Chap. 799.—An ACT to incorporate the Home investment company.

Approved March 8, 1894.

1. Be it enacted by the general assembly of Virginia, That T. P.
Trigg, G. V. Litchfield, O. Barrett, W. J. Brown and Mistress N. B.
Greenway, or such of them as may accept the provisions of this act,
and such other persons as may be associated with them, and their
successors, are hereby created and constituted a body politic and
corporate by the name and style of Home investment company, and
by such name shall have perpetual succession, may contract and be
contracted with, sue and be sued, make and use & common seal
and alter the same at pleasure; and make and maintain such by-
laws, rules and regulations forthe government of said corporation
and the conduct of ita business as may be deemed necessary, not in
conflict with the laws or constitution of the state wherein its busi-
ness shall be transacted, or of this state or of the United States.

2. The capital stock of said company shal! not be less than ten
thousand dollars, to be divided into shares of one hundred dollars
each, and the same may be increased by additional subscriptions, or
the issue or sale of shares to such an amount, not exceeding two
hundred thousand dollars, as the stockholders at any general or
special meeting may authorize or prescribe. The said company may
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 or authorized by the board of directors, and said company
may give a preference to a portion of the capital stock over the resi-
due thereof as to dividends and the payment thereof.

3. The corporators herein above named, or any three of them, may
receive subscriptions to the capital stock of said company, and when
the minimum capital of ten thousand dollars shall have been sub-
scribed, and the said subscribers may organize said company by the
election of five directors, of whom they shall elect one as president,
to remain in office one year, and until their successors are elected,
unless sooner removed by the stockholders. After organization as
aforesaid, the stockholders at any general meeting may change the
number of directors, and may provide for the proper government of
the corporation by such by-laws as they may deem fit and proper, ag
herein above authorized.

The board of directors may appoint, or authorize to be appointed,
such subordinate agents and officers of thé company as they may
deem necessary and proper for the proper dispatch of the business
of the company.

4. The said company is authorized to carry on the business of ac-
quiring, holding, buying and selling lands, timber, minerals, metals.
ores, salt, oil, natural gas, marble and other natural materials, and
of mining, working, smelting, quarrying and manufacturing the
same, and may conduct the business of said company in the coun-
ties of Washington, Russell, Wise, Scott and Dickenson, or such
other county in this state as such company may acquire property in,
or in any adjoining state; and for the purposes of said company it
shall have the power to buy, hold, sell, lease or otherwise dispose of
any real or personal estate deemed necessary to the proper prosecu-
tion of its business, and may, on any property so acquired, erect
and maintain buildings, machinery and structures needful for smelt-
ing, manufacturing and treating ores, metals and minerals of what-
ever kind; manufacturing coke, or for the production of manufac-
tured products from wood, stone, iron ore, or coal or other minerals.

5. It shall be lawful for said company to sell bonds from time to
time for such sums and upon such terms as its board of direc-
tors may deem expedient and proper in the prosecution of any of its
works or business, and may secure the payment of the principal and
interest thereof by mortgages or deeds of trust upon all or any por-
tion of its property, rights and franchises, including its franchises
to be a corporation; and it shall be lawful for said company to sub-
scribe to and to hold shares in the capital stock of any railroad com-
pany or other corporation whenever the board of directors shall deem
it to be its interest to do so.

Each stockholder in said company shalt be entitled to one vote for
each share held by him, and no stockholder shall be held individu-
ally liable for the debts or liabilities of the company in any larger
or further sum than to such amount as may be due and unpaid sev-
erally upon his stock subscription.

There shall be no limit, except as the by-laws of the company may
prescribe, upon the number of shares of stock which any stockholder
may hold.

6. The acceptance of this charter and organization thereunder
shall be deemed to be a waiver by said company of any right to pay
taxes or dues or assessments hereafter made from said company to
the state of Virginia in coupons of this state, and shall be taken as
an agreement on the part of said company to pay all said taxes, dues
and assessments in lawful money of the United States. :

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