meeting of the stockholders; provided, however, that such Proviso. by-laws and regulations shall not be repugnant to any law of this state or of the United States. 2. That the capital stock of such company shall not ex- Capital stock. ceed the sum of three million dollars, to be divided into shares of one hundred dollars each, and shall be considered Shares. personal property, and shall be transferable, as may be provided for in the by-laws of said company, and each share shall entitle the holder thereof to one vote in all stock, how meetings of the stockholders of said company, to be given voted. in person or by proxy; and for the purpose of obtaining subscriptions to said capital stock, books shall be opened Subscription under the direction of the above named corporators, or a books. majority of them, at such times and at such place or places as the persons acting in that behalf may deem expedient for the whole or any part of such subscriptions either in land or other property or money, and if in lands or other property then at such just price and valuation as may be agreed upon by those receiving such subscriptions, and in tion. case the said company shall organize and proceed to act as Subscriptions a corporation before a sufficient amount is subscribed to said after organithe capital stock for the lawful purposes of said company, president and directors of said company shall have power at any time thereafter, and as often as they may deem necessary, and without opening anew books of subscription to said capital stock to receive further subscriptions to said capital stock and to augment the same to such extent as may be authorized and fixed at any general meeting of the stockholders of the said company, not to exceed three million dollars in the aggregate, and it may be law- Subscriptions ful for all persons and bodies corporate or politic whatso- by corporaever, to become subscribers for and owners of shares of the tions. capital stock of said company. 3. The affairs of said company shall be managed by the Directors. persons named in the first section of this act, who are hereby constituted directors of said, company until directors shall be elected as hereinafter provided; and in case of Vacancies, the decease of one or more of said persons, or their refusal how filled. to act as directors, the remaining one shall have power to select other persons or directors for the time being, in their stead, and whenever an amount of the capital stock of said company shall be subscribed sufficient in the judgment of said directors to justify it in proceeding to the prosecuting of its business, a general meeting of the subscribers to the Meeting of stock of said company shall be held at such time and place as the directors for the time being may appoint, for the purpose of electing a president and directors of said company, Election of to serve for one year thereafter, and until others are elected directors. in their places; and subsequent elections for president and directors of said company shall be held annually thereafter subscribers. Powers of directors. Number of directors. Powers of at such times and places as the by-laws of said company may prescribe, and the directors of said company shall have all the powers and authority given to them by this act, and such other powers and authority not inconsistent with this act, conferred on them by the resolutions and by-laws of the said company. 4. The directors of said company shall consist of such members, not less than five nor more than nine, as may be fixed by the by-laws, all of whom shall be stockholders of the said company, and the president and directors of said company shall have the power to appoint and remove all directors. officers, servants, and agents of the company; to manage and conduct all its business of every kind; to borrow money at any time, and from time to time for the use of said company, and when necessary to execute deeds or mortgages as security for payment or fulfillment of its debt, contracts and liabilities. Meeting of 5. That the meetings of the stockholders and also of the stockholders. president and directors of said company may be held at Quorum. Rights and privileges of company. such places as the president may from time to time designate; and in all meetings of the stockholders the holders of a majority of the stock, and in all the meetings of the president and directors, a majority of the president and directors shall constitute a quorum for the transaction of business. 6. That the said company be and the same is hereby invested with all the rights, powers and authority necessary to enable it to locate, construct and maintain such railroad as the directors may deem necessary for the convenient transaction of its business from any point on the Ohio river Route of road. in the county of Wayne, to the mineral lands in the counties of Wayne and Lincoln, by the most favorable route or routes, with right to construct and equip such lateral roads as may be deemed necessary for the development of the minerals in said counties of Wayne and Lincoln. And the said company is authorized and empowered to purchase Authority deal and hold mineral and timber lands not exceeding fifty thousand acres, and to sell, lease, or otherwise dispose of the same, and make proper conveyances therefor. Branches. in lands. to Right of way. Exemption 7. The said corporation shall have the rights and privileges and be subject to all the conditions and restrictions in the constitution and laws of this state in regard to surveying and laying out and acquiring the right of way for said railway and its branches. The said corporation shall be exempt from taxation upon from taxation. the actual cost of making and equipping the said railway until its income shall equal eight per centum upon that amount of capital, but upon no other or greater sum. 8. The legislature reserves the right to alter or amend Act amendthis act. CHAPTER 173.-AN ACT for the relief of George W. Corbin. 1 Passed February 28, 1871. Be it enacted by the Legislature of West Virginia: able. That the board of supervisors of the county of Ritchie Authority for are hereby authorized to ascertain what amount, if any, board of suis due George W. Corbin for services rendered as surveyor Ritchie pervisors of of roads in precinct No. 3, of Clay township, in said county to pay county, for the year 1867, and pay him out of the George W. treasury of said Ritchie county any balance that may be Corbin, found due him on account of his services rendered as road him for sersurveyor aforesaid. CHAPTER 174.