Chap. 448.—An ACT to incorporate the St. Paul land company.

Approved March 38, 1890.

1. Be it enacted by the general assembly of Virginia,
That Thomas L. Rosser, John B. Moon, and W. R. Duke,
of Virginia; A. B. Harris, of Massachusetts, and John T.
Wilder, of Tennessee, and their associates and successors,
be, and they are hereby, constituted and created a body
politic and corporate under the laws of Virginia by the
name of the Saint Paul land company; and by that name
may sue and be sued, have a common seal, and have, ex-
ercise, and enjoy the powers, rights, and franchises con-
ferred by, and be subject to the provisions of the general
laws of the state in reference to corporations and chartered
companies, so far as applicable to and not inconsistent
with the provisions of this act.

2. The capital stock of the company shall be not. less
than one hundred thousand dollars nor more than three
million dollars, divided into shares of such par value as
the directors may determine upon; and the board of
directors may from time to time issue shares of stock and
sell the same at such price as may be fixed by them, and
may issue shares of stock to represent the enhanced values
of the property of the company, and may receive pay for
shares of stock (including the minimum amount above
provided) in property at such price as may be agreed on.

3. The board of directors of the company shall consist
of five members, who shall from their number choose a
president, and who may appoint such other officers and
agents of the company as they may deem best. The five
persons named as corporators shall act as directors until
their successors shall be chosen by the stockholders.

4. The persons named as corporators shall meet in the
city of Charlottesville, Virginia, s0 soon as a majority of
them may there convene, and such meeting, if attended
by a majority of such corporators, shall, as soon as the
minimum amount of capital stock shall have been sub-
scribed, constitute the first annual stockholders’ meeting,
and stockholders’ meetings shal] be held annually there-
after at the same place,.or at such other time and place in
Virginia as the stockholders may in general meeting ap-
point, and the principal office of the company shall be
kept in the said city of Charlottesville, or at such other
place as the stockholders may in general meeting desig-
nate.

5. The said company may acquire, by purchase, lease,
or otherwise, property, real and personal, and may hold,
improve, sell, lease, or otherwise dispose of the same;
may lay off any real estate so acquired into sites for towns
or cities, with streets, alleys, lots, blocks, squares, parks,
and passways; may construct, operate, and maintain
water-works, gas-works, electrical light and motive-power
plants and appliances, street-car lines, and other improve-
ments suitable or convenient for towns and cities, or the
inhabitants thereof; may borrow and lend money, and
take and give mortgages or other securities therefor; may
buy and sell real estate on commission for and on behalf
of other parties; may engage in mining and manufac-
turing operations, and may extend aid and assistance,
financial and otherwise, to persons and corporations for
the furtherance and promotion of manufacturing and
business enterprises, and may hold stock in and guaran-
tee the stocks and securities of other corporations, and
other corporations may hold stock in and guarantee the
stocks and securities of the said company.

6. Said company shall pay its taxes and other dues at
any time accruing to the state of Virginia in lawful
money of the United States, and not in coupons or any
other thing whatsoever.

7. This act shall he in force from its passage.