Chap. 317.—An ACT to incorporate Big Stone Gap water company.

Approved March 1, 1888.

1. Be it enacted by the general assembly of Virginia, That 1
Charles T. Ballard, 8. Torn, J. F. Bullitt, gnes Leroy H.
Shields, H. C. Wood, William D. Jones, R. B. Whitredge,
Barton Myers, J. B. F. Mills, M. B. Wood, “Harvey Young,
R. A. Ayers, W. F. Rhea, and James W. Gerow, or such of
them as may accept the provisions of this act, their associ-
ates, assigns, and successors, be and they are "hereby incor-
porated and made a body politic and corporate under the
name and style of the Big Stone Gap water company, and 1
by that name shall be known in law; which incorporation
shall have perpetual existence aud succession ; power to sue
and be sued, plead and be impleaded, defend and be defended
in all courts, whether in law or in equity; may make and
have a common seal and alter or renew the same at pleasure;
and shall have, enjoy and exercise all the rights, powers, and
privileges pertaining to corporate bodies and necessary or
useful for the purpose of this act; and make by-laws, rules,
and regulations consistent with the existing laws of this
state and the United States.

2. The capital stock of said company shall not be less than
five thousand dollars, and may be increased to any amount
not exceeding five hundred thousand dollars, by issue and
sale of shares from time to time, the par value of which shall
not be less than fifty dollars, upon such terms and under such
regulations as the board of directors of said company shall
from time to time prescribe; and said company may receive
real estate, interests in real estate, water rights, and other
easements, personal property, and contract rights, in pay-
ment of the subscriptions to the capital stock, at such valu-
ations as may be agreed upon between the directors and the
subscribers.

3. The purposes and objects for which said company is in-

corporated, and to accomplish which it is hereby granted ex-
clusive privileges, is to supply water for any and all purposes
to the town known as Mineral City, Wise county, Virginia,
or by whatever name said town may be now or hereafter
known, to all additions to or suburbs of, or adjoining towns
or villages, and to such persons, partnerships, and corpora-
tions residing or doing business therein and in the neighbor-
hood thereof, as may desire to use the same, upon such terms
as may be agreed upon; to provide, locate, purchase, and
erect, and maintain buildings, engines, and machinery, cis-
terns, reservoirs, pipes, pipe-lines, main and lateral, and con-
duits for the reception, conveyance, and distribution of water,
and for these, or any of these*purposes, to purchase, acquire,
hold, sell, lease, and convey lands, interests in lands, rights of
way and entry, easements, water rights, and other interests in
real estate, personal property, contract rights, and privileges.

4, The persons first named in this act, or such of them
as shall accept the provisions thereof, shall constitute the
first board of directors of the said company, and shall con-
tinue in office until the first meeting of the stockholders
thereof. At such first meeting, and at every annual meeting,
so many directors shall be elected as may be prescribed by
the by-laws and regulations of said company. The time for
the regular meetings of the stockholders may be prescribed
by the by-laws and regulations of said company. Said per-
sons first-mentioned, and all subsequently elected directors,
may be removed by the stockholders in general meeting by
such procedure as may be prescribed by the by-laws of said
company. But such first board of directors, and every sub-
sequent board of directors, unless removed, shall continue in
office until their successors shall be elected and qualified.
Each stockholder in the company shall at all meetings or elec-
tions thereafter, 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 elect one of their number president;

Google
whereupon said company shall be considered legally organ-
ized, and may proceed to the transaction of business. Said
directors may fill any vacancy that may occur in said board,
unless by removal; in which case the same may be filled by
the stockholders at a general or called meeting.

6. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the princi-
pal office of the company shall be located at the town now
known as Mineral City, Wise county, Virginia.

7. The annual meeting of the stockholders of said company
shall be held at Mineral City on the first Wednesday in May
of each year, or as soon thereafter as practicable, or on such
other day and at such other place as the stockholders may
by resolution adgpted in any annual meeting, to take effect
at the next annual meeting, prescribe.

8. The said company shall issue certificates of stock in said |
company to the subscribers therefor, in shares of not less
than fifty dollars each, signed by the president and counter-
signed by the secretary of said company. The said certifi-
cates shall be transferable only upon the books of the com-
pany by the said subscribers, their personal representatives,
or by duly authorized agent or attorney; and the said cer-
tificates, when so transferred as aforesaid, may be returned to
the said company and cancelled, and new certiticates of stock
shall be issued in lieu thereof to the person entitled thereto,
for a like number of shares. Any other corporation may sub-
scribe for and hold the stock of the said company. No
shares of stock in said company shall be issued, nor shall the
capital stock be at any time increased, except when the board
of directors shall have been expressly authorized so to do by
a majority of the stockholders in general or called meeting.

9. It shall be lawful for the said company to issue and sell
its bonds from time to time, for such sums and on such terms
as to its board of directors may seem expedient and proper
in the prosecution of any of its work; and it may secure the
payment of said bonds by mortgages or deeds of trust upon
all or any portion of ita property, rights, and franchises, in-
cluding its franchise to be a corporation; and it shall be law-
ful for the said company to subscribe to, hold, and guarantee
the stock or bonds of any other corporation, and any other
corporation may subscribe for, hold, and guarantee the stock
or bonds of the said company.

10. The said company, for the purpose of locating, mak-
ing, building, operating, or repairing any reservoir, cistern,
or supply store, for surveying, laying, constructing, prepar-
ing, operating, or repairing any reservoir, pipes, pipe-lines,
or conduits, and acquiring lands, water-rights, and right of
way and entry therefor, be deemed a work of internal im-
provement, and shall for the purpose of surveying, locating,
constructing, repairing, and maintaining its reservoirs, pipe-
lines, and so forth, condemning land and rights of way for its
reservoirs, works, pipes, or conduits, be vested with all the
Tights, powers, and remedies vested in companies incor-
pense for works of internal improvement under the laws of
irginia. Said company shall have the right to erect and
maintain dams across the south fork of Powell’s river, and
is authorized to contract and agree with owners of real
estate in Wise county, Virginia, and any adjoining counties
for the use or purchase thereof for the location of any of its
works, reservoirs, supply stores, cisterns, pipes, main or
lateral, or conduits, and in the event of a disagreement, or if
the owner thereof be a feme covert, under age, non compos
mentis, or out of the state, or unknown, said company shall
have the right of condemnation for the above purposes or
any of them, according to the manner set forth in the gene-
ral law upon this subject.

11. No stockholder in said company shall be liable or made
responsible for its debts or 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 stockholder.

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 from its passage.