-AN ACT providing for the payment of a claim due R. S. Blair for services rendered as Adjutant General, second brigade, first division, West Virginia militia. Passed February 28, 1871. Be it enacted by the Legislature of West Virginia : amount due vices as surveyor of roads. $31, 80 in The auditor is hereby authorized to issue his warrant on Audtor to the treasury for the sum of thirty-one dollars and eighty draw his warcents, in favor of R. S. Blair, for services rendered the rant for state as adjutant general of the second brigade, first divi- favor of R. S. sion, West Virginia militia, while in active service in the Blair. month of August, 1864. CHAPTER 175.-AN ACT to supply the lost records of Passed February 28, 1871. Be it enacted by the Legislature of West Virginia: Commis 1. It shall be the duty of the circuit court of Preston county, as soon as practicable after the passage of this act, sioners to to appoint one or more competent commissioners, whose supply lost duty it shall be to proceed with all possible speed to sup- records. ply the lost records in the public offices in the said county, which were totally destroyed by fire. Such commissioner, Their powers. or commissioners, shall have all the powers conferred upon courts and recorders by sections seventeen and eighteen of chapter one hundred and thirty of the code of West Virginia, as amended and re-enacted by the act passed March 2, 1870, entitled "An act to amend and re-enact sections seventeen and eighteen of chapter one hundred and thirty of the code of West Virginia." Powers of ers. 2. In addition to the powers conferred upon said comcommission- missioner, or commissioners, by the preceding section, he or they shall have power, and it shall be his or their duty, upon the application of any party interested, to enquire into and ascertain as far as possible the boundaries of any tract or lot situated in the said county of Preston, and for this purpose he or they may cause such surveying to be done by one or more competent surveyors as may be necessary, and such surveyor, or surveyors, shall return to and file with said commissioner, or commissioners, two fair plats and reports of all surveys made by him or them. Report of commissioners to 3. It shall be the duty of such commissioner, or commissioners, at each term of the circuit court of said county after his or their appointment, to report to said court the circuit court. contents of all papers in the clerk's and recorder's office, and of all judgments, decrees, orders and entries, and of any and every thing which was of record in any book therein, which was destroyed by fire aforesaid, or which has been otherwise lost, so far as the same have been proved before, or ascertained by him or them up to that time. The said commissioner, or commissioners, shall also, at the request of any party interested, include in said report the chain of title of any person to any tract or lot of land, and the length of time he and those under whom he claims have been in the possession thereof, so far as the same can be ascertained. Notice of filing of the final report. Guardian ad litem, recorded, 4. Upon the filing of the final report of such commissioner, or commissioners, the court shall order a notice to be published in each newspaper printed in the said county of Preston once in each week, for twelve successive weeks, of the filing of said report, and requiring all person interested therein to appear before said court at a time to be specified in said notice, and do what is necessary to protect their interests. If any person interested in such report be under disability, the court shall appoint a guardian ad litem for him, whose duty it shall be to attend to his interests in the premises. Final hearing 5. Upon the final hearing of any such report, the court of report. may amend, confirm or recommit the same, and may make any order in relation thereto which may be necessary or So much of any such report as is proper to be proper. Report to be recorded in the office of the recorder shall, upon the confirmation thereof, be certified to and recorded by the recorder of the said county, in a book or books to be provided for that purpose, and so much thereof as is proper to be recorded by the clerk of the circuit court shall, upon its confirmation, be recorded by such clerk in a book or books to be provided for that purpose; and, such records when so made shall in all cases be prima facie evidence of what is stated therein and, after ten years from the confirmation Report to be of such report, shall be conclusive evidence of what is stated therein. evidence conclusive after ten years from its confirmation. 6. The said commissioner, or commissioners, shall re- Compensaceive for his or their services not exceeding. three dollars tion of comper day for each and every day actually and necessarily missioners employed in the discharge of his or their duties under this act, to be ascertained and certified by the court, and paid out of the county treasury. 7. The said commissioner, or commissioners, may sum- Power to summon and compel the attendance of witnesses in relation to mon and comany matter before him or them, and for this and all other pel attendance of witpurposes shall have all the powers conferred by law upon nesses. commissioners in chancery, and such witnesses shall be Witnesses' entitled to the same fees and mileage as are allowed to fees and witnesses attending the circuit court. And any officer or mileage. other person performing any duty under the order of such commissioner, or commissioners, shall have the same fees therefor as are allowed by law for like services in other cases; and it shall be the duty of said commissioner, or commissioners, to certify with his or their final report, a detailed account of all the fees, costs and expenses made Statement of and incurred in the proceedings before him or them, with all fees and the names of the persons to whom the same are payable, filed by comwhich fees, costs and expenses, when allowed by the court, missioners. shall be certified to the board of supervisors of the county, and paid out of the county treasury. CHAPTER 176.-AN ACT to repeal a portion of the act passed March third, 1869, entitled, "An act to enlarge. the powers and define the duties of the Kanawha Board and to authorize them to prosecute the improvement of the Kanawha river." Passed February 28, 1871. Be it enacted by the Legislature of West Virginia : costs to be A portion of an act re pealed. |