Chap. 48.—An ACT to incorpofate the Marion Cotton and Woollen Manu-
factory, at Marion, Smythe County, Virginia.

Passed January 10, 1867.

1. Be it enacted by the general assembly of Virginia; That
N. L. Look, Charles F..Lincoln, G. W. Palmer, G, G. Good-
ell, V. S. Morgan, Joseph Dawson and such other persons as
may hereafter be associated with them, shall be and are
hereby incorporated and made a body politic and corporate,
by the name and style of The Marion Cotton and Woolleh
Manufactory, at Marion, Smythe county, Virginia.

2.*The capital stock of the said ‘company shall be not less
than twenty-five thousand dollars, nor more than one hun-
dred thousand dollars, to be divided into shares of one hun-
dred doffars each. . | |

8. Books of subscription may be opened at Marion, Vir-
ginia, by N. L. Look, and at Saltville, Virginia, by G. W.
Palmer; and as soon as ten thousand dollars shall be sub-
scribed in the manner provided in the first section of chapter
fifty-seven of the Code of Virginia, the said company shall
proceed to organize itself by the appointment of a president
and five directors of the said company, any three of whom
shall constitute a quorum for business.

4. ‘The said company are hereby authorized to borrow
twenty thousand dollars, and to issue bonds, with coupons
attached, bearing interest at the rate of seven and a half per
centum per annum, payable in the city of New York.

5. The business of the company shall be the manufacture
of cotton, woollen and other fabrics, and such other things
or articles as the stockholders may in general meeting deter-
mine; which it may sell by wholesale or retail.

6. The said company may purchase and hold real estate,
not exceeding one thousand acres, and such other property
as may be necessary for its business; and it may pay for the
same in its stock at its par value, if ‘the purchaser is willing
to accept the same, or in money.

7. In all respects not herein provided for, the said com-
pany shall have all the rights, powers and privileges con-
ferred by chapters fifty-six and fifty-seven of the Code of
Virginia, and to be subject to all the limitations imposed by
those chapters, so far as they may not be in conflict with this
act.

8. This act shall be | in force from its. passage, and shall be
subject to amendment, modification or repeal, at the pleasure
of the general assembly.