Chap. 495.—An ACT to incorporate the Iron Mountain Company.
Approved March 17, 1884.

1. Be it enacted by the general assembly of Virginia, That
J. F. Slaughter, James A. Walker, John W. Robinson, W. C.
Bullitt, George R. Dunn, Peyton L. Terry, and J. C. Green,
or such of them as may accept the provisions of this act,
their associates and successors, be and they are hereby incor-
porated and made a body politic under the name and style of
the Iron Mountain Company.
2. The capital stock of said company shall not be less than
one hundred thousand dollars, which may be increased to
three million dollars by issue and sale of shares, the par value
of which shall not be less than tifty dollars. And the direc-
tors of said company may receive real or personal property
in payment forsubscriptions to the capital stock of said com-
pany at such valuation as may be agreed upon between the
directors and subscribers.

3. The said company is authorized and empowered to pur-
chase, hold, own. lease and control in any manner, such real
estate in the counties of Wythe, Smyth, Carroll, Grayson,
Rockbridge, Botctourt and Augusta, in the state of Virginia,
as may be necessary for the purposes of its business, not to
exceed twenty-five thousand acres in any one county, and to
manufacture iron, steel, copper, zine, lead and other metals,
and other articles, and to erect blast-furnaces, rolling mills,
forges and foundaries, machinery fixtures, and the necessary
appurtenances required in the conduct of their business, and
to lease, purchase, hold and convey, iron, limestone and other
ores, to prepare the same for market, and to transport and
sell the same, and shall have the right to build tramways and
railroads of no greater length than thirty miles in order to
connect their various mines and manufactories, and may build
railroads of greater length, in order solely to connect their
mines or manufactorics In active operation with the nearest
line of railroad.

4. The persons first named in this act shall constitute the
first board of directors of the said company, and shall con-
tinue in office until their successors are elected and qualified.
At the first meeting of the stockholders of said company,
and at every annual meeting thereafter, 80 many directors
shall be elected as may be prescribed by the by-laws and
regulations of said company, who may be removed by the
stockholders in general meeting assembled; but unless so
removed, shall continue in office until their successors shall
be elected and qualified. Each stockholder in the company
shall be entitled to one vote for each share of stock registered
in bis name.

5. The board of directors shall be stockholders of said
company. They shallappoint one of their number presivent,
and may fill any vacancy that may occur in said board unless
by removal, in which case the same shall be filled by the
stockholders in general mecting. Whenever the minimum
amount of capital stock herein named shall have been sub-
scfibed, and the board of directors shall have elected a
president, said company shall be considered legally organized,
and may proceed to the transaction of business. The board
shall appoint, to hold during its pleasure, the subordinate
officers and agents of said company, prescribe their compen-
gations, and take from them such bonds with such security as
they may deem fit.

6. The board of directors may establish offices and agen-
cies at such places as they may deem proper; but the prin-
cipal office of the company shall be located at some point
within the limits of the state of Virginia.

7. The annual meeting of the stockholders of the said com-
pany shall be held at Wytheville, in Wythe county, Virginia,
on the first Wednesday of May of each year, or as soon there-
after as practicable, and on such other day and at such other
place as the stockholders may by resolution adopted in any
annual meeting, to take effect at the next annual meeting,
prescribe ; and ¢ general meetings of the stockholders of said
company may be held at any time, as provided by the tenth
section of chapter fifty-seven of the Code of’ Virginia, edition
of eighteen hundred and seventy-three.

8. The said company shall issue certificates of stock in
said company to the subscribers therefor, in shares of not less
than fifty dollars each, signed by the president and counter-
signed by the secretary of suid company. The said certifi-

cates shall be transferable only upon the books of the com-
pany by the said subscribers, their personal representatives
or duly authorized agent or attorney; and the said certifi-
cates, when so transferred as aforesaid, may be returned to
the said company and cancelled, and new certificates of stock
shall be issued in lieu thereof’ to the person entitled thereto.

9. It shall be lawful for the said company to issue and sell
its bonds from time to time, for such sums and on such terms
as its board of directors may deem expedient and proper in
the prosecution of any of its works, and may secure the pay-
ment of said bonds by mortyaves or deeds of trust upon all or
any portion of its property and franchises, including its fran-
chise to be acorporation ; and it shall be lawful for said com-
pany to subscribe to and hold shares in the capital stock of
any railroad compgny or other corporation whenever the
board of directors of the Iron Mountain Company shall deem
it to its interest so to do.

10. No stockholder in said company shall be held liable or
made responsible for its debts and Habilities in a larger or
further sum than the amount of any unpaid balance due to
the said company for stock subscribed for by said stock-
holder.

11. Whenever the corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges.

12. This act shall be in torce from its passage, but the gen-
eral assembly of the state of Virginia reserves to itself the
right to modify, alter or repeal this act at any time here-
after.