CHAP. 9.—An ACT to confirm an amend the charter of the Basi:
City school desk and furniture manufacturing company.

Approved December 17, 1891.

Be it enacted by the general assembly of Virginia, Tha
the charter of the Basic City school desk and furniture
manufacturing company, granted by the judge of th
circuit court of Augusta county at the November term
eighteen hundred and ninety, be, and the same is hereby
confirmed and amended so as to read as follows:

§1. That John F. Scanlan, George W. Young, George S
Megee, Z. F. Mauzy, Michael Nolan, E. M. Kelley, Noble
Brauer, and George H. Punterney, and such others as are
now or may hereafter be associated with them and their
successors, are hereby created a body politic in law under
the name, style and title of the Basic City school desk
and furniture manufacturing company, and by that name
shall be known in law and have perpetual succession, and
have power to sue and be sued, plead and be implead-
ed, defend and be defended, whether at law or in equity,
and 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 cor-
porate bodies, and make by-laws, rules and regulations
consistent with the laws of this State.

§ 2. That the said company is authorized and empower-
ed to manufacture school desks, and furniture for schools,
banks, churches, and to make other furniture, and shall
have the power to purchase or lease such lands, and to
buy such lumber as may be necessary, and shall have full
power and authority to do all and every act necessary and
proper to carry into effect the powers conferred by this
section.

§ 3. The capital stock of the said company shall be not
less than seventy thousand dollars, and not more than
three hundred thousand dollars, to be divided into shares
of one hundred dollars each. Common and preferred stock
may be issued ; and of the capital stock of the company, such
portion thereof not exceeding one hundred and fifty thousand
dollars, as the board of directors may determine, may be pre-
ferred stock,and shall be issued upon such terms and conditions
as said board may prescribe, and the rights of the preferred
stockholders may be secured in such manner as the said board
may determine.

§ 4. That the company shall have the right to purchase
and hold such real estate as it shall find necessary in the
due course of its business; not, however, at any one time
to exceed twenty thousand acres, with the power of dis-
posing of the same by lease, sale or otherwise, and to
mortgage the same for any debt of the company.

§ 5. The principal office of said company shall be in
Basic City, Augusta county, Virginia, and the company
may establish branch offices for their use wherever deemed
necessary and proper.

§ 6. The officers of said company shall consist of a
president, vice-president, secretary, treasurer, and not less
than six directors. The board of directors shall con-
sist of the president and vice-president of the company,
and not less than six directors. All taxes due the com-
monwealth by said company shall be paid in lawful money
of the United States, and not in coupons.

This act shall be in force from its passage.

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