CHAP. 58.—An ACT to incorporate the Mineral Land Company of
Virginia, Kentucky and ‘Tennessee.

Approved February 10, 1880.

1. Be it enacted by the general assembly, That E. M. Davis,
Edward Hooper, Edward Lewis, H. C. Davis and C. M. Foulke,

’ of the city of Philadelphia, Pennsylvania; H.C. Wood, M. B.

Wood, of Scott county, W. G. Newlee, Henry Patton, of Clai-
born county, Tennessee; John G. Eve, of Barboursville, Ken-
tucky; David Miller and Campbell Slemp, of Lee county, W.
W. James, J. H. Wood and J. C. Fowler, of Goodson, their
successors and assigns, shall be and they are hereby created a
body politic and corporate by the name of The Mineral Land
Company of Virginia, Kentucky and Tennessee, and by that
name shall have perpetual succession, may contract and be con-
tracted with, sue and be sued, plead and be impleaded, answer
and defend, as a natural person in all courts and places, and may
have and use a common seal, and change, alter and renew the
same at pleasure; they may also mgke such rules, by-laws and
regulations for the management and government of said com-
pany, its property, business and affairs as they may think
proper, and alter and change them at will, not to be in conflict
with the laws of the United States or this state; and the by-
laws of the said company shall direct the time and mode of
electing its directors and fix their number and prescribe their
qualifications, powers and duties, and their terms of office and

nay the manner of their succession; and the directors of said com-

ck
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pany may establish offices for its business at such points as
may be desired, and have their principal office at any place
they may think proper, at which it shall be lawful to hold all
their meetings and transact all their business; and the per-
sons named herein, their successors or assigns, or a majority
of them, may fix the capital stock of said company at such an

ain} amount as they think proper, and divide the same into as

many shares as they may deem advisable, which may be altered
and changed in accordance with the provisions of the by-laws;

1b- and they may open books for subscriptions to the same at such

times and places and subject to such terms and conditions as
they may deem proper, and issue certificates of stock in such
manner and form and under such rules, regulations and restric-
tions as they may consider necessary; and said company is c
also hereby fully authorized and empowered to receive, lease, b
purchase, hold, own and control in any manner, and grant, a
bargain, sell, convey and otherwise dispose of in its corporate ™
name, such real, personal and mixed property in Virginia and
elsewhere as it may desire, and shall have all powers, rights, P
privileges and franchises of ownership over any property that “
it may in any manner acquire that a natural person might, could
or would exercise over or do with the same; and shall have all
other powers usual and incident to corporators; and is also
fully authorized and empowered to do all acts and things requi-
site and necessary for the interest and benefit of the share-
holders.

2. That the board of directors shall elect from their own ©
number a president of the company, and the president and ®
other directors shall elect or appoint all of its other officers P
and agents and prescribe their qualifications, powers and du- e
ties; and the property, business and affairs of said company $
shall be vested in and controlled by the board of directors for p
the use and benefit of the shareholders; and the board of 0
directors may cause the books of subscription for the capital B
stock to be continued open until the whole is subscribed, or +
they may hold, sell or otherwise dispose of the same as they &
may think proper; and the stock of said company shall be
held to be personal estate, and pass as such, and shall be sold
and transferred as the by-laws may prescribe; and the board r
of directors are hereby authorized and empowered to borrow
money for the use and benefit of said company upon such terms p
as they may think proper, and they may secure the repay-
ment of the same by deed of trust upon the property, rights
and franchises of the company, and in such conveyances
authorize and empower one or more trustees to sell and con-
vey or otherwise dispose of the same in accordance with the
provisions of the conveyance without the intervention of a
court of law or equity, and a sale and conveyance thus made
shall have and vest a good and perfect title to the property
sold free from all incumbrances and liabilities whatever; and F
if the whole of the assets of said company be sold, the pur-h
chasers shall be entitled to all the benefits of this act; and the +
board of directors may also issue and sell the bonds of the
company upon such terms as they may think proper, and may
do such other acts and things as may be desired: provided,
the same are not contrary to the laws of this commonwealth or
the laws of the United States..

3. No banking privileges are conferred by this charter. N

4. The subscriptions of the stockholders may be paid in real
or personal estate or in money, as may be directed by thes
board of directors.

5. This act shall be in force from its passage. C