CHAP. 229.—An ACT to incorporate the South Boston Improve-
ment company.

Approved February 17, 1890.

1. Be it enacted by the general assembly of Virginia,
That Major P. J. Otey, Captain Charles L. Adams, and
Max Guggenhimer, junior, of Lynchburg, Virginia; W.
©. Houston, of Philadelphia, Pennsylvania; W. A. Ander-
son, and E. M. Pendleton, of Lexington, Virginia; W. A.
Pendleton, of Glasgow, Virginia; Colonel A. S. Buford and
T. Seddon Bruce, of Richmond, Virginia; and J. W. Eas-
ley, William H. Shepherd, E. L. Evans, Joseph B. Steb-
bins, Major H. A. Edmundson, honorable W. J. Jordan,
and Alexandria Bruce, of South Boston, Virginia, and
such other persons as may be hereafter associated with
them, be, and they are hereby, created and constituted a
body politic and corporate, under the name and style of
the South Boston improvement company, and by this
name shall have perpetual succession.

2. That the said company shall have power to purchase,
hold, and sell lands not exceeding ten thousand acres, or
so much thereof as may be necessary for the business of
the company; to improve and work the same; to make
thereon streets and roads; to erect thereon buildings, fac-
tories, and improvements of any and all kinds; to operate
cotton’ and tobacco manufactories; to utilize and-dispose
of their products, and to do all that may directly or indi-
rectly pertain to the increase of the business and popula-
tion of the town of South Boston; to purchase and sell
mineral lands; to raise, transport, sell, and use minerals
of all kinds; to build on its own land all necessary ways
of transportation, and operate the same; to construct,
maintain, and operate water-works; to erect and operate
one or more furnaces; to receive and execute trusts and
evidences of debt; to subscribe for, purchase, hold, and
sell stocks, bonds and other securities of other incorpora-
ted companies; to sue and be sued; to plead and be im-
pleaded ; to have a common seal and to prescribe and alter
the same.

3. The capital stock of the company shal] not be less
than eleven thousand dollars, nor more than five hundred
thousand dollars, divided into shares of ten dollars each,
which may be paid in money, lands, and labor as the
board of directors may provide.

4. The principal office of the company shall be in South
Boston, Virginia.

5. The board of directors shall consist of not less than
five nor more than eleven stockholders, and shall have
power to make and establish rules, by-laws and regula-
tions for the management of the company and the con-
trol of all its operations, so that the same be in confor-
mity to the laws of this state and of the United States;
and the company may vest in the board of directors such
power as it may deem advisable for the interests of the
company.

6. The liability of the stockholders shall be limited to
the assets of the company and the undivided profits.

7. The annual meeting of the stockholders shall be
held on the first Tuesday of April, subject to such change
as the board of directors may provide.

8. The corporators herein above mentioned, or any
three of them, may receive subscriptions to the capital
stock of said company, and when the minimum capital
of ten thousand dollars shall have been subscribed, the
said subscribers may organize said company by the elec-
tion of five directors, of whom the stockholders shal] elect
one as president, to remain in office one year and until
their successors are elected, unless sooner removed by the
stockholders. After organization as aforesaid the stock-
holders, at any general meeting, may change the number
of the directors, or authorize the board of directors to add
new members, as the stockholders may limit, and may pro-
vide for the government of the corporation by such by-laws
as they may deem fit and proper, ag herein above author-
ized.

9. There shall be a president, vice-president, a secretary
and treasurer, and such other officers and agents of the
company as the stockholders or board of directors may
from time to time provide.

10. All taxes due or to become due by this company to
the state of Virginia shall be payable in money and not
in coupons.

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