Chap. 80.—An ACT to incorporate the Washington Mannfacturing Com
pany. x

Passed April 24, 1867.

1. Be it enacted by the general assembly of Vi irginia, That
Graville J. Kelly, John E. Tackett, John P. Kelly, James W.
Ford and Levis. White, and thelr associates and successors.
are hereby created and constituted a body politic and corpo
rate, by the name and stvle of The Washington Manutne-
turing Company.

2. The capital stock of said company shall not be less than
one hundred and twenty thousand dollars nor more than one
million of dollars, to be divided into shares of one hundred
dollars each, and each share shall be entitled to one vote in
all meetings of the company; but there shall be no increase
of the capital stock of said company, over and above the
amount of one hundred and fifty thousand dollars, unless the
votes cast by nine-tenths of the shares shall agree to such in-
Creare, in a general meeting of said company.

3. It shall not be necessary to open books of subscription
for the stock of said company; but it shall be lawful for tbe
parties hereby incorporated to proceed at once to organize
the company, any four of whom may be competent to cfieet

said organization; and the organization shall be as valid m
all respects as if the same proceedings were had as are re-
quired for such purposes by the Code of Virginia.

4. The said company shall have authority to mae, from
time to time, such by-laws, rules and regia tions as it may
deem necessary tor the management and conduct of its busi.
ness; may fix the number of its directors; may appoint snch
officers and aventsas it deems fit, and prescribe and deter:
mine the functions and authority of such officers in the pre:
secention of its business; may hold its meetinus in the town
of Frederieksburg, or in any one of the cities of Richmowd.

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Baltimore or New York, and may locate the principal ofiice
of said company at either of said places, as the stockholders
thereof in general meeting may determine.

5. The business of said company shall be the manutacture
of vegetable, animal or mineral substances; the acquisition
of rights of water power, and the improvement of the same,
and the sale of its properties.

6. The said company may purchase and hold as much real
and personal property as it may deem necessary tor its: busi-
ness, not exceeding three thousand acres of land at any one
time; and may erect buildings and other improvements
thereon, and may rent, lease or sell the same; may acquire

and hold shares in the capital stock of the Fredericksburg
water power company, and sell the same; and it may pay tor
such properties, when so acquired, in its capital stock at its
par value, or in money, as the sellers thereof and said com-
pany may agree.

7. Whenever any increase of the capital stock of said
company is made, it shall be the right of any existing stock-
holders to subscribe for such ratable proportion of the inere-
ment ordered, as the stock held by him bears to the whole of
the existing stock, in preference to any person not a stock-
holder. |

8. In all respects not herein provided for, the said company
shall have all the rights, powers and privileges, and be sub-
ject to all the limitations and terms conferred and imposed
by chapters fifty-six and fifty-seven of the Code of Virginia,
except so far as they are in tonflict with this act.

9. This act shall be in torce from its passage, and shall be
subject to modification or repeal, at the pleasure of the gene-
ral assembly.