Chap. 149.—An ACT to amend and re-enact an act approved March
17, 1884, entitled an act to incorporate the Iron Mountain Com-

pany.
Approved February 18, 1886.

1. Be it enacted by the general assembly of Virginia, That
an act entitled an act to incorporate the Iron Mountain com-
pany, approved March seventeenth, eighteen hundred and
eighty-four, be amended and re-enacted so as to read as fol-
lows: |

S1. 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 incorporated
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 fifty dollars. And the directors
of said company may receive real or personal property in pay-
ment for subscriptions to the capital stock of said company, at
such valuation as may be agreed upon between the said direc-
tors 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, Smythe, Carroll, Grayson,
Rockbridge, Botetourt, 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, zinc, lead, and other metals,
and other articles, and to erect blast furnaces, rolling mills,
forges, and foundries, 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 fer market, and to transport and sell
the same; and shall have the right to build tramways and rail-
roads, of no greater length than thirty miles, in order to con-
nect their various mines and manufactories, and may build rail-
roads of greater length in order to connect their mines or man-
ufactories with any line of railroad in this state.

§ 4. The persons first named in this act .shall constitute the
first board of directors of the said company, and shall continue
in office until their successors are elected and qualified. At the
first meeting of the stockholders of the said company, and at
every annual meeting thereafter, so many directors may 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 con-
tinue in office until their successors shall be elected and quahi-
fied. Each stockholder in the company shall be entitled to one
vote for each share of stock registered in his name.

§ 5. The board of directors shall be stockholders of said com-
pany. They shall appoint one of their number president, and
may fill any vacancy that may occur in said board, unless by
removal, in which case the same shall be filled by the stock-
holders in general meeting. Whenever the minimum amount
of capital stock herein named shall have been subscribed, and
the board of directors shall have elected a president, said com-
pany 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 compensations, and take from
them such bonds, with such security, as they may deem fit.

S 6. The board of directors may establish offices and agen-
cles at such places as they may deem proper, but the principal
office of the company shall be located at some point within the
mits of the state of Virginia.

S 7. The annual meeting of the stockholders of 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 prescribe, to take effect at the next annual
meeting; 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.

S$ 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 said company. The said certificates
shall be transferable only upon the books of the company by
the said subscribers, their personal representatives, orsduly au-
thorized agents or attorneys; and the said certificates, when
so transferred as aforesaid, may be returned to the said com-
pany 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
prosecution of any of its works, and may secure the payment
of said bonds by mortgages or deeds of trust upon all or any
portion of its property and franchises, including its franchise
to be a corporation ; and it shall be lawful for said company to
subscribe to and hold shares in the capital stock of any railroad
company or other corporation, whenever the board of directors
of the Iron Mountain company shall deem it to its interest so
to do.

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

§ 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 corporation shall be exempted from the terms,
limitations and conditions of section thirty-six, of chapter fifty-
seven, of the Virginia Code of eighteen hundred and seventy-
three, for the space of five years from the date of the passage
of this act, and all taxes and debts due, or to become due the
state by this company, shall be paid in legal tender currency of
the United States, and not in coupons.

§ 13. This act shall, be in force from its passage, but the
general assembly of the state of Virginia reserves to itself the
right to modify, alter or repeal this act at any time hereafter.