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 | 1889/1890 Private Laws |
---|---|
Law Number | 375 |
Subjects |
Law Body
CHAP. 375.—An ACT to incorporate the Pulaski Development
° company.
Approved February 28, 1890.
1. Be it enacted by the general assembly of Virginia,
That James McGill, L. 8S. Calfee, R. D. Bohannon, George
T. Mills, James B. Caddall, J. H. Caddall, J. E. Moore,
and their successors, or such of them as may accept the
provisions of this act, be and they are hereby made a body
politic and corporate under the name and style of the
Pulaski development company, under which name it shall
have the right to sue and be sued, implead and be im-
pleaded in all courts, whether of law or equify, and shall
have perpetual succession, and may have a corporate seal
and alter and renew the same at pleasure, and make by-
laws, rules, and regulations 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 hundred
thousand dollars, by the issue and sale of shares, upon
such terms as the board of directors may prescribe. The
par value of each share shal] 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 directors 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 company. Said
stock shall be transferable only on the books of the com-
pany by the owners, their personal representatives, agent
or attorney, and when so transferred, certificates issued in
-lieu thereof of to the person entitled thereto for a like
number of shares.
3. The said company is authorized and empowered to
to purchase, own, hold, lease and control in any manner,
sell, grant, and convey real and personal estate, but shall
not hold real estate except in Pulaski county and the
counties adjoining thereto, and shall only hold so much
real estate as is proper for the purpose 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 other
minerals and metals; and may manufacture coke, fire-
brick, glass, and any articles composed wholly or in part
of wood or minerals; and may market and sell its pro-
duce. It may erect furnaces, rolling-mills, forges, mills,
fixtures and appurtenances, and any machinery necessary
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, street railways and steam
railways, and may connect any of its lands, works or prop-
erty with its other lands, works, or property by tramway
or railway, and may connect them with any railroad: pro-
vided, it shall not be authorized to construct any rail-
road or water lines which shall exceed fifty miles in
length, except that such company shall be authorized to
construct, operate and maintain a railroad from any point
in Pulaski county to the Norfolk and Western. railroad,
and from any point in said county to the Virginia and
Kentucky railroad, or to the Virginia and Western rail-
road, or to the Cape Fear and Yadkin Valley railroad; but
said company may build railroads a greater distance than
fifty miles in order solely to connect their mines or manu-
factories with other lines of nearest railroads. It may
lay out manufacturing sites, grade streets, lay out parks,
erect houses and gas works and electric plants, and sell or
use the same. It shall have its principal office at Pulaski,
Virginia, or elsewhere in the state of Virginia, as the
stockholders may in general meeting direct.
4. It shall be lawful for any railroad company and in-
corporated 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
this company shall have full power to subscribe for and
hold the stock of any other incorporated company, and
also to hold, by purchase or otherwise, the bonds of any
such company, and it shall be lawful for any stockholder
of this company to hold the stock of said company in any
sum not prohibited by the by-laws of said company, and
to cast one 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
secure said bonds by deeds of trust or mortgages upon its
franchise and property, or any part of its property, in-
cluding its franchise to be a corporation.
6. No stockholder shall be held liable or made responsi-
ble 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 stockholder.
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7. The directors of said company shall be stockholders,
and they shall elect one of their number president. Their
number shall be not less than five, and they shall be
elected by the stockholders in their annual meeting.
They shall serve until their successors are elected, and
they may fill any vacancy in the board. For the purpose
of organizing said company the seven persons named in
this act shall constitute its board of directors, any four
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 organ-
ize 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. General meetings of the stockholders of said com-
pany may he held at any time as provided by the code of
Virginia, edition of eighteen hundred and eighty-seven.
9. 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 cor-
porations or person exercising like privileges, and hereby
agree to pay the same to the state in lawful money of the
United States and not in coupons.
10. This act shall be in force from its passage.