West Virginia, Lewe, statutis, etc. Exeporation / and

Statutes of West Virginia,

RELATING TO THE FORMATION OF

CORPORATIONS AND JOINT STOCK COMPANIES,

FOR

Manufacturing, Mining, Insuring, Banking, Railroad, Telegraph,
Telephone, Express, Educational. Literary, Scientific, Benevolent,
Medical, Mercantile, Gymnastic, and other purposes.

Containing a list of the Executive and Judicial Officers of the State, with the time for holding the Courts; Representatives in Congress; Commissioners of Deeds in other States; Sheriffs; Clerks of Courts; Population by Counties; Vote for Governor, 1880; Vote for Supreme Judge and Congress, 1882; and the assessed value of the Real and Personal Property in the several Counties of the State, as returned, for the years 1871 and 1882.

OF CORPORATIONS GENERALLY.

General powers of corporations.—Every corporation as such shall have succession by its corporate name for the time limited in its charter or by law; and if no time be limited, perpetually. It shall have a common seal, and may renew or alter the same at pleasure. It may sue and be sued, plead and be impleaded, contract and be contracted with by simple contract or specialty; purchase, hold, use and grant estate, real and personal; appoint officers and agents, prescribe their powers, duties and liabilities, take bond and security from any of them, and fix and pay their compensation; and make ordinances, by-laws and regulations for the government of its council, board, officers and agents, and the management and regulation of its property and business. [Code, ch. 52 § 1.]

Restrictions on corporate powers.-The powers mentioned in the preceding section, or otherwise granted to any corporation, shall be limited by the purposes for which it is incorporated, and no corporations shall engage in transactions or business not proper for those purposes; nor shall corporate powers be exercised in violation of any law of the state. [Code, ch. 52, § 2.]

Cannot purchase real estate in order to resell.-Unless specially authorized, no corporation shall purchase real estate in order to sell the same for profit, or hold more real estate than is proper for the purposes for which it is incorporated, subscribe for or purchase the stock, bonds or securities of any joint stock company, or become surety or guarantee for the debt or default of such company. [Code, ch. 52, §3, amended Acts 1871, ch. 86. Re enacied Acts 1872, ch. 163.]

Certain corporations may lay out towns. Nevertheless, a mining, manufacturing, oil, salt or internal improvement company may lay out a town not to include more than six hundred and forty acres, at

or near their works, and sell lots therein; and any corporation may take real estate, stocks, bonds and securities in payment, in whole or in part, of any debt bona fide owing to it, or as a security therefor, or may purchase the same if deemed necessary to secure or obtain payment of any such debt, in whole or in part, and may manage, use and dispose of what has been so taken or purchased, as a natural person might do; and any corporation may compromise or purchase its own debt, and establish and manage a sinking fund for that purpose, and any manufacturing company may, with the assent of the holders of two-thirds of its stock, had by a vote at a stockholders' meeting, subscribe for or purchase the stock, bonds or securities of any corporation formed for the purpose of manufacturing or producing any articles or material used in the business of such joint stock company, or dealing in any articles or materials manufactured or produced by such joint stock company, or constructing a railroad, or other work of internal improvement, through or into the county in which the principal place of business of such joint stock company may be, or operating a railroad or other work of internal improvement so constructed, and may, with the like assent, become surety for or guarantee the debts of such corporation, or in any manner aid it in carrying on its business. [Code, ch. 52, § 4, as amended by Acts 1881, ch. 16.]

When corporations may enter upon lands.- Any company incorporated for a work of internal improvement may, by its officers, servants, or agents, enter upon lands for the purpose of examining the same, and surveying and laying out such as may seem fit to any officer or agent authorized by it, provided no injury be done to the owner or possessor of the land. But no company shall, under the authority of this section, throw open fences or enclosures on any land, or construct its work through the same or in any way injure the property of the owner or possessor, without his consent, or until the same may have been legally appropriated to the use of the company, as is provided by the laws of the state of West Virginia, relating to the condemnation and appropriation of private property for the use of companies incorporated for internal improvements. But no company under this act shall invade the dwelling house of any person, or any space within sixty feet thereof, without the consent of the owner, unless it be absolutely necessary for the construction of such road, by reason of its passing through a narrow gorge, defile or narrow space: Provided, That this act shall not apply to any city or incorporated town. And provided, further, That any company, which may have heretofore actually commenced the location of its road, may invade any space twenty feet from the dwelling house of any person or invade a nearer space, or such

house, when by reason of the location of such road in or through a narrow gorge, defile or narrow space, or along or near to any stream, river or bluff, such invasion is necessary for the construction of such road. [Code, ch. 52, §5, as amended by Acts 1883, ch. 30.]

How much land corporations may acquire.—The land acquired by any company incorporated for a work of internal improvement along its line generally, shall not exceed one hundred feet in width, except in deep cuts and fillings, and then only so much more shall be acquired as may be reasonably necessary therefor; the land which it may acquire for buildings or for an abutment along its line generally shall not exceed three acres in any one parcel; and the land which it may acquire for buildings or other purposes of the company at the principal termini of its work, or at any place or places within five miles of such termini, shall not exceed fifteen acres in any one parcel; but in the case of a railroad company, an amount of land not exceeding forty acres in any one parcel may be acquired for its main depots, machine shops and other necessary purposes connected with the business of said company. [Code, ch. 52, § 6.]

Proceedings of a company to take land without the owner's consent. If the president and directors of a company incorporated for a work of internal improvement cannot agree on the terms of purchase with those entitled to lands wanted for the purpose of the company, five disinterested freeholders shall be appointed by the circuit court of the county in which such land, or the greater part thereof, shall lie (three of whom may act) for the purpose of ascertaining a just compensation for such land. Lands owned by one internal improvement company, but not necessary for the enjoyment of its franchise, may be taken for the purposes of another internal improvement company, in the same manner as land owned by others, but where such lands are claimed to be necessary to the enjoyment of such franchise, the court appointing such freeholders may, before proceeding further, determine upon a report of such freeholders or otherwise, whether such necessity exists. [Code, ch. 52, § 7, as amended by Acts 1881, ch. 16.]

Notice of application for such appointment.-When it is intended to apply for such appointment, notice shall be given and commissioners appointed, and the proceedings thereon shall be the like in all respects as are prescribed by chapter forty-two of this act. [Code, ch. 52, § 8.]

Company to provide wagon-ways. For every person, through whose land the road or canal of a company passes, it shall provide