Chap. 345.—An ACT to incorporate the Christiansburg Hotel Company.

Approved March 31, 1875.

1. Be it enacted by the general assembly of Virginia, That
David W. Frizzell, Thomas W. Spindle, James T. Miller,
Hamilton W. Shields, Garnett Y. Booker, and George G.
Junkin, and their associates and successors, be and they are
hereby created a body corporate under the name of The
Christiansburg Ilotel Company, and as such shall have a
common seal and perpetual succession, and all the rights,
powers, and privileges necessary for the purpose of their cre-
ation, and also such as are conferred and defined in chapter
fifty-six of the Code of Virginia, as printed in the edition of
eighteen hundred and seventy-three.

2. The capital stock of said corporation shall not be less
thun ten thousand dollars, which may be increased by the
stockholders to two hundred and fifty thousand dollars or
less, to be divided into shares of one hundred dollars each,
to be paid at the rate of one dollar on each share per month,
the payment to be made to the proper officer of said com-
pany on the first Monday in each month; and the board ot
directors shall at their meeting appoint the period at which
such monthly payments shall commence: provided, that with
the consent in writing, or by vote in meeting of the owners
of a majority of the shares entitled to vote, tho board of di-
rectors may reduce the par value of said shares, SO that the
same be not reduced below twenty dollars.

3. It shall be lawful for the said corporation to purchase
and-cancel any of jts stock.

4. The company shall have power to acquire and hold any
quantity of land, not to exceed four acres in the town of
Christiansburg, or two bundred acres in the county of Mont-
gomery, and to erect, lease, or purchase a hotel or hotels in
fal" town or county.

d. They shall have power to issue preferred stock, guaran-
teeing dividends, convertible into bonds, and to issue bonds
convertible into preferred stock, ¢ guaranteci ing dividends, and
to secure such bonds or guarantees by mortgage -or trust
deed on all or any of the property of the company, and to
issuc bonds securing them by mortgage on said property or
by trust deed; and “they may fix the rate of dividends guar-
anteed on the preferred stock, and the interest on the bonds,
issued at such rates as shall be considered expedient.

6. Nothing herein contained shall be construed as exempt-
ing said hotel company from taking out the license required
by law for conducting such business.

_ This act shall be in force from its passaye.