Chap. 256.—An ACT Chartering the Virginia Cane-Fibre Company.
Approved July 9, 1870.

1. Be it enacted by the general assembly of the state of
Virginia, That Robert W. Russell, Johannes Roth, William S.
R. Ogilby, Ferdinand Schultheis, and William P. Arnold, and
such other persons, citizens of the United States, as may be
hereafter associated with them, shall be and are hereby or-
dained, constituted, and declared a body politic and corporate,
in fact and in name, by the name of The Virginia Cane-Fibre
Company, and shall possess the general powers and privileges
of corporations; and shall be capable of purchasing, holding,
and conveying, without restriction, any lands and tenements
and other property, or any interest therein, which may be
necessary or expedient for the purposes of the business of the
said corporation—that is to say: the business of disintegra-
ting the reed-cane and other fibrous vegetable substances, and
converting the fibre into paper-stock, and for other purposes,
and manufacturing the same into building paper, pasteboard,
paper-box board, papier mache, and paper of various kinds,
and other articles, in this state and elsewhere.

2. That the capital stock of the said company shall be one
hundred thousand dollars, in one thousand shares of one hun-
dred dollars each, with liberty to increase the same, from time
to time, to one million of dollars, by a resolution of the board
of directors of the said company. The said company shall
organize when its minimum capital is subscribed and paid up.
That the said shares shall be issued to the persons named in
the first section of this act, in consideration of a transfer made,
or procured to be made, by them unto the said company, of
the following described property—that is to say: the manu-
factory, machinery, patent rights, and other property, in this
state, belonging to the New York and Fredericksburg cane-
fibre company—a corporation incorporated under the laws of
the state of New York; which said one thousand shares shall
be deemed and considered to be full paid-up stock.

The said company shall be authorized to purchase any man-
ufactory, machinery, land, or other property necessary or ex-

edient for the purposes of its business, and pay for the same
in shares of its capital stock, issued for that purpose; which
stock, so issued, shall be deemed full paid-up stock.

. And the said company shall be authorized to dispose of its
shares of stock and borrow money on such terms as it may
deem expedient.

The stockholders shall be liable only to the payment of the
full amount due by them for their shares of stock; and no
stockholder holding full paid-up stock, shall be liable for any
calls or contributions, or for any of the debts or obligations of
the company.

3. That the persons named in the first section of this act,
shall be the directors of the said company until others are
elected, as prescribed by the by-laws; and that they may hold
their first meeting upon the call of any three or more of them.
The directors shall hereafter be chosen by the stockholders, at
such times and manner as the by-laws may prescribe. The
said company may, by its by-laws, enacted from time to time by
its board of directors, make rules and regulations for the
management of the affairs and business of the company, and
its reports and accounts; the purchase and sale, or other dis-
position of property; the sale, issue, and trausfer of stock;
the evidences of ownership thereof; the number of directors,
and the increase of the capital stock; and may, by such by-laws,
define the powers and duties of the president and other ofii-
cers of the company, and of an executive committee of the
board of directors; and provide for their removal at the plea-
sure of the hoard, and also for the filling of any vacancies
caused by such removal, or by the death, resignation, or in-
ability to act, of any of the said officers or committee, or by
the death or resignation of any of the directors; and may
prescribe the mode of convening meetings of the stockholders
and directors; and make rules for the conduct and manage-
ment of the proceedings at such meetings, the right of voting,
the regulation of the elections, the verification of proxies, the
inspection of the votes, and the recording of the proceedings.
All the powers vested in the said company may be exercised
by the board of directors.

4, That the meetings of stockholders and board of directors
may be held out of as well as within this state, at such times
and places as may be provided by the by-laws. And the prin-
cipal office and the books of the company shall be kept at
such place or places, within or out of this state, as the direc-
tors may, from time to time, select.

5. That this act shall be subject to all general laws relating
to incorporated companies, applicable to and not inconsistent
with this act.

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