CHAP. 41.—An ACT to incorporate the Chesapeake and Idaho Gold
and Silver Mining Company.

Approved February 4, 1880.

1. Be it enacted by the general assembly of Virginia, That
George M. Bain, S. Hamburger, N. Burruss, John 3. Corprew,
W. D. C. Jones, James Y. Leigh, F. F. Marx, H. B. Nichols,
W. B. Rogers, H. Du-Bois Van Wyck, John B. Whitehead and
Henry E. Wilde, or such of them as may accept the provisions
of this act and such other persons as may be hereafter associ-
ated with them, and their successors, shall be and they are
hereby constituted a body politic and corporate under the
name and style of The Chesapeake and Idaho Gold and Silver
Mining Company ; the object of the said corporation being to
purchase, work and develop mineral-bearing veins and lodes
in Black Pine mining district, in the county of Oneida, terri-
tory of Idaho, and to reduce and sell gold and silver and other
ores, or the proceeds thereof, and to transact all business and
to do all acts properly pertaining to the objects aforesaid;

and the said corporation is hereby invested with all the pow-
~ ers, rights and privileges pertaining to such companies under

a- the laws of the state of Virginia, and is made subject to the
restrictions imposed by such laws, except in so far as the same
are inconsistent with the provisions of this act.

2. The capital stock of the said company shall be not less
than one million nor more than three million five hundred thou-
sand dollars, to be divided into shares of fifty dollars each,

i- and the said shares shall be non-assessable. And the said
company shall have the right to set aside as a fund for work-
ing capital a number of the shares of the capital stock, not

y exceeding in all twenty thousand shares, which said shares
may be placed upon the market and sold for such prices and
under such regulations as the board of directors may adopt.

3. When the amount of the minimum capital of the company
shall have been subscribed, the subscribers may organize by
electing twelve directors, who shall constitute a board for the

ad management of the affiairs of the company, and the said direct-

| ors from among themselves shall elect a president, a vice-presi-
dent, a secretary and treasurer and a superintendent; and the
stockholders of said company may pass all such by-laws and
regulations as they may deem necessary or proper for the due
and proper conduct and management of its affairs not incon-
sistent with the constitution of this state or of the United

States.

4. To constitute a meeting of stockholders there must be
present a sufficient number to give a majority of all the votes

g which could be given by all the stockholders, and at all such
meetings each stockholder shall be entitled to as many votes
as he shall hold shares of stock, and representation by proxy
or power of attorney shall be allowed, if filed with the sec-
retary and treasurer two days before the meeting at which the
same is intended to be used.

5. The said board of directors shall have the right to pre-
scribe the time or times, manner and amounts in which the
payments of the subscriptions to the capital stock shall be
made. At all meetings of the board five directors shall consti-
tute a quorum. .

6. The principal office of the company shall be in the city of
Norfolk, Virginia, but the stockholders shall have the power
and authority to change the same to some other point as they
may wish, or as the interest of the company may seem to re-
quire.

- 7. The said company may purchase, hold, sell and convey
any and all land or other property necessary or proper for the
purposes and objects of the corporation; and such land or
other property may also be received by said company in pay-
ment of subscriptions to the capital stock at such valuation as
may be agreed upon between said company or the directors
thereof and the party or parties desiring to make such payment.

8. If any stockholder shall be in default in the payment of
his subscription as required by the directors, in addition to the
right of recovery by the company by legal proceedings, the
board of directors are hereby invested with the power and au-
thority, after giving public notice of the time and place of sale
for the period of two weeks in some newspaper published in
the place of the principal office of the company, to scll at
public auction for cash the said stock in respect to which such
default shall have been made, and to have the same properly
transferred to the purchaser, and out of the proceeds of such
sale shall be paid the charges and expenses of sale and the
amount due upon the said stock, and the surplus, if any, shall
be paid to the delinquent or his representative; and if at any
such sale there shall be no bidder who will purchase the said
stock at a price equal to the charges and expenses of sale and
the entire amount due and unpaid on the stock, then the said
company may purchase the said stock and hold the same for
its benefit, and make such disposition of the same as it by its
directors may deem fit.
9. This act shall be in force from its passage.