Chap. 296.—An ACT to incorporate the Balcony Falls Company.
Approved March 4, 1884.

1. Be it enacted by the general assembly, That John D. H.
Ross, A. S. Buford. James J. White, Francis T. Anderson.
A. T. Barclay, and such persons as may be associated with
them and their successors, are hereby created and constituted
a body politic and corporate. by the name and style of the
Balcony Falls company, and by such name, shall have per-
petual succession, may contract and be contracted with, sue
and be sued, make and use a common seal, and alter the same
at pleasure, and make and maintain such by-laws, rules, and
regulations for the government of said corporation, and the
conduct of its business as may be deemed necessary, not to
conflict with the laws or the constitution of this state or ot
the United States.

2. The capital stock of said company shall not be less than
ten thousand dollars, to be divided into shares of one hundred
dollars each, and the same may from time to time be in-
creased by additional subscriptions, or the issue and sale of
shares to such amount, not exceeding two million, five hun-
dred thousand dollars, as the stockholders at any general or
special meeting may authorize and prescribe. The said com-
pany may receive subscriptions to its capjjtal stock, or pay-
ment for its shares go issued, in money. land or other property,
upon such terms as shall be agreed or authorized by the
board of directors, and said company may give a preference
to a portion of its capital stock over the residue thereof, or
to dividends and the payment thereof.

3. The corporators herein above named, or any three of
them, may receive subscriptions to the capital stock of said
company, and when the minimum capital of ten thousand
dollars shall have been subscribed, the said subscribers may
organize said company by the election of five directors, of
whom they shall elect one as president, to remain in office
one year, and until their successors are elected, unless sooner
removed by the stockholders. After oryanization as aforesaid,
the stockholders at any general meeting may chanee the
number of directors, and may provide for the proper govern-
ment of the corporation by such by-laws as they may deem
fit and proper as herein above authorized. The board of
directors may appoint such subordinate agents and officers of
the company as they may deem necessary for the proper
dispatch of the business of the company.

4. The said company is hereby authorized to carry on the
business of mining and manufacturing any of the ores, mine-
rals, metals, materials, or products of this state, and may
conduct such business at one or more points in the counties of
Rockbridge, Amherst, Bedford, Botetourt, or either of them,
and in such other counties of this state in which the said
company may deem it proper to acquire property or estab-

lish works for that purpose; and for these purposes the said
company shall have authority to buy, hold, sell, lease, or
otherwise dispose of any real or personal estate deemed
necessary to the proper prosecution of its business, and may
on any property so acquired, erect and maintain buildings,
machinery, and structures needful for smelting, manufactur-
ing, and treating ores, metals, and minerals of whatever kind,
or for the production of manufactured fabrics from wood,
stone, metals, wool, cotton, hemp or other meterials, and may
operate, lease, sell, or otherwise dispose of the same, and may
on its own lands, contiguous or adjacent to any such manu-
factory or works erected, or to be erected, survey and lay out
lots, squares, or other divisions of such lands, and improve
the same, by buildings or otherwise, for sale. lease or other
disposition or use, and may establish such lawful rules and
regulations in the use thereof, as the board of directors of
said company may deem best to secure the comfort and wel-
fare of the occupants and others engaged or interested in
any manufactory or works there established or to be estab-
lished, and the said company may in connection with the use
or improvement of any of its properties, make, build, and
operate any canals or waterways, or tramways or railways
operated by horse or steam power, not exceeding ten miles
in length, and for this purpose when necessary, may acquire
by contract or by condemnation, such land or other property
or rights of way as may be necessary therefor, proceedings
for such condemnation to be in accordance with chapters
fiftv-six and fifty-seven of the Code of Virginia, and any laws
amendatory thereof.

5. It shall be lawful for said company to sell its bonds
from time to time for such sums and on such terms as its
board of directors may deem expedient and proper in the
prosecution of any of its works or business, and may secure
the payment of the principal and interest thereof, by mort-
gages or deeds of trust upon all or any portion of its pro-
perty, rights and franchises, including its franchises to be a
corporation; and it shall be lawful for said company to sub-
scribe to, and to hold shares in the capital stock of any rail-
road company or other corporation whenever the board of
directors shall deem it to be its interest to do so; each stock-
holder in said company shall be entitled to one vote for each
share held by him, and no stockholder shall be held in-
dividually liable for the debts or liabilities of the company
in any larger or further sum than to such amount as may
be due and unpaid severally upon his stock subscription.

6. The acceptance of this charter, and organization there-
under, shall be deemed to be a waiver by said company, of
any right to pay any taxes or dues, or assessments hereatter
mado from said company, to the state ot Virginia, in cou-
pons of this state, and shall be taken as an agreement on
the part of said company, to pay all of said dues, taxes, and
assessments in lawful money of the United States.

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