Chap. 293.—An ACT to incorporate the Warm Spring Valley im-
° provement company.

Approved May 18, 1887.

1. Be it enacted by the general assembly of Virginia, That
John L. Eubank, R. L. Parish, R. L. Harrison, C. P. Jones,
W. M. McAllister, M. H. McClintic, R. A. Dunlop, L. H.
Stephenson, and their associates, be and are hereby created a
body politic and corporate by the name of the Warm Springs
Valley improvement company, and as such may have all the
privileges, franchises, and immunities applicable to such a
corporation under the laws of Virginia.

2. The capital stock of the said company shall be not less
than three hundred thousand dollars nor more than three
milligns dollars, in shares of five hundred dollars each; and
for the purpose of obtaining subscriptions to the 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 ten days’ notice in any paper published
in the city of Richmond.

3. The said company shall have power to purchase, hold,
lease, and sell real estate and personal property; to mine,
manufacture, and transport ores, timber, and other raw ma-
terials and their products; to give and receive credit; to
create and secure loans by mortgage or deed of trust; to lay
out manufacturing sites and town lots, and sell, lease, or
donate the same; to improve springs, erect hotels, stores
shops, and other incidental buildings, and to operate and
lease the same; to build dams, canals, mills, and furnaces,
and railways connecting its mines, works, springs, and im-
provements, and from any of its lands to any works of in-
ternal improvement, and to operate or lease the same:
provided that none of its railways 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 land, material, or securities, as well as money, may be
received on stock subscriptions.

5. The said company may hold land not to exceed ten
thousand acres in any one county at any one time; its prin-
cipal operation shall be located and conducted in the counties
of Bath and Alleghany in this State, and its taxes shall be
paid in money and not in coupons.

6. This act shall take effect from its passage.