Chap. 840.—An ACT to incorporate the Graham-Bluefield electric light and
power company.

Approved March 8, 1894.

1. Be it enacted by the general assembly of Virginia, That John
H. Dingee, Walter Graham, John Graham, junior, Howard S. Graham
and William J. Haines, or such of them as may accept the provisions
of this act, their associates, successors and assigns, be, and they are
hereby, incorporated and made a body politic and corporate under
the name and style of the Graham-Bluefield electric light and power
company.

2. The said company shall have perpetual succession, and have
power to sue and be sued, plead and be impleaded, defend and be de-
fended in all courts, whether at law or in equity, and may make and
have a common seal and alter or renew the same at pleasure, and
shall have, possess and enjoy all the rights and privileges of a cor-
poration or body politic in the law, and necessary for the purposes of
this act.

3. The said company is authorized and empowered to manufacture,
purchase, or otherwise obtain electrictity, and to accumulate, store,
transmit and sell to individuals and public and private corporations
in the state of Virginia, and in other states, electricity for light
and power and all other uses whatever to which electricity is or may
be applied; to purchase, manufacture, or otherwise acquire, own, use,
sell and lease, or otherwise dispose of, electric dynamos, batteries,
wires, lamps, motors and all other materials, machinery, equipments
and appliances useful in electric plants and installations, or necessary
or convenient in making, accumulating, storing, transmitting and ap-
plying electricity; and to erect, construct, maintain and operate
over, along, through or under public streets, Highways and roads,
upon obtaining the consentof the authorities having control thereof,
and also consent of owner of fee in such streets, highways and
roads, poles, wires and other structures or appliances useful for trans-
mitting electricity.

4, The capital stock of the said company shall be one thousand
dollars, with power to increase the same from time to time to an
amount not exceeding two hundred thousand dollars; and the capi-
tal stock shall be divided into shares of the par value of one hun-
dred dollars each; and of the said capital stock such an amount
may be common stock, and such an amount, not exceeding fifty thou-
sand dollars, may be preferred stock, as a majority of all stock-
holders may from time to time determine; and the preferred stock
shall be entitled to receive dividends at the rate of seven per centum
per annum out of the net earnings of any year, only that the com-
pany may have net earnings applicable to dividends, to be paid semi-
annually before any dividends whatever shall be declared on the com-
mon stock; and after payment of seven per centum upon the common
stock, then to a pro rata share of any excess of the net earnings
beyond seven per centum upon all the stock, both common and pre-
ferred.

5. The directors may receive cash, labor, materials, bonds, stock,
real or personal property, rights of way and other rights in payment
of subscriptions to the capital stock, at such valuation and at such
prices as may be agreed upon between the directors and the sub-
scribers, and may make such subscriptions payable in such manner
or amounts and at such times as may be agreed upon with the sub-
scribers; and whenever ten shares shall have been subscribed to
and the sum of two hundred dollars paid in cash, the subscribers,
under the direction of the incorporators hereinbefore mentioned,
who themselves shall be subscribers, may organize the said com-
pany by electing a president and board of directors, and by electing
or providing for the appointment of such other officers as may be
necessary for the control and management of the business and affairs
of the said company; and thereupon they shall have and exercise
all the powers and functions of a corporation under their charter
and the laws of this state.

6. It shall be lawful for said company to buy and hold stock of
the Graham-Bluefield electric railway company and to borrow money
and issue and 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 the purposes of the company, and may secure the
payment of said bonds by mortgages or deeds of trust upon all or
any portion of its property, real or personal and mixed, its contracts
and privileges, and its chartered rights and franchises, including its
franchise to be a corporation; and it may, as the business of the
company shall require, sell, lease, convey and encumber the same.

7. Itshall be lawful for said company to acquire by donation, lease,
purchase or otherwise, all such lands or interests in lands as may
be necessary for conducting the business operations of the said com-
pany; and to acquire by donation, lease, purchase, or by condemna-
tion according to the laws of this state as prescribed by sections
twelve hundred and eighty-eight and twelve hundred and eighty-
nine of the code of Virginia, the use of lands for erecting or con-
structing thereon or thereunder poles and wires or other structures
useful and necessary for transmitting electricity.

8. Each stockholder in the company shall, at all meetings or elec-
tions, be entitled to vote for each share of stock registered in his
name. And the stockholders of said company may enact such by-
laws, rules and regulations for the management of the affairs of the
company as they may deem proper and expedient.
9. The board of directors shall be stockholders of said company,
and shall consist of such number as the stockholders may determine
upon, and shall be elected at the stockholders’ annual meeting, to be
held on such days as the by-laws of the company may direct, and
shall continue in office for the term of one year from and after the
date of their election, and until their successors are elected and ac-
cept the duties of the office; and they shall appoint one of their num-
ber president; and in case of the death, resignation, or incapacity of
any member of the board of directors during his term of office, the
said board shall elect his successor for the unexpired term.

10. The board of directors may establish offices and agencies at
such places as they may deem proper, but the principal office of the
company shall be located at Graham, in the county of Tazewell and
state of Virginia.

12. All taxes due the commonwealth by said company shall be
paid in lawful money of the United States, and not in coupons.

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