Chap. 119.—An ACT to incorporate the Pulaski water company.
Approved May 2, 1887,

1. Beit enacted by the general assembly of Virginia, That
J. B. Baskerville, W.C. Bullitt, M. J. Alexander, J. EB. Moore.
F. M. Dick, Joseph I. Doran, and Enoch Phillips, or such of
them as may accept the provisions of this act, their associ-
ates and assigns, be and they are hereby incorporated and
made a body politic and corporate under the name and stvle
of the Pulaski water company, and by that name shall be
known in law, and shall have perpetu: al succession, and have
power to sue and be sued, plead and be impleaded, defend
and be defended in all courts, whether in law or equity, and

may make and have a common seal, and alter or renew the
same at pleasure, and shall have, enjoy, and exercise all the
rights, powers, and privileges pertaining to corporate bodies
and necessary for the purposes of this act, and make by-
laws, rules, and regulations consistent with the existing laws
of this State.

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 five hundred thousand dollars by issue
and sale of shares, the par value of which shall not be less
han fifty dollars, from time to time, under such regulations
8 the board of directors of said company shall from time to
ime prescribe; and the directors may receive lands, interest
n lands, water rights, personal property, contract rights, and
yersonal property suited to the business of the company in
yayment of subscriptions to the capital stock, at such valua-
ion as may be agreed upon between the directors and the
subscribers.

3. The said company is authorized and empowered to sup-
oy water to Pulaski city, Pulaski county, Virginia, and to
such persons, partnerships, and corporations residing or doing
ousiness therein, and in the neighborhood thereof, as may
desire to use the same; to provide, locate, purchase and erect
and maintain all works necessary or proper for introducing
water into Pulaski city and its neighborhood; to purchase,
locate, erect, and maintain buildings, cisterns, reservoirs,
pipes, pipe lines, and conduits for the reception, conveyance,
and distribution of water, and for these or any of these pur-
poses to purchase, acquire, hold, lease, sell, and convey lands,
Interest in lands, rights of way, easements, water rights, and
other interests in land, personal property, contract rights,
and privileges.

4. The persons first named in this act, or such of them as
shall accept the provisions thereof, shall constitute the first
board of directors of the said company, and shall continue
in office until the first mecting of the stockholders thereof.
At such first mecting, and at every annual mecting, 80 many
directors shall be electors as may be prescmbed by the by-
laws and regulations of said company, who may be removed
by the stockholders in general meeting; but unless so re-
moved, shall continue in office until their successors shall be
elected and qualified. Hach stockholder in the company shall
at all mectings or elections thereafter be entitled to one vote
for each share of stock registered in his name.

9. The board of directors shall be stockbolders of said
company. They shall appoint once of their number president,
and may fill any vacancy that may occur in said board, un-
less by removal, in which case the same shall be filled by the
stockholders in general mecting. Whenever the minimum
amount of capital stock herein named shall bave been sub-
scribed, and the board of directors shall have elected a pres-
ident, said company shall be considered legally organized,
and may proceed to the transaction of business.

6. The board of directors may establish offices and agencies
at such places as they may deem proper, but the principal
office of the company shall be located at the city of Pulaski,
in Pulaski county, in this State.

7. The annual meeting of the stockholders of the said
company shall be held at Pulaski, in Pulaski county, Virginia,
On the first Tuesday of May of each year, or as soon there-
after as practicable, and on such other day, and at such other
place, as the stockholders may, by resolution adopted in any

annual meeting to take effect at the next annual mecting, pre-
scribe,
8. The said company shall issue certificates of stock in
said company to the subscribers therefor, in shares of not
less than fiftv dollars each, signed by the president and
countersigned by the secretary of said company. The raid
certificates shall be transterable only upon the books of the
company by the said subscribers, their personal representa-
tives, or duly authorized agent or attorney; and the said
certificates, When so transferred as aforesaid, may be returned
to the suid company and cancelled, and new certificates of
stock shall be issned in licu thereof to the person entitled
thereto, for a like number of shares, and any other corpora-
tion may subscribe and hold the stock of the said company.

9. [t shall be lawful for said company to issue and sell its
bonds, from time to time, for such sum and on such terms as
its board of directors may deem expedient and proper in the
prosecution of any of its work; and may secure the payment
of said bonds by mortgages or deeds of trust upon all or any
portion of its property, rights, and franchises, including its
franchise to be a corporation; and it shall be lawful for said
company to subscribe to and hold and guarantee the stock
or bonds of any mining, manufacturing, or other corporation,
and any mining, manufac turing, or other corporation may
subseribe for, hold or guarantee the stock or bonds of
the said company.

10. The said company shall for the purpose of locating,
laying, constructing, preparing, and operating its conduits.
water pipes and pipe lines, and acquiring the lands and rights
of way therefor, be deemed a work of internal improvement.
and shall for the purpose of surveying, locating, condemning
rights of way for its conduits, water pipes and pipe lines be
vested with all rights, powers, and remedies vested in com-
panies mcorporate cd for a work of internal improvement
under the laws of Virginia, so far as the same may be appli-
cable thereto; and the said company may enter upon lands
and acquire hy condemnation, according to the laws of Vir.
ginia, the lands and rights of way required from time to time
by the company for its conduits, water pipes and lines, with
the appurtenances thereto belonging for the proper location,
laying, construction, repair, and operation of the same.

11. Alltaxes due the commonwealth by said company shall
be paid in lawful money of the United States, and not in
coupons.

12. This act shall be in force from its passage, but the gen-
eral assembly of the State of Virginia reserves to itself the
right to modify, alter, or repeal this act at any time hereafter.