CHAP. 172.—An ACT to incorporate the Virginia Enterprise com-
pany.

Approved Feburary 5, 1890.

1. Be if enacted by the general assembly of Virginia,
That Ware B. Gay, M. M. Gilliam, T. William Pemberton,
William 8. Hawk, Horace M. Stevens, L. G. Burnham,
Daniel Bassett, A. H. Hews, George F. Weston, D. H. Pat-
terson, and their associates and successors, be, and they
hereby are, constituted and made a body corporate and
politic by the name and style of the Virginia -Enterprise
company, and by that name and style shall have all the
rights, powers and privileges conferred by, and be subject
to all the provisions of chapters forty-six, forty-seven, and
fifty-one of the Virginia code of eighteen hundred and
eighty-seven, so far as the same may be applicable to and
not inconsistent with this act.

2. The capital stock of said company shall not be less
than two hundred thousand dollars nor more than five
million dollars, and shall be divided into shares of one
hundred dollars each.

3. The board of directors of said company may from
time to time increase the capital stock until the said maxi-
mum is reached; and for that purpose may issue shares
of stock and sell the same at such price as may be fixed
or agreed to by them; and may, in their discretion, receive
pay for such shares in property or money or may issue
shares of stock from time to time to represent enhanced
values of its property.

4. The annual meeting of the stockholders of the said
company shall be held in the city of Richmond on the
second Monday in March in each year, or at such other
time or place as the stockholders in general meeting may
appoint; ard in all meetings of stockholders one vote
may be cast, in person or by proxy, for each share of stock
by the holder thereof.

5. The board of directors shall consist of five members,
who shall, from their number, choose a president; but the
stockholders, at any general meeting, shall have the power
to increase the number of directors.

6. Until the first general meeting of the stockholders,
to be held in the city of Richmond on the second Monday
in March, eighteen hundred and ninety, the said Ware B.
Gay, Horace H. Stevens, and M. M. Gilliam shall be the
directors of said company, with power to choose from their
number a president, and to discharge all the duties of
directors, including the collection, through such officers
as they may appoint, of the said minimum amount of
capital stock, in money or in property at agreed prices.

7. The said company shal] keep its principal office in
the city of Richmond, or at such other place in the state
of Virginia as may at any time be fixed by the stock-
holders in general meeting, and shall have the right and
power to engage in any agricultural, mining, commercial,
trading, manufacturing, or carrying business; may buy,
sell and discount paper, and borrow or lend money on
mortgage or other security; may buy, sell, lease, improve,
develop, work, or manage mineral or other properties; may
purchase, hold, grant, mortgage, or otherwise dispose of
real or personal property in this state or elsewhere; pro-
vided, that not more than twenty thousand acres of land
be at any one time owned in any one county of Virginia;
may contract for, construct, operate and maintain works
of public or private improvement, tram-roads or other
roads; may connect with railroads the different works or
properties which it may own or acquire with each other,
and also with the lines of other railroads now or hereafter
constructed in the state, such connecting roads to be con-
structed, operated and maintained in all respects pur-
suant to the laws of the state in reference to works of
internal improvement; provided, however, that no rail-
road in this state of greater length than twenty miles
shall be constructed without a special act authorizing it.

8. Any other corporation may hold shares of stock in
said company hereby incorporated, and the said company
may in like manner hold shares of stock in any other
company or corporation in all respects as a natural person.

9. All taxes and debts which may become due from said
company to the state shall be paid in lawful money and
not in coupons.

10. This charter shall be liable to amendment, altera-
tion or repeal at any time hereafter by the general assem-
bly of Virginia.

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