Chap. 260.—An ACT to incorporate the Emporia Land and Investment Company.
Approved March 25, 1902.

1. Be it enacted by the general assembly of Virginia, That W. M.
Powell, W. F. Deal, Henry Maclin, J. J. Powell, and A. M. Potter, all
of Emporia, Virginia, their associates, successors, or assigns, be, and
they are hereby, created a body politic and corporate under the name of
the Emporia Land and Investment Company, under which name they
may sue and be sued, have perpetual succession and a common seal,
which they may alter and renew at pleasure, and have such other powers
and privileges as are conferred upon joint-stock companies by the laws
of the State of Virginia.

The said company is hereby authorized to carry on business for the
following purposes, or any of them:

First. To purchase, lease, or otherwise acquire land or interests in
land in this and other States, and to hold, improve, lease, sell, and ex-
change the same: provided, the said company shall not hold more than
twenty-five thousand acres of land at any time.

Second. To purchase, lease, or otherwise acquire, and to manufacture,
improve, or change the form of timber, lumber, metals, or any other
substance, and the same to hold, use, lease, sell, trade in, or otherwise
dispose of.

Third. To purchase, own, and hold the bonds or other evidences of
debt, and shares of the capital stock of any corporation now or here-
after corporated and existing under the law of the State of Virginia, or
of any other State, and the same to sell or otherwise dispose of; and to
guarantee, endorse, or underwrite the bonds, evidences of debt, or capi-
tal stock of any joint-stock company in this or any other State; and any
corporation of this or any other State may acquire and hold the stock
and obligations of the said company.

Fourth. The amount of the capital stock shall not be less than five
thousand dollars and not more than twenty-five thousand dollars, divided
into shares of one hundred dollars each. Subscriptions to the capital
stock may be received by the incorporators herein named, or any three of
them, at such time and place as they may appoint, with or without pub-
lic notice, as they may deem best; and as soon as the minimum capital
stock has been subscribed the said subscribers may organize as a corpora-
tion, and. proceed to the election of a president and board of directors
and such other officers as they may see fit, and may adopt such by-laws
and regulations as they may desire, not contrary to the laws or constitu-
tion of this State or of the United States, for the management of the
affairs of the company; and thereafter the said company shall have
power, from time to time, to increase its capital stock, by vote of the
majority in interest of the said stockholders, when it shall have lodged
in the office of the secretary of the Commonwealth a certified copy of the
resolution authorizing such increase, and shall have paid into the treas-
ury of the State the tax upon such increased capital as required by law.
Subscriptions to such increase in the capital stock of the said company
may, from time to time, be taken and received by the board of directors
of the said company in such amounts as they may determine, with or
without public notice, as they may deem best. The capital stock of the
said company may be issued in such classes and subject to such prefer-
ences, rules, and regulations as the stockholders may determine. Sub-
scriptions to the stock of the company may be pavable in money, land,
labor, services, materials, rights, or other property, or in the capital
stock or obligations of other joint-stock companies, upon such terms and
conditions as may be agreed upon between the said company and the
subscribers.

The company hereby incorporated may acquire by lease or purchase,
combination or consolidation, and use and operate the works, property.
franchises, rights, privileges, and immunities of any other joint-stock
company or companies, and may unite or consolidate with such other
company or companies, upon such terms as may be agreed upon between
them, under its own name or under such other name as may be agreed
upon by the companies consolidating, and upon such consolidation the
consolidated company, by whatever name it may be known, shall be en-
titled to exercise all the privileges, and be subject to all the duties and
fiabilitics incumbent upon either or both of the said companies, under
their respective charters, so far as the property, franchises, and rights
of the company so consolidated with this company are concerned. And
power is hereby conferred upon any joint-stock company to transfer by
sale or lease their works, properties, franchises, rights, privileges, and
immunities to the company hereby incorporated, or to unite and consoli-
date with it upon such terms and under such name as may be agreed
upon between them. The consolidation or merger of such company or
companies, and the organization of such consolidated company, shall be
deemed and taken as final and complete as soon as the agreement of
such consolidation fixing the name, terms, and conditions thereof shal]
be lodged in the office of the secretary of the Commonwealth of this
State; and the said consolidated company, under whatever name may be
so agreed upon, shall thereupon be invested and clothed with all the
powers, rights, privileges, franchises, and properties of all the companies
so consolidated, and subject to all the duties and obligations of each
company, at the time of such consolidation, so far as the property, fran-
chises, and rights of the company so consolidated with this company are
concerned: provided, nothing herein contained shall be construed to
authorize the said company to consolidate with any railroad, canal, tele-
graph, or telephone company, or with any other company having author-
ity to exercise the right of eminent domain.
The principal office of the said company shall be at Emporia, i
Greenesville county, Virginia, but the same may be changed at any tim
by resolution of the majority of the stockholders to some other place 1
the State of Virginia, and such change shall be deemed to be perfected :
soon as a certified copy of the resolution of the stockholders authorizin
such change shall have been lodged in the office of the secretary of tt
Commonwealth.

The company hereby created, or any consolidated company which ma
hereafter be formed in pursuance of the provisions of this charter, ma
dispose of the whole or any part of its property by sale, lease, or othe:
wise ; may borrow money and issue its bonds, either registered or coupor
or other obligations, and secure the payment of the same by mortgage c
deed of trust upon the whole or any part of its property, works, right:
franchises, and privileges.

The said corporation, or any company formed in pursuance of the pre
visions of this act, shall pay all taxes due the State of Virginia in lawft
money of the United States, and not in coupons.

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