Chap. 100.—An ACT to incorporate the James River Mineral Develop-
Ing company.

Approved May 2, 1887.

1. Be it enacted by the general assembly of Virginia, That
James Otterson, Robert C. Rothe, S.J. Dudley, J. Li. Sprogle,
and M. B. Poiteaux, or such of them as may accept the pro-
Visions of this act, their associates and successors, are hereby
constituted a body politic and corporate by the name of the
James River Mineral Developing company, and as such may
have all the privileges, franc hises, and immunities applicable
to such a corporation under the laws of Virginia.

2. The capital stock of said company shall not be less than
one hundred thousand nor more than five hundred thousand
dollars, divided into shares of ten dollars cach, and for the
purpose of obtaining subscriptions to x: uid capital stock, any
three of the persons named in the first section may open
books of subscription at any time and place, of which they
shall give thirty days’ notice in a newspaper published in the
city of Richmond.

3. ‘The said company shall have power to purchase, bold,
lease, and sell real estate and personal property; to search
for and develop mineral properties, and produce plumbago,
kaolin, and other earths useful for manufacturing purposes,
coal, iron, lead, zinc, copper, asbestos, mica, gold, “silver , and
other minerals, ores, and metals, the purchase and sale of the
same, the working, producing, sinclting, and retining of the
same, and erection of chemical works and working of the
same; to explore for and develop granite, marble, and other
stones, and quarry the same; to secure loans by mor tyage or
deed of trust; to build dams and canals, mills and furnaces,
and tram roads and railroads, connecting its mines or works,
and from any of’ its lands, to any work of internal improve-
ment, and operate the same, and for this purpose shall have
all the privileges and powers, and be subject to all the con-
ditions prescribed by the laws of Virginia: provided that no
such railroad shall be more than twenty miles in length.

4. The capital stock of said company shall be personal
property and transferable on the books of the company, and
lands, or material, or securitics, as well as money, may be re-
ceived on stock subscriptions: provided, that betore organi-
zation, all such subscriptions not payable in money, shall be
certified to be at or below actual value by at least three of
the persons named herein, and that atter organization the
board of directors shall not be authorized to receive any sub-
scriptions except by resolution of the stockholders, under a
vote in which three-fourths of the stock paid for shall be in
the affirmative.

d. The said company may hold lands not exceeding twenty
thousand acres in any one county; its principal office shall be
located in the city of Richmond, but it may establish agencies
anc offices at any other points that may be deemed proper.

6. The said company may enact such by-laws and regula-
tions for the management of its affairs as may be deemed ex-
pedient, notin contlict with thelaws of Virginia. All taxes shall
be paid in lawful money of the Cnited States, and not in cou-
pons.

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

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