Chap. 429.—An ACT to incorporate the Southwest Virginia mineral
land company.

Approved May 24, 1887.

1. Be it enacted by the general assembly of Virginia, That
Barton Myers, Leroy H. Shields, David Lowenburg, Andrew
J. Dalton, James W. Gerow, Robert F. Baldwin, W. F. B.
Slaughter, William B. Gurley, W. B. Wood, Robert M. Hughes,
William Wheatley, G. M. Serpell, or any five of them, their
associates and successors, are hereby created and declared a
body politic and corporate, under the name and style of the
Southwest Virginia mineral land company; and by that name
may suc and be sucd, and have all the powers and be subject
to all the restrictions imposed upon joint stock companies and
corporations generally by the statutes of this State, except as
hereinafter provided.

2. The capital stock of said company shall not be less than
fifty thousand dollars nor more than five hundred thousand
dollars, divided into shares of the par value of one hundred
dollars each; and the directors may receive real or personal
property or labor in payment of subscriptions to the capital
stock, at such valuation as may be agreed upon.

3. The said company shall have the power and may pur.
chase, hold, grant, mortgage, or otherwise dispose of real
and personal property, or issue bonds thereon, and secure the
same by mortgaye or trust deed; and may develop, mine,
work, improve, cultivate, sell, grant, mortgage, lease, or other-
wise dispose of the same, or any part thereof, in such manner
ang upon such terms as the company may think proper.
4. The officers of said company shall eonsist of a presi-
dent, five directors, secretary, treasurer, and such other
subordinate officers or employees as may be prescribed by the
by-laws. The terms of these officers, and mode of: election of
the same, shall be as prescribed by the general law of the State.
The corporators above named shall have the power and au-
thority of a president and a board of directors, for the pur-
pose of organization of said company and for all other pur-
poses, until a president and board of directors shall be elected
at a stockholders’ meeting; and such meeting shall be held
after such notice, as the said incorporators may dcem proper.
Tbe said incorporators may elect one of their number chair-
man, who shall have all the powers and authority of presi-
dent of said company, and in all matters a majority of said
incorporators shall control.

5. The principal office of the said company shall be in the
city of Norfolk, Virginia. The annual meeting of the stock-
holders of said company shall be held at the principal office
of said company, on the first Wednesday in May of each
year, unless the stockholders in general mecting shall change
the same.

6. The company may prescribe by its by-laws, the duties
of the different officers.

7. As soon as the minimum amount of capital allowed
shall have been subscribed for, and twenty per centum
thereof shall have been paid up in cash, the company may
organize and commence business.

8. The said company shall bave as full powers over its
proporty, and the mode ard terins of disposition thereof as
a natural person would have, except where restricted by this
act or the general statute law.

9. This act shall bein force from its passage; and this
charter is granted on the express condition that the said cor-
poration will pay all taxes, dues, and demands due the State
at any time hereafter in money, and will not tender or pay
coupons therefor.