Chap. 172.—An ACT to incorporate the Virginia and North Carolina
wheel company.

Approved May 10, 1887.

1. Beit enacted by the general assembly of Virginia, That
N. V. Randolph, James B. Pace, T. ©. Williams, P. H. Adams,
James McGraw, and Thomas McMahon, their associates,
assigns, and successors, are bereby incorporated and con-
stituted a body politic and corporate of this State, under
the name of the Virginia and North Carolina wheel com-
yany.
2° The said company is hereby authorized to engage in
and prosecute the manufacture of carriage and wagon wheels,
hubs, spokes, felloes, and rims, and all other carriage and
wagon wood-work; handles and other products made out of
wood; and for the manufacture of carriages, wagons, carts,
and other vehicles; and also to deal in lumber, and prepare
the same for manufacturing purposes; and the company is
further authorized to acquire and hold for its purposes, real
estate not exceeding one hundred acres.

3. The said company is hereby authorized to carry on its
operations in all the States of this Union as well as in Vir-
ginia. The said company may commence operations as soon
asa minimum capital stock of seventy-five thousand dollars
shall have been subacribed. Of the said minimum of seventy-
five thousand dollars, fifty thousand dollars thereof shall be
subscribed in labor, supplies, machinery, and materials, and
the remaining twenty-five thousand dollars of said mini-
mum capital stock shall be subscribed in money. For the
fifly thousand dollars subscribed as above, the company is
hereby authorized to issue common stock, and for the twenty-
five thousand dollars to be subscribed in money as aforesaid,
the company shall issue preferred six per centum cumulative
stock. But the board of directors may from time to time
increase the capital stock from seventy-five thousand dollars,
the minimum as aforesaid, to an amount not exceeding three
hundred thousand dollars, to be issued upon such terms and
conditions, and disposed of at such price as the board of direc-
tors may determine.

4. The company shall have power to borrow money and
secure the payment of the same by mortgage on its franchises
and property. The incorporators named in the first section
of this act, shall constitute a board of directors for the first
year, one of whom shall be chosen president of the board
and the company, but the board may fill any vacancy cxist-
ing in the presidency of the company, whether such vacancy
occurs by death or otherwise. ‘The board of directors shall
meet as soon as practicable after the passage of this act, and
if at this meeting the minimum capital stock of seventy-five
thousand dollars shall be subscribed, the company shall there-
upon be deemed organized, and the board shall proceed to
adopt by-laws for the conduct of its business, and shall ap-
point such officers as may be deemed necessary to take such
action as the interests of the company may require, but the
by-laws may be at any time changed by the board of direc.
tors.

5. The principal office of the company shall be in Rich-
mond, Virginia, where all meetings of the stockholders shall
be held. :

6. The stock shall be divided into shares of one hundred
dollars each, and certificates therefor shall be issued as soon
as the stock is paid up, each share to be entitled to one vote.

7. This charter shall be subject to amendment or repeal at
any time by the general assembly, and all taxes due, or de-
mands due, or to become due by this company to the State
of Virginia, shall be paid in lawful currency of the United
States and not in coupons.

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