CHaP. 613.—An ACT to incorporate the Tacoma [Improvement
company.

Approved March 5, 1890.

1. Be it enacted by the general assembly of Virginia.
That W. E. Harris, W. T. Miller, G. W. Kilgore, I. C.
Stamps, A. D. Simpson, A. B. Rogan, Hugh B. Kyle, H.C.
Clay, senior, J. J. Wolfe, A. L. Pridemore, Patrick Hagan.
E. M. Fulton, C. F. Flanary, T. G. Wells, and F. A. Strat-
ton, or any of them who may accept the provisions of this
act, their associates and successors, be, and they are hereby,
incorporated and made a body politic and corporate unde
the name and style of the Tacoma improvement company.
and by that name shal] be known in law, and shal! hb
perpetual succession, and have power to sue and be sume.
plead and be impleaded, defend and be defended ing!
courts, whether in lawor in equity, and may make and pg
a common seal, and alter and renew the same at ples
and shall have, enjoy, and exercise all the rights, po
and privileges pertaining to corporate bodies and to nat®&\.-
ral persons necessary for the purposes of this act.

2. The capital stock of said company shall not be less
than fifty thousand dollars, and may be /increased to any

amount not more than one hundred thousand dollars, by
subscriptions, or by the issue and sale of shares, the par
value of which shall not be less than one hundred dollars,
from time to time, 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, lands, water
rights, and other property, real or personal, in payment
for subscriptions to the capital stock at such valuation as
may be agreed upon between the directors and the sub-
scribers.

3. The said company is authorized to purchase, acquire,
hold, and convey lands and interests in lands in the county
of Wise, and within ten miles of what is known as the
settlement of Tacoma, such lands, however, held in fee
simple, not to exceed at any one time ten thousand acres;
to till, mine, and quarry upon the same; to construct, lease,
and sell dwellings, stores, or other buildings; to erect and
maintain bridges and dams, and otherwise use, develop,
and improve the same; to lay out, grade, or improve
streets; to furnish gas, electric light, water, or either, to
such persons, firms, or corporations residing or doing busi-
ness at or near Tacoma, in Wise county, as may desire to
use the same; to provide, locate, purchase, erect, and
maintain all works necessary to furnish gas, electric light,
and water-works, including pipe-lines and conduits for the
reception and distribution of the same; to construct, pur-
chase, maintain, and operate street railways with horse-
power, steam, or electric power. And the said company is
authorized to lay out any of its lands into lots or parcels,
with streets, alleys, or parks, and may work, improve, and
develop the same, and may sell and dispose of the same
as the said company may think proper; and may contract
for, purchase, lease, hold, construct, operate, or maintain
any work of internal improvement within the limits of the
Jands owned by said company.

4. The said company is authorized and empowered to
mine coal, iron ore, marble, and other mineral substances,
and manufacture the same for use and sale; may erect,
own, lease, or operate furnaces, mills, manufactories, coke-
ovens, or other works necessary or expedient to the enjoy-
ment of the privileges herein granted; and said company
may acquire, by subscription or by purchase, the stock or
bonds of any mining, manufacturing, water, gas, street
railway, or other improvement company within the limits
of the territory before named.

5. The seven perserresirst named in this act, or such of
them as accept the provisions hereof, shall constitute the
first board of directors of the said company, and shall
continue in office until the first méeting of the stock-
holders thereof. At such first meeting, and at every an-
nual meeting, so 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 are 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.

6. 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 trans-
action of business. The board shall appoint, to hold
during its pleasure, the subordinate officers and agents of
said company, prescribe their compensation, and take
from them such bonds with security as they may see fit.

7. 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 Wise, in this state. The first
meeting of the stockholders shall be called by the board
of directors herein named, to be held after the minimum
amount of stock shall have been subscribed and at any
time within six months thereafter, and at such place as
may be designated by the said board, and all annua!
meetings of stockholders thereafter shall be held on the
first Wednesday in June of each year, at such place as
may be prescribed in the by-laws of said company. A
general meeting of the stockholders of said company
will be held at any time as provided for by the code of
Virginia 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 one hundred dollars each, signed
by the president and countersigned by the secretary of
said company. The said certificates shall be transferable
on the books of the company by the said subscribers,
their personal representatives or duly authorized agent or
attorney; and the said certificate when so transferred as
aforesaid, shall 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 to 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 aay of its work and for the
purchase of lands, and may secure the payment of said
bonds: by mortgages or franchises, including its franchise
to be a corporation, and may reserve the right to the com-
pany 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 corporation when-
ever the board of directors of the company shall deem it
to its interest to do so, and any such corporations may
guarantee or hold the bonds or the Block of the said com-
pany.

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
atockholders.

11. The said company, for the purpose of locating, lay-
ing, constructing, and operating its conduits and pipe-line,
and acquiring the lands and rights of way required there-
for, 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 due the commonwealth by 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.