Chap. 589.-An ACT to incorporate the American stemming machine company.

Approved March 8, 1896.

1. Be it enacted by the general assembly of Virginia, That W. F.
Chalmers, S. Libby, Ivanhoe Sclater, John P. Word and J.T. Wilcox,
and their associates and successors, be, and they are hereby, incorpo-
rated and made a body politic and corporate under the name and
style of American stemming machine company.

2. The capital stock of the company shall be five hundred thou-
sand dollars, divided into shares of one hundred dollars each, and
may from time to time be increased by the board of directors, with
a consent of a majority of the stockholders, to any amount not ex-
ceeding five million dollars.

3. The principal business of said company shall be the purchase,
sale, lease or rental of machines for stemming tobacco on royalty or
otherwise. And it shall also have the right to purchase patent
rights, machine and improvements of all kinds used in the manu-
facture of tobacco, and to issue its bonds, notes or stock in payment
of the same, and shal! also have the right to construct, build or ope-
rate, sell, lease and rent out such machinery, patents and improve-
ments.

4. The said company may acquire and own so much real estate as
may be necessary for its purposes not exceeding five acres.

5. It shall be lawful for the said company to purchase bonds,
stocks or notes of any other incorporated company, and may consoli-
date with, lease or sell its praperty, franchisas and privileges to any
other company, and any other company is hereby authorized to pur-
chase the same.

6. The corporators named in this act shall constitute the board of
directors for the first year, or until their successors shall be elected and
qualified. They shall have the power and authority of a president and
board of directors for the purpose of organization and for all other
purposes incidental thereto. They shall elect one of their number
president of the board, and may appoint such officers as they may
deem proper. They may receive subscriptions to the capital stock
of the company, and whenever five hundred thousand dollars shall
have been subscribed the board may proceed to organize by the elec-
tion of a president, secretary and treasurer, or such officers and agents
as they may think proper. Thereupon the said company shall be
considered legally organized, and shall have all the general powers
conferred upon corporations and chartered companies by the laws of
the state, and shall be subject to all the provisions thereof except
so far as the same are modified by or inconsistent with this act.

7. The principal office of said company shall be in Richmond,
Virginia.

8. All taxes due to the commonwealth by said company shall be
paid in lawful money of the United States, and not in coupons.

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