144 



FARMERS' REGISTER, 



[No. 3 



breaks over." I would obviate this difRcultj- in the 

 construction of the trench. I make the above re- 

 marks, hoping the suggestions contained in them, 

 may possibly lead sume to practical improvement 

 in the art of hill-side trenching. 



R. B. J. 

 Halifax Co. Va. 3Iay 23rd, 1837. 



AN ACT PRESCRIBING GENERAL REGULA- 

 TIONS FOR THE INCORPORATION OF MAN- 

 UFACTURING AND MINING COMPANIES. 



[Passed February ISth, 1837.] 



1. Be it enacted by the General Assembly of Vir- 

 ginia, That whensoever hereafier any joint stock 

 company shall be incorporated for the purposes of 

 manufacturing, or for the purposes of exploring 

 and mining lor gold, coal, copper, iron or other 

 mineral substances, such company shall be estab- 

 lished with the rights and privileges, and under 

 the rules, regulations, and restrictions hereinafter 

 provided. 



2. Said company shall have power, under the 

 name and style set forth in the act of incorpora- 

 tion, to sue and be sued, contract and be con- 

 tracted with, to have and use a common seal, and 

 change the same at pleasure; and may hold real 

 estate, the number of acres, and the county or 

 counties, corporation or corporations, in which said 

 real estate is situate, to be specified in the said act 

 of incorporation; and personal property lor the pur- 

 pose of conducting the business of manufacturinfr, 

 exploring or mining, for which said company shall 

 be incorporated; and shall have power to make 

 such by-laws, rules and regulations, not contrary 

 to the laws of the United Slates, or of" this com- 

 monwealth, as may be deemed expedient and 

 proper for the government of said corporation; but 

 they shall not be authorized m any manner to di- 

 vert the capital of said company from the specific 

 purposes lor which they are incorporated: Pro- 

 vided, nothing herein contained shall be so con- 

 strued as to prevent any corporation from tilling 

 any lands held by them, or from selling any tim- 

 ber, wood or other materials upon their lands. 



3. The amount of the capital stock of such com- 

 pany shall be specified in said act of incorporation, 

 fixinga minimum and maximum sum, to be raised 

 by subscription, in shares to be specified; for which 

 purpose, books of subscription may be opened by 

 the corporators or commissioners named in said 

 act, as the case may be, at such times and places 

 as the said corporators or commissioners may de- 

 signate, who, as soon as the minimum sum speci- 

 fied as the capital stock of said company shall have 

 been subscribed for, shall call a meeting of the sub- 

 scribers by advertisement, for two weeks, in some 

 newspaper published in the neighborhood, or by 

 some other convenient mode of notification. 



4. And whensoever the mining or manufactur- 

 ing operations of the company to be incorporated, 

 are proposed to be located and carried on upon the 

 lands or property of any person or persons who 

 may be willing to sell the said lands or property, 

 with the privileges and appurtenances necessary 

 for said operations, to said company, or to convert 

 the same into stock of the said company, and con- 

 vey to them the said lands or property at a fair val- 

 uation, the said owner or owners shall, in the books 

 ®f subecription, to be opened eis aforesaid, fairly set 



forth and specify the quantity of land, with a pre- 

 cise description of the metes and bounds thereof, 

 and a fliU statement of the other property, rights, 

 privileges and appurtenances, which he or they 

 propose to cede, sell or convey to, or to convert 

 into stock of the said company, and the price af- 

 fixed to and demanded by said owner or owners 

 tor said lands and oiher property; or if said owner 

 or owners pro|)ose to sell a part to said company, 

 and to subscribe the residue of said lands and pro- 

 perty, he or they shall enter on the said books a 

 full description of the part which he or they pro- 

 pose to sell, and the part which he or they propose 

 to subscribe as stock of the said company, with the 

 prices and terms of payment required iheiefor; and 

 the said lands, properly, &c., so subscribed by said 

 owner or owners, shall be taken in full payment of" 

 his or their said subscriptions, and shall thereafter 

 be, and constitute a part of the capital stock of said 

 company, subject to l)e disposed of in like manner 

 with the residue of their stock and property; and 

 the lands, property, &c., which said owner or 

 owners shall propose to sell to the said company, 

 and which shall have been entered on the books 

 of subscription, with the price and terms of pay- 

 ment affixed thereto, shall, if subscriptions be 

 made in said books, and if the company shall 

 thereupon proceed to organize itself, by calling a 

 general meetinjj of the subsciibers and electing a 

 lioard of directors, as hereinafter to be provided, 

 be considered and held as the property of said 

 company, and the price of said lands, properly, 

 rights, privileges and appurtenances so entered in 

 the books of subscription, shall be a lawful debt ot 

 the said company, and it shall be lawflil for the 

 said owner or owners to sue for and recover the 

 same in any court having comfietent jurisdiction. 

 And unless the said owner or owners of the said 

 lands, property, privileges and appurtenances 

 shall at the first meeting and organization of said 

 company, or so soon thereafter as may be required 

 of him or them, convey and assure to the said com- 

 pany a valid and perfect title in fee simple to the 

 said lands, property, &c,, according to the specifi- 

 cation and description thereof^ entered on the books 

 as aforesaid, and also deliver possession of the same 

 when demanded, the said company may. on such 

 failure, either enforce a specific [lerfbrmance of" the 

 contract on the part, of the said owner or owners, 

 or at the election of the said company, may regard 

 the subscription or sale of the said lands and pro- 

 perty as forfeited and void. 



5. For managing the affairs of such mining or 

 manufacturing company, there shall be chosen at 

 the first meeting of the stockholders, to be called 

 as aforesaid, and on the first Monday of the month 

 of May of every year thereafter, a convenient num- 

 ber of directors, not less than five, nor more than 

 ten, who shall be stockholders of the said company; 

 in which elections, and in all other meetings, the 

 stockholders shall be entitled to one vote for every 

 share owned by them respectively, up to the num- 

 ber of fifteen inclusive, and to one additional vote 

 for every five shares from fifteen to one hundred, 

 and to one additional vote for every twenty shares 

 over and above one hundred, and may vote in per- 

 son or by proxy, in such manner as may from time 

 to time be prescribed in general meeting. The said 

 directors, or a majority of them may choose from 

 their own body a president, and in his absence, a 

 president pro tempore. They shall have power to 



