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 | 469 |
Subjects |
Law Body
Chap. 469.—An ACT to incorporate the Wythe County Tron Com-
pany.
Approved March 17, 1884.
1. Beit enacted by the Bera assemnbly of Virginia, That
James S. Crockett, M. B. Tate, J. W. Robinson, George R.
Dunn, J). P. Graham, N. P. Ovleshy, Joseph J. Doran, W.
C. Burlett, or such of them as may accept the provisions
of this act, their associates and suceessors, be and they are
hereby incorporated and made a body politic and corporate
under the name and style of the Wythe County Tren Com-
pany. and by that name shall be known in law, and shall
have perpetual succession, and have power to sue and be
sued, plead and be impleaded, defend and be defended in all
courts, Whether in law or in equity, and may make and have
a common seal, and alter and renew the same at pleasure,
and shall have, enjoy and exercise all the rights, powers and
privileges pert: ining to corporate bodies, and neecssary for
the purpose oft this. act, and may make by-laws, rules and
regulations consistent with the existing laws of the state, for
the government of all under its authority. the management
of its estate and properties, and the due and orderly conduct
of its affairs.
2. The capital stock of the said company shall not be less
than fifty thousand dollars, and may be increased to any
amount not exceeding two million five hundred thousand
dollars, by issue and sale of shares. the par value of which
shall not be less than fifty dollars, from time to time, under
such regulations as the board of directors of said company
shall, from time to time, prescribe ; and the directors may
receive real or personal property suited to the business of
the company in payment for subscriptions to the capital
stock at such valuation as may be agreed upon between the
directors and the subscribers.
3. The said company is authorized and empowered to pur-
chase, hold, own, lease and control in any manner, such real
estate not to execed thirty thousand acres in any one county,
in the counties of Pulaski, Bland, Wythe, Smyth, Grayson
and Carroll, in the state of Virginia, as may be necessary for
the purposes of its business, and trom time to time to manu-
facture iron and steel and other inctals and articles composed
wholly or partly of iron and steel, and to sell and dispose of
the same, and to erect furnaces. rolling-mills, forges, mills,
machinery, fixtures, buildings, and the necessary appurte-
nances required in the conduct of their business; to mine
coal, iron, and other minerals ; and to make, lease or contract
for these, or any of these purposes; and the said company
shall have the right, from time to time, to purchase, lease,
hold and convey iron ore, mineral and limestone lands, rights
and interests in lands situate in any county in the state of
Virginia or elsewhere; and to mine iron ore or other min-
erals therefrom, to prepare the same for market, and trans-
port and sell the same.
4. The persons first named in this act, or such of them as
shall accept the provisions hereof, shall constitute the first
board of directors of the said company, and shall continue in
otfice until the first meeting of the stockholders thereof. At
such first meeting, and at every annual meeting, so many
directors shall be elected as may be prescribed by the by-laws
and regulations of said company, who may be removed by
the stockholders in general meeting; but unless so removed,
shall continue in office until their successors shall be elected
and qualified. Hach stockholder in the company shall at all
meetings or elections thereafter be entitled to one vote tor
each share of stock registered in his name.
5. The board of directors shall be stockholders of said
company. * They shall appoint one of their number president,
and may fill any vacancy that may occurin said board, unless
by removal; in which casé the same shall be filled by the
stockholders in general meeting. Whenever the minimum
amount of capital stuck herein named shall have been sub-
scribed, and the board of directors shall have elected a presi-
dent, said company shall be considered legally organized, and
may proceed to the transaction of business. The board shall
appoint, to hold during its pleasure, the subordinate officers
and agents of the said company, prescribe their compensa-
tions, and take from them such bonds, with security, as they
may deem fit.
6. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the princt-
pal office of the company shall be located at some point
within the limits of the state of Virginia.
7. The annual meeting of the stockholders of the said
company shall be held at Wytheville, in Wythe county, Vir-
ginia, on the first Wednesday of May of each year, or as soon
thereafter as practicable, and on such other day, and at such
other place, as the stockholders may, by resolution adopted
in any annual mecting, to take effect at the next annual
meeting, prescribe. A general meeting of the stockholders of
said company may be held at any time, as provided for by the
tenth section of chapter fifty-seven of the Code of Virginia,
edition of eighteen hundred and seventy-three.
8. The said company shall issue certificates of stock in
said company, to the subscribers thereof, in shares of not less
than fifty dollars cach, signed by the president and counter-
signed by the secretary of said company. The said certifi-
cates shall be transferable only upon the books of the com-
pany, by the said subscribers, their personal representatives
or duly authorized agent or attorney; and the said certiti-
eates when so transferred, as aforesaid, may be returned to
the said company and cancelled, and new certificates of stock
shall be issued in lien thereof, to the person entitled thereto,
for a like number of shares.
9, It shall be lawful for said company to issue and 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; and may secure the pay-
ment of said bonds by mortgages or deeds of trust, upon all
or any portion of its property and franchises, including its
franchise to be a corporation; and it shall be lawful for said
company to subscribe to, and hold shares in the capital stock
of any railroad company or other corporation, whenever the
board of directors of the company shall deem it to its interest
so to do.
10. No stockholder in said company shall be held liable or
made responsible for its debts and Habilities, in a larger or
further sum than the amount of any unpaid balance due to
the said company for stock subscribed for by said stockholder.
11. Whenever this corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges.
12. This act shall be in force from. its passage, but the
general assembly of the state of Virginia, reserves the right
to modify, alter or repeal this act at any time hereafter.