Chap. 82.—An ACT to incorporate the Mountain Top Company.
Approved February 22, 1876.

1. Be it enacted by the general assembly of Virginia, That
William H. Haxall, J. Thompson Brown, Peter C. Warwick,
William B. Warwick, James C. Hardy, J. E. Neisswanger,
Sampson Hirsh, Charles Milbiser, Thomas Moore, J. M. Ste-
vens, W. W. Mays, and such others as may be associated with
them, are hereby constituted a body politic and corporate,
under the name of The Mountain Top Company, and by that
name shall have power to sue and be sued; shall have per-
petual succession and a common seal, and power to make
such by-laws and regulations for their government as are not
inconsistent with the laws of this state or’of the United
States. .

2. The object of the said company shall be the keeping
and maintaining a place of summer resort, and for this pur-
pose they may lease out their hotel and other property, or
manage and conduct the same by their own agents.

3. The capital stock of the said company shall not be less
than ten thousand dollars nor more than one hundred thou-
sand dollars, divided into shares of one hundred dollars each.
Every stockholder shall be entitled to one vote for each
share of stock which he may own; and the stock may at any
time be increased to an amount not exceeding one hundred
thousand dollars, by a vote of a majority of the stockholders.

4, The principal office of the said company shall be in the
city of Richmond, state of Virginia; and the said company
may hold real estate not exceeding in quantity five thousand
acres of land.

5. The directors of the said company may, when necessary,
make assessments upon the stockholders, for the purpose of
repairing or improving its property, not exceeding twenty
per centum upon the par value of the stock; and they may
issue coupon bonds, not exceeding fifty thousand dollars in
amount, secured by a deed of trust upon all or a part of the
property of the said company.

6. If any stockholder shall tail or refuse to pay his sub-
scription, or any part thereof, or his stock note, or any part
thereof, for thirty days after the same shall be due and pay-
able, or shall fail or refuse to pay any assessment mude upon
him, in accordance with the fifth section, for thirty days
after he shall bave been notified thereof, the board of direc-
tors may, upon ten days’ notice in writing to such delinquent
stockholder, after first advertising the time and place of sale,
for five days, in some newspaper published in the city of
Richmond, sell his gtock at public auction, and out of the
proceeds of sale, first pay to the said company whatever sum
or sums may be due for subscriptions or assessments, includ-
ing the expenses of the sale, and the balance, if any, shall
pay to the said stockholder, his personal representatives or
assigns.

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

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