CHAP. 175.—An ACT to incorporate the Universal drying and
curing company.

Approved February 6, 1890.

1. Be it enacted by the general assembly of Virginia,
That William G. Sheen, J. Wilder, Frederick C. Patch,
A. B. Wilder, John M. Bailey, their associates and suc-
cessors, be, and they are hereby, incorporated and made
a body politic and corporate under the name and style
of the Universal drying and curing company, and by
that name shall be known in law, and shall have per-
petual succession and have power to sue and be sued,
plead and be impleaded, defend and be defended in
all courts, whether in law or equity, and they may make
and have a common seal, and they may alter or renew
the same at pleasure, and shall have, enjoy and exercise
all the rights, powers and privileges pertaining to cor-
porate bodies and necessary for the purposes of 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 properties,
and the due and orderly conduct of its affairs.
2. The capital stock of said company shall not be more
than two hundred thousand dollars, and shall be divided
into shares, the par value of which shall be one hundred
dollars each; and the directors may sell said shares of
stock or any part thereof at such price as they may deem
to be to the best interest of the company, and may receive
real or personal property of any kind or services in pay-
ment therefor at such valuation as may be agreed upon
between the directors and the purchasers.

3. The objects for which this company is formed is the
introduction of improved patented methods or processes
of drying and curing lumber, tobacco, and other vegeta-
ble products, the erection of dry-houses in accordance
therewith, and the sale or rental thereof, and the sale of
rights or privileges to others to erect and use the same
upon such terms as may be agreed upon between parties
desirous of using the same and the executive officers of
the company. The said company may carry on its opera-
tions anywhere in this state or elsewhere, but its annual
meetings shall be held in the state of Virginia.

4. The five persons first named in this act shall consti-
tute the first board of directors of the said company, one
of whom they shall elect president; they shall adopt a
code of by-laws, appoint a secretary and treasurer, and
when so organized they shall be authorized to change the
corporate name of the said company, if so desired; to fix
the amount of capital stock, and to exercise all the powers
conferred by this charter ; the secretary shall certify said
organization on the books of the company, a copy of
which, duly attested by a notary public, shall be received
in all courts and elsewhere as evidence of the legal organ-
ization of the company; they shall continue in office for
one year and until their successors are elected by the
stockholders. Each stockholder in the company shall at
all meetings or elections be entitled to one vote for each
share of stock registered in his name.

5. No stockholder shall ever be liable or made respon-
sible for its debts and liabilities in a larger or further sum
than the amount of any unpaid balance due to the said
company on account of stock purchased from the company
by the said stockholder.

6. This charter herein granted, except as to mattera
herein specially provided for, is hereby declared to be
subject to the provisions of the general law in regard to
chartered companies and corporations. Whenever this
corporation shall exercise any of the privileges conferred
by this act it shall be liable to the same taxes as may be
imposed by law upon other like corporations; and it is
further provided, the said taxes shall be paid in the law-
ful money of the United States and notin coupons. And
the said company may unite, consolidate, or merge its
rights, powers, privileges, franchises, and properties with
those of any other incorporated company formed for sim-
ilar purposes, and upon such terms as may be agreed upon
by their boards of directors.

7. This company, so far as its properties are located and
its operations are conducted within this state, shall always
remain a Virginia corporation and subject to the jurisdic-
tion of its courts.

8. All taxes, debts, dues and demands due, or to become
due the state, shall be paid in lawful money ‘of the United
States and not in coupons.

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

CuHaP. 176.—An ACT to incorporate the Bedford and James river
railroad company.

Approved February 6, 1890.

1. Beit enacted by the general assembly of Virginia,
That S. M. Bolling, J. M. Berry, R. K. Campbell, J. L.
Campbell, W. S. McKenny, and W. W. Berry, and such
others as may be associated with them and accept the pro-
visions of this act, and their successors, be, and they are
hereby, incorporated and made a body politic and corpo-
rate under the name and style of the Bedford and James
river railroad company, and by that name shall have all
the rights, powers and franchises of other like corpora-
tions under the general laws of the state, and shall have
the right to locate, construct, equip and maintain a stand-
ard or a narrow-gauge railroad from a point at or near the
town of Liberty, Virginia, to some point on James river
west of Lynchburg and south from said town to any point
at or near the North Carolina state line.

