Chap. 104.—An ACT to incorporate the New South Segar works com-
pany.

Approved May 2, 1887.

1. Be it enacted by the general assembly of Virginia, Phat
P. P. Watson, J. P. Lewis, “Will Seott, John A. Brown, John
D. Spencer, John R. Brown, and Abner D. Stultz, and such
other persons as may hereafter be associated with them and
their successors, be and they are hereby incorporated and
made a body politic and corporate by the name and style of
the New South segar works company; 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 imple aded,
defend and be detended in all the courts, whether in law or
equity, may have a common seal, and alter or renew the same
at pleasure, and shall have and enjoy and exercise all the
rights, powers, and privileges pertaining to corporate bodies
and necessary for the purposes of a proper conduct of said
company, and may make by-laws and regulations and rules
consistent with the existing laws of the State for the govern-
ment of all under its author itv, the management of its estate,
properties, and business, and the due and orderly conduct of
its affuirs.
2. The capital stock of said company shall not be less than
fifteen hundred dollars, and may be increased to any amount
not exceeding twenty thousand dollars by issue and sale of
shares of stock, the par value of which shall not be less than
one hundred dollars, from time to time, under such regula-
tions as the board of directors ot said company shall pre-
scribe.
3. The said company shall have power to purchase and sell
tobacco, manufacture the same into SCGUPS, clyaretts, chewing
tobacco, smoking tobacco, snuff. and in such other styles as it

shall desire, and to that end shall have the right to hold,
lease, purchase or receive by gift, any real or personal prop-
erty, proper for the legitimate conduct of’ its business.

4. Any three of the persons named in this act, or such of
them as shall accept the provisions hereof, may elect a board
of directors of said company, which shall be sclected from
the stockholders of the same and annually thereafter; the
directors of said company shall be elected by the stockholders
at their annual meeting, the time and place of which shall be
fixed by the stockholders. Each stockholder may vole in
person or by proxy at all meetings and elections, and he shall
be entitled to one vote for every share of the stock he owns
at the time of voting. The directors shall annually cleet
from their body a president, whose term of office shall be one
year. Any vacancy in said office, or on the board of direc-
tors, may be filled by said board. The president shall have
power £0 call meetings of the stockholders and board of’ di-
rectors. The principal office of the company shall be at Mar-
tinsville, Virginia.
do. Whenever the minimum amount of capital stock shal
have been subscribed and the board of directors shall have
elected a president, said company shall be considered legally
organized and may proceed to the transaction of business. 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 the board
of directors may deem expedient and proper, and may secure
the payment of the same by mortgages or deeds of trust
upon all or any part of its franchises, including its franchises
to bea corporation. No stockholderin said company shall be
held Hable or made responsible for any of the debts or Habill-
ties thereof ina larger or further sum than the amount ot
any unpaid balanee due to the said company from him for
stock subscribed for by said stockholder.

6. All taxes, debts and demands due the State of Virginia,
shall be paid in lawtul currency of the United States and not
in coupons, and the State reserves the right to modify, alter,
or repeal this act at any time hereafter.

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