Chap. 378.—An ACT to amend, ratify and confirm the charter of incorporation
granted by C. W. Hill, judge of the’ First judicial circuit of Virginia, on March
14, 1894, incorporating ‘the Courtland lumber company, and to extend its powers.

Approved February 17, 1898.

Whereas C. W. Hill, judge of the First judicial circuit of Virginia, on
March fourteenth, eighteen hundred and ninety-four, in vacation, did
grant a charter of incorporation to the Courtland lumber company as
follows:

The foregoing certificate, duly signed and acknowledged as required
by law, having been presented to and duly considered by me, a charter
of j incorpor: ation is hereby granted to the said W. T. Sears, S. ML. Lloyd,
E. B. Freeman, C. G. Metts, Horace Phillips, and their successors, w ho
are hereby created a body politic and corporate under the name and
stvle of the Courtland Jumber company, with all the powers of a corpo-
rate body as prescribed by law.

First. The purpose for which said corporation is formed is to acquire
by purchase or otherwise timber standing or cut, and to manufacture the
same into lumber of any shape and form desired by said corporation
and selling the same. To purchase real estate to enable it to purchase
said timber and conduct such business. Laying down and equipping
wooden and iron tracks, or either, and operating thereon bogies, trucks,
ears, engines, and so forth, and owning the same; also owning and
operating steam mills, saw mills, dry kilns, planing mills, and all other
machinery of every kind necessary or desirable in conducting, extending,
and carrying on the buying, manufacturing and selling of lumber, and
doing all such things as appertain to the lumber business, and further
in connection therewith to use such store or stores and to engage in and
conduct such mercantile transactions as may be desired or required in
the advancement of the material interest of the said corporation.

Second. The capital stock of the corporation shall be not less than
seven thousand five hundred dollars nor more than fifty thousand dol-
lars. and it is to be divided into shares of one hundred dollars each.

Third. The real estate to be held by the said company shall not at
any one time exceed fifteen thousand acres.

Fourth. The principal office of the company is to be in the town of
Courtland, Southampton county, Virginia, and ite chief business will
be the lumber business, as above stated, and which will be conducted at
or near Courtland, Southampton county, Virginia.

Fifth. That the names and residences of the officers of the company
for the first year are as follows: President and general manager, W. T.
Sears, Berkley, Virginia; secretary and treasurer, S. M. Lloyd, Norfolk, Vir-
ginia; directors, said W. T. Sears and S. M. Lloyd, and E. B. Freeman,
C. G. Metts, of Norfolk, Virginia, and Horace Phillips, of Suffolk, Virginia.

Sixth. The stockholders shall meet at least once a year or oftener, at
the call of three stockholders.

seventh. The board of directors shall meet at least twice a year or
oftener, as may be prescribed by the by-laws of said company.

Kighth. The lability of the stockholders of this company shall be
limited to the amount of stock subscribed for by each stockholder.

Ninth. All taxes, debts, dues, and demands due the commonwealth
of Virginia shall be paid in lawful money of the United States, and not
in coupons. Given under my hand, as judge of the circuit court for
Southampton county, Virginia, in vacation, this fourteenth day of
March, eighteen hundred and ninety-four. C. W. Hitt. And

Whereas it is now desired to amend, ratify, and confirm the same,
and to extend the powers of said company as hereinafter contained:
therefore, !

1. Be it enacted by the general assembly of Virginia, That the said
charter of the Courtland lumber company be, and the same hereby 1s.
ratified and confirmed, except as it is hereinafter mentioned, and the
powers thereof extended.

2. That in so far as the officers thereof and the organization of said
company may have been changed in the meanwhile, such change of
oflicers and organization 1s hereby ratified and confirmed.

3. That the capital stock of said company may at any time be in-
creased by the stockholders, so that the maximum amount thereof shall
not exceed one hundred thousand dollars, divided into shares of one hun-
dred dollars each; and inthe event of such increase, the stockholders of
record at the time shall have the privilege of taking the amount of addi-
tional stock that may be issued, or so much thereof as they may desire,
in proportion to their then holdings in the company at such price as
the stockholders of the board of directors may determine; and in mak-
ing such increase the stockholders may authorize the board of direc-
tors to take the necessary steps to issue and dispose of the said stock,
and the same may be disposed of at such prices, whether above, below,
or at par, as the said board may determine.

In the event that it may be desired to increase the said stock in accor-
dance herewith, a meeting of stockholders may be held for the purpose,
after notice of such meeting shall be published tor not less than ten
days in some newspaper published in the town of Franklin, Virginia,
or in the city of Norfolk, Virginia; and a vote of a majority in the
interest of the stockholders shall be sufficient to authorize the said in-
crease.

4. The stockholders in this company shall not be personally liable
for any debt or default of said corporation beyond their respective un-
paid subscriptions to the stock, and this provision shall apply as well to
the original issue 1 of stock as to that which may hereafter be issued.
5 Be it further enacted, that this company be, and the same is hereby,
authorized and empowered to locate, construct, equip, maintain and
operate, directly or by lease or otherwise, such line or lines of railroad
in the county of Southampton as in said company’s judgment may be
necessary or convenient for its purposes or the general purposes of a
railroad corporation, with the right and power hereby conferred to exer-
cise, have and enjoy all the rights and privileges conferred on railroad
corporations generally by the laws of Virginia, and subject to the gen-
eral obligations, restrictions and duties thereof, except as herein other-
wise provided. And said company shall have the right to acquire by
gift, purchase, lease or condemnation, according to the laws of this
state, the lands required for the right of way for said railroad line or
lines, not exceeding one hundred feet in width, and for the necessary and
convenient stations and depots for its operation, and may connect or
unite its road with that of any other company with the assent of such
other company, and moreover shall have the right at any time it sees
fit to discontinue its said line or road or any part thereof. The said
company shall act and serve as common carriers in the operation of its
railway whenever it exercises its right of condemnation in acquiring its
rizht of way, and in the event it discontinues the operation of its said
line or road, or any part thereof, or right of way acquired by condemna-
tion, then the title to said right of way thus acquired shall revert to the
person from whom it was acquired, their heirs or assigns.

6. The said company shall also have the power to span with suitable

bridges any stream or streams which may be crossed by its said line or
lines of road.
7. The said company shall also have the power to borrow money and
issue its bonds or other evidences of debt in such sum or sums as it may
from time to time deem best, and to secure the same by a mortgage or
deed of trust upon all its works and property, including its franchises
or any part thereof.

8. This company shall also have the power to subscribe to the stock
or bonds of any other company or companies, and any other company
shall have the right and power to subscribe for the stock and bonds of
this company.

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