CHAP. 290.—An ACT to incorporate the Radford water and light
company.

Approved February 16, 1892.

1. Be it enacted by the general assembly of Virginia,
“hat J. L. Radford, F. J. Kimball, A. A. Phlegar, J. H.
Jingee, W. W. Justice, Joseph I. Doran and Charles H.
Mellon, or such of them as may accept the provisions of
his act, their associates and successors, be, and they are
1ereby, incorporated and made a body politic and corpo-
‘ate under the name and style of the Radford water and
ight company, and by that name shall be known-in law,
and shall have perpetual succession, and have power to
sue and be sued, plead and be impleaded, defend and be
jefended in all courts, whether in law or in equity, and
may make and have a common seal and alter and renew
the same at pleasure, and shall have, enjoy and exercise
all the rights, powers and privileges pertaining to corpo-
rate bodies and necessary for the purpose of this act.

2. The capital stock of said company shall not be
less than fifty thousand dollars, and may be increased to
any amount not exceeding one million dollars, by sub-
scription or by the issue and sale of shares, the par value
of which shall not be less than fifty dollars, from time to
time, under such regulations and upon such terms as the
board of directors of such company shall from time to
time prescribe; and the directors may receive labor, sup-
plies and materials, lands, water rights, and other prop-
erty, real or personal, in payment for subscriptions to the
capital stock at such valuation as may be agreed upon be-
tween the directors and subscribers.

3. The said company is authorized to furnish and sup-
ply on such terms as may be agreed upon water, light,
power, and heat, or either or any of them, for all or any
purposes whatever to such persons, partnerships, and pri-
vate, public, or municipal corporations as may desire ta
use the same, residing or doing business or exercising cor-
porate powers in Montgomery county, or at Radford, Vir.
ginia, or in any other town, city, or county adjacent there.
to, convenient to its works; to purchase or otherwise ac-
quire, sell, or otherwise dispose of lands and interests in
lands requisite for its purposes, or any of them; to pro
vide, locate, purchase, and erect all reservoirs, dams, build.
ings, structures, and machinery, cables, conduits, wires
pipe lines, and other works necessary or convenient fo
collecting, storing, furnishing, transporting, and dis.
tributing water, light, power, and heat, or either o
any of them, with full authority to apply in any form, anc
use water, electricity, gas, or steam, or any other mean:
applicable for the purpose.
4. The persons first named in this act, or such of them
as shall accept the provisions hereof, shall constitute the
first board of directors of the said company, and shall
continue in office until the first meeting of the stockhold-
ers thereof. At such first meeting, and at every annual
meeting, 80 many directors shall be elected as may be
prescribed by the laws and regulations of said company,
who may be removed by the stockholders in general meet-
ing, but unless so removed, shall continue in office until
their successors shall be elected and qualified. Each
stockholder in the company shall at all meetings or elec-
tions thereafter be entitled to one vote for each share of
stock registered in his name.

5. The board of directors shall be stockholdersof said com-
pany. They shall appoint one of their number president,
and may fill any vacancies that may occur in said board, un-
less by a removal,in which case the same shal] be filled by the
stockholders in general meeting. Whenever the minimum
amount of capital stock herein named shall have been
subscribed, and the board of directors shall have elected
a president, said company shall be considered legally
organized, and may proceed to the transaction of business.
The board shall appoint, to hold during its pleasure, the
subordinate officers and agents of the said company, pre-
scribe their compensation, and take from them such bonds
in security as they may see fit.

6. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the prin-
cipal office of the company shall be located at Radford, or
some point within the county of Montgomery, in this state.

7. The annual meeting of the stockholders of the said
company shall be held on the first Wednesday in May of
each year, or as soon thereafter as practicable, and on
such other day and at such other place as the stockholders
may, by resolution, adopt at any annual meeting, to take
effect at the next annual meeting, prescribe. A general
meeting of the stockholders of the said company will be
held at any time, as provided for by section eleven hun-
dred and fourteen of chapter forty-seven, title eighteen,
of the code of Virginia of eighteen hundred and eighty-
seven.

8. The said company shall issue certificates of stock in
said company to the subscribers or purchasers thereof
in shares of not less than fifty dollars each, signed by
the president and countersigned by the secretary of said
company. The said certificates shall be transferable
upon the books of the company by the said subscribers,
their personal representatives, or duly authorized agent
orattorney; and the said certificates, when so transferred
as aforesaid, may be returned to the said company and
cancelled, and new certificates of stock shall be issued in
lieu thereof to the persons entitled thereto to a like num-
ber of shares.

9. It shall be lawful for said company to issue or sell its
bonds from time to time for such sums and on such terms
as its board of directors may deem expedient and proper
for any of its purposes, and may secure the payment of
said bonds by mortgages or deeds of trust, or pledge of all
or any portion of its property, contracts and franchises,
including its franchises to be a corporation, and may re-
serve the right to the company, or confer on the holder of
any bonds of the company the right, to convert the prin-
cipal thereof into stock of the company at any time; and
it shall be lawful for said company to subscribe to and
hold shares in the capital stock of any company or corpo-
ration whenever the board of directors of the company
shall deem it to its interest to do so, and any joint stock
or municipal corporation may guarantee or hold the bonds
or the stock of the said company.

10. No stockholder in said company shall be held or
made responsible for its debts and liabilities in a larger
or further sum than the amount of any unpaid balance
due to the said company for stock subscribed for by said
stockholders.

11. The said company, for the purpose of securing or
protecting its water supply, or acquiring, locating, con-
structing, maintaining and operating its works, or any
part thereof, for any of its purposes, may by the means
provided by the laws of Virginia, for the acquisition of
land by internal improvement companies, and upon mak-
ing due compensation therefor enter upon and acquire by
condemnation the lands, easements, rights and privileges
required from time to time therefor.

12. All taxes due the commonwealth by the said com-
pany shall be paid in lawful monev of the United States,
and not in coupons.

13. This act shall be in force from its passage, but the
general assembly of the state of Virginia reserves the
right to modify, alter or repeal this act at any time here-
after.