CHAP. 364.—An ACT to incorporate the East Big Stone Gap land
and improvement company.

Approved February 25, 1xo0.

1. Be it enacted bv the general assembly of Virginia,
That R. B. Whitridge. Horace E. Fox, James W. Fox, R.
B. Lee, Josiah Rvland, M. B. Wood, W. D. Jones, J. B. F.
Mills, H. C. McDowell, junior, J. F. Bullitt, junior, J. P.
Wolfe, I. N. Jones, W. EK. Harris, and W. T. Miller, or such
of them as may accept the provisions of this act, their as-
sociates and successors, be, and they are hereby, incorpo-
rated and made a hody politic and corporate under the
name and style of the East Big Stone Gap land and im-
provement company, and by that name shal] be known in
law, and shal] have perpetual succession, and have power
to sue and be sued, plead and be impleaded, defend and be
defended in all courts, whether in law or in equity, 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 corpo-
rate bodies and necessary for the purpose of this act.

2. The capital stock of said company shall not be less
than one hundred thousand dollars and may be increased
to any amount not exceeding five hundred thousand dol-
lars by subscription or by the issue and sale of shares, the
par value of which shall not be less than fifty dollars,
from time to time, under such regulations and upon such
terms and at such price as the board of directors of such
company shall from time to time prescribe; and the di-
rectors may receive labor, supplies and materials, lands,
water rights, and other property, real or personal, in pay-
ment for subscriptions to the capital stock at such valua-
tion as may be agreed upon between the directors and sub-
scribers.

3. The said company is authorjzed to purchase, hold and
convey lands and interests in lands in Wise county, in this
state, such lands, however, held in fee simple, not to ex-
ceed at any one time five thousand acres; to till, mine and
quarry upon the same; to construct, lease and sell dwell-
ings, stores and other buildings; to erect and maintain
bridges, dams and ferries, and otherwise use, develop and
improve the same; to furnish light and water, or either,
to such persons, partnerships and corporations residing or
doing business in the county of Wise, or in any city or
town therein, as may desire to use the same; to provide,
locate, purchase, erect and maintain all works necessary
to furnish light and water, including wires, pipe-lines and
conduits for the reception and distribution of the same.

4. The persons first named in this act, or such of them
as shall accept the provisions hereof, shall constitute the
first board of directors of the said company, and shall con-
tinue in office until the first meeting of the stockholders
thereof. At such first meeting, and at every annual meet-
ing, 80 many directors shall be elected as may be pres-
cribed by the laws and regulations of said company, 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 stock-
holder in the company shall, at all meetings or elections
thereafter, be entitled to one vote for each share of stock
registered in his name.

5. The board of directors shall be stockholders of said
company. They shall appoint one of their number presi-
dent, and 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. When-
ever the minimum amount of capital stock herein named
shall have been subscribed, and the board of directors
-shall have elected a president, said company shall be con-
sidered legally organized, and may proceed to the transac-
tion of business. The board shall appoint, to hold during
its pleasure, the subordinate officers and agents of the said
company, prescribe their compensation, and take from
them such bonds in security as they may see fit.

6. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the prin-
cipal office of the company shall be located at some point
within the county of Wise, in this state.

7. The annual meeting of the stockholders of the said
company shall be held on the first Thursday in May of
each year, or as soon thereafter as practicable, and on such
other days and at such other place as the stockholders
may by resolution adopted at any annual meeting, to take
effect at the next annual meeting, prescribe. A general
meeting of the stockholders of said company will be held
at any time, as provided by the eleven hundred and four-
teenth section of chapter forty-seven of the code of Vir-
ginia of eighteen hundred and eighty-seven.

8. The said company shall issue certificates of stock in
said company to the subscribers or purchasers thereof, in
shares of not less than fifty dollars each, signed by the
president and countersigned by the secretary of said com-
pany. The said certificates shall be transferable upon
the books of the company by the said subscribers, their
personal representatives, or duly authorized agent or
attorney; and the said certificates, when so transferred as
aforesaid, may be returned to the said company and can-
celled, and new certificates of stock shall be issued in lieu
thereof to the persons entitled thereto for a like number
of shares.

9. It shall be lawful for said company to issue or sell
its bonds from time to time, for such sum and on such
terms as its board of directors may deem expedient and
proper in the prosecution of its operations, and for the
purchase of lands, and may secure the payment of said
bonds by mortage or deeds of trust upon all or any por-
tion of its property and franchises, including its fran-
chises to be a corporation, and may reserve the right to
the company, or confer on the holder of any bonds of the
company, the right to convert the principal thereof, into
stock of the company, at any time; and it shall be lawful
for said company to subscribe to and hold shares in the
capital stock of any railroad company or other corpora-
tion whenever the board of directors of the company shall
deem it to its interest to do so, and any such corporation
may guarantee or hold the bonds or the stock of the
said company.

10. No stockholder in said company shall be held or
made responsible for its debts and liabilities in a larger
or further sum than the amount of any unpaid balance
due to the said company for stock subscribed for by said
stockholders.

11. The said company, for the purpose of locating, lay-
ing, constructing and operating its wires, conduits, and
pipe-lines, and acquiring the lands and rights of way
required therefor, may enter upon lands and acquire by
condemnation, according to the laws of Virginia, the lands
and rights of way required by the company from time to
time therefor.

12. All taxes and debts due and to become due the com-
monwealth by the said company shall be paid in lawful
money of the United States and not in coupons.

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