Chap. 361.—An ACT to Tncorpente the Virginia Mining and Improve-
| iment Company.

In force April 2, 1873.

1. Be it enacted by the general assembly of Virginia, That
Henry Morris, Caspar Morris, Israel Morris, Wistar Morris, J.
Cheston Morris, Israel W. Morris, Galloway C. Morris, Henry M.
Murray, Henry G. Morris, Jas. Wood, Geo. Vaux, Jas. T. Shinn,
Theo. H. Morris, F. W. Morris and W. H. Morris, their agso-
ciates, successors and assigns, be and they are hereby created
a body politic and corporate, by the name, style and title of the
Virginia Mining and Improvement Company; and they are
hereby invested with the rights, powers and privileges, and
subject to all the rules, regulations and restrictions provided
and prescribed in the Code of Virginia, and any laws amenda-
tory thereof now in force, so far as the same are applicable to
and not inconsistent with the powers and rights herein granted.

2. The capital stock of the said company shall consist of
twenty thousand shares, of fifty dollars each; and the said cor-
porators, and those whom they may associate with them, may
make and receive subscriptions to the capital stock when and
as they shall deem expedient; and they are hereby authorized
to make and receive subscriptions to the said stock in land or
personal property at such values as they may agree upon, and
to fix and direct the amount to be paid by each subscriber for
stock, at the time of making his subscription, and to determine
the times and amounts of subsequent payments, and to act as
directors of the company until the board is elected, and to fix
the time for the first election. In all meetings of the stock-
holders of said company, each stockholder shall have as many I
votes as he has shares.

3. The said company shall have power to take, purchase, f
hold, and convey land in fee simple, or for any less estate, in ?
Augusta, Rockingham and adjacent counties, or either or any
of them, to an amount not exceeding one hundred thousand
acres; and to sell and dispose of the same, or any part thereof,
and good title give to the purchaser, with power also to bor- 4
row money on mortgage of their said lands, or any part there- 3
of; and to issue bonds, as their business may in their judg-
ment require, at a rate of interest not to exceed that allowed
by law.

"4 It shall be lawful for said company, and they are hereby F
authorized, to construct railroads not exceeding one line in *
each county, or other roads not exceeding fifteen miles in
length, to be used for such purposes as the company direct,
from any point or points on their own lands, to any railroad
or work of improvement heretofore or hereafter to be con-
structed in the commonwealth of Virginia, with the consent
of such railroad or other improvement companies, and to charge
reasonable tolls or freights for the use of the same. And they
shall have power to construct such road or roads upon the ¢
lands of persons other than those of the said company with §
the consent of the owner of such land, or by contract with»
such owner ; and in case such consent cannot be obtained, then
the land required for the right of way may be condemned in
the manner prescribed in the fifty-sixth chapter of the Code of
Virginia. And the said corporation is hereby specially author- F
ized and empowered to transact any business (except banking) °
which may aid them in the development of their property. P

5. The stockholders shall annually, on the first Tuesday of p
May, elect a board of directors, to consist of not less than \
five nor more than nine stockholders, for the management of
the affairs of the company, to serve for one year, and until
others are elected. Of the time and place of such election N
public notice shall be given in such manner as may be pre- 4
scribed by the by-laws of said company, and the company shall
not be dissolved by reason of a failure to elect such directors
at the time and place named. The directors shall elect one of p
their number president of the board and appoint such other °
officers as the business and interests of the company may re-
quire, and fix their compensation. T

6. The board of directors shall have power to make and es- ©
tablish such by-laws as they may deem necessary for managing p
and conducting the business and interests of the said company,
with the right at any time to repeal, alter and amend the same:
provided, they shall not be in conflict with the constitution
and laws of Virginia, or of the United States.

7. This act shall take effect from the date of its passage. ©