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 | 1883/1884 |
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Law Number | 473 |
Subjects |
Law Body
Chap. 473.—An ACT to incorporate the Pulaski Iron Company.
Approved March 17, 1884.
1. Be it enacted by the general assembly of Virginia, That
John W. Robinson, David P. Graham, l. S. C alfee, John C.
Roper, James A. W alker, Richard W ood. Joseph J. Doran
and W.C. Bullett, or such of them as may accept the pro-
visions of this act, their associates and successors, be and they
are hercby incorporated and made a_ body politie and corpo-
rate under the name and style of the Pulaski Iron Company,
and by that name shall be known in law, and shall have per-
petual succession, and have power to sue and be sued, plead
and be impleaded, detend and be defended in all courts,
whether in law or in equity, and make and have a common
seal, and alter or renew the same at pleasure, and shall have
enjoy and exercise all the rights, powers and privileges per-
taining to corporate bodies and necessary for the purposes of
this act, and make by-laws, rules and regulations consistent
with the existing laws of the state for the government of all
under its authority, the management of its estate and pro-
perties, and the due and orderly conduct of its affairs.
2. The capital stock of the said company shall not be less
than fifty thousand dollars, and may be increased to any
amount not exceeding two million five hundred thousand dol-
lars, by issue and sale of shares, the par value of which shall
not be less than fifty dollars, from time to time, under such
regulations as the board of directors of said company shall
from time to time prescribe; and the directors may receive
real or personal property suited to the business of the com-
pany in payment of 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, such real
estate not to exceed thirty thousand acres in any one county,
in the counties of Wythe, Carroll, Smyth, Bland, Pulaski, and
Grayson, in the state of Virginia, as may be necessary for the
purposes of its business, and from time to time to manufac-
ture iron and steel and other metals and articles composed
wholly or partly of iron and stecl and other metals, and to
sell and dispose of the same, and to erect blast furnaces, roll-
ing mills, forges, mills, machinery, fixtures, buildings, and the
necessary appurtenances required in the conduct of their
business; and to make, lease, or contract for these or any of
these purposes; and the said company shall have the right,
from time to time, to purchase, lease, hold, and convey iron
ore, mineral and limestone lands, rights and interests in lands
situate In any county in the state of Virginia or elsewhere
and to mine iron ore or other minerals therefrom, to prepare
the same for market, and transport and sell the same.
4. The persons first named in this act, or such of them as
shall accept the provisions thereof, shall constitute the first
board of directors of the said company, and shall continue in
office until the first meeting of the stockholders thereof. At
such first meeting, and at every annual meeting, s0 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 re-
moved, shall continue in office until this successors shall be
elected and qualified. Each stockholder in the company,
shall at all meetings or elections thereafter, be entitled to one
vote for each share of stock registered in his name.
5. The board of directors shall be stockholders of said
company. They shall appoint one of their number presi-
dent, 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. Whenever the mini-
mum amount of capital stock herein named shall have been
subscribed, and the board of directors shall have elected a
president, said company shall be considered legally organized
and may proceed to the transaction of business. The board
shall appoint, to hold during its pleasure, the subordinate
oflicers and agents of the said company, prescribe their com-
pensations, and take from them such bonds with such security
as they may deem fit.
6. The board of directors may establish offices and acen-
cies at such places ax 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.
7. The annual meeting of the stockholders of the said
company shall be held at Martin’s, in Pulaski county, Vir-
ginia, on the first Wednesday of May of cach year, or as soon
thereafter as practicable, and on such other day and at such
other place as the stockholders may, by resolution adopted
in anv annual meeting, to take eifect ‘at the next annual
mecting, prescribe, A general meeting of’ the stockholders of
said company may be held at any time as provided for by the
tenth section of chapter fifty-seventh of the Code of Virginia,
edition of eighteen hundred and seventy-three.
8. The said company shall issue certificates of stock in said
company, to the subscribers therefor, in shares of not less
than fifty dollars each, signed by the president and counter-
signed by the secretary of said company. The said certifi-
cates shall be transferable only upon the books of the com-
pany, by the said subscribers, their personal representatives
or duly authorized agent or attorney ; and the said certificates,
when so transferred, as aforesaid, may be returned to the
said company and cancelled, and new certificates of stocks
shall be issued in lien thereof, to the person entitled thereto
for a like number of shares. ;
9. It shall be lawful for said company to issue and sell its
bonds from time to time, for such sums and on such terms
as its board of directors may deem expedient and proper in
the prosecution of any of its work, and may secure the pay-
ment of said bonds by mortgages or deeds of trust, upon all
or any portion of its property and franchises, including its
franchises to be a corporation; and it shall be lawful for said
company to subscribe to, and hold shares in the capital stock
of any railroad company or other corporation whenever the
board of directors of the company shail deem it to its inter-
est so to do.
10. No stockholder in said company shall be held liable or
made responsible for its debts and liabilities in a larger or
further sum than the amount of any unpaid balance due to
the said company for stock subscribed for by said stockholder.
11. Whenever this corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may imposed by law upon other like corporations or
persons exercising like privileges.
12. This act shall be in force from its passage, but the
general assembly of the state of Virginia reseves to itself, the
right to modify, alter, or repeal this act at any time here-
after. |