Chap. 307.—An ACT to incorporate the James River Coal Company.
| Approved April 20, 1874.

James River 1. Be it enacted by the general assembly, That Edwin F.
incorporated” Tony, Julius H. Pratt, Thomas Oram, Henry F. Tony, Thomas

am ann annanh nthar naranne ag maw haraaftan ha accn.

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constituted a body politic and corporate, by the name and
title of the James River Coal Company; for the purpose of
mining, purchasing, preparing, manufacturing and selling,
coal, coke, iron, and other minerals and ores, and of trans-
porting the same, and such other property and products, as
they may have occasion to transport for themselves:

2. The capital stock of said company shall consist of not
less than four thousand shares of one hundred dollars each,
and not more than forty thousand shares of like amount;
and the said corporators, and those whom they.may associate
with them, may make and receive subscriptions to the capi-
tal stock, when and as they shall deem expedient; and they
are hereby authorized to make and receive subscriptions to
the said stock in money, lands, leases, coal and mining rights,
or other property, real or personal, at such value as they may
agree upon, and to fix the amount to be paid by each subseri-
ber 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 stockholders of said company, each gtock-
holder shall have as many votes 4s he has shares of stock.

3. The said company may take, purchase, hold and convey
lands in the state of Virginia, in Henrico, Goochland, and
the adjacent counties, and in the cities of Richmond and
Norfolk, the lands to be held in said cities not to exceed ten
acres in each of said places at any one time, in fee simple, or
any less estate; the lands.to be held in fee in said counties
never to exceed twenty thousand acres at any one time; and
may purchase lands lying in said counties from any other
corporation, domestic or foreign, who are hereby authorized
and empowered, by and with the consent of two-thirds of its
stockholders, to grant, convey and transfer the same to the
company hereby incorporated, and to receive in payment
therefor shares of the capital stock of this company, or such
other consideration as may be agreed upon; and this said
company may sell and dispose of the same, or any part
thereof, or of any right or interest therein; with power also
to borrow money, to be secured on the said lands, or any part
thereof, and to issue bonds as they may deem judicious, at a
rate of interest not exceeding that allowed by law; but, un-
less especially authorized by a vote of the stockholders gwn-
ing two-thirds of the capital stock of said company, such
bonds shall not be disposed of by said company at a discount
exceeding ten per centum.

4. The said company ig authorized to transport its own
products and property between its depots, on the James River
and Kanawha canal, in the counties of Henrico and Gooch-
land, and the city of Richmond, by boats and barges, to be
used on the James River and Kanawha canal (the James
River and Kanawha canal company consenting thereto) and
between the cities of Richmond and Norfolk, by boats, barges,
steam and sailing vessels, to be used on the James and Eliza-
beth rivers and Hampton Roads; and own and maintain
such boats, barges, steam and sailing vessels as may be neces-
sary for that purpose.

5. The board of directors shall have power, from time to
time, to increase the capital stock of said company so that it
shall not exceed forty thousand sharer of one hundred dol-
lars each; and the shares of capital stock in said company
shall be deemed personal property, and shall be issued on
such terms and at such rate as the board of directors shall

prescribe, and shall be subject to the provisions of the twen-

ty-third, twenty-fourth, twenty-fifth, twenty-sixth, twenty-
seventh; twenty-eighth, twenty-ninth, thirtieth, thirty-first
and thirty-second sections of chapter fifty-seven of the Code
of Virginia, and to such other rules and regulations as the
board of directors may prescribe, not inconsistent with the
laws of the state of Virginia.

6. The stockholders shall, annually, at such time and place
as may be fixed upon, from time to time, by the by-laws of
said company, elect a board of directors, to consist of not
less than five stockholders, for the management of the affairs
of the company, to serve for one year, and until others are
elected. Public notice of the time and place of such election
shall be given in such manner as may be prescribed by the
by-laws of said company, and the company shall not be dis-
solved by the failure to elect such directors, at the time and
place named. The directors shall elect one of their number
president of the board, and appoint such other officers as the

usiness and interests of the company may require, and fix
their compensation.

7. The board of directors shall have power to make, alter
and amend such rules, regulations and by-laws as they shall
deem necessary for the well ordering of the business of said
company, not inconsistent with the constitution and laws of
this state or of the United States. .

8. This act shall take effect from its passage.