Chap. 278.—An AQT to incorporate “ the Sabine development company.”

Approved February 11, 1896.

1. Be it enacted by the general assembly of Virginia, That R. T.
W. Duke, junior, J. Stuart Hanckel, George E. Walker, John B. Moon
and D. W. Burnley, and their associates and successors, be, and they
are hereby, constituted and made a body politic and corporate by the
name and style of the Sabine development company, and by that
name and style shall be known in law, and shall have perpetual suc-
cession, 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 exercise all the rights,
powers and privileges pertaining to this act, and may make by-laws,
rules and regulations consistent with the existing laws of the state
for the government of all under its authority, the management of its
estates and properties, and the due and orderly conduct of its affairs.

2. The capital stock of said company shall not be less than five
thousand dollars, and shall be divided into shares of one hundred dol-
lars each; and the amount of the said capital stock may be increased,
from time to time, by the board of directors. Subscriptions to the
said capital stock in said company may be paid for in money or
in property of any kind, real or personal, at such price as the
board of directors may think best, or in the stock of other corpora-
tions at such prices as the board of directors may deem best; pro-
vided that the maximum amount of the capital stock of said com-
pany shall at no time exceed ten millions of dollars.

3. The first meeting of the corporators hereinbefore named shall
be held in the city of Charlottesville, Virginia, as soon as a ma-
jority of the corporators may convene; and upon the minimum
amount of the capital stock being taken or subscribed for, then such
meeting, if attended by a majority of said corporators, shall consti-
tute the first general annual meeting of the stockholders; and the
general meeting of such stockholders shall be held annually there-
after in said city, or at such other time and place, within or without
the state, as may be appointed by the by-laws of said company.

And the priaocipal office of said company shal! also be in said city,
and branch offices may be located at such other place or places
within or without this state, as the by-laws of the company may
provide.

4. No stockholder shall be held liable on account of his stock
further than for apy due and unpaid subscription he may owe
thereon, according to the terms of the issue or sale.

5. The board of directors shall consist of five members, who shall
from their number choose a president and may appoint such officers
or agents as they may deem necessary or proper and fix the compen-
sation of the same, but the stockholders may in general meeting in-
crease the number of such directors.

6. The said company is authorized and empowered to purchase,
lease, sell and donate real estate, provided that eaid company shall
not own over two thousand acres of land in the state of Virginia; to
lay the same off into lots, blocks or otherwise, and to improve the
same; to dedicate to public use and benefit streets, alleys and
squares; to contract for the construction of houses, elevators and
other buildings, wharves and docks, upon any of its real estate; to
buy, sell, lease, operate and maintain the same; to reclaim and im-
prove submerged lands owned by it; to open, develop and operate
quarries, mines or shell deposits upon its property; to bore wells for
oil or gas upon its property ; to mortgage or encumber by deed of trust
or otherwise its property and franchises; to own the stocks, bonds
and other securities or evidences of debt of any person or persons,
firm or firms, corporation or corporations, and to pay for same or
receive in payment for same, money, property or full-paid stocks of
this company at such price or prices and upon such terms as may
be agreed upon between vendor and vendee, and generally to carry
on business as if it were a natural person; and said company is au-
thorized to build, maintain and operate tramways, wagon-roads or
other ways, and to connect by railroads the differeut works or pro-
perties which it may own or acquire with each other, and also with
the lines of other railroads now, or to be hereafter, constructed; pro-
vided that no such road shall be over twenty-five miles in length,
and shall be commenced within five years from the paseage of this
act, and completed in ten years after commencement; and may
operate and maintain dams, pipes and conduits for the purpose of
carrying water, oil or gas to its mines or properties.

7. Any and all taxes to be paid by the said company to this state
shall be paid in money, and not in coupons.

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