An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1891/1892 |
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Law Number | 515 |
Subjects |
Law Body
CHAP. 515.—An ACT to incorporate the Virginia manganese,
iron and coal company.
Approved February 29, 1892.
1. Be it enacted by the general assembly of Virginia,
That J. C. McDonald, of Craig City, Virginia; J. W. Over-
turf and George Davis, of Portsmouth, Ohio; L. W. Goss,
of Cincinnati, Ohio; C. W. Howard, of Chattanooga, Ten-
nessee; Thomas Stackpole, of Athens, Tennessee; W. A.
Connell, of Craig City, Virginia; W.G. Sears, of Wash-
ington, District Columbia; E. C. Pope and Julius King,
of Cleveland, Ohio, and their successors, or such of them
as may accept the provisions of the act, be, and they are
hereby, made a body corporate and politic under the name
and style of the Virginia manganese, iron and coal com-
pany, under which name it shall have the right to sue and
be sued, implead and be impleaded in all courts, whether
of law or equity, and shall have perpetual succession, and
may have a corporate seal, and alter and renew the same at
pleasure, and may make by-laws, rules and regulations, not
inconsistent with the laws of this commonwealth, for the
government of all under its authority.
2. The capital stock of said company shall not be less
than fifty thousand dollars, and may be increased from
time to time to any amount not to exceed five million dol-
lars by the issue and sales of shares on such terms as the
board of directors may prescribe. The par value of each
share shall be one hundred dollars. The directors may
receive real or personal property suited to the business of
the company in payment of subscriptions to the capital
stock of the company, at such valuation as may be agreed
upon between the directors and subscribers. Certificate
of stock shall be issued to the subscribers in shares of one
hundred dollars, signed by the president and secretary of
the company. Said stock shall be transferable only on the
books of the company, by the owners, their representa-
tives, agent, or attorney, and when so transferred the cer-
tificates shall be cancelled and new certificates issued in
lieu thereof to the person entitled thereto for a like number
of shares.
3. The said company is authorized and empowered to
purchase, own, hold, lease and control in any manner, sell,
grant and convey real and personal estate: provided that
such company shall not hold at any one time more real
estate than thirty-five thousand acres. It is authorized
and empowered to mine and dig for ores and quartz of
any description, coal, marble, slate and stone; to manu-
facture iron, steel, coke, fire-brick, building or paving
brick, glass and any article composed either or in part of
wood, iron, steel, stone, slate or any metal or mineral,
and may market and sell any of its products; it may ereet
furnaces, rolling mills, forges, mills, paint mills, fixtures,
appurtenances and any machinery necessary for the ope-
ration of its business, and operate the same. It may lay
pipes, cut canals and erect water-works, build and operate
roads, tramways and railways,and may connect them with
any other railroad: provided it shall not be authorized to
construct any railroad or water line which shall exceed
twenty-five milesin length. The said company may ac-
quire by condemnation, according to the laws of Virginia,
the lands required for the right of way of its railroad,
and the necessary stations and depots for its operation.
In constructing and operating its tramways and railways,
it shall be entitled to the benefit and subject to all the
penalties of the general laws of this state in regard to
railroad or internal improvement companies; it may lay
out manufacturing sites, streets, alleys, and grade streets,
erect houses and gas: works, sell and use the same. It
shall have its principal office in Craig City, in Craig
county, Virginia, or elsewhere in the state of Virginia as
the stockholders in general meeting may direct.
.4, It shall be lawful for any railroad company to sub-
scribe to the capital stock of said company, and they may
acquire its bonds, full power being hereby given such
conmpanies for that purpose, and the said company shall
have power to merge or consolidate its railroad with any
other railroad company or companies, and it shall be
lawful for any stockholder of said company to hold the
stock of said company in any sum not prohibited by the
by-laws of said company, and to cast one vote for each
share of stock owned by him. |
5. It may issue its bonds or preferred stock, or both, and
sell the same upon such terms as the board of directors
may prescribe, and may secure said bonds or preferred
stock, or both, by deeds of trust or mortgages upon its
franchise and property, or any part of its property or fran-
chise.
6. No stockholder will be held liable or made responsible
for the debts or liabilities of said company in a sum be-
yond any balance due from said stockholder to said com-
pany on stock subscribed by said stockholder.
7. The directors of said company shall be stockholders,
and they shall elect one of their number president. Their
number shall not be less than five or over seven, and they
shall be elected by the stockholders in their annual meet-
ings. They shall serve until their successors are elected,
and they may fill any vacancy in their board. For the pur-
pose of organizing said company, the first seven persons
named in this act shall constitute its first board of direc-
tors, a majority of whom may act. They may receive sub-
scriptions to the capital stock of the company at any time
and place without advertising, and when the sum of fifty
thousand dollars or more is subscribed they shall convene
the stockholders and organize said company, and certify
such organization on the books of the company, and such
certificates, or a copy thereof, when attested by a notary
public, shall be received as legal evidence of the organiza-
tion of such company. But such organization shall be
had within one year after the passage of this act.
8. That the said company, by the acceptance of this
charter, hereby agrees to pay all taxes and demands due to
the state, that may be hereafter assessed against it, in
lawful money of the United States, and not in coupons.
9. This act shall be in force from its passage.