Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1876-01-11
lnCOrnOrnlel.

their successors and assigns, shall be.
and they are hereby constituted a
body polite, by the name and style Of
The Southwest Virginia Land, Colo
nizu.ion, and improvement Company,
and by that name shall have perpet-
ual succession and a common seal, ana
the same breaG, alter, aud renew or
change at their pleasure and may sue
and be sued, plead and be implicated.
in all courts and places, and In all
munner of actions and complaints
whatsoever and shall and may make,
ordain, establish, alter or amend such
bylaws, ordinances and regulations
concerning and covering all points of
organization and business not herein
specially provided for, as they may
think wise, and generally may do
every act and thing necessary to carry
into elect this act. or to promote the
objects and designs of the corporation:
provided, that such bylaws, ordinan-
cps. regulations, or acts be not incon-
sistcnt with the provisions of this act,
and the laws of the United States and
this State for the government of its
officers and proper conduct Of It's af-
fairs and shall possess and enjoy all
other privileges and franchises Incl
NNiiA w u NOl Dbl anu sildll Ut Gu
pable in law of purchasing, holding,
using, cuitivating, grazing, mining,
numbering, and improving, selling and
mortgaging, letting and disPo7ing of
all such real and personal estate in this
state as may he necessary or eXped!-
ent for the objects of this inuOrpora-
ton and may receive and make all
leeds, transfers, mortgages, covenants,
contracts and agreements whatsoever
necessary or useful for the purposes
aforesaid, or any of them.
2. The capital stock of the said
company shall be one hundred thous-
and dollars, aud may be increased in
one or more sums, and at one or more
times, to an amount not exceeding IN
all five millions of dollars. 10y vote OF
stockholders owning two-thirds of the
stock and voting in person. or 10y
proxy, at any special meeting of stock
holders to be called for the purpose,
upon thirty days notice. The capital
stock shall be divided into shares of
one hundred dollars each, which share
shall he deemed personal property, aud
shall be transferable in such manner
as the corporation by its bylaws shall
direct.
3. The corporate powers OF said
company shaft be vested i'm q board or
directors, and shall be exercised by
them, and such officers and agents as
they shall from time TO time appoint
The board of directors shall consist of
not fewer than three nor more than
seven persons, each of whom shall he
the proprietor of at least forty shares
of the capital stock, and who shall he
elected 10y majority Of the uIpora-
tors at their first meeting for organi-
cation and Il GREATER all vacancies for
the uneXpired term shall be filled by
the board of directors, when not less
than two hundred shares Of the capt.
tai stock shall have been subscribed for
by and between the said cOIpOratnrs.-
y meeting for organization shall he
called either in the cities of Richmond
or New York. 10y any three of the cor
poratoTs, by giving not less than ten
days notice thereof to the other cor
polators, either to he delivered person
ally or mailed to their usual post Office
address. Such notice shall state The
time and place of meeting.
4. The said corporation may issue
its stock in payment for lands or 9TH
er property purchased by it and may
likewise receive stock of the company
~ sold by the company and it shall
have power to lay out and establish on
its own lands, or any part or parcel
thereof, towns and villages, also tram
roads To the nearest main highway,
water communication, or railIoad
bHiln, construct, and maintain reser-
vOirs and dedicate to public use, on
such terms as ito hy-laws may provide,
land requisite for highways, streets.
parks, public gardens, churches,
schools, colleges, academies, and crme-
terics and may erect or caused to tie
erected wharves. warehouses, factories,
and buildings Of all kinds 4. and estah-
fish col!ieries, to lay oil such land into
lots, to cut and construct bitches,
drains, dykes, dams, sluices, and race
WAYS n may be necessary for imprOv-
ing their SAID lands for agricultural,
mining, numbering, grazing, and
building purposes. planting vineyards,
growing cotton, CultiVating the null
berry tree for the purpose OF raising
the silk worm and manufacturing silk
or other lawful purpose of like kind
that the company or the improve
ments of the time may deem advisa-
bic or necessary 4; and also to pur-
chase, mine, mar utActurc, and sci! the
growth, produce, aud resources OF said
lands, or other articles and produce
whatever and transport the same over
and through the said lands and i'm
provcmcnts thereon, OF products there
from, on such terms as me be agreed
upon, and may take notes or bonds and
deeds trust of individuals or corpora
tons therefor, bearing any rate of in
terest legal where the transaction is
had !; and said interest may be receiv-
ed in advance: provided, that nothing
in this act contained shall be construed
to give the said company power to
govern any village, city, or town
erected upon its lands.
5. The place where the meetings of
the stockholders and of the board OF
directors shall be held, and where the
principal Office for the transaction Of
the business of the company shall be
established, shall be in tho city Of
Richmond, and branch offices In the
city of New York, and in Lebanon.
Russell county, in this State, as the
directors may from time to time deter
mine.
6. Every stakeholder in the said
company, whether an American citi-
Gems, British subject or other alien,
shall have equal right To hold stock
and to he eligible for Office in the said
company.
:. The personal liability Of any and