CHAP. 182.—_An ACT to incorporate the Lynchburg electric
company.

Approved February 5, 1892.

1. Be it enacted by the general assembly of Virginia,
That John H. Lewis, R. H. T. Adams, J. D. Sullivan, J. P.
Bell, and John B. Moon, of Virginia; Jefferson M. Levy,
W. W. Flannagan, and C. H. Harman, of New York, and
their associates and successors, be, and they are hereby,
constituted and made a body politic and corporate by the
name and style of the Lynchburg electric company, and
by that name and style shall have all the rights, powers,
and privileges conferred by and be subject to all the pro-
visions of the general laws of Virginia in reference to cor-
porations and chartered companies, so far as the same
may be applicable to and not inconsistent with the provis-
ions of this act.

_ 2. The capital stock of the said company shall not be
less than one hundred thousand dollars, and shall be di-
vided into shares of one hundred dollars each, and the
amount of such capital stock may be increased, from time
to time, by the board of directors to an amount not exceed-
ing five hundred thousand dollars; and said board may
make so much thereof preferred or guaranteed stock as
they may deem proper; and such board may issue shares
of stock and sell the same at such price as may be fixed
and agreed to by them, and may, in their discretion, re-
ceive pay for such shares in property, money, or services
rendered, at prices agreed on by said board, and may ex-
change any of its property for its stock, and may cancel
or reissue such stock so acquired; and said minimum
amount of capital stock may also be paid in property,
money, or services, at prices agreed upon by said board, or
by the stockholders, or the corporators constituting the
first stockholders’ meeting of said company.

3. The first meeting of the corporators hereinbefore
named shall be held in the city of Lynchburg as soon as
a majority of such corporators may there convene, and
upon the minimum amount of such capital stock being
taken or subscribed for by said corporators or other per-
sons, then such meeting (being attended by a majority of
those subscribing to such stock) shall constitute the first
general stockholders’ meeting, and the general annual
meeting of such stockholders shall be held annually there-
after, in said city, or at such other time and place in Vir-
ginia as the stockholders may, in general meeting, ap-
point; and the principal office of said company shall be
in said city, or at such other place as the stockholders, in
general meeting, may designate.

4. The board of directors shall consist of five members,
who shall from their number choose a president, and who
may appoint all such other officers or agents as they may
deem proper, including an executive committee of not less
than three of their own number, to whom they may dele-
gate any or all of the powers of the said board; but the
stockholders may in general meeting at any time increase
the number of such directors.

5. The said company may construct, operate and main-
tain, or acquire by purchase, or lease, and operate and
maintain electrical light and motive power works, plants
and appliances, tramways and street car lines (operated
by electricity or otherwise), gas and water-works, and like
improvements, and may sell, lease or otherwise dispose of

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the same; may acquire and hold by purchase, lease or
otherwise, real and personal property, and may improve
and add betterments to the same, and may sell, encumber,
lease or otherwise dispose of the same; may lay off any
real estate so acquired into lots, blocks, streets, squares,
alleys, parks and passways, and dedicate to public use
such streets, alleys, squares, parks or passways;. may bor-
row money and give mortgages and other securities there-
for; may engage in manufacturing and commercial oper-
ations; may extend aid and assistance, by donation, or
otherwise, to individuals and corporations for the further-
ance and promotion of manufacturing and business enter-
prises; and may hold stock in, and guarantee the stocks
and securities of other corporations, and other corporations
may hold stock in and guarantee the stock and securities
of said company, and said company may merge and con-
solidate with any other corporation upon such terms and
conditions, and under such corporate name as may be
agreed upon by the stockholders of the companies respect-
ively in general meeting, and a counterpart of any such
contract of consolidation shall be filed and recorded in
the office of the secretary of the commonwealth, and an
official copy thereof shall be evidence of such consolida-
tion.

6. All taxes and other public dues accruing from said
company to the state of Virginia shall be paid in lawful
money of the United States, and not in coupons or any
other thing whatsoever.

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