Chap. 397.—An ACT to incorporate the Fallsburg power and manufacturing
company. ,

In effect February 17, 1900.

1. Be it enacted by the general assembly of Virginia, That Daniel
J. Carroll, George W. Bostwick, David H. Pitts, Henry L. Lane, Richard
Flynn, J. E. Lane, C. W. Allen, William Dorrier, C. W. Langhorne, or
any five of them, their associates, assigns, or successors, are hereby in-
corporated, created, and constituted a body politic and corporate of this
state by the name and style of the Fallsburg power and manufactunng
company, and by such name shall have perpetual succession, may con-
tract and be contracted with, sue and be sued, make, adopt, and use a
common seal, and alter the same at will.

2. That the said company is hereby authorized and empowered to
acquire, own, and hold, either by purchase, gift, devise, bequest, lease,
or otherwise, and to control in any manner, grant, bargain, sell, mort-
gage, or otherwise encumber, lease, convey, or otherwise dispose of real
and personal property of any kind in this state or elsewhere: provided,
that said company shall not own in fee simple at any one time more than
two thousand acres of land; and the said company is authorized and em-
powered to lay out said lands, or any portion thereof, into parcels or lots
of convenient size, to open and construct thereon roads, lanes, streets,
and alleys, and develop, work, improve, and cultivate, operate mines and
quarries or otherwise use or dispose of the same in such manner, and
on such terms as said company may prescribe; and the said company shall
have the right to construct, maintain, and operate on any of the lands
so developed or improved street railroads, whether operated by electricity,
steam, or horse or other power, water-works, gas-works, sewer systems,
electric-light plants, or other systems of illumination. The said company
may also build, construct, own, and operate railroads from any of its
lands or plants, quarries, mines, or other works which may be situated
within a radius of ten miles of Fallsburg, a point on James river, in
Albemarle county, to connect with the Norfolk and western railway,
the Chesapeake and Ohio railroad, or the southern railway, which, in the
judgment of its board of directors, shall seem to be advantageous to the
company or offer sufficient tonnage to justify such construction: pro-
vided, that no one of its railroads shall exceed forty miles in length.

8. That said company may erect, maintain and operate its plant or
plants, acquire, own, develop, maintain, improve, operate and use water
power on James river, and for this purpose may erect and maintain a
dam across said river from a point in Albemarle county, Virginia, to the
Buckingham side, and may construct canals and other hydraulic and
auxiliary steam works, and manufacture and generate water power, elec-
trical power, or other power, light or heat, and utilize or transmit and dis-
tribute such power, light, or heat to any place or places for its own use,
or for the use of other individuals or corporations; and may construct,
own, maintain, and operate telephone lines between any or all of its
works or plants; and as a means of marketing its power, the said company
may construct and establish other factories and manufacturing plants
in Albemarle and adjoining counties, and sell, lease, or otherwise dispose
of such plants, or may subscribe to or otherwise acquire, hold or dispose
of stocks, bonds, or other securities of any such companies; and for the
purpose of constructing its dam, canals, and the plants and machinery
necessary to develop and generate power, light, or heat, such pipe or
wire line or lines as is necessary to utilize or deliver the same, construct-
ing a railroad or railroads, and a telephone line or lines, as hereinbefore
provided, the said company may exercise the right of eminent domain,
but where any property is necessary for constructing said pipe or wire
lines or telephone lines, proceeding may be had under sections twelve
hundred and eighty-eight and twelve hundred and eight-nine of the
code of Virginia of eighteen hundred and eighty-seven, and shall
have all the rights, powers, and privileges given to internal im-
provement companies by the laws of this state, except where such laws
are hereby modified, and may begin and carry on its work under this
charter as soon as the minimum of its capital stock shall have been sub-
scribed for.

4. The capital stock of said company shall not be less than twenty-
five thousand dollars nor more than three hundred thousand dollars
The board of directors may issue certificates of stock in shares of fifty
dollars each, and each share of said stock shall be entitled to one vote
in any meeting of the stockholders. The said company may receive ir
payment for its shares of stock money, lands, or personal property, 01
other things of value upon such terms as shall be prescribed by its boarc
of directors, and said company, through its board of directors, mav give
a preference to a portion of its capital stock over the residue thereo
and guarantee the payment of such preferred stock, or the dividend:
thereon, or both.

5. Any five or more of the persons named in the first section of thi:
act who shall accept the provisions hereof and consent to act as such
shall compose the board of directors for the first year, or until said boar
be otherwise constituted by the stockholders in general meeting after or
ganization, one of whom shall be chosen by them as president of the sai
hoard and of the company; and the hoard of directors may at any tim
fill a vacancy in its body, or in the office of president, whether such va
cancy shall be caused by death, resignation or otherwise, and may ap
point such officers or agents, and perform such other acts as the bes
interests of the company demands.

6. The board of directors may meet at any time after the passage o
this act, and if at such meeting twenty-five thousand dollars of the capi
tal stock be subscribed, the company shall then be deemed organized
and the board of directors shall proceed to adopt by-laws for the compan)
‘mn which the time and place for holding the annual meeting of the stack
holders, as well as the notice of such meeting and the mode of servin
4920 ACTS OF ASSEMBLY.

the same, shall be prescribed; but the by-laws at any time may be changed
by the board of directors or by the stockholders in any general meeting.

7. The said company shall have the right to subscribe for and hold,
hypotheeate, sell, or otherwise dispose of the stock of any other corpora-
tion, whether chartered by this or another state, and may borrow money,
and as security for its payment give a mortgage or other lien on its fran-
chises and property, or any part thereof.

8. The said company shall begin its work within two years from the
passage of this act; and all taxes and dues to the commonwealth shall
be paid in lawful money of the United States and not in coupons.

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