Chap. 114.—An ACT to incorporate The Southwest Virginia Land,
. Colonization, and Improvement Company.

Approved March 15, 1876.

Whereas the parties hereinafter named have associated
themselves for the purpose of purchasing, cultivating and
improving lands, and the promotion of manufactures in the
state of Virginia, the encouragement of immigration, and
the introduction and investment of capital in the said state,
thereby aiding in the development of its agricultural, grazing,
mining, lumbering and manufacturing resources ; and for the
more effectual accomplishing these objects, are desirous of
being incorporated:

1. Be it therefore enacted by the general assembly of Vir-
ginia, That J. Wise Norton, Martin Coryell, of Richmond ;
John C. Robertson, of Manchester; Charles Parrish, L. C.
Paine,and Thomas Broderick, of Wilkes Barre, Pennsylvania;
E. A. Packer, Samuel Bonnell, and EH. B. Wesley, of New
York; Henry C. Slemp, Jeremiah Chase, Doctor Hiram Riggs,
Morgan T. Lipps, Dale Carter, Henry C. Wood, James B.
Richmond, Isaac Boyd, Junior, Jesse Wampler, Simpson Dyer,
John C. Slinger, Carr Bailey, of Virginia; or such of them
as may accept of the provisions of this act, and such other
persons as may hereafter be associated with them, their suc-
cessors and assigns, shall be, and they are hereby constituted
a body politic, by the name and style of The Southwest
Virginia Land, Colonization, and Improvement Company,
and by that name shall have perpetual succession and a com-
mon seal, and the same break, alter, and renew or change at
their pleasure; and may sue and be sued, plead and be im-
pleaded, in all courts and places, and in all manner of actions
and complaints whatsoever; and shall and may make, ordain,
establish, alter or amend such by-Jaws, ordinances and regu-
lations concerning and covering all points of organization and
business not herein specially provided for, as they may think
wise; and generally may do every act and thing necessary
to carry into effect this act, or to promote the objects and
designs of the corporation: provided, that such by-laws,
ordinances, regulations, or acts be not inconsistent with the
provisions of this act, and the laws of the United States and
this state, for the government of its officers and proper con-
duct of its affairs; and shall possess and enjoy all other
privileges and franchises incident to a corporation, and shall

e capable in law, of purchasing, holding, using, cultivating,
grazing, mining, lumbering, and improving, selling and mort-
gaging, letting and disposing of all such real and personal
estate in the counties of Buchanan, Russell, Wise, Scott, and
Lee, in this state, as may be necessary or expedient for the
objects of this incorporation ; and may receive and make all
deeds,.transfers, mortgages, covenants, contracts and agree-
ments whatsoever necessary or useful for the purposes afore-
said, or any of them. ,

2. The capital stock of the said company sball be one hun-
dred thousand dollars, and may be increased in one or more
sums, and at one or more times, to an amount not exceeding
in all five millions of dollars, by a vote of stockholders own-
ing two-thirds of the stock and voting in person, or by proxy,
at any special meeting of stockholders to be called for the
purpose, upon thirty days’ notice. The capital stock shall
be divided into shares of one hundred dollars each, which
share shall be deemed personal property, and shall be trans-
ferable in such manner as the corporation by its by-laws
shall direct.

3. The corporate powers of said company shall be vested
in a board of directors, and shall be exercised by them, and
such officers and agents as they shall from time to time ap-
point. The board of directors shall consist of not fewer than
three nor more than seven persons, each of whom shall be
the proprietor of at least forty shares of the capital stock,
and who shall be elected by a majority of the corporators at
their first meeting for organization; and thereafter all va-
cancies for the unexpired term shall be filled by the board of
directors, whom not less than two hundred sbares of the
capital stock shall have been subscribed for by and between
the said corporators. A meeting for organization shall be
called either in the cities of Richmond or New York, by any
three of the corporators, by giving not less than ten days’
notice thereof to the other corporators, either to be delivered
personally or mailed to their usual post office address. Such
notice shall state the time and place of meeting.

4, The said corporation may issue itsstock in payment for
lands or other property purchased by it; and may likewise
receive stock of the company in payment for lands or other
property sold by the company; and it shall have power to
lay out and establish on its own lands, or any part or parcel
thereof, towns and villages, also tram-roads to the nearest
main highway, water communication, or railroad; build,
construct, and maintain reservoirs and dedicate to public
use, on such terms as its by-laws may provide, land requisite
for highways, streets, parks, public gardens, churches, schools,
colleges, academies, and cemeteries; and may erect or cause
to be erected, wharves, warehouses, factories, and buildings
of all kinds; and establish collieriés, to lay off such lands
into lots, to cut and construct ditches, drains, dykes, dams,
sluices, and race-ways as may be necessary for improving
their said lands tor agricultural, mining, lumbering, grazing,
and building purposes, planting vineyards, growing cotton,
cultivating the mulberry tree for the purpose of raising the
silk worm and manufacturing silk or other lawful purpose
of like kind that the company or the improvements of the
time may deem advisable or necessary; and also to purchase,
mine, manufacture, and sell the growth, produce, and re-
sources of said lands, or other articles and produce whatever,
and transport the same over and through the said lands; and
shall likewise have the privilege of ‘selling their lands and
improvements thereon, or products therefrom, on such terms
as may be agreed upon, and may take notes or bonds and
deeds of trust of individuals or corporations therefor, bearing
any rate of interest legal, where the transaction is had; and
said interest may be received in advance: provided, that
nothing in this act contained shall be construed to give the
said company power to govern any village, city, or town
erected upon its lands.
5. The place where the meetings of the stockholders and
of the board of directors shall be held, and where the prin-
cipal office tor the transaction of the business of the company
shall be established, shall be in the city of Richmond, and
branch offices in the city of New York, in Lebanon, Russell
county, and in Gladesville in the county of Wise, in this state,
as the directors may from time to time determine.

6. Every stockholder in the said company, whether an
American citizen, British subject or other alien, shall have
equal right to hold stock and to be eligible for office in the
said company.

7. The personal liability of any and every stockholder
shall be limited to the amount due and unpaid upon the
shares of stock owned and held by every stockholder, and
no assignment or transfer of any share shall be valid until
all cal's made or due thereon shall have been paid, or secured
to be paid to the satisfaction of the directors.

8. And in order to more effectually carry into effect the
objects of this corporation, the said company shall have
power to borrow money to’'an amount not exceeding one-
half of its capital stock paid in, by the issuing of bonds having
not more than twenty years torun from the date of the same,
until becoming due, and to provide for the payment of the
interest on the same, either yearly or half yearly; and to
secure the payment of the same by making and executing
a inortgage on their lands and real estate, works, property,
and franchises.

9. Said company may employ one or more agents to buy
or sell their properties and do any other business for the
company required by the board of directors, and pay said
agent or agents a salary or commission.

10. This act shall be subject to modification, alteration, or
repeal by the general assembly.

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