CHAP. 396.—An ACT to incorporate the Alleghany company of
Virginia.

Approved February 28, 1890.

1. Be it enacted by the general assembly of Virginia,
That S. H. Letcher, John Donovan, G. W. Lewis, T. O.
Barbour, Henry Taylor, junior, C. E. Wellford, W. M. Mc-
Allister, and H. W. Fuller, their associates and succes-
sors, be, and they are hereby, incorporated and made a body
politic and corporate, under the name and style of the
Alleghany company of Virginia, and by that name and
style shall have all the rights, powers, and privileges con-
ferred by, and be subject to, all the provisions of chapters
forty-six, forty-seven, and fifty-one of the code of Vir-
ginia, so far as the same may be applicable to, and not in-
consistent with, this act: provided, however, that the cor-
porate powers hereby granted shall not cease or be in any
way impaired by reason of anything contained in sections
eleven bundred and forty-one and eleven hundred and
forty-three of chapter forty-seven of said code.

2. The capital stock of said company shall not be less
than ten thousand dollars, and may, with the consent of
a majority of its stockholders, be increased, from time to
time, to any additional amount requisite for its operations,
by the issue or sale of shares, the par value of which
shall not be less than one hundred dollars each, upon such
terms and conditions, under such regulations, and as pre-
ferred or common, as the board of directors of said com-
pany shal] prescribe.

3. The persons named herein as incorporators, or such
of them as shall accept the provisions of this charter,
shall become liable for, and shall, on the call of the board
of directors of said company, pay equally and rateably
the said minimum amount of capital stock which is to be
taken and owned by them.

4. The board of directors of said company may, from
time to time, increase the capital stock, and may for that
purpose 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 sharee of stock, from time to time,
to represent the enhanced values of its property; aud the
stock of said company so issued shall, for all purposes,
be treated as paid for at par in money, without any lia-
bility upon the holders thereof.

5. The persons named in this act, or such of them as
shall accept the provisions thereof, shall constitute the
first board of directors of said company and shall continue
in office until the first meeting of the stockholders thereof.
At such first meeting, and at every annual meeting, so
many directors shall be elected as may be prescribed by
the by-laws and regulations of said company, who may be
removed by the stockholders in general meeting, but unless
so removed shall continue in office until their successors
are elected and qualified.

6. The said company shall keep its principal office at
Clifton Forge, Virginia, or at such other place in the state
of -Virginia.as may at any time be fixed by said board of
directors.

7. It shall be lawful for said company to borrow money
or to issue and sell bonds from time to time,for such
amounts and on such terms as its board of directors may
deem expedient and proper for the prosecution of its busi-
ness, and may secure the payment of said bonds by mort-
gages or deeds of trust upon all or any portion of its prop-
erty and franchises, including its franchise to be a cor-
poration, and it shall be lawful for said company to hold
shares of stock in any other company or corporation in all
respects as a natural person, or to own or guarantee the
bonds thereof, and any other corporation may hold shares
of stock in the said company hereby incorporated, or the
bonds thereof, or guarantee the same.

8. No stockholder in said company shall be held liable
or made responsible for its debts or liabilities in a larger
or further sum than the amount of any unpaid balance
due to the said company for stock subscribed for or pur-
chased by said stockholder according to the terms of his
subscription or purchase. ,

9. Said company is hereby authorized to lay out or pro-
mote in any way the buildings of towns and villages and
the development thereof; and to construct, equip, main-
tain and operate street railways, lying upon and over the
streets and highways of the towns now or hereafter located
in the county of Alleghany, by and with the consent of
the councils or trustees thereof; and may occupy the
highways of said county by and with the consent of the
county court, and transport passengers thereover at such
rates of fare as it may adopt, using thereon horse, electric
or steam power. It shall have the right to locate poles
and wires in and along said streets and highways, and to
furnish light or motor power anywhere within the limits
of said towns or county to such persons, natural or artifi-
cial, as may contract for the same. It may also furnish
light by gas, and for that purpose lay and maintain the
necessary mains and piping for all persons contracting for
the same. It may also furnish said towns and other per-
sons in said county contracting therefor, and any other
corporation or persons desiring the same, on terms to be
agreed upon, with water for all purposes whatsoever. It
may conduct a banking, loan and trust business, and in
connection therewith may organize a savings department,
and conduct the same according to such by-laws, rules and
reguiations as said board of directors may adopt.

10. It may purchase, hold, grant, mortgage, and other-
wise dispose of real and personal property in this state, or
elsewhere: provided, that not more than twenty thousand
acres of land shall be held by it at any one time in any
one county in Virginia; may buy, sell, and lease, improve,
develop, work, or manage the same, or any minerals or
property therein or thereon, and may contract for, con-
struct, operate, and maintain works of public and private
improvement, tramways or other roads, and may sell, lease,
or otherwise dispose of all or any part thereon which it
may own or acquire.

11. It shall have the right and power to engage in any
agricultural, mining, commercial, trading, manufacturing,
carrying, or other industrial enterprise or business; and
said company may acquire by condemnation, according to
the laws of Virginia, lands, easements, and servitudes re-
quired for the rights of way and other purposes neces-
sarily incident thereto.

12. All taxes, dues, and demands which may become
due from said company to the state of Virginia shall be
paid in lawful money of the United States and not in
coupons.

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