Chap. 92.—An ACT to confirm the rights and privileges of the Gay
manufacturing Company and to grant certain additional powers.

Approved April 28, 1887.

Whereas the Gay manufacturing company was duly incor:
porated under the laws of the State of yirgina. by a charter
of incorporation granted by the honorable George Blow, the
judge of the circuit court of the county of Nansemond, dated
the nineteenth day of March, in the year eighteen hundred
and eighty-four, Which charter hath been duly filed and re-
eorded in the clerk's office of said county, and sad body cor-
porate was duly organized according tolaw and in accordance
with the powers and directions contained in and granted to
it, by the terms of its charter aforesaid, hath gone on to per-
form and carr y out the purposes for which it was incorporated.
and afterwards the same body corporate received the grant
of equal corporate powers with those granted it as atoresaid
by the State of Virginia, as well as certain additional powers
from the State of North Carolina, and was duly recognized
as a valid corporation under the laws of said last mentioned
State, by the terms of an act of the yeneral assembly of
North Carolina, entitled an act to recognize and incorporate
In this State, the Gay manutacturing company, a body cor-
porate, heretofore incorporated under the laws of the State
of Virginia, and to grant certain additional powers, which
act was ratified the -——— day of ——— , In the year
eighteen hundred and eighty-seven; and it is now desired
that the powers , privilege 8, and franchises of the said body
corporate in the State of Vi irginia, shall be made co-equal with
those possessed and enjoy ed by it under the laws of the State
of North Carolina, and that its organization and tbe corpo-
rate acts heretofore done, and powers exercised by it, shall
be ratified and approved: now, therefore,

1. Be it enacted by the general assembly of Virginia, That
the Gay manufacturing company, a body corporate, under
the laws of the State of Virginia and North Carolina as

aforesaid, of which John S. Gittings, William N. Camp,
Samuel P. Ryland, Jr, Charles F. Pitt, Jr, and Chauncey
Brooks, constitute the boerd of directors. is ‘hereby cranted
all the corporate rights. powers, franchises, and privileges of
a body corporate, duly incorporated in this State, for the
purpose of buying and selling and manntacturing timber and
lumber, and using and operating steam saw mills, and all
other machinery used in connection with such manufacture,
and dealing in timber rights and timber Jands, and the same
are hereby contirmed and assured unto it forever, and the
corporate acts heretofore done by said body corporate, and
the powers assumed and exercised by it in accordance with
the terms of its charter of incorporation aforementioned, are
hereby authorized and approved.

2. The said company shall have power at the lawful meet-
ings of its stockholders, to make, change. and adopt by-laws
for its organization and management, and the present hy-
laws of said company shall be considered in force until further
action of the stockholders hereatter.

3. The board of directors of said body corporate, shall
consist of five persons, chosen according to the regulations
prescribed by its by-laws, which board shall choose : a presi-
dent of said company, who may be one of the board of direc-
tors, but the persons aforenamed as directors herein, shall
have and continue the management and control of the af-
fairs of the said body corporate, until their successors shall
be chosen according to law.

4. The capital stock, the amount of which the said body
corporate is authorized to issue, is herehy fixed and limited
at the sum of three hundred thousand dollars, divided into
shares of the par value of one hundred dollars each,

5. The said body corporate shall have the power to acquire

and hold lands in the State toan amount not exceeding five
thousand acres.

6. The said body corporate shall have the right to lay and
construct bogy tracks or temporary tracks for the purpose
of removing the timber cut or manufactured by it over and
upon the lands of any person or persons in this State to any
mills of said company, or to any railway to which it may
desire to transport the same, upon paying the owners of the
Jands such compensation for the use and oce upation of such
land by such as may be determined to be fair and just in ac-
cordance with the provisions of law applicable to the con-
demnation of lands by corporations.

7. The place of the meetings of the stockholders of said
company shall be at Suffolk. Virginia, or at such other place
in the States of Virgima and North Carolina as the company
by a by-law passed by the stockholders at a general meeting
shall fix and determine.

8. The said body corporate shall be liable to taxation in
this State only upon the property actually owned by it and
situated in this State, and said body corporate shall be in all
respects subject to the laws of this State applicable to cor-
y

t

porations of this class, except where it is herein provided to
the contrary, and said company shall pay its taxes in money,
and not in coupons.

This act shall be in force from and after the date of its
passage. :