Chap. 306.—An ACT to incorporate the Greenleaf Johnson lumber
company.

Approved March 1, 1888.

1. Beit enacted by the general assembly of Virginia, That |
Greenleaf Johnson, Howard N. Johnson, Greenleaf Johnson,
junior, and KE. E. Smith, and such other persons as may be
associated with them, be and they are hereby created and
constituted a body politic and corporate for the purpose of
conducting a general lumber business in all its branches, un-
der the name and style of the Greenleaf Johnson lumber |
company, and by such name shall have perpetual succession
and a common seal, which it may adopt and alter at pleasure;
may contract and be contracted with, sue and be sued, and
make, maintain, and alter such by-laws, rules, and regula-
tions for its government and the carrying on of its business
as it may deem expedient, not in conflict with the constitu-
tion and laws of this state or ot the United States.

2. The capital stock of said company shall not be less than }
one hundred thousand dollars nor more than five hundred
thousand dollars, divided into shares of one hundred dollars
each; and said company may receive subscriptions to its capi-
tal stock or payment for its shares, in moncy, land, or other
property, upon such terms as may be agreed upon or author-
ized by its board of directors. Each stockholder in said com-

any shall be entitled to one vote for each share of stock held :
be him, and no stockholder shall be individually liable for |
the debts or liabilities of said company in any larger or fur-
ther sum than to such amount as may be due and unpaid
severally upon his stock subscription.

3. The corporators named herein, or any of them, may re- «
ceive subscriptions to the capital stock of said company, and’
when the minimum capital of one hundred thousand dollars
shall have been subscribed, said subscribers may organize
said company by’ the election of such a number of directors
as they may deem expedient, but not less than three. The
directors shall elect a president of the company, and said -
president and directors shall remain in office for one year and ‘
until their successors are elected and qualified, unless sooner
removed by the stockholders. The number of directors may
be changed from time to time by the stockholders at any |
general meeting, and said stockholders may provide for the
government of the corporation by such laws, rules, and regu-
lations as they may deem fit and proper. The board of di-
rectors may appoint such other officers and agents for the
management of the business of the company as they may
think necessary or expedient.

4. The said company is hereby authorized and empowered |
to carry on the business of getting, cutting, buying, selling,
milling, transporting, and manufacturing timber and lumber
in whatever manner it may deem proper and expedient, and
generally to conduct and carry on the lumber business in all
its details, branches, and departments; and said company
shall have the right to buy, own, sell, dispose of, pledge, or
mortgage property of all kinds and descriptions, whether
real, personal, or mixed, and to own and operate in its busi-
ness, steamers, vessels, and boats of every kind, and to build,
own, equip, and operate such tramways and railroads as it
may desire for the transportation of its timber and lumber,
manufactured or unmanufactured: provided, that said com-
pany shall not own at any one time more than one hundred
thousand acres of land in this state.
5. Said company shall have the right to borrow money,
‘and to issue notes or bonds in such manner and for such
sums as its board of directors may determine, and it may se-
cure the payment of said notes and bonds, and interest there-
on, by mortgages or deeds of trust upon the whole or any
part of its property and franchises, including its franchise to
be a corporation, as its board of directors may deem proper
and expedient.

6. All taxes and assessments which may hereafter become
due to the commonwealth of Virginia, shalljbe paid in lawful
money of the United States and not in coupons.

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