An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1887es |
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Law Number | 206 |
Subjects |
Law Body
Chap. 206.—An ACT to incorporate the Rich Valley iron and Gypsum
mining and manufacturing company.
Approved May 12, 1887.
1. Be it enacted by the general assembly of Virginia, That
Samuel Walton, of Charlestown, West Virginia; T. P. Wat-
son, of Plastersburg; B. F. Buchanan, of Marion; J. H.
Buchanan, of Smythe county; W. I. Yost, J. H. Wingate, C.
B. Thomas, of Wytheville; Henry Fairfax, J. Hal Dulaney,
of Loudoun county, Virginia and their successors, or such of
them as may accept the provisions of this act, be and they
are hereby made a body corporate and politic under the
name and style of the Rich Valley iron and Gypsum mining
and manufacturing company, under which name it shall have
the right to sue and be sued, implead and be impleaded in all
courts, whether of law or equity, and shall have perpetual
succession, and may have a corporate seal, and alter and re-
new the same at pleasure, and make by-laws, rules, and regu-
lations, not inconsistent with the laws of this commonwealth,
for the government of all under its authority.
2. The capital stock of said company shall not be less than
fifty thousand dollars, and may be increased from time to
time to any amount not to exceed five million of dollars, by
the issue and sale of shares upon such terms as the board of
directors may prescribe. The par value of each share shall
be one hundred dollars. The directors may receive real and
personal property suited to the business of the company in
payment of subscriptions to the capital stock of the company
at such valuation as may be agreed upon between the direc-
tors and subscribers. Certificates of stock shall be issued to
the subscribers in shares of one hundred dollars, signed by
the president and countersigned by the secretary of the com-
pany. Said stock shall be transferable only on the books of
the company by the owners, their personal representatives,
agent, or attorney, and when so. transferred, the certificates
issued in lieu thereof to the person entitled thereto fora like
number of shares.
3. The said company is authorized and empowered to pur-
chase, own, hold, lease, and control in any manner, sell, grant,
and convey real and personal estate; but shall not hold real
estate except in Smyth county and the counties adjoining
thereto, and shall only hold so much real estate as is proper
for the purposes for which it was incorporated, not to exceed
twenty-five thousand acres in any one county, and shall have
the right to mine and manufacture iron, steel, copper, zinc,
lead, silver, barytes, manganese, gypsum, coal, marble, stone,
slate, and all other minerals and metals; and may manufac-
ture coke, tire brick, glass, and any articles composed wholly
or in part of wood or minerals; and may market and sell its
products. It may erect furnaces, rolling mills, forges, mills,
fixtures, and appurtenances, and any machinery necessar
for the operation of its business and operate the same. It
may lay pipes, cut canals, and erect water works, build and
operate roads, tramways, and railways, and may connect
any of its lands, works, or property with its other lands,
works, or property by tramway or railway, and may connect
them with any railroad: provided it shall not be authorized
to construct any railroad or water lines which shall exceed
twenty miles in length, except that such company shall be
authorized to construct, operate, and maintain a railroad
from any point in Rich Valley, Smythe county, to the Nor-
folk and Western railroad, and from any point in said county
to the Virginia and Kentucky railroad company, or the Vir-
giniaand Western railroad company; but said company may
build railroads a greater distance than twenty miles in order
solely to connect their mines or manufactorics in active ope-
ration with other lines of nearest railroads. It may lay out
manufacturing sites, grade streets, erect bouses, and gas
works, and sell or use the same. It shall have its principal
office in Wytheville, Virginia, or elsewhere in the State of
Virginia, as the stockholders may in general mecting direct.
4, It shall be lawful for any railroad company and incor-
porated company to subscribe to the capital stock of. said
company, and they may acquire its bonds, full power being
hereby given such companies for that purpose; and it shall
be lawful for any stockholder of said company to hold the
stock of said company in any sum not prohibited by the by-
laws of said company, and to cast ono vote for each share of
stock owned by him.
5. It may issue its bonds and sell the same upon such
terms as the board of directors may prescribe, and may se-
eure said bonds by deeds of trust or mortgages upon its
franchise and property, or any part of its property, includ-
ing its franchise to be a corporation.
6. No stockholder shall be held liable or made responsible
for the debts or liabilities of said company in a sum beyond
any balance due from said stockholder to said company on
stock subscribed by said stockholders.
7. The directors of said company shall be stockholders,
and they shall elect ono of their number president. Their
number shall be not less than five, and they shall bo elected
by the stockholders in their annual mecting. They shall
serve until their successors are elected, and they may fill any
vacancy inthe board. For the purpose of organizing said
company, the five persons last named in this act shall con-
stitute its first board of directors, any three of whom may
act. They may receive subscriptions to the capital stock at
any time and place without advertising, and when the sum
of fifty thousand dollars or more is subscribed, they shall
convene the stockholders and organize said company, and
certify such organization on the books of the company, and
such certificate or a copy thereof, when attested by a notary
public, shall be received as evidence of the legal organization
of such company.
8. It shall be lawful for said) company to subscribe to and
hold shares in the capital stock of any railroad company or
corporation whenever tho board of directors shall deem it to
their interest to do so. |
9. General meetings of the stockholders of said company
may be held at any time as provided by the tenth section of
chapter fifty-seven of the Code of Virginia, edition of eigh-
teen hundred and seventy-three. .
10. Whenever the corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges, and hereby agree to pay
the same to the State in lawful money of the United States,
and not in coupons.
11. This act shall be in force from its passage.