said company to any point on the Nor-
folk and Western, the Richmond and Louisville, or Iron Belt
railroad, or any branch road of either of said railroads: pro-
vided, that nothing in this section shall be construed as
exempting the said company from the provisions of chapter
sixty-one of the Code of eighteen hundred and seventy-three,
if it shall engage in constructing or operating any work of
internal improvement in this state.
4. The said company is authorized and empowered to mine
and quarry coal, iron, zinc, lead, and copper ores, and other
mineral substances, and prepare and manufacture the same
for use and sale in all manner of forms it may adopt; and to
manufacture and prepare for market and sale all other raw
materials, minerals or vegetables, produced by its own lands
or obtained from others; and for this purpose may erect and
operate all kinds of furnaces, mills, manufactories, coke-
ovens, works, and machinery necessary for the enjoyment of
the privileges herein granted to the fullest and most ample
extent. The said company shall also have power and may
manufacture, purchase, sell, ship, and deal in goods, wares,
and merchandise; may contract for, build, and maintain pipe-
lines, warehouses, and elevators, and may store goods, wares,
and merchandise, and grant certificates therefor in such form
and under such rules and regulations as the said company
may, from time to time, by by-laws, prescribe, and to trans-
port goods, wares, and merchandise, either by land or water ;
and may make, grant, and issue fire, marine, or other protec.
tive policies of insurance: and may do and perform all things
necessary to carry the provisions of this act into effect ; pro-
vided that if said company shall avail themselves of the
power granted above as regards policies of insurance, they
shall be considered to be a foreign insurance company, and
subject to the general laws relating to foreign insurance com.
panies.
5. The said company shall have power and may loan
money on mortgage or deed of trust, conveying real or per
sonal estate, or on other securities, and for such periods as the
said company may think proper; may discount any bill of
exchange, foreign or domestic, promissory note, or other
negotiable paper, and the interest may be received in advance.
The said company may receive money to keep for its deposi-
tors, either with or without interest payable thereon; and
may buy or sell bullion; buy, sell, draw, and negotiate bills
of exchange. All drafts, orders, checks, or other paper of
the said company, signed by the president and countersigned
by the cashier, promising or directing the payment of any
money, or the delivering of any securities or other thing,
shall be binding on said company; and any draft, order,
check, or other paper, issued and signed and countersigned
as aforesaid, shall be transferable and negotiable—if payable
to order, by endorsement; and if payable to bearer, by deliv-
ery.
6. The persons named in this act, or such of them as may
accept its provisions and participate in the organization of
the company, shall constitute the first board of directors of
the said company, and shall continue in office until the first
meeting of the stockholders theroof. At such first meeting,
and at every annual meeting, so many directors shall be
elected as may be prescribed by the by-laws and regulations
of said company ; who may be removed by the stockholders
in general meeting; but unless so removed, shall continue in
office until their successors shall be elected and qualified.
7. The board of directors shall be stockholders of said
company. They shall appoint one of their number president,
and may fill any vacancy that may occur in said board, unless
by removal; in which case the same shall be filled by the
stockholders in general meeting. The board shall appoint,
to hold during its pleasure, the subordinate officers and agents
of the said company, prescribe their compensation, and take
from them such bonds, with such security, as they may deem
fit.
8. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the princi-
pal office of the company shall be located at some point
within the limits of the state of Virginia, at which place the
annual meeting of the stockholders of the said company shall
be held on the first Wednesday in May of each year, or on
such other day as the stockholders may, by resolution adopted
in any annual meeting, to take effect at the next annual meet-
ing, prescribe. A general meeting of the stockholders of
said company may be held at any time, as provided for by
the eighth section of chapter fifty-seven of the Code of Vir-
ginia, edition of eighteen hundred and seventy-three. Each
stockholder in the said company shall at all meetings or elec-
tions be entitled to one vote for cach share of stock regis-
tered in his name.
9. The said company shall issue certificates of stock in said
company to the subscribers thereof, in shares of not less than
one hundred dollars each, signed by the president and coun-
tersigned by the secretary of said company. The said certi-
cates shall only be transferred by endorsement thereon, made
by the original subecriber therefor, his personal representa-
tive or transferee ; and when so transferred, shall pass to the
tranferee thereof the number of shares of the capital stock
of the said company represented by the said certificates, with
all dividends thereafter declared thereon; and the said certi-
ficates, when so transferred as aforesaid, may be returned to
the said company and cancelled, and new certificates of stock
shall be issued in lieu thereof to the person entitled thereto
for a number of shares. .
10. It shall be lawful for the said company to issue and sell
its bonds, from time to time, on such terms as its board of
directors may deem expedient and proper in the prosecution
of any of its works, and to secure the payment of said bonds
by mortgages or deeds of trust upon all or any portion of its
property and franchises. And it shall be lawful for said com-
pany to guarantee the payment of the interest, or principal
and interest, of any bonds or other evidences of mdebtedness
that may be issued by any railroad company or other incor-
porated company, or subscribe to and hold shares in the capi-
tal stock of any such company, whenever the board of direc-
tors of said company shall deem it to its interest so to do.
11. No stockholder in said company shall ever be held lia-
ble or made responsible for its debts and liabilities in a larger
sum or further sum than the amount of any unpaid balance
due to the said company for stock subscribed for by said
stockholder. :
12. Whenever this corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges.
13. The charter hereinbefore granted, except as to matters
herein otherwise provided for, is hereby declared to be sub-
ject to the provisions of the general law in regard to char-
tered companies and incorporations, as expressed in the Code
of Virginia, edition of eighteen hundred and seventy-three,
chapters fifty-six, fifty-seven, fifty-eight, fifty-nine, and sixty-
one.
14. This act shall be in force from its passage, but the gen-
eral assembly of the state of Virginia reserves to itself the
nght to modify, alter, or repeal this act at any time here-
atter.