CHAP. 126.—An ACT to incorporate the Virgiula Forest Improvement
Company.

Approved April 2, 1879.

1, Be if enacted by the general assembly, That William L.
Hatton, J. S. Hatton, C. H. Bennett, W. Spencer, J. P. Harlan,
and their associates, and such other persons as may become
holders of the stock of said company, are hereby created a
body politic, by the name of The Virginia Forest Improvement
Company, and as such shall have perpetual succession and ail
the powers, privileges, franchises and immunities of 4 copora-
tion.

2. That the capital stock of eh company shall consist of one
thousand shares, of the par vathe of twenty five dollars per
share; and the president and directors shall have power from
time to time to issue such an additional amount of stock as they
may deem necessary to carry out the objects of the corpora-
tion: provided that said stock shall not be increased to more
than five thousand shares, or may issue the bonds of said
company, bearing such rates of interest, not exceeding six per
centum per annum, and payable at such times as they may
designate, or may issue both stock aud bonds, and dispose of
either or both of the ssme at such price and in such way and
manner as they may deem expedient; an shall have power
to secure the priacipal and interest of said bonds by a inort-
gage or mortgages upon the whole or any parts of their prop-
erty, real or personal, and their corporate rights and franchises
acquired or to be acquired by said company.

3. The said corporation shall haye power to purchase, sell
and transport timber, minerals, mn eral ores and other mate-
rials, and to mine and to manufacture the same, and for this
purpose the said company shall have power to acquire from
time to time, by purchase, lease, or otherwise, such lands and
properties as they may dgei expedient; and may lease, sell,
mortgage or otherwise dispose of such lands and properties, or
any rights, easements or privileges therein; and may construct
all necessary buildings and fixtures necessary for the business
of mining and preparing ininerals for market, mining and man-
ufacturing, and the accommodation of persons engaged in their
employ in the said business,

4, That the corporators, or a majority of them, named in the
first section of this act, over their own signatures, shall pre-
pare a certificate setting forth that they have elected a presi-
dent and six directors of said company, and the powers and
duties of said corporators shall thereupon finally ccase and
determine; and said certificate, when deposited in the archives
of said company, shall be evidence of the election of the pres-
ident and directors named, and a majority of said directors
shall adopt a form of subscription for stock, and when not less
than two hundred and fifty shares shall have been subscribed
for, and not less than five dollars per share shall have been paid
in, 2 meeting of the stockholders shall be called at a time and
place to be designated in a written or printed notice to be
served upon each stockholder, either personally or by mailing
the same to his place of residence; and at the said meeting, or
some adjournment thereof, the stockholders present, either in
person or by proxy, shall have power by a majorty of votes to
elect a new president and a new board of six directors, or to
continue the old president and the old board, and shall adopt
such by-laws fixing the terms of office, qualifications, and elec-
tion of president and directors, the time and place of holding
an annual mecting of the stockholders and election of president
and six directors, the convening of special meetings of stock-
holders, the calling in and enforcing by suit, forfeiture, or
otherwise, of payment of stock subscriptions, and such other
matters connected with the business of the said company as
they may deem advisable; which said by-laws may be amended,
altered, or repealed by a majority of votes at any general or
special mecting of the stockholders; and at all corporate meet-
ings or elections, for any purpose whatsoever, each share of
stock shall entitle the holder to one vote.

5. The stockholders, at their annual meeting, or ab some ad-
journed meeting, shail elect a president and six dhrectors, who
shall serve for the ensuing year and until their suecessors are
elected; and any vacancy in the office of president or directors
shall be filled by the remaining directors, or president and direct-
ors, as the case may be; any four of the presidents and directors,
for the time being, shall constitute a quorum, and shall be sub-
ject to the by-laws adopted by the stockholders, exercise all
the corporate powers which the corporation may at any time
lawfully exercise, including the power of appointing ail such
officers, agents, or employees as they may from time to time
adopt, repeal, alter, or amend the by-laws for regulating the
business of ihe company not inconsistent with those adopted
by the stockholders; and it shail be lawful for the president
and directors of said company to subscribe for and purchase
the lands or stock of any other incorporated company in the
state of Virginia, and for any railroad company or other copo-
ration existing under the laws of this state or elsewhere, to
subscribe for or purchase the stock, or to purchase or guaran-
tee the bonds of the company hereby incorporated.

6. This act shall be in foree from its passage, and at all
times be subject to alteration, amendment or repeal, at the
pleasure of the general assembly.