Chap. 338.—An ACT to incorporate the Peart-Neilds and MeCormick companv.
p pany

Approved February 14, 1838.

1. Be it enacted by the general assembly of Virginia, That John
Peart, Wilmer T. Nields, William M. McCormick, and Walter J. Min-
wus, Of Philadelphia, Pennsylvania, and Lindley M. Garrison, of Cam-
den, New Jersey, or such of them as may accept the provisions of this
act, be, and are hereby, constituted a body corporate under the name
and style of Peart, Neilds, and McCormick company, and under that
name shall have perpetual succession and a common seal, which they
may alter or amend at pleasure ; shall sue and be sued, implead and be
impleaded, contract and be contracted with, and have and exercise all
the powers and privileges of a corporation granted by the general laws
of the commonwealth, and not inconsistent with the terms of this act.

2. The capital stock of said company shall not be less than fifty
thousand dollars, which may be increased to one hundred thousand dol-
lars, in shares of fifty dollars each, and the directors may receive real
or personal properties or services in payment for subscriptions at such
valuation as may be agreed upon.

3. The said company is authorized and empowered to own, control
and operate a lumber, planing and saw mills; to manufacture, make,
buy and sell lumber, flooring, box shooks, and any and all kinds of
products manufactured from wood; to buy or sell, own or lease, have
and hold real and personal estate, with power to mortgage the same to
secure funds to be used in the business of the corporation; to buy, own
and sell any and all kinds of lumber, timber, timber lands, and the
like; to buy, own, and sell, lease, have and hold rafts, boats and appli-
ances to be used in a general manufacturing lumber business, together
with all water rights and privileges necessary for the said purposes, and
all and every right and power incident to these purposes, and to do a
general wholesale and retail manufacturing and lumber business.

4. The above-named corporators shall be the directors for the first
vear, and shall select a president and vice-president and appoint a sec-
retary and treasurer; and the board shall have power to manage and
control the affairs of the company and to adopt such by-laws and regu-
lations as may be enacted by the stockholders; and the time, place and
manner of holding meetings of the stockholders, the declaration of divi-
dends, and the mode of conducting the business of the company shall
be fixed by the by-laws. Each stockholder shall be entitled to cast one
vote in every meeting of the stockholders for each share of stock held.

5. The said company shall have the right to build tramways or rail-
roads to be operated by steam or horse-power, to connect their saw
mills, lands, manufactories, or other works with the nearest railroad;
and said company shall have the right to build tramways or railroads
to connect thir lands, saw mills, manufactories and other works locat.
in Greenesville, Brunswick and Dinwiddie counties, Virginia, with both
the Petersburg and Weldon railroad, the Norfolk and Western railroad,
the Virginia and Carolina railroad, and the Atlantic and Danville rail-
road; and the said company shall have the right to acquire the rights of
way necessary to build said railroads, to be operated by steam or elec-
tric power, not exceeding sixty feet in width, by condemnation, as the
company may deem necessary for the transaction of it3 business; anid
said railroad company shall be deemed common carriers and governed
by the laws governing common carriers, and if the company and owners
thereof cannot agree as to the compensation to be paid for the said
rights of way, the matter shall be settled as is provided in chapter fort y-
six of the code of Virginia of eighteen hundred and eizhty-seven.

6. The company hereby agrees to pay its taxes and dues to the state
of Virginia in legal money of the United States and not in coupons.
This act shall be subject to amendment by the general assembly of Vir-
ginia.

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