An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1883/1884 |
---|---|
Law Number | 408 |
Subjects |
Law Body
Chap. 408.—An ACT to incorporate the Montgomery and Floyd Min-
ing and Manufacturing Company.
Approved March 13, 1884.
1. Be it enacted by the general assembly of Virginia, That
C. L. Pierce, T. W. Spindle, William M. Ellis, Harvey Black,
U. G. Guerrant, F. Rover, George G. Junkin, A. A. Phlegar,
F. J. Chapman, W. RK. Staples, J.C. Green, Wilham H. Har-
man, W. . Cummings. J. P. Profit, J. L. Howard, and Z.
Dobyns, of Virginia; J. H. Bramwell, of New York: and
David Ward, of Michigan, or any five of them, their asso-
ciates and successors are hereby constituted a body politic
and corporate, by the name of the Montgomery and Floyd
Mining and Manufacturing company ; and as such may have
all the privileges, franchises, and immunities applicable to
such a corporation under the laws of Virginia.
2. The capital stock of the company “shall not be more
than one million dollars, and shall not be less than twenty
thousand dollars, and the same shall be divided into shares
of one hundred dollars each. Any three or more of the cor-
porators named may act as commissioners to receive sub-
scriptions to the capital stock of said company, at such times
and places as they may designate, giving notice of the open-
ing of the books of subscription by publication, for at least
two successive weeks, in some newspaper published in Mont-
gomery county, Virginia.
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3. The said company shall have the right to buy or sell,
contract for buying or selling, receive, lease, hold, grant, con-
vey, exchange, mortgage, and use property, real, personal,
and mixed in this state, and to improve its properly, or any
part of it, by the erection of furnaces. forges, rolling mills,
manufactories and other Buildings, and to colonize and settle
its lands, and to lay out the same, or any part thereof, into
towns, with lots, streets and alleys; but the said corporation
shall not bold in fee simple more than sixty thousand acres
of land at any one time.
4. The said company shall have the right to mine iron and
other ores, transport, buy and sell the same, and to manu-
facture the same, in any of the various branches, forms and
uses for which they may be adapted.
dD. ‘That said company shall have the right to construct,
maintain, equip, and operate, or to assist other corporations
or associations or individuals in constructing, maintaining,
equipping and operating, roads, tramways or railroads, from
their mines or works, or any of them. by the most practicable
routes, to intersect with the Nortolk and Western railroad,
or any other railroad: provided that no such road, tramway,
or railroad shall exceed twenty mile in length; and the eom-
pany may, for the purposes indicated. subscribe to, purchase,
or hold shares in the capital stock of any corporation or as-
sociation of individuals formed for building any such roads,
tramways or railroads; and may further, for the purposes
indicated, make loans to, or guarantee, or endorse the obliga-
tions of any such corporation or association of individuals.
6. Subscriptions to the capital stock of said company may
be received, payable in money, or payable in whole or in
part, in bonds and stock of other corporations or associations
of individuals, lands, mines, mineral rights, metals, leases,
options, material or labor, at a valuation in each ease to be
agreed upon between the acting Commissioners or the com-
pany, and those making the subscriptions; but on all sub-
scriptions taken by said acting commissioners, whether pay -
able in money or otherwise, there shall be paid to them in
cash, at least two per centum of all amounts subscribed
the time of making the subscriptions.
7. No stockholders in the said company shall ever be held
liable or made responsible for its debts and liabilities in a
larger or further sum than the amount of any unpaid bal-
ance due to the said company, for stock subscribed tor by
said stockholders,
8. The board of directors may establish offices and agen-
cies, at such places as they may think proper, but the prin-
cipal offices shall be at Christiansburg, in) Montgomery
county, or elsewhere in Virginia, as the stockbolders may,
in general mecting determine.
9. The said company shall have power to borrow money
on its bonds or other evidences of debt, at a rate not exceed-
ing seven per centum interest per annum, and to secure the
same by one or more deeds of trust or mortgages, upon its
road or roads, franchises, works, property, real estate and
incomes, or any part thereot.
10. This act shall be in force from its passage.