2. The capital stock of said company shall not he less
than twenty-five thousand dollars, divided into shares of
one hundred dollars each, but may be increased from time
to time to an amount not exceeding five millions of dol-
ars,

3. The persons named in this act or such of them as
may accept its provisions and participate in the organi-
zation of the company, shall constitute the first board of
directors of said company, from whom they may elect a
president and such other officers as they deem necessary,
and shall be vested with all the powers, rights, privileges
and franchises of said corporation, together with all the
powers, duties and obligations of such boards and officers
of like corporations. They shall continue in office until
Superseded by the election of officers in stockholders’
meeting, and at such meeting and annually thereafter, so
many directors and such officers shall be elected as may
hereafter be prescribed by the by-laws and regulations of
said company. The board of directors shall report all
their proceedings to this meeting of the stockholders, and
at each annual meeting thereafter.

4. At such time within two years after this charter is
granted as the board of directors deems proper it shall
open books of subscription to the capital stock of the
company at such places, upon such terms, and under such
supervision as it may deem advisable.

5. As soon as twenty-five thousand dollars or more have
been subscribed to the capital stock of said company, it
shall be the duty of said board to call a general meeting
of the stockholders of. said company, to be held in the
town of Liberty.

6. The said company shall have power to enter into any
contract which may be agreed upon between it and any
other railroad company, by which it and said other com-
pany may unite or connect their respective lines, lease or
be leased by, merge or consolidate the same; provided,
that if this company should ever consolidate with a for-
eign company under this section, the consolidated com-
pany shall always remain a Virginia corporation in re-
gard to the right of suing and being sued.

7. It shall be lawful for said company to receive sub-
scriptions to its capital stock from any county or incor-
porated town through which it may build its road, or from
any railroad company with which it may unite or connect,
or from any mining, manufacturing or other company.
Subscriptions may be received payable in money, bonds,
labor, land, timber, stone, or other property, material or
supplies, and said company shall have power to hold and
sell and convey any land so subscribed.

8. The town of Liberty and the county of Bedford may
respectively subscribe to the capital stock of said com-
pany, not exceeding fifty thousand dollars by said town
and one hundred thousand by said county. Subscrip-
tions by the said town or county may be paid in their
respective bonds at par, and said town or county shall
provide for the payment of the interest and a sinking
fund on said bonds by levy therefor.

9. The question whether said town or county shall seve-
rally subscribe to the capital stock of said company shall
be submitted by the council of said town and the county
court of said county, respectively, to the vote of the quali-
fied voters thereof at such time as the board of directors
of said company may request; provided, such request be
made within two years after the organization of said com-

any.

10. The order making subscription to said voters shall
in each case designate and set forth the amount of the sub-
cription which it is proposed said town or county shall
everally make to the stock of said company, being within
‘he limitations prescribed by section eight of this act,
und the day upon which said election or elections shall be
1eld, and the terms upon which said subscriptions shall
xe made. In other respects the election or elections shall
pe held and conducted as provided in such cases by the
yeneral laws of the state. ,

11. The said company shall have power to issue from
time to time, and sell for its purposes, coupon bonds, and
to execute one or more deeds of trust or mortgage on the
whole or any part of its property or franchises td seoure
the payment of the same.

12. The said Bedford and James river railroad com-
pany shall have power to cross at grade any railroad, with
the consent of such railroad company, but may cross such
road under or above grade without consent; provided, that
there shall be an agreement between the railroad com-
panies concerned as to the manner in which the over
grade or under grade shal] be constructed; and in the
event the said companies cannot agree, the dispute between
them shall be settled by arbitrators; provided, further,
that nothing in this act shall be construed to limit or
impair the right of the company hereby created to con-
demn the right of way and property of the road proposed
to he crossed under existing laws.

13. The said company shall be required to commence
the construction of said road within two years of the pass-
age of this act, and to complete the same within seven
years thereafter.

14. All debts, dues, and demands of the state of Vir-
ginia against said company shall be paid in current
money.

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