Chap. 230.—An ACT to incorporate the Nelson manufacturing com-
pany.

Approved February 24, 1888.

1. Be it enacted by the general assembly of Virginia, That
Thomas P. Fitzpatrick, A. G. Pettit, W. C. Fitzpatrick, W.
J. Pettit and R. A. Coghill, and such others as they may as-
sociate with them, be and they are hereby declared a body

politic and corporate by the name and style of the Nelson

manufacturing company, and as such shall have perpetual
succession and a common seal, and may sue and be sued,
plead and be impleaded, contract and be contracted with,
make ordinances, by-laws and regulations, not inconsistent
with the provisions of this act or other laws of this state or
of the United States, for the government of its officers and
agents and the proper conduct of its affairs.

2. The capital stock of the company shall not be less than
five thousand dollars nor more than one hundred thousand
dollars, to be divided into shares of one hundred dollars each,
to be subscribed for under the direction of the persons here-
inbefore named, or such of them as may accept the provisions
of this charter, or of such agent or agents as they or the
company hereby incorporated may appoint. Any real estate,
mines, water power or water rights may be subscribed to the
capital of said stock at a price to be fixed or agreed upon be-
tween the partiesinterested. The office of the company shall
beat the Tye river depot.

3. When the minimum amount of stock shall have been
subscribed, a meeting of the stockholders may be called, and
if a majority of the stock be represented in person or by

proxy, a board of five directors shall be elected, and from
their number a president and vice-president shall be chosen,
to whom shall be entrusted the management of its business;
and they shall hold their offices for one year and until their
successors shall be duly elected. The board of directors is
hereby vested with power and authority to do any act and
conduct any business the company might lawfully do durin

, their continuance in office, and three of said directors sha
constitute a board for the transaction of business.

4. The said company may receive in subscription to its
stock, or purchase and hold real estate, water power, water
rights, and all such other property as in the judgment of its
officers may be necessary to the successful and profitable
conduct of its business; may erect, equip and operate woolen
factories, tanneries, foundries, and such other factories and
machinery as it may think proper, and may engage in and
carry on any other business that an individual may carry on;
may borrow money and execute notes for the payment
thereof; may lend money and receive notes therefor.

5. So soon as the said company shall be duly organized, it
may, from time to time, execute, issue and dispose of regis-
tered bonds with interest coupons attached, the bonds to run

Google
for not more than twenty years from the date thereof, the
interest to be payable annually at the rate of six per centum,
which bonds, when sold or disposed of, shall constitute a lien
upon the real estate of the said company in the order of their
sale or disposition, which shall be shown on the face of the
bonds. And the said company shall keep a register of the’
said bonds, showing the amounts and dates of the same and
to whom issued or assigned; which bonds shall be of the
amount of one hundred dollars, or its multiple, not to exceed
one thousand dollars. The right to issue said bonds shall be |
limited in the aggregate to the value of the real estate which '
shall be owned by the said company.

6. The said company shall at all times pay all taxes, as-'
sessments, or other dues, which may be assessed on its prop- '
erty of every description for state and county purposes, in
money, which, if paid, shall exonerate and relieve the stock-
holders from liability to pay the same upon the said property
or their stock in the company, and the personal liability of
the stockholders shall be limited to the amount due and un-
paid on the shares of stock owned or subscribed for by such
stockholder.

7. This charter shall not be forfeited for non-use for five |
years from the passage of this act, nor shall the provisions of |
section thirty-six, chapter fifty-seven of Code of eighteen
hundred and seventy-three, or any similar provisions thereto,
be applicable to this company.

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