Chap. 129.—An ACT to incorporate the Montrose Land and Improve-
ment company.

Approved February 14, 1888.

1. Be it enacted by the general assembly of Virginia, That |
William N. Camp, William H. Bosley, Robert J. Camp, P. D.
Camp, C. H. Causey, and George L. Barton, or such of them
as may accept the provisions of this act, their successors and
associates are hereby constituted and created a body politic
and corporate by the name of the Montrose Land and Im-!
provement company, and by that name and style shall have
all the rights and powers and privileges conferred, and be
subject to all the provisions of the Code of Virginia, so far
as the same may be applicable to and are not inconsistent
with the provisions of this act.

2. The capital stock of said company shall not be less than «
ten thousand dollars nor more than two hundred and tifty
thousand dollars, divided into shares of one hundred dollars
each, but the same may be increased from time to time as
the stockholders may determine, and for the purpose of
obtaining subscriptions to said capital stock, any two of the
persons named in the foregoing section, may open books of
subscription at such times and places as they may appoint.

3. The said company is authorized and empowered to pur- .
chase, own, hold, and control in any manner, sell and convey '
real and personal estate: provided, that.said company shall
not hold at any one time more than five thousand acres in
one body. It may erect furnaces, rolling mills, forges, mills, |
and any machinery necessary for the operation of its busi- '
ness, and operate the same. It may lay pipes, cut canals,
erect gas works, water works, electric light works, lay gas
and water pipes, build dams for holding water, and may sell
the same to any municipal or other corporation or individual.
It may build and operate roads, tramways, and railways, and
may connect them with any railway in Nansemond county:
provided however, said railways shall in no case exceed |
twenty miles in length, and may cross at, under, or above’
the grade, any railroad incorporated under the laws of this
state and operated in the vicinity of its improvements.

4. It shall be lawful for this company to contract with any |
railroad, canal, or other company incorporated for purposes |
of internal improvement, for the construction, eréction, or:
equipment of their railroad, canal, or other work, and to take
the stock or bonds of said company in payment for the same.

5. It shall be lawful for said company to issue bonds for |
such sums as the directors may prescribe, for not less than
one hundred dollars each, and to secure the same by one or
more mortgages upon its property and franchises or any part
thereof. Said bonds and the interest thereon to be payable
at such time and places as the directors may prescribe.

6. As soon as the persons named in the first section, their |
associates or successors, shgll have subscribed ten thousand
dollars to the capital stock of said company, a meeting may
be called and said company organized, and such rules and
by-laws as may be deemed necessary, adopted, the number of
directors fixed, and provision be made for the election of a
president and other officers, and whatever else may be neces-
sary for the proper government of said company.

7. Any other company or corporation may subscribe to the
capital stock of said company.

8. That said company, by the acceptance of this charter,
hereby agrees to pay all taxes due the state in money and
not in coupons.

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