Chap. 179.—An ACT to incorporate the Buena Vista company.
Approved May 10, 1887.

1. Be it enacted by the general assembly of Virginia, That
Thomas E. McCorkle, J. T. Jordan, C. BP. Jordan, I. la. Gara-
ham, W. IL Tunter, C. I. Pigeatt, John Sheridan, and such
persons as may be associated with them and their successors,
are hereby created and constituted a body politic and corpo-
rate, by the name and style of the juena Vista company; and
by such name shall have perpetual succession; may contract
and be contracted with, sue and be sued, make and use :
common seal, and alter the same at pleasure, and make and
maintain such by-laws, rules, and regulations for the govern-
ment of said corporation and the conduct of its business, as
may be deemed necessary, not to conflict with the laws or the
constitution ot this State, or of the United States.

2. The capital stock of said company shall not be less than
ten thousand dollars, to be divided into shares of one hun-
dred dollars each, and the same may from time to time, be
increased by additional subseriptions or the issue and sale of
shares to such amount, not exceeding five million dollars, as
the stockholders at any general or special meeting may au-
thorize and prescribe. The said company may receive sub-
scriptions to its capital stock, or payment for its shares so
issucd, in money, land, or other property, upon such terms as
shall be agreed or authorized by the board of directors, and
said company may give a preference to a portion of’ its eapi-
tal stock over the residue thereof, or to dividends and the
payment thereof.

3. The corporators herein above named, or any three of
them, may receive subscriptions to the capital stock of said
company, and when the minimum capital of ten thousand
dollars shall have been subseribed, the said subscribers may
organize said company by the election of five directors; of
whom they shall elect one as president, to remain in office
one year, and until their successors are elected, unless sooner
removed by the stockholders. After oryvanization as afore-
said, the stockholders at any general mecting may change
the number of directors, and may provide for the proper gov-
ernment of the corporation by such by-laws as they may
decm fit and proper, as herein.above authorized. The board
of directors may appoint such subordinate agents and officers
of the company, as they may deem necessary for the proper
dispatch of the business of the company.
4. The said company is hereby authorized to carry on the
business of mining and manufacturing any of the ores, mine-
rals, metals, materials or products of this State, and may
conduct such business at one or more points in the counties
of Rockbridge, Amherst, Nelson, Bedford, Botetourt, Augusta,
or either of them, and in such counties of this State in which
the said company may deem it proper to acquire property or
establish works for that purpose; and for these purposes the
said company sball have authority to buy, hold, sell, lease, or
otherwise dispose of any real or personal estate deemed ne-
cessary to the proper prosecution of its business, and may,
on any property so acquired, erect and maintain buildings,
machinery, and structures needful for smelting, manufactur-
ing, and treating ores, metals, and minerals of whatever
kind, or for the production of manufactured fabrics from
wood, stone, metals, wool, cotton, hemp, or other materials,
and may operate, lease, sell, or otherwise dispose of the same,
and may on its own lands contiguous or adjacent to any
such manufactory or works erected or to be erected, survey
and lay out lots, squares, or other divisions of such lands, and
improve the same by buildings or otherwise, for sale, lease,
or other disposition or use, and may establish such lawful
rules and regulations in the use thereof as the board of direc-
tors of said company may deem best to secure the comfort
and welfare of the occupants and others engaged or interested
in any manufactory or works there established or to be estab-
lished, and the said company may in connection with the use
or improvement of any of its properties, make, build, and
operate any canals or waterways or tramways, or railways
operated by horse or steam power, not exceeding twenty
miles in length; and for this purpose, when necessary, may
acquire by contract or condemnation such land or other prop-
erty, or rights of way as may be necessary therefor, proceed-
ings for such condemnation to be in accordance with chap-
ters fifty-six and fifty-seven of the Code of Virginia, and any
laws amendatory thereof.

5. It shall be lawful for said company to 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 works or business, and may secure the payment
of the principal and interest thereof, by mortgages or deeds
of trust upon all or any portion of its property, rights, and
franchises, including its franchises to be a corporation; and
it shall be lawful for said company to subscribe to, and to
hold shares in the capital stock of any railroad company or
other corporation, whenever the board of directors shall deem
it to be its interest to do so; each stockholder in said com-
pany shall be entitled to one vote for each share held by him,
and no stockholder shall be held individually liable for the
debts or Jiabilities of the company in any larger or further
sum than to such amount as may be due and unpaid severally
upon each stock subscription. There shall be no limit, except
as the by-laws of the company may prescribe, upon the num-
ber of shares of stock which any stockholders may hold, and
four-fifths of the capital stock of the company may become
the property of less than five persons, and a majority of the
stock may for more than six months be the property of one
person.

6. The acceptance of this charter and organization there-
under, shall be deemed to be a waiver by said company of
any right to pay taxes or dues, or assessments hereafter made
from said company to the State of Virginia, in coupons of
this State, and shall be taken as an agreement on the part of
said company to pay all of said dues, taxes, and assessments
in lawful money of the United States.

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