Chap. 415.—An ACT to incorporate the Tazewell County Improve-
ment Conipany.

Approved March 13, 1884.

1. Beit enacted by the general assembly of Virginia, That
William EB. Perry, R. P. Gilliam, William G. Mustard, N. C.
Anderson, Joseph Stas, Junior, Joseph Harrison, A. J. Tynes,
A. J. May, R. W. Witten, William Blankenship, Erastus
Scott, A. H. Gibboney, R. R. Henry, 8S. C. Graham, James
Bandy, John M. Ratliff, John C. Prater, John W. Prathu,
Richard Ratliff, Simon Graybral, J.C. Williams, Joseph Gil-
lespie, A. G. Cox, James W. Thompson, James Honaker,
Samuel W. Williams, John R. Compton, Samuel H. New-
berry, and Samuel Mustard, or such of them as may accept the
provisions of this act, their associates and successors, be and
they are hereby incorporated and made a body politic and
corporate. under the name and style of Tazewell County Im-
provement company,

2. The said company may, by or under its corporate title.
make and use a corporate seal, which it: may alter or renew
at its pleasure. and may sue and be sued, plead and be im-
pleaded, contract and be contracted with, and make by-laws,
rules, and revulations consistent with existing laws of the
state, for the government of all under its authority, the man-
agement of its estates and properties. and the due and orderly
conduct of its attains.

3. The capital stock of said company shall not be less than
twenty thousand dollars. and may be increased to any
amount not exceeding one million dollars, by issue and sale
of shares thereof. not Jess than ten dollars each from time to
time, under such regulations as the board of directors of said
company shall, from time to time, prescribe; and the diree-
tors may receive real or personal property, in payment for
subscriptions to the capital stock. at such valuations as may
be agreed upon between the directors and the subscriber,

4. Phe said company is authorized and empowered to
purchase, own, hold, lease, and control in any manner, sell,
grant and convey real and personal estate: provided that
such company shall not hold any more real estate than is
proper for the purposes for which it is incorporated: to mine
and diy for iron ores, coal, marble, stone, slate, and other
minerals and metals, and to manufacture iron, steel, coke, fire
brick, @lass, and any articles com pasck either wholly or in
part of wood, iron, steel, stone, slate o any metal or mineral,
and may market and sell any of its products. It may erect
furnaces, rolling mills. forges, mills. fixtures and appurten-
ances, and any machinery necessary tor the operation ot
its business, and operate the same. It may lay pipes. cut

‘anals, and erect water works, build and operate roads, tram-
ways and railways. and may connect any of its lands, works
or property with its other lands, works or property by tram-
ways and railways. and may connect them with any rail-
road: provided, it shall not be authorized to construct any
‘allroad or water dine, which shall exceed twenty miles in
length. In constructing and operating its tramways and
railways, it shall be entitded to the benetit and subject to all
the penalties of the general laws of this state in regard to

‘ailroad and internal improvement companies. It may lay
out manufacturing sites. streets. and alleys, grade streets,
erect houses and gas works, and sellor use the same. It shall
have its principal office at Jeffersonville, in Tazewell county,
Virginia.

3. It shall be lawful for any railroad company and incor-
porated company to subscribe to the capital stock of said
company ; and they may acquire its bonds, full power being
hereby viven such companies for that purpose; and it shall
be lawful for any stockholder of said company to hold the
stock of said company. in any sum not prohibited by the by-
laws of said company, and to cast one vote for each share of
stock owned by him.

6. It may issue its bonds and sell the same upon such
terms as the board of directors may prescribe, and may
secure said bonds by deed of trust or mortgages upon its
franchises and property. or any part of its property.

7. No stockholders shall be held liable or made responsi-
ble for the debts or liabilities of said company, in a sum
beyond any balance due from said stockholder to. said com-
pany, on stock subscribed by said stockholder.

8. The directors of said company shall be stockholders,
and they shall clect one of their number president. Their
number shall be not less than tive. and they shall be elected
by the stockholders in’ their annual meetings. They shall
serve until their successors are elected. and the ‘vomiuy fill any
vacancy in their board. For the purpose of organizing said
company, the seven persons first named in this act, shall con-
stitute its first board of directors, any three of whom may
act. They may receive subscriptions to the capital stock at
any time and place without advertising, and when the sum
of twenty thousand dollars or more is subscribed. they shall
convene the stockbolders and organize said company, and
certify such ofganvavon on the books of the company. and
such certificate or s copy thereof, when attested by a notary
public, shall be received as evidence of the legal organization
of such company. But such organization shall be had within
one year alter the passage of this act.

9. This act shall be in force from its passave.