Chap. 143.—An ACT to incorporate the Lynchburg Cotton Mill and
Improvement company.

Approved February 18, 1888.

1. Be it enacted by the general assembly of Virginia, That
George M. Jones, Max Guggenheimer, junior, R. H. T. Adams,
George W. Palmer, J. T. Pettyjohn, James A. Ford, William
Hurt, N. R. Bowman, John W. Carroll, J. J. Scott, J. P.
Shoner, and such other persons as may be hereafter associated
with them, shall be, and are hereby created a body politic

-and corporate under the name and style of the Lynchburg
cotton mill and improvement company, under which name
and style its shall be known at law, and shall have perpetual
succession, may sue and be sued, plead and be impleaded, may
make and have a common and corporate seal, and alter and
renew the same at pleasure. Said company shall have and

, enjoy, and may exercise all the rights, powers and privileges
pertaining to corporate bodies and necessary for the purposes
of this act; and it may make by-laws, rules and regulations,
consistent with the laws of this state and of the United States,
for its government and for the control and management of its
estates, properties, business and employees.

2. The capital stock of said company shall not be less than
one hundred thousand dollars, and may be increased, from
time to time, by the board of directors to a sum not to exceed
one million of dollars, to be divided into shares of one hun-
dred dollars each. . Sums subscribed to the capital stock shall
be paid by the stockholders as called for by the board of di-
rectors, and may be collected as subscriptions of the like
nature are collected by law.

3. Said company shall have power to build and equip a
cotton mill, a woolen mill, or any other mill or manufactur-
ing enterprise whatsoever, and to operate the same or any of
them. It may sell the product of its own manufacture, buy
the raw material for the same, and may in general conduct a
merchandise business, or do any other business which may be
lawfully conducted by any other person, natural or corporate.

4. The said company shall have power to buy and sell real
estate, and to convey the same by proper deeds, to borrow
money, and to secure the payment of the same by a mortgage
or deed of trust upon its property, rights and franchises, or
any part thereof. It shall further have power to purchase,
hold and sell all kinds of personal property, to subscribe to
and hold stock in other companies, and to sell and deal in the
same. The company shall not, however, at any one time
hold real estate which shall exceed the sum of two millions
of dollars in value.

5. It shall have power to build houses on its property, to
rent out the same, to lay out streets on its property and to
dedicate them to the public, to establish water’, gas or electric
works upon its property, and to charge for material furnished
thereby to others.

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6. It shall have power to construct, hold and operate a!
railway from any of its mills, or other property, to any rail-.
road in this state: provided the said road, to be so construct-
ed, shall not be over fifteen miles in length. It shall also have
power to construct, operate and hold a belt railroad in and
around the city of Lynchburg, or any part thereof; and for
the purpose of such construction, it shall have power to con-
demn land for its purposes and for its right of way: provided
such condemnation be made as provided by law for condem-
nation in other like cases: and provided further, that when
it has constructed any railways or branches, the same shall
be operated by it for the purposes of carrying out the objects
of this charter, subject to all the laws of the state controlling
the general management and operation of railways.

7. As soon after this charter takes effect as possible, it shall -
be the duty of the corporators herein named, to open books of
subscription to the capital stock of this company, and as soon as
as much as one hundred thousand dollars has been subscribed
to the capital stock thereof, to call a meeting of the stock-
holders for the purpose of organization. In all meetings of
stockholders each share of stock shall be entitled to one vote.
All meetings of stockholders, whether annual, general or spe-
cial, shall be called orly upon a notice published daily in at
least one of the newspapers of the city of Lynchburg. The
first meeting of stockholders, held under this charter for or-
ganization, shall be called by the corporators as above pro-
vided ; thereafter all meetings may be called as provided in the
by-laws or by the general laws of the state.

8. The officers of the said company shall consist of a presi-
dent, a vice-president and eleven directors, and such other
officers as the by-laws may prescribe. The directors shall be
elected by the stockholders annually at such time and place
as the by-laws may prescribe. The president and vice-presi-
dent shall be elected by the board of directors, and their du-
ties shall be those laid down by the by-laws. They shall be
ex-officio members of the board of directors. Al! other officers
and employees shall be elected by the board of directors, who
shall define their powers, duties, compensation and responsi-
bilities, and shall ix the penalties of their official bonds when
such bonds are required.

9. The principal office of the company shall be in the city
ot Lynchburg, or within two miles thereof. The said city is
hereby authorized and empowered to exempt the property,
works and franchises of the said company, which may be
situated in its midst, from taxation for any period not exceed-
ing twenty years, which its council may deem expedient.
Any railroad which has a station in the city of Lynchburg
may, and is hereby authorized to subscribe to the capital
stock of the said company.

10. All taxes, dues and demands to the state shall be paid
in lawful money of the United States, and not in coupons.

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