CHAP. 501.—An ACT to incorporate the Central City improve-
ment company.

Approved March 4, 1890.

1. Be it enacted by the general assembly of Virginia,
That John W. Johnston, E. D. Christian, A. S. Buford, E.
Dillon, Decatur Axtell, D. W. Flickwir, H. T. Douglass,
DeCourcey Thom, J. Wilcox Brown, J. H. Adams, A. W.
Talley, W. R. Beale, and William Jolliffe, or such of them
as shall accept the provisions of this act, their associates
and successors, be, and are hereby, created a body politic
and corporate by the name of the Central City improve-
ment company; and as such shall have all the privileges,
franchises, and immunities applicable to such a corpora-
tion under the laws of Virginia.

2. The capital stock shall not be less than one hundred
nor more than fifteen hundred thousand dollars, in shares
of one hundred dollars each, which may be disposed of
for such price and on such terms as the directors may
think best for the interest of the company.

3. The said company may subscribe to the capital stock
of any other company, and any other company may sub-
scribe to its capital stock.

4. The capital stock of said company shall be personal
property, transferable on the books of the company ; and
land, material, services, or securities, as well as money,
may be received on stock subscriptions.

5. The directors of said company shall have power, in
case of any vacancy in the offices of the company, to fill
the same by the election thereto of any of its stockholders.

6. The said company shall have power to purchase, hold,
lease, and sell real estate and personal property; to mine,
manufacture, and transport all raw materials and their
products; to give and receive credit; to secure loans by
mortgage or deed of trust; to lay out manufacturing and
town sites into lots, and sell, lease, or donate the same;
to build bridges, dams, canals, mills, kilns, furnaces, coke-
ovens, water, gas, and electric-light works, and tq operate
the same; to build and operate street and other railways
connecting its mines, quarries, work, and properties, or
from any of its lands to any work of internal improve-
ment: provided, none of such railways shall be more than
fifty miles long.

7. The said company may also build and operate street or
other railways in any town, with the consent of its coun-
cil, and may change its name, or unite, consolidate, or
merge its rights, powers, privileges, franchises, and pro-
perties with those of any other incorporated company, full
power being given hereby to any such company to form
such union, consolidation, or merger; and the company
formed by the union, consolidation, or merger of this com-
pany with any other company shall possess and enjoy to.
the fullest extent all the rights, powers, privileges, and
franchises which at the date of such union, consolidation,
or merger, were possessed by all and each of said compan-
ies; and any town laid out by said company may unite
with any other town now or hereafter chartered under the
laws of Virginia, full power being hereby given to such
towns, by and with the consent of their respective coun-
cils, to make such union.

8. The said company may hold land, not to exceed
twenty-five thousand acres, in fee simple, in any one
county at any one time. Its principal operations shall
be in the counties of Rockbridge, Botetourt, Roanoke,
Montgomery, Craig, Giles, Bland, Smyth, Washington,
Scott, Russell, Wise, and Lee; and its taxes shall be paid
in money, and not in coupons.

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