CHAP. 517.—An ACT to incorporate the Richlands land com-
pany.

Approved March 4. 1890.

1. Be it enacted by the general assembly of -Virginia,
That George McCall, William K. Hewson, Evans R. Dick,
A. J. May, and Adolph Ladenburg, or such of them as
may accept the provisions of this act, their associates and
successors, be, and they are hereby, incorporated and made
a body politic and corporate under the name and style of
the Richlands land company, and by that name shall be
known in law, and shall 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 shal] have, en-
joy, and exercise all the rights, powers, and privileges
pertaining to corporate bodies and necessary for the pur-
pose of this act.

2. The capital stock of said company shall be one mil-
lion dollars, divided into shares, the par value of which
shall be one hundred dollars each, which may be held by
individuals or corporations. The directors may receive
labor, supplies, and materials, lands, water rights, and
other property, real or personal, in payment for subscrip-
tions to the capital stock or in payment for any bonds
sold, at such valuation as may be agreed upon between
the directors and subscribers or purchasers.

3. The said company is authorized to purchase, hold,
and convey lands and interests in lands in Tazewell
county, in this state, and elsewhere, such lands, however,
held in fee simple, not to exceed at any one time five
thousand acres; to till, mine, and quarry upon the same;
to construct, lease, and sell dwellings, 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, part-
nerships, and corporations residing or doing business in
the county of Tazewell, Virginia, 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 fur-
nish light and water, including wires, pipe-lines, and con-
duits for the reception and distribution of the same, and
use or sell the products of the same; to build, maintain,
and operate street railways to be operated by steam, horse,
or other power.

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
continue in ‘office until the first meeting af the stockhold-
ers thereof. At such first meeting, and at every annual
meeting, so many directors shall be elected as may be
prescribed by the laws and regulations of said company,
who may be removed by the stockholders in general meet-
ing, 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 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 removal, in which case the same shall be
filled by the stockholders in general meeting. Whenever
the minimum amount of capital stock therein 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 with such security as they may see
fit.

6. The board of directors may establish offices and
agencies at such places as they may deem proper, but the
principal office of the company shall be located at some
point within the county of Tazewell, in this state.

7. The annual meeting of the stockholders of the said
company shall be held at Richlands, in Tazewell county,
Virginia, on the first Wednesday in November of each
year, or as soon thereafter as practicable, and on such
other day, and at such other place as the stockholders
may, by resolution adopted at any annual meeting, pre-
scribe.

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

9. It shall be lawful for said company to issue or sell it:
bonds, from time to time, for such sum and on such term:
as its board of directors may deem expedient and proper.
in the prosecution of its operations; and may secure the
payment of said bonds by mortgage or deeds of trust upon
all or any portion of ita property and franchises, includ-
ing its franchises 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 &
lawful for said company to subscribe to and hold shares
in the capital stock of any railroad company or other cor-
poration, whenever the board of directors of the company
shall deem it to its interest to do so; and any such cor-
poration 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 street railways, wiret.
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 Vir-
ginia, the lands and rights of way required by the com-
pany 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 lawfu!
money of the United States and not in coupons.

13. This act shall be in force from its passage, but the
general assembly of the state of Virginia reserves th?
right to modify, alter, or repeal this act at any time here-
after.