Chap. 62.—An ACT to revive and re-enact an act to incorporate the
Baleony Falls company.

Approved April 11, 1887.

1. Be it enacted by the general assembly, That Jobn D.
H. Ross, A. 8. Buford, James J. White, Francis T. Anderson,
A. T. Barclay, and such persons as may be associated with
them and their successors, are hereby created and constituted
a body politic and corporate by the name and style of the
Balcony Falls company, and by such namo shall bave per-
petual succession; may contract and be contracted with, sue
and be sued, make and use a common seal and alter the same
at pleasure, and make aud maintain such by-laws, rules, and
regulations for the government of said corporation, and the
conduct of its business as may be deemed necessary, not to
conflict with the laws or constitution of 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 hundred
dollars each, and the same e may from time to time be increased
by additional subscriptions, or the issue and sale of shares to
such amount not excecding two million five hundred thou-
sand dollars, as the stockholders at any general or special
meeting may authorize and prescribe. Tho said company
may receive subscriptions to its capital stock or payment for
its shares so issued, in money, land. or other property upon
such terms as shall be agreed or authorized by the beard of
directors, and said company may give a preference to a por-
tion of its capital stotk over the residue thereof, or to divi-
dends and the payment thereof.

3. The corporators herein above named. or anv three of
them may receive subscriptions to the capital stock of) said
company, and when the minimum capital ot ten thousand
dollars shall have beens subscribed, the said subscribers may
organize said company by the election of five directors, of
whom they shall clect one as president, to remain in office
one year, and until their successors are elected, unless sooner
removed by the stockholders. After organization as afore-
said, the stockholders at any general meeting may change
the number of directors and may provide for the proper gov-
ernment of the corporation by such by-laws as they may
deem fit and proper as hereinabove authorized. The board
of directors may appoint such subordinate agents and officers
of the company as they may deem necessary and proper for
the proper dispatch of the -business of the company.

4. The said company ts hereby authorized to carry on the
business of mining and manufacturing any of the ores, min-
erals, metals, materials, or products of this State, and may
conduct suck business at one or more points in the counties
of Rockbridge, Aimherst, Bedford, Botetourt, or cither of
them, and in such other 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 shalt have authority to buy, hold, sell, lease, or
otherwise dispose of any real or personal estate deemed neces:

sary to the proper prosecution of its business, and may on
any property so acquired, erect and maintain buildings,
machinery, and structures needful for smelting, marufactur-
ing, and treating ores, metals, and minerals of w hatever kind,
or tor the production of manufactured fabrics from wood,
stone, 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 manu-
factory 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 directors of
sald company may deem best to secure the comfort and wel-
fare of the occupants and others enyaged 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 water-ways, or tramways or railways,
operated by horse or steam power not exceeding ten miles in
lenyth, and for this purpose when necessary, may acquire by
contract or condemnation, such Jands or other property or
rights of way as may be necessary therefor, proceedings for
such condemnation to be in accordance with chapters tifty-
six and fifty-seven of the Code of Virginia and the laws amen-
datory thereof.

d. 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 fran-
chises, including its franchises to ‘be a corporation; 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 shall deem it to
be its interest to do so; each stockholder in said company
shall be entitled to one vote for each share held by him, and
no stockholder shall be held individually liable for the debts
or liabilities of the company in any larger or further sum
than to such amount as may be due and unpaid severally
upon his 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 stockholder 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 deeraed to be a waiver by said company of
any right to pay taxes or duos, 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.