The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-21
AMERICAN DTTELOPMENT co.
A Bill Of Far Bleaching Importance Intro
duced bv SIR. Charles VI. Wallace. Jr.

| nnce. entitled. "A bill 10 incorporate the
| American Development Company Of tho
| United State" The bill provides for
capital OF at least 100000. which may
be increased from time 20 time until %
| reaches the limit OF $25.eoO00. The cor
| porators claim that they have all the
money necessary 20 carry out the objects
| Of tho bin. which covers nearly every en-
! torprise 90 be thought OF.
| The following are the provisions OF the
| bill:
| ]. Bc 81 enacted by the General Assem-
| bly OF virginia. That Tazewou Elicit.
| Warren L. Taylor o. j.. Bresoc. Jr.. II.
| G. buchanan. Charles Y. Darlington.
| Writ l.. Taylor clyde ". Saunders, \. l..
| Elicit Jr.. ond C.. II. Fleming. all OF the
| city OF Richmond. State of Virginia. or
| such Of them as may accept tho prov-
| sions OF this act. their associates. sue
| cessOrs. heirs or assigns Doe, and they arc
| hereby. Incorporated instituted and made
body polite and corporate under the
! name. title and style Of the American
| Development Company of the United
| States and by that name shall be known
| i'm law. ana as such are authorized and
! empowered 20 purchase. own. sell. lease.
| rcnt. buy hold and convey az pleasure
| any real. personal or mixed property IN
| South America. and more especially 20
| buy. lease. sell. rent. operate ana gene
| rally 20 own and develop any concession,
| grant or franchise OF street railways.
! bonded warehouses. cattle packing cold
| storing and shipping, railroads. telegraph
| and telephone lines. or any other grant.
! concession on franchise that the said COM
| pany may acquire in any country, rcpub-
| lie or dependency in South America; and
| 10 establish. operate own. perpctuate and
tn he o Il
| or operated any mines. mills, factories.
| furnaces electric plants. or any other
| Industrial or manufacturing enterprise
| OF whatever kind or nature in the fepub-
| lie Of Venezuela. South America. ln the
! State of Virginia aud Venezuela the COM
! pony shall have the power TO DO general
! banking business and for these purposes
| the company shall have the authority
! 10 buy. hold. sell. lease or otherwise dis
! pose OF any real or personal property
! necessary To the proper prosecution OF
| its business. the real estate boo Virginia
not TO exceed two acres. and may tn
South America build or lease. i'm councc-
ton with the use or improvement of amy
Of its properties. tramways or railways
| operated by horse. steam or electric
power.
2 The said company shall have perpei-
ual succession. and have power % sue
and be sued. plead and be impleaded de-
fend and be defended .n all courts.
| whether in law or equity. and make and
! have "a common seal and alter and rec
! new the same ar pleasure. and shall have
! and enjoy ali the rights and privileges or
! a. body. corporate and polite. under law,
| and tac said company shall have and enc
joy the tall protection OF tho laws OF the
| State e., Virginia, and the protection us
ually accorded 10 citizens or corporations
! trancactilg business in foreign countries.
O. Tho capital stock Of said company
shall not Ice less than one million dollars,
and may. from time 20 time. with the
conscnt ana approval OF a majority of
the stockholders or their daily organized
| representatives. be increased 20 any
aouni. not exceeding twenty-five million
dollars. necessary 20 carry ont The com
pa@y's plan. by the issue and sale OF rs
| stock IN shares. the par value of which
shall be- not less than one hundred dollors
| each. and the sale thereof 20 bee governed
by such regulations as the Board Of D-
rectcrs OF said company may prescribe.
| and the directors may receive cash.
labor. material. real. personal. or mixed
! prOpcriy suited 90 the business OF said
| company. I'm payment Of subscriptions 20
! the capital stock of the company. al such
! valuation as may he agreed upon be-
tween the directors and subscribers. and
make such subscriptions payable in such
| manner or i'm such amounts and at such
times as may bo agreed upon with tho
! subscribers
4 IL shall be lawful for said company
20 borrow or lend money. 10 issue and
! sell its bonds from time 70 time. fo'
such sums and upon such terms as its
ia Nf.t.
and proper. and 10 secure the payment OF
such bonds by mortgages or deeds OF
trusa upon rs properties or grants ana
franchises.
.. Il shall be lawful for the said com
! pany 60 guarantee or hold the bonds OF
! stock Of any other financial Industrial
or manufacturing corporation IN SOuti
| America. subject 10 the general laws oi
said countries, or any mining. railroad
ug financial, manufacturing or munich
pal corporations and may guarantee the
bonds or stock OF sad company.
g. The said company may own and hold
IS much land as may be suitable and
necessary for its purposes, and may pur'
chase or otherwise acquire 10y cOndemna
ton proceedings or otherwise. such land
In any republic or dependency in South
America. but shall not hold more than
TWO acres At any one ilme IN the Stat'
OF virginia. and shall not have the right
Of condemnation in said State.
=. The persons named IN this act OF
such OF them as shall accept the pro
visions thereof, shall have the power o.
"a president and Board Of Directors for tbs
first year or until their successors shat
be elected and qualified. They shall elec
one OF their number president pro tenn
pore. They shall open books OF subscrip
ton to the capital stock Of said compan,
at such times and places as they may se'
proper When twenty thousand dollar
! or more are subscribed they may con
yenc the stockholders and organize th'
company. Each stakeholder shall be IN
titled to one vote for each share OF stool
subscribed Tor ana paiG on by him. a
! the first meeting OF the stockholders th
president pro tcmToic. appointed by ih'
corporators. shall preside The stock
holders at the first meeting shall fix tn
number OF directors and elect them. TIT
saii Board Of Directors shall elect a per
manent president and other Officers ant
! secretary. who shall certify tsid oreani
za,lcn ON the books Of said company
copy of which duly attestcd by "a nOiaf'
public shall be received as evidence o
the legal organization OF said company