CHAP. 391.—An ACT to incorporate the Wythe land and im-
provement company.

Approved February 28, 1890.

1. Be it enacted by the general assembly of Virginia,
That C. W. Pike, H. D. C. Buford, H. B. Maupin, Frank
St. Clair, William Lamb, Robert M. Wilkinson, D. H.
Farquharson, P. R. Howard, Robert W. Lamb, and such
persons as may be associated with them and their suces-
sors, are hereby created and constituted a body politic and
corporate by the name and style of the Wythe land and
improvement company, and by such name shall have per-
petual succession; may contract and be contracted with,
sue and be sued, make and use a common seal and alter
the same at pleasure, and make and maintain such by-
laws, rules and regulations for the government of said
corporation and the conduct of its business as may be
deemed necessary, not to conflict with the laws or the con-
stitution of this state or of the United States.

2. The capital stock of said company shall not be less
than ten thousand dollars, to be divided into shares of one
hundred dollars each, aud the same may from time to
time be increased by additional subscriptions or the issue
and sale of shares to such amount, not exceeding five
miliion dollars, as the stockholders at any general or
special meeting may authorize or prescribe. The said
company may receive subscriptions to its capital stock,
or payment for its shares so issued, in money, land or
other property, upon such terms as shall be agreed or
authorized by the board of directors, and said company
may give a preference to a portion of its capital stock
over the residue thereof, or to dividends and the payment
thereof.

3. The corporators hereinabove named, or any three of
them, may receive subscriptions to the capital stock of
said company, and when the minimum capital of ten
thousand dollars shall have been subscribed, the said sub-
scribers may organize said company by the election of nine
directors, of whom they shall elect one as president, to
remain in office one year and until their successors are
elected, unless sooner removed by the stockholders. After
organization as aforesaid the stockholders at any general
meeting may change the number of directors, and may
provide for the proper government of the corporation by
such by-laws as they may deem fit and proper, as herein-
above authorized. The board of directors may appoint such
subordinate agents and officers of the company as they
may deem necessary for the proper dispatch of the busi-
ness of the company.

4, The said company is hereby authorized to carry on
the business of mining and manufacturing any of the ores,
minerals, metals, materials or products of this state, and
may conduct such business at one or more points in the
county of Wythe, and in such other counties of this state
in which the said company may deem it proper to acquire
property or establish works for that purpose, and its prin-
cipal offices shall be in the town of Wytheville and the
city of Norfolk; and for these purposes the said company
shall have authority to buy, hold, sell, lease, or otherwise
dispose of any real or personal estate deemed necessary to
the proper prosecution of its business, and may on any
property so acquired, erect and maintain buildings,
machinery and structures needful for smelting, manufac-
turing and treating ores, metals and minerals of whatever
kind, or for the production of manufactured fabrics from
wood, stone, metals, wool, cotton, hemp or other materials,
and may operate, lease, sell or otherwise dispose of the
same, and may, on its own lands, contiguous or adjacent
to any such manufactory or works erected or to be erected,
survey and lay out lots, squares or other divisions of such
lands, and improve the same by buildings or otherwise, for
sale, lease or other disposition or use, and may establish
euch lawful rules and regulations in the use thereof as the
board of directors of said company may deem best to
secure the comfort and welfare of the occupants and others
engaged or interested in any manufactory or works there
established or to be established ; and the said company may,
in connection with the use of improvement of any of its
properties, make, build and operate any canals or water-
ways, or tramways, or railways operated by horse or steam
power or any other motor, not exceeding twenty miles in
length; and for this purpose, when necessary, may acquire
by contract or condemnation such land or other property,
or rights of way as may be necessary therefor, proceedings
for such condemnation to be in accordance with chapters
fifty-six and fifty-seven of the code of Virginia, and any
laws amendatory thereof. It shall be lawful for said com-
pany to lay out and establish a town upon such portion of
of its land and it may select and set apart for that purpose,
and to improve the same and to establish and construct
water-works for supplying the inhabitants of such town
with water, and may acquire the land necessary for such
water-works by purchase, contract or condemnation; pro-
ceedings for such condemnation to be in accordance with
the provisions of said chapters fifty-six and fifty-seven of
the code of Virginia.

5. It shall be lawful for said company to sell its bonds
from time to time for such sums and on such terms as its
board of directors may deem expedient and proper in the
prosecution of any of its works or business, and may
secure the payment of the principal and interest thereof
by mortgages or deeds of trust upon all or any portion of
its property, rights, and franchises, including its fran-
chises to be a corporation; and it shall be lawful for said
company to subscribe to and to hold shares in the capital
stock of any railroad company or other corporation, when-
ever the board of directors shall deem it to its interest. to
do so; each stockholder in said company shall be entitled
to one vote for each share held by him, and no stockholder
shall be held individually liable for the debts or liabili-
ties of the company in any larger or further sum than
such amount as may be due and unpaid severally upon
each stock subscription. There shall be no limit, except
as the by-laws of the company may prescribe, upon the
number of shares of stock which any stockholder may
hold, and four-fifths of the capital stock of the company
may become the property of less than five persons, and a
majority of the stock may for more than six months be
the property of one person.

6. The acceptance of this charter and organization there-
under shall be deemed to be a waiver by said company of
any right to pay taxes or dues, or assessments hereafter
made from said company to the state of Virginia in cou-
pons of this state, and shall be taken as an agreement on
the part of said company to pay all said dues, taxes, and
assessments in lawful money of the United States.

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