Chap. 481.—An ACT to incorporate the New River Steel and Iron
Company.

Approved March 17, 1884.

1. Beit enacted by the general assembly of Virginia, That
Elbert Fowler, James D. Johnson and L. ©. Fowler, and such
persons as they associate with them, be and they are hereby
incorporated and made a body politic and corporate under
the name and style of the New River Steel and Iron Com-
pany, and shall have perpetual succession, with the right to
suc and be sued, plead and be impleaded, defend and be de-
fended in all courts, whether in law or in equity, and may
have a corporate seal, and alter and renew the same at plea-
sure, and shall have and enjoy all the rights, powers and
privileges pertaining to corporate bodies necessary for the
purposes of this act; and make by-laws, rules and regulations
consistent with the laws of this state for the government of
all under its authority, the management of its estate and pro-
perties, and the due and orderly conduct of ‘its affairs.

2. The capital stock of said company shall not be less than
fifty thousand dollars, and may be increased from time to time
to any amount not excecding five million dollars, by the issue
and sale of shares under such regulations as the board of
directors may prescribe. The par value of each share of
stock shall be one hundred dollars. The directors may re-
ccive real and personal property suited to the business of the
company in payment for subscriptions to the capital stock
at such valuation as may be agreed upon between the direc-
tors and the subscribers.. Certificates of stock shall be issued
to the subscribers in shares of one hundred dollars each,
signed by the president and secretary of said company. Said
certificates shall be transferable only on the books of the
company by the owners, their personal representative, avent
or attorney, and when so transferred the certificates shall be
cancelled and new ceftificates issued in lieu thereof to the
person entitled thereto for a like number of shares.

3. The said company is authorized and empowered to pur-
chase, own, hold, lease and control in any manner, sell, grant
and convey real and personal estate, to mine and dig for iron,
ores, coal, marble, slates and other minerals and metals; to
manufacture iron, steel, coke, and any articlecomposed wholly
or partly of wood, iron, steel, or any mineral or metal, and
may market and sell any of its products. It may erect fur-
naces, rolling-mills, forges, mills, fixtures, and any appurte-
nances necessary for its business, and operate the same. It
may build and operate roads, tramways, canals and railways
for the operation of its business, and may connect any of ita
lands or leasehold lands with its other lands, or any of them
with any railroad: provided that it shall not be authorized
to construct any railroad exceeding thirty miles in length:
provided further, that this company shall not construct any
railroad, or erect any furnaces, rolling-mills, or otber manu-
factories within any portion of what is known as Rocky gap,
in Bland county, Virginia: provided that it shall not hold
exceeding twenty-five thousand acres of land in any one
county.

4. It shall be lawful for said company to issue and sell its
bonds from time to time for such sums and on such terms as
the board of directors may deem expedient, and it may secure
the payment of said bonds by mortgages or deeds of trust
upon all or any of its property, including its franchise, and it
shall be lawful for any railroad company to subscribe to the
capital stock of the New river steel and iron company and
to acquire its bonds, full power and authority being hereby
given to such company for that purpose.

5. The three persons named in this act shall, for the pur-
pose of organizing said company, constitute its first board of
directors, a majority of whom may act, and one of whom
shall be selected president; and they shall continue in office
until the first meeting of the stockholders, which shall be
held within six months from the time that the minimum
amount of capital stock is subscribed. The board of direc-
tors shall be stockholders of said company, and they shall
appoint one of their number president, and may fill any
vacancy that may occur in said board. The directors shall
be elected, and their number fixed by the stockholders in
annual meeting. Each stockholder shall have the right to
cast one vote in every meeting, for each share of stock held.
The annual meeting of stockholders shall be held at Roanoke
city, in the state of Virginia.

6. No stockholder shall be held liable or made responsible
for the debts or liabilities of said company in a sum beyond
any balance due from said stockholder to said company on
stock subscribed by said stockholder.

7. The directors charged with organizing said company,
or a majority of them, may, without advertising, receive sub-
scriptions to the capital stock of said company at any time
and place, and when the sum of fifty thousand dollars or
more is subscribed, they shall convene the stockholders and
organize said company. They shall certify said organization
upon the books of the company, which certificate, when at-
tested by a notary public, or a certified copy thereof, shall be
recejved in any court as legal evidence of the organization of
said company.

8. This act shall be in force from its passage.