CHAP. 830.—An ACT to incorporate the Locust Cove gypsum
mining and manufacturing company.

Approved February 22, 1890.

1. Be it enacted by the general assembly of Virginia,
That B. F. Buchanan, of Marion; Q. H. Buchanan, Wil-
liam H. Buchanan, J. D. Buchanan, of Smyth county;
W. A. Stuart, of Russell county, and James W. Stuart,
W. L. Yost, and C. B. Thomas, of Wytheville, and their
successors, or such of them as may accept the provisions
of this act, be, and they are hereby, made a body corpo-
rate and politic, under the name and style of the Locust
Cove gypsum mining and manufacturing company, under
which name it shall have the right to sue and be sued,
implead and be impleaded 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 fifty thousand 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 direc-
tors may receive real and personal property suited to the
business 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.
Certificates of stock shall be issued to the subscribers in
shares of one hundred dollars, signed by the president
and countersigned by the secretary of the company. Said
stock shall be transferable only on the books of the com-
pany by the owners, their personal representatives, agent,
or attorney, 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 Smyth county, and the counties ad-
joining thereto, and shall only hold so much real estate as
is proper for the purposes for which it was incorporated, not
to exceed twenty thousand acres in any one county; and
shall have the right to mine and manufacture gypsum,
iron, steel, copper, zinc, lead, silver, barytes, manganese,
coal, marble, stone, slate, and all other minerals and metals
and may manufacture coke, fire-brick, glass, and any arti-
cles composed wholly or in part of wood or minerals, and
may market and sell its products. It may erect furnaces,
rolling mills, forges, mills, fixtures, and appurtenances and
any machinery necessary for the operation of its busi-
ness, and operate the same. It may lay pipes, cut canals,
and erect water works, build and operate roads, tram-
ways and railways, and may connect any of its lands,
works or property with its other lands, works or prop-
erty by tramway or railway, ani may connect them
with any railroad: provided, it shall not be author-
ized to construct any railroad or water lines which shall
exceed twenty miles in length, except that such com-
pany shall be authorized to construct, operate and main-
tain a railroad from any point in Rich Valley, Smyth
county, to the Norfolk and Western railroad, and from any
point in said county to the Virginia and Kentucky rail-
road, or the Virginia and Western railroad; but said com-
pany may build railroads a greater distance than twenty
miles in order solely to connect their mines or manufacto-
ries in active operation with other lines of nearest rail-
roads. It may lay out manufacturing sites, grade streets,
erect houses and gas and electric light works, and sell or
use the same. It shall have its principal office in Wythe-
ville, Virginia, or elsewhere in the state of Virgina, as the
stockholders may in general meeting 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 bonds and sell them upon such terms
as the board of directors may prescribe, and may secure
said bonds by deeds of trust or mortgayes upon its fran-
chise.and property, or any part of its property, including
its franchise to be a corporation.

6. No stockholder shall be held liable or made respon-
sible 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 stockholders.

7. The directors of said company shall be stockholders,
and they shall elect one of their number president. Their
number shall not be 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 organizing said company the five persons last named
in this act shall constitute its first board of directors, any
three of whom may act. They may receive subscriptions
to the capital stock at, any time and place without adver-
tising, and when the sum of fifty thousand 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 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 tenth
section of chapter fifty-seven of the code of Virginia,
edition of eighteen hundred and seventy-three.

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
corporations 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.