Chap. 288.—An ACT to incorporate the Virginia land invest
ment and railway company.

Approved February 16, 1892.

1. Be it enacted by the general assembly of Virginia
That R. C. Marshall, Alfred P. Thom, Albert Young, Nor
born C. Lewis, Legh R. Page, George B. Finch, thei:
associates, successors and assigns, be, and they are here
by, created a body politic and corporate, under thi
name of the Virginia land and investment company, un
der which name they may sue and be sued, have perpet
ual succession, and a common seal, and have such othe
powers and privileges as by the laws of Virginia now ir
force, are conferred upon joint stock companies.

2. The said company shall be authorized to carry o1
business for the following purposes or any of them:

First. To purchase mineral and timber lands in thi
and other states, and to improve, develop, mine, quarry
lease, convey and exchange the same.
Second. To acquire any railroad in this state connect-
ing with any lands or mines acquired by said company.

Thirdly. To purchase, own and hold bonds or other evi-
dences of debt, and shares of the capital stock of any
railroad company or companies formed under the laws of
this or any other state, and to guarantee the bonds, evi-
dences of indebtedness or capital stock of any railroad
company or other corporation of this or any other state;
and any corporation of this or any other state may ac-
quire and hold the stock and obligations of said company.

3. The amount of the capital stock with which said com-
pany shall commence business shall be two hundred thou-
sand dollars, but said amount may be increased from time to
time by vote of the stockholders at any meeting of the
stockholders called for that purpose. Thecapital stock of
the company may be issued in classes of preferred and
common stock, subject to such terms and with such pre-
ferences, conditions and voting power as shall be deter-
mined by the stockholders at the time of authorizing the
issue thereof, and the amount of any class may be in-
creased from time to time in like manner, unless other-
wise provided in the certificates representing stock pre-
viously issued. The shares of each class shall be of such
par value and entitle the holders to such votes, respect-
ively, as the stockholders in like manner determine.

4, Said company may borrow money and issue bonds or
other evidences of indebtedness therefor, and may secure
the same by mortgage or deed of trust upon any or all of
its property and franchises; and said company may issue
and sell its bonds and shares in its capital stock at such
prices and on such terms as may be approved by a vote of
the majority of the stockholders present at any meeting,
and, with like approval, may dispose of the same for lands,
mineral and timber rights, contracts of other corporations
and securities of the character mentioned in the second
section of this act, or of other valuable thing; and any
shares of said stock so disposed of shall, for all purposes,
be treated as fully paid and exempt from all calls or as-
sessments thereon.

5. The business, property, and concerns of this company
shall be managed by a board of directors, consisting of
not less than five members, and one of their number shall
be chosen as president. The stockholders may adopt by-
laws for the management of the stock, property, and con-
cerns of the company, and for the government of its
directors, officers, and agents, and they may in and by
such by-laws prescribe how the same may be amended or
repealed.

6. The principal office of the company shall be in the
city of Richmond, in this state, at which the annual gen-
eral meeting of the stockholders shall be held; but special
neetings of the stockholders and any meeting of the board
yf directors may be held elsewhere and outside the limits
f this state as may be authorized under the by-laws of
he company.

7. It shall be lawful for the circuit court of the city of
Richmond, upon the petition of the president and board
»f directors, to order a change of the name of the company,
out such change of name is to be made without prejudice
o the rights of any creditor or to the due exercise of any
»f the powers and privileges granted by this act.

8. All taxes and demands due from said company to the
>Ommonwealth shall be paid in lawful money of the
United States, and not in coupons.

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