CHAP. 158.—An ACT to incorporate Glade Mountain Manganese
Company. :
Approved February 18, 1886.

1. Be it enacted by the general assembly of Virginia, That
James Long, B. Andrews Knight, Joseph C. Keefe, Jacob
Naylor, Rathmell Wilson, J. G. Cecil, W. H. Bolling, James
Moore, C R. Boyd, Joseph I. Doran, or such of them as may
accept the provisions of this act, their associates and succes-
sors, be and they are hereby incorporated and made a body
politic and corporate, under the name and style of the Glade
Mountain Manganese company, and by that name shall be
known in law, and shall have perpetual succession, and have
power to sue and be sued, plead and be impleaded, defend
and be defended in all courts, whether in law or in equity, and
may make and have a common seal, and alter and renew the
same at pleasure, and shall have, enjoy, and exercise all the
rights, powers, and. privileges pertaining to corporate bodies,
and necessary for the purpose of this act, and make by-laws,
rules and regulations consistent with the existing laws of the
state, for the government of all under its authority, the man-
agement of its estate and properties, 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 to any amount
not exceeding two million five hundred thousand dollars, by
issue and sale of shares, the par value of which shall not be
less than fifty dollars, from time to time, under such regulations
as the board of directors of said company shall from time to time
prescribe; and the directors may receive real or personal prop-
erty, suited to the business of the company, in payment of sub-
scriptions to the capital stock, at such valuation as may be
agreed upon between the directors and subscribers.

3. The said company is empowered to mine manganese, iron
ore, and other minerals, to prepare the same for market, and
transport and sell the same, to manufacture spiegelisen, iron,
steel and other metals, and for these or any of these purposes
to purchase, hold, lease and convey real estate, lands, and min-
eral rights, not exceeding fifteen thousand acres in this state,
to erect and operate furnaces, mills, appliances, buildings, and
any works that may be requisite, and to locate, construct, and
operate any railroad, not exceeding ten miles in length, from
the lands or works of said company to any point on the Nor-
folk and Western railroad, in Wythe or Smyth county.

4. The persons first named in this act, or such of them as
shall accept the provisions hereof, shall constitute the first
board of directors of the said company, and shall continue in
office until the first meeting of the stockholders thereof. At
such first meeting, and at every annual meeting, so many di-
rectors 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; but, unless so removed, shall
continue in office until their successors shall be elected and
qualified. Each stockholder in the company shall, at all meet-
ings, or elections thereafter, be entitled to one vote for each
share of stock registered in his name.

5. The board of directors shall be stéckholders 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 company shall be considered legally organized, and may
proceed to the transaction of business. The board shall ap-
point, to hold during its pleasure, the subordinate officers and
agents of the said company, prescribe their compensation, and
take from them such bonds, with security, as they may deem fit.

6. The board of directors may establish offices and agencies
at such places as they may deem proper, but the principal office
of the company shall be located in the county of Wythe, state
of Virginia.

7. The annual meetings 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, adopt in any
annual meeting, to take effect at the next annual meeting: pro-
vided, a general meeting of the stockholders of said company
may be held at any time, as provided for by the tenth section,
of chapter fifty-seven, of the Code of Virginia, edition of eigh-
teen hundred and seventy-three.

8. The said company shall issue certificates of stock, in said
company, to the subscribers thereof, in shares of not less than
fifty dollars each, signed by the president, and countersigned
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, or duly author-
ized agents or attorney; and the said certificates, 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 for a like number of
shares.

g. 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
its board. of directors may deem expedient and proper in the
prosecution of its works; and may secure the payment of said
bonds by mortgage 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 sub-
scribe to and hold shares in the capital stock of any railroad
company, or other corporation, whenever the board of directors
of the company shall deem it to its interest to do so.

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 the
said company for stock subscribed for by said stockholder.
_ 11. Whenever this 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 force from its passage, but the gene-
ral assembly of the state of Virginia reserve the right to modify
or repeal this act at any time hereafter; and all dues and taxes
to the state shall be paid in currency, and not in coupons.