CHAP. 214.—An ACT toincorporate the Clinch river boom com-
pany in Wise county. |

Approved February 15, 1892.

1. Be it enacted by the general assembly of Virginia,
That Charles Davis, Charles W. Pierce, John L. Dingus,
and John B. Moon, of Virginia, and F. M. Clement, of
Maine, and their associates and successors, be, and they
hereby are, constituted and made a body politic and cor-
porate by the name and style of the Clinch river boom
company, and by that name and style shall have all the
rights, powers, and privileges conferred by and be subject
to all the provisions of the general laws of Virginia in
reference to corporations and chartered companies, so far
as the same may be applicable and not inconsistent with
the provisions of this act.

2. The capital stock of the said company shall not be
less than two thousand dollars, and shall be divided 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 more than ten
thousand dollars; 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 receive
and pay for such shares in property, money, or services
rendered, at prices agreed on by said board, and said
minimum amount of capital stock may also be paid in

roperty, money, or services at prices agreed on by said
board, or by the stockholders or corporators constituting
the first stockholders’ meeting of said company.

3. The first meeting of the corporators hereinbefore
named shall be held in St. Paul, Virginia, as soon as a
majority of such corporators may there convene, and upor
the minimum amount of said capital stock being taker
or subscribed for by said corporators or other persons
then such meeting (being attended by a majority of those
subscribing to such stock) shall constitute the first gen.
eral stockholders’ meeting, and the general annual meet.
ing of such stockholders shall be held annually thereafte
in said place, or at such other time and place in Virginia
as the stockholders may in general meeting appoint; and
the principal office of said company shall be in said place,
or at such other place as the stockholders in general meet-
ing 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; but the stockholders may in general meet-
ing at any time increase the number of such directors.

5. The said company may construct, operate, and main-
tain, at or near St. Paul, Virginia (on the Clinch valley
extension of the Norfolk and Western railroad), a boom
and breakwater in the Clinch river, with proper machinery
and appliances for the safe-keeping and handling of logs,
rafts, and timber, and drawing the same from the water,
and may acquire, by lease or purchase, so much real
estate as may be necessary for these purposes, and may
encumber, lease, or sell the same, and may borrow and
lend money: provided, however, that no such boom, break-
water, machinery, or appliances, or other structures of
said company sball be so constructed or built as to pre-
vent the floating of logs and timber down said river by
other persons. Said company may hold stock in other
corporations and other corporations may hold stock in
said company.

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.