CHAP. 475.—An ACT to incorporate the Wytheville Develop-
ment company.

Approved March 3, 1890.

1. Be it enacted by the general assembly of Virginia,
That George W. Palmer, J. J. A. Powell, N. D. C. Buford,
J. Early Moore, George T. Mills, F. S. Blair, W. L. Yost,
and their successors, or such of them as may accept the
provisions of this act, be, and they are hereby, made a body
corporate and politic under the name and style of the Wythe-
ville 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 equity, 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 seven hundred dollars, and may be increased from
time to time to any amount not to exceed five million of
dollars by the issue and sale of shares upon such terms as
the board of directors may prescribe. The par value of
each share shall be one hundred dollars. The directors
may receive real and personal property suited to the busi-
ness 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. Cer-
tificates of stock shall be issued to the subscribers in shares
of one hundred dollars, signed by the president and coun-
tersigned by the secretary of the company. Said stock

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shall be transferable only on the books of the company by
the owners, their personal] representatives, agent or attor-
ney, and when so transferred the certificates issued in lieu
thereof to the person entitled thereto for a like number of
shares.

3. The said company is authorized and empowered to pur-
chase, own, hold, lease, and control in any manner, sell,
grant, and convey real and personal estate; but shall not
hold real estate except in Wythe 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, gyp-
sum, coal, marble, stone, slate, and all other minerals and
metals; and may manufacture coke, fire-brick, glass, and
any articles composed wholly or in part of wood or min-
erals, and may market and sell its produce. It may erect
furnaces, rolling mills, forges, mills, fixtures and appur-
tenances, 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 property with its other
lands, works, or property by tramway or railway, and may
connect them with any railroad: provided, it shall not be
authorized to construct any railroad or water lines which
shall exceed fifty miles in length, except that such com-
pany shall be authorized to construct, operate, and main-
tain a railroad from any point in Wythe county to the
Norfolk and Western railroad, and from any point in said
county to the Virginia and Kentucky railroad company,
or to the Virginia and Western railroad company, or to
the Cape Fear and Yadkin Valley railroad company; 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 principa! office in Wythe-
ville, Virginia, or elsewhere in the state of Virginia, as
the stockholders in general meeting may 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
it shall be lawful for any stockholder of said 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, includ-
ing 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.

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 organ-
izing said company, the seven persons named in this act
shall constitute its board of directors, and 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 seven hundred dollars or more is subscribed
they shall convene the stockholders and organize 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. It shall be lawful for said company to subscribe to
and hold shares in the capital stock of any railroad com-
pany or corporation whenever the board of directors shall
deem it to their interest to do so.

9. General meetings of the stockholders of said com-
pany may be held at any time, as provided by the code of
Virginia, edition of eighteen hundred and eighty-seven.

10. 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 persons exercising like privileges, and hereby
agree to pay the same to the state in lawful money of the
United States and not in coupons.

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