CHAP. 465.—An ACT to incorporate the Bedford Industrial and
Development company.

Approved March 3, 1890.

1. Be it enacted by the general assembly of Virginia.
That Lewis C. Arthur, R. K. Campbell, H. C. Lowry, W.
W. Berry, W. S. McKinney, Ro. 8S. Quarles, and James M.
Berry, their associates and successors, be, and they are
hereby, constituted and created a body politic and corpor-.
ate by the name and style of the Bedford industrial and
development company, and by that name and style shall
have all the rights, powers, and privileges conferred by and
be subject to the provisions of the general laws of Vir-
ginia in reference to corporations and chartered companies,
so far as the same shall be applicable to and not inconsis-
tent with the provisions of this act.

2. The capital stock of this company shall not be less
than twenty thousand dollars, but may from time to time
he increased to five hundred thousand dollars, and shall
be divided into shares of one hundred dollars each, and
the board of directors of said company may issue shares
of stock, and sell the same at a price agreed to by them,
and may in their discretion receive in payment any kind
of property, real, personal, or mixed, or money.

3. The persons named in this act shall be the first board
of directors of this company, and they may elect such
officers as they deem necessary. They shall exercise the
rights and privileges granted by this charter and hold
office until their successors are elected by a meeting of
stockholders. The board of directors shall report to the
first meeting of the stockholders, and to each annual
meeting thereafter their successors in office shall make a
report. The time and manner of taking subscriptions
shall be determined by the board of directors, who shall
also call the first meeting of stockholders when the mini-
mum amount of the capital stock shall be subscribed.

4. Any incorporated body may acquire and hold stock in
the said company, and it shall have the right to buy stock
in any other incorporated company; to exchange pro-
perty; to merge itself into any land and improvement
company; to borrow money or lend money; to acquire
and hold, by gift, grant, devise, purchase, lease, or other-
wise, lands in Bedford, or any county adjacent, in fee
simple or for a less estate, and to,improve, sell, lease,
mortgage, or otherwise dispose of or encumber the sane.
It shall have power to develop, by mining or any other
method, the property it may acquire, and to build and
operate any factories or manufactories; to erect dwelling-
houses for sale or rent, and to build and operate hotels.
5. The board of directors shall have power to issue cer-
tificates of stock in shares of ten dollars each if it be
deemed best. They may make by-!aws and regulations,
which they shall report to the stockholders. Each certifi-
cate of stock shall be signed by the president and secre-
tary of the company. No stockholder shall be liable on
account of his stock further than for any unpaid subscrip-
tion he may owe thereon.

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