CHAP. 355.—An ACT to authorize the board of supervisors of
Augusta county to increase the salary of the county judge.

Approved February 24, 1890.

1. Be it enacted by the general assembly of Virginia,
That the board of supervisors of Augusta county be, and
they are hereby, authorized to increase the salary of the
county judge of said county to the sum of one thousand
dollars per annum, and that said salary be a charge upon
said county, and be levied, collected, and paid as the law
prescribes for the payment of county judges.

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

CHAP, 356—An ACT to incorporate the Middletown land and
improvement company.

Approved February 24, 1890.

1. Be it enacted by the general assembly of Virginia,
That G. Lewis Dull, Robert T. Barton, John W. Rice, C.
W. Heater, G. W. Lanick, C. A. Cutting, Ambrose Timber-
lake, H. L. Henninghausen, M. V. Richards, J. M. Miller,
and J. W. Rhodes, or any of them, and such persons as may
be associated with them, and their successors, are hereby
ereated and constituted a body politic and corporate, by
the name and style of the Middletown land and improve-
ment company, and by such name shall have perpetual
succession, and shall have power to sue and be sued, plead
and be impleaded, defend and be defended, in all courts,
and may make and have a common seal, and alter and
renew the same at pleasure, and shall have, enjoy, and
exercise all the rights, powers, and privileges pertaining
to corporate bodies and to natural persons, and make and
maintain such by-laws, rules, and regulations for the gov-
ernmeut of said corporation and the conduct of its busi-
ness a8 may be deemed necessary, not to conflict with the
laws or constitution of this state, or of the United States.

2. The capital stock of said company shall not be less
than ten thousand dollars, to be divided into shares of
one hundred dollars each, and the same may, from time
to time, be increased by additional subscriptions, or the
issue and sale of shares to such amount, not exceeding
one million dollars, under such regulations and upon such
terms and at such price as the board of directors of said
company may from time to time prescribe; and the direc-
tors may receive labor, supplies, materials, money, land,
or other property, at such valuation as may be agreed upon
between the directors and subscribers.

3. The corporators herein above named, or their author-
ized agents, may receive subscriptiohs to the capital stock
of said company, and when the minimum capital of ten
thousand dollars shall have been subscribed, the nine per-
sons first named in this act, or such of them as accept the
provisions hereof, shall constitute the first board of direc-
tors of the said company, and shall continue in office until
the first annual meeting of the stockholders thereof, which
shall be on the first Wednesday in December, eighteen
hundred and ninety. At such first meeting, and at every
annual meeting, 80 many directors shall be elected as may
be prescribed by the laws and regulations of said com-
pany, who may be removed by the stockholders in general
meeting, but unless so removed shall continue in office
until their successors shall be elected and qualified. Each
stockholder in the company shall, at all meetings or elec-
tions, be entitled to one vote for each share of stock regis-
tered in his name.

4. The directors shall be stockholders of said company,
and shall elect one of their number president, and shall
provide for and appoint, to hold during their pleasure, any
other officer or officers that may be deemed necessary for
the proper conduct of the business of said company. They
may fill any vacancy that may occur in said board, unless
by a removal, in which case the same shall be filled by the
stockholders in general meeting. Whenever the minimum
amount of stock herein named shall have been subscribed,
and the board of directors shall have elected a president,
said company, shall be congidered legally organized, and
may proceed to the transaction of business. The board
of directors shall prescribe the compensation of all the
officers and agents of said company, and take from them
such bonds, with security, as they may deem proper.

5. The said company is hereby authorized to carry on
the business of mining and manufacturing any ores, min-
erals, metals, materials, or other products, and may con-
duct such business at one or more points in the counties
of Frederick, Shenandoah, or Warren, or either of them,
and in such counties of the state in which the said com-
pany may deem it proper to acquire property or establish
works for that purpose, and for these purposes the said
company shall have authority to buy, hold, sell, lease, or
otherwise dispose of any real or personal estate deemed
necessary to the proper prosecution of its business, and
may, on any ,property so acquired, erect and maintain
buildings, machinery, and structures needful for smelting,
manufacturing, and treating ores, metals, and minerals
of whatever kind, or for the production of manufactured
fabrics from wood, stone, metals, wool, cotton, hemp, or
other materials, and may operate, lease, sell or otherwise
dispose of the same, and may, on its own lands, contiguous
or adjacent to any such manufactory or works erected or
to be erected, survey and lay out lots, squares, or other
divisions of such lands, and improve the same, by build-
ings and otherwise, for sale, lease, or other disposition or
use, and may establish such lawful rules and regulations
in the use thereof as the board of directors of said com-
pany may deem best to secure the comfort and welfare of
the occupants and others engaged or interested in any
manufactory or works there established or to be estab-
lished, and the said company may, in connection with the
use or improvement of any of its properties, make, build,
and operate any road, street, turnpike, waterways or tram-
ways, or railways operated by horse, steam, or other power,
not exceeding twenty miles in length; and for this pur-
pose, when necessary, may acquire, by contract or con-
demnation, such land or other property or right of way as
may be necessary therefor, proceedings for such condemna-
tion to be in accordance with chapters forty-six and forty-
seven of the code of Virginia, and any laws amendatory
thereof.

6. It shall be lawful for said company to sell its bonds
from time to time for such sums and on such terms as its
board of directors may deem expedient and proper in the
prosecution of any of its works or business, and may
secure the payment of the principal and interest thereof
by mortgages or deeds of trust upon all or any portion of
its property, rights, and franchises, including its fran-
chises to be a corporation; and it shall be lawful for said
company to subscribe to and to hold shares in the capital
stock of any railroad company or other corporation when-
ever the board of directors shall deem it to be its interest to
do so. Each stockholder in said company shall be enti-
tled to one vote for each share held by him, and no stock-
holder shall be held individually liable for the debts or lia-
bilities of the company in any larger or further sum than
to such amount as may be due and unpaid severally upon
each stock subscription. There shall be no limit, except
as the by-laws of the company may prescribe, upon the
number of shares of stock which any stockholder may
hold, and four-fifths of the capital stock of the company
may become the property of less than five persons, and a
majority of the stock may for more than six months be
the property of one person.

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

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