Chap. 126.—An ACT to incorporate the Northern Virginia Land and
Improvement compuny.

Approved May 2, 1587.

1. Be it enacted by the general assembly of Virginia, That
James H. Dooley, T. M. Logan, J. B. Pace, BE. D. Christian,
J. Marshall McCormick, W. H. Payne, Holmes Conrad, Henry
Harrison, and Henry Heaton, of Virginia, and J. W. Powell,
of Washington city, are bereby constituted a body corporate
and politic under the name of the Nortbern Virginia Land
and Improvement company. :

2. The capital stock of said compary shall not be less than
five thousand dollars, but the same may be increased from
time to time to such an amount, and upon such terms and
conditions as the board of directors may determine.

3. Thecorporators above named shail be the directors until
the first meeting of stockbolders, and a majority of them shall
constitute a quorum for the transaction of business. They
shall at their first meeting elect one of their number to be
the president of the company until the stockbolders first
mecting, and the president and directors shall constitute the
board of directors, a majority of whom may transact any
business proper for the board.

4. As soon as the board of directors is formed by the clee-
tion of president as aforesaid, books of subscription shall be
opened by them for the capital stock of the company at such
time and at such place or places a’ the board may determine,
and as soon as five thousand dollars shall have been sub-
scribed to the capital stock, notice shall be given that a meet-
ing of stockholders will be held at the principal oflice of the
company for the purpose of electing president and directors
of the company; notice of said meeting to be published in one
of the newspapers of the city of Alexandria for at least thirty
days, unless personal notice to each stockholders is substituted
therefor.

5. At the meeting of the stockholders thus called, and at
every annual meeting of the company thereatter, a president
and board of directors shall be elected, together with such
other officers as the by-laws of the company may determine
to be elected by the stockholders.

6. The capital stock of the company shall be subscribed
for in money or land, but where subscriptions are made in
land, the value thereof sball be determined by agreement be-
tween the subscribers and the beard of directors at the time
of subscription, and stated upon the subscription list.

7. The capital stock shall be divided into shares of one
hundred dollars each, every subscriber being entitled to one
vote for each share of stock held by him.

8. The principal office of the company shall be in the city
of Alexandria, Virginia, until the stockholders in general
meeting shall change the location thereof to some other point
in the State of Virginia, which they are hereby authorized
to do.

9. The said company is hereby authorized to borrow
money for its purposes, and to secure the payment of the
same by mortgages upon its works, property, and franchise
of every description.

10, Said company shall have power to acquire by purchase
or otherwise, land in the counties of Alexandria, Fairfax,
Loudoun, Clarke, and Frederick, lying on, adjacent or near the
line of the Washington, Ohio and Western railroad company,
now constructed or hereatter to be constructed, not exceed-
ing five thousand acres in any one county, for the purpose of
laying out town sites, villas, and suburban residences, and
improving the same. It shall have the right to lay off said
lands or any part of them into towns or villages, and to
divide the same into blocks with proper streets, alleys, parks,
and roads, and to improve the same in any manner desired.

11. The said company shall further have the right to erect
on any of the lands, whether laid off in towns, villages or not,
all such buildings and structures, either for residences, stores,
hotels, manufacturing establishments, or any other purposes
it may think proper, and also to erect and maintain and
operate the necessary piant, fixtures, machinery, reservoirs,
conduits, pipes, or other apparatus for the purpose of making,
using, and distributing cither gas or clectricity or both, for
the purposes of heat, light, or power to be used upon its
lands.

12. Said company shall have powers to sell or lease any of
its lands or lots upon such terms as it may be desirAble, and
it shall have the right to lease any of its property, whether
lands, buildings, or structures, and it sball further have the
right to operate and carry on any business upon the lands
owned by it which any individual might exercise, including
the right to operate hotels, stores, manufacturing, and indus-
trial enterprises of all sorts upon its own property.

13. Said company shall be subject to the provisions of the
fifty-seventh chapter of the Code of eightcen hundred and
seventy-three, so far as the same are not inconsistent with
or modified by this act; all taxes to the State of Virginia
shall be paid in lawful money of the United States and not in
coupons.

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