Chap. 51.—An ACT to amend and confirm the charter of the
Basic City mining, manufacturing and Jand company, granted
by the judge of the circuit court of Augusta county, the 7th
day of mber, 1889.

Approved January 14, 1892.

1. Be it enacted by the general assembly of Virginia,
That the charter of the Basic City mining, manufacturing
and land company, granted by the order of William
McLaughlin, judge of the circuit court of Augusta county,
made on the seventh day of December, eighteen hundred
and eighty-nine, be amended and confirmed so that the
provisions of said charter shall be as follows, to-wit:

2. That Samuel Forrer, Edward McMahon, Charles A.
Holt, M. A. Booker, J. A. Wise, J. E. Sanger, E. Smith
Dinkle, John Winter, and Arista Hoge, and such persons
as may be associated with them, and their successors, are
hereby created and constituted a body politic and corpor-
ate by the name and style of the Basic City mining, manu-
facturing and land company, and by such name shal! have
perpetual succession; may contract and be contracted
with, sue and be sued, make and use a common seal, and
alter the same at pleasure, and make and maintain such
by-laws, rules and regulations, for the government of said
corporation, and the conduct of its business, as may be
deemed necessary, not in conflict with the laws or the con-
stitution of this state or of the United States.

3. The capital stock of said company shall not be less
than fifty thousand dollars, and not more than one million
dollars, to be divided into shares of one hundred dollars
each. The said company shall receive subscriptions to its
capital stock or payment for its shares so issued in money,
land or other property, upon such terms as shall be agreed
upon or authorized by the board of directors of said com-
pany; and upon receiving a conveyance of said property,
if real, or other proper title thereto, if personalty, the
said company shall have the right to deliver to such sub-
scriber to, or purchaser of, its stock, a proper certificate
for so many paid-up shares of stock as may be agreed
upon, and said company may give a preference to a portion
of its capital stock over the residue thereof in the distri-
bution of the assets of the company, and in the payment
of dividends. The stock of said company shall be per-
sonal property, and be transferrable on the books of the
company, in person, or by attorney, duly authorized in
writing; and in all meetings of the stockholders, each
stockholder shall be entitled to one vote for each share of
stock held by him, and the stockholders shall be liable only
for the payment of the full amount of the stock subscribed
for by them; and no stockholder holding full paid-up stock
shall be liable to any contribution, or for any debts, lia-
bilities, or obligations of said company. The said com-
pany shall have a lien on the stock of any stockholder for
the amount due by him at any time to said company on
said stock.

4, The said company may hold real estate, by purchase,
lease or otherwise, as may be deemed expedient, to the
amount of one hundred thousand acres.

5. The principal office of the company shall be at Basic
City, in Augusta county, Virginia.

6. The officers of said company, who are to manage the
affairs of the company, shall be the officers who have been
duly elected and constituted in accordance with the pro-
visions of the original charter of said company, and their
successors, who shall be duly elected in accordance with
the provisions of said original charter and this charter;
and the directors of said company may appoint such
subordinate officers and agents as they may deem neces-
sary for the proper dispatch of the business of the
company.

7. The said company is hereby authorized to buy, hold,
sell, lease, mortgage, or otherwise acquire, dispose of, or
encumber real and personal estate in the state of Virginia,
and is specially authorized to encumber its real or per-
sonal estate, or any part thereof, by deed of trust, mort-
gage, or otherwise, to secure creditors of the company, or
any of them, in such order of priority as the company
may prescribe, and to raise and provide funds, by deed of
trust or mortgage upon its real or personal estate, or any
part thereof, to provide for the payment of debts due by
the company, or liens encumbering the lands now owned
by said company, or lands sold by said company with
such liens then existing thereon, and to enable said com-
pany to pass the unencumbered title to such lands to its
vendees; and to conduct the business of mining and man-
ufacturing any ores, minerals, metals, materials, or pro-
ducts, at one or more points in this state; to erect and
maintain on any of its property, buildings, machinery
and structures needful for smelting, manufacturing, and
treating ores, metals and minerals of ‘whatever kind, or
for the production of manufactured fabrics from wood,
stone, wool, cotton, hemp or other material, and may op-
erate, lease, sell, mortgage, or otherwise dispose of the
same, and may on its own lands survey and lay out such
portion or portions of its lands as the board of directors
of the company may select and set apart for the purpose,
into divisions, manufacturing sites, town lots, squares,
and otherwise, with intervening roads, streets, alleys, or
parks, and to improve the same by buildings or otherwise,
for sale, lease, mortgage, donation or other distribution,
as the company may deem conducive to its successful
operation; and may establish such lawful rules and regu-
lations for the use and disposition of its property as the
board of directors of the company may deem expedient
and determine upon in the form of by-laws or otherwise ;
and may promote the establishment of industrial enter-
prises on its property, and for that purpose may lend
money on such terms, not exceeding the legal rate of in-
terest, and for such length of time, and upon such secu-
rity as the board of directors of the company may deem
expedient; and may make, issue and sell its bonds from
time to time, for such sums of money, and on such terms
as its board of directors may deem expedient and proper
for the prosecution of any of its works or business, and
may secure the payment of the principal and interest
thereof, by mortgage or deed of trust upon all or any por-
tion of its properties, rights and franchises, including its
franchise to be a corporation; it shall be lawful for said
company to establish and construct water-works for sup-
plying the inhabitants of the town of Basic City and
other parties in the neighborhood thereof, with water;
and also to establish and operate gas-works, and electric
works, and also to erect and maintain telephone lines, and
to build said lines along the streets of Basic City and the
public roads of Augusta county; also to construct, equip,
maintain and operate one or more lines of street railway
in the town of Basic City, Virginia, and in the neighbor-
hood of said town: provided that no-line shall be con-
structed over or through the streets of any town, without
first obtaining the consent thereto of the town council of
said town, or along any public road outside of said town
in the county of Augusta, without the consent thereto, of
the board of supervisors of said county being first ob-
tained. The said line or lines of railway may be operated
by horse, steam, electric or other motive power, and may
transport passengers or freight, or both, for such rates of
toll as the directors of said company may decide upon ;
also to build, erect and operate hotels; and may acquire
land or privileges necessary for such water-works, gas-
works, electric works, street railway and telephones, by
purchase, contract, or condemnation, proceedings for such
condemnation to be in accordance with the provisions of
chapter forty-six of the code of Virginia, and any laws
amendatory thereof; and also to purchase, subscribe for
and hold stock in any other corporation. The said com-
pany shall be authorized to exercise all the powers granted
in this charter, any previous statute to the contrary not-
withstanding.

8. The provisions of this charter and the powers and
authority of the said company under the same, shall be
treated, dealt with and construed in every respect as
though this charter had been granted by act of the gen-
eral assembly of Virginia, approved on the seventh day
of December, eighteen hundred and eighty-nine.

9. All taxes and dues from said company to the state of
Virginia, shall be paid in lawful money of the United
States, and not in coupons.

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