CHAP. 26.—An ACT to incorporate the Virginia Angora Company.

Approved February 2, 1880.

1. Be it enacted by the general assembly of Virginia, That
Herman Haupt and Charles Edgar Haupt, of Giles county,
Virginia; Lewis M. Haupt, of Philadelphia; Chan. Reticker
and W. H. Hall, of San Jose, California, their associates and
successors, be and they are hereby constituted a body corpo-
rate and politic under the name, style and title of The Vir-
ginia Angora Company, with the right to use a common seal
and to exercise the rights and privileges of corporations in
this state, banking excepted, and subject to the provisions of
existing general statutes in regard to corporations.

2. The business of the company shall consist in stocking a
portion of the mountain region of Virginia with pure Angora,
Mexican and Maltese goats, and with any other live stock that
can be profitably raised in connection therewith, and to erect
mills and factories or carry on such other industries as may be
necessary or proper to utilize the products of the flocks, herds
or lands of the company, and to make roads or other improve-
ments.

3. The capital of the said company shall be such sum as in
the opinion of the stockholders may fairly represent the esti-
mated value of the flocks, herds, lands and other property of
the company, and shall be divided into shares of not more
than one hundred dollars each, transferable in person or by
proxy on the books of the company.

4. The minimum capital shall not be less than twenty-five
thousand dollars, nor shall the maximum exceed five hundred
thousand dollars.

5. Subscriptions to stock may be payable in lands, live stock
or other property at a fair valuation.

6. The company can hold such lands as now belong to the
corporators herein named, or either of them, and such other
lands lying in the same or in adjacent counties as they may
hereafter acquire, and as may be needed for future extensions
of the business of the company, not to exceed double the num-
ber of acres now owned by said corporators.

7. The company, for the purposes of its legitimate business,
may borrow money, execute mortgages and issue bonds to an
amount not exceeding the capital stock, but shall contract no
debt or debts which by any possibility might create a lien
upon the real estate of the company without the consent, in
writing, of nine-tenths of the stockholders in number and in
interest.
8. Stockholders representing not less than twenty per centum
of the whole stock shall be entitled to proportionate represent-
ation in the board of directors, and shall have the right to elect
separately one-fifth of the directors.

9. The total number of directors, including the president,
shall be either five or ten, as the stockholders may elect and
the by-laws prescribe.

10. An office, and an agent upon whom process may be
served, shall be established and maintained in Giles county,
Virginia; but a transfer and other business offices may be
located wherever necessary or couvenient, in or out of the
State.

11. Any person or persons who shall enter upon the lands
of the company and destroy or injure any live stock or other
property, or molest any of the employees of the company while
engaged in their legitimate business, or bring hounds upon the
lands occupied for grazing purposes, or chase and worry the stock
with dogs, or set fire to woods, fences or buildings, or other-
wise injure or annoy the company, its officers, agents or em-
ployees, shall, upon conviction before any justice of the peace
in any of the counties in which the lands of the company may
lie, be subject to a fine of double the estimated amount of
damage, and not less than ten dollars for the first and twenty-
five dollars for each subsequent offence.

12. Each share of stock shall entitle the holder to one vote
in person or by proxy.

13. By-laws may be adopted if not inconsistent with the
laws of Virginia or of the United States.

14, Stockholders shall be individuaily liable to the extent of
any unpaid arrearages upon their subscription to the capital
stock, but no further; and the company may in its by-laws
provide that no debts shall be contracted in the name of the
company, and a standing publication of the fact in a news-
paper published in Giles county, that no officer or agent of the
company is authorized to use its credit or contract debts on
account of said company, shall relieve the corporation from
liability and render the officer or agent who may contract a
debt after such notice individually and personally responsible
therefor.

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