Chap. 182.—An ACT to incorporate the Radford land and improve-
ment company.

Approved May 10, 1887.

1. Be it enacted by the general assembly of Virginia, That
Joseph I. Doran, William A. Dick, William W. Justice, Sabin
W. Colton, Junior, Charles H. Mellon, Alexander H. Stevens,
Fairman Rogers and J. Hampton Hoge, or such of them as
may accept the provisions 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
Radford land and improvement company; and by that name
shall be known in law, and shall have perpetual succession,
and have power to sue and be sued, plead and be impleaded,
defend and be defended in all courts, whether in law or in
equity, and may make and have a common seal, and alter and
renew the same at pleasure, and shall have, enjoy, and exer-
cise all the rights, powers, and privileges pertaining to cor-
porate bodies, and necessary for the purposes of this act.

2. The capital stock of said company shall not be less than
fifty thousand dollars, and may be increased to any amount
not exceeding one million dollars, by subscription or by the
issue and sale of shares, the par value of which shall not be
less than fifty dollars from time to time, under such regula.
tions and.upon such terms as the board of directors of such
company shall from time to time prescribe, and the directors
may receive labor, supplies, and materials, lands, water righte
and otber property, real or personal, in payment for subscrip.
tions to the capital stock, at such valuation as may be agreed
upon between the directors and subscribers.
3. That said company is authorized to purchase, hold, and
convey lands and interests in lands in the counties of Mont-
gomery and Pulaski in this State, or in either of said coun-
ties; such lands, however, held in fee simple not to exceed at
any one time five thousand acres; to till, mine, and quarry
upon the same, to construct, lease, and sell dwellings, stores,
and other buildings; to erect and maintain bridges, dams, and
ferries, and otherwise use, develop, and improve the same; to
furnish gas und water or cither, to such persons, partner-
ships, and corporations residing or doing business in the
counties of Montgomery or Pulaski, or in the neighborhood
thereof, as may desire to use the same; to provide, locate,
purchase, ercct, and maintain all works necessary to furnish
gas or water, including pipe lines and conduits for the recep-
tion and distribution of the same.

4. The persons first named in this act, or such of them as
shall accept the provisions hereof, shall constitute the first
board of directors of the said company, and shall continue
in office until the first mecting of the stockholders whereof.
At such first meeting and at every annual meeting, so many
directors shall be elected as may be prescribed by the laws
and regulations of suid company, who may be removed by
the stockholders in general meeting; but, unless so removed,
sball continue in office until their successors shall be elected
and qualified. Each stockholder in the company shall, at all
mectings or elections thercafier, 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 president,
and may fill any vacancy that may occur in said board, unless
by a removal; in which case, the same shall be filled by the
stockholders in general mecting. Whenever the minimum
amount of capital stock herein named shall have been sub-
scribed, and the board of directors shall bave elccted a presi-
dent, said company shall bo considered legally organized, and
may proceed to the transaction of business. The board shall
appoint to hold during its pleasure, the subordinate officers
and agents of said company, prescribe their compensation,
and take from them such bonds in security as they may see
fit.

6. The board of directors may establish offices and agen-
cies at such places as they may deem propcr, but the princi-
pal office ot the company shall be located at some point
within the county of Montgomery or Pulaski, in this State.

7. Tho annual meeting of the stockholders of said com-
pany shall be held on the first Wednesday of May of each
year, or as soon thereafter,as practicable, and on such other
day and at such other place as the stockholders may, by
resolution adopted at any annual mccting, to take effect at
the next annual meeting, prescribe. A general mecting of
the stockholders of said company will be held at any time as
provided for by the tenth section of chapter fifty-seven of the
Codo of Virginia, edition of cighteen hundred and seventy-
three.
8. The said company shall issue certificates of stock in
said company to the subscribers or purchasers thereof, in
shares of not less than fifty dollars each, signed by the presi-
dent and countersigned by the secretary ‘of said company.
The said certificates shall ‘be transferable upon the books of
the company by the said subscribers, their personal repre-
sentative, 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
stock shall be issued in licu thereof to the persons entitled
thereto, to a like number of shares. |

9. It shall be lawtul forsaid company toissue orsell its bonds
from time to time for such sum and on such terms as its board
of directors may deem expedient and proper in the prosecu-
tion of any of its work; and may secure the payment of said
bonds by mortgages or deeds of trust upon all or any portion
of its property and franchises, including its franchises to be
@ corporation, and may reserve the right to the company, or
confer on the holder of any bonds of the company. the right to
convert the principal thereof into stock of the company at any
time, 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 shall deem it to its interest to do so, and any such
corporation may guarantee or hold the bonds or the stock of
the said company.

10. No stockholder in said company shall be held 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 stockholders.

11. The said company, for the purpose of locating, laying,
constructing, and operating its conduits and pipe lines, and
acquiring the lands and rights of way required therefor, may
enter upon lands and acquire by condemnation, according to
the laws of Virginia, the lands and rights of way required
by the company from time to time therefor.

12. All taxes due the commonwealth by said company
shall be paid in lawful money of the United States, and not
in coupons.

13. This act shall be in force frem its passayve, but the
general assembly of the State of Virginia reserves the right
to modify, alter, or repeal this act at any time bereafter.