Chap. 103.—An ACT to incorporate the New River Tron and Coal
company,

Approved May 2, 1887.

1. Be it enacted by the general assembly of Virginia, That
Henry Fairfax, William A. Dick. George T. Mills, James D.
Johnson, Martin Williams, A. J. May, A.J. Dull, W. C. Bul-
litt, 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 and corporate under the
name and style of the New River lron and Coal company,
and by that name shall be known in law and shall have per-
petual succession, and bave 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 bave a com-
mon seal, and alter or renew the same at pleasure, and shall
have, enjoy, and exercise all the rights, powers, and privi-
leges pertaining to corporate bodies x, and necessary for the
purposes of this act, and make by laws and rules and recula-
tions consistent with the existing laws of the State, for the
government of all under its authority, the management of its
estate and properties, and the due and orderly conduct of its
affairs.

2. The capital stock of the said company shall not be less
than fifty thousand dollars, and may be increased to any
amount not exceeding two million five bundred thousand dol-
lars, 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 property suited to the business of the com.
pany in payment of subscriptions to the capital stock at such
raluations as may be agreed upon between the directors and
subscribers.

3. The said company is authorized and empowered to mine
coal, iron ore, or other minerals, to prepare the products
thereof for market, to make coke and transport and sell the
same, to manufacture iron and steel, and other metals and
articles composed wholly or partly of iron and steel, and other
metals or wood, to bore for salt, oil, or gas. and manufacture,
transport, and refine the same, and to sell and dispose of the
same, and to erect blast furnaces, rolling mills, turges, mills,
machinery, fixtures, buildings, and the necessary appliances
and appurtenances required in the conduct of their business ;
and to make leases or contracts tor these or any of these pur-
poses; and the said company shall have the rieht. trom time
to time, to purchase, lease. hold, and control in any manner,
grant. bargain, sell, and convey iron ore, mineral, and lime-
stone and other lands and rights, and interest in lands situate
in the counties of Bland, Wythe, and Smyth, and the coun-
ties adjacent thereto in the State of Virginia, not exceeding,
however, thirty thousand acres of land inany one county; to
lay out. develop, and improve the same, and the said com-
pany may locate. construct, and operate a line of railroad or
railroads from any of its land or works to any point on any
‘ailroad now or hereafter constructed in or to the said coun-
ties in which it is authorized to hold lands: provided noth-
ing herein contained shall be considered as exempting the
company trom the provisions of chapter sixty-one of the Code
of eighteen hundred and seventy-three, if it shall engage in
the construction or operation of any railroad: and the said
company may acquire by condemnation im the mode pre-
scribed by law, the lands necessary for the right of way ot its
railroad and necessary stations and depots.

4. The persons first named in this act, or such of them as
shall accept the provisions thereof, 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
directors shall be elected as may be prescribed by the by-laws
and reculations of said company, Who may be removed by the
stockhelders 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
meetings or elections thereafter, be entitled to one vote for

each share of stock registered in his name.

5. The board of directors shall be stockholders of said ¢om-
pany; they shall appoint one of their number president, and
may fill any vacancy that may occur in said board, unless by
removal, In whieh rase the same shall be tilled by the stock-
bolders 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 sball 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 ti ake trom
them such bonds, with such 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 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. Wythe county, in 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, A general meeting of the stockholders of the said
company may be held at any time, as provided for by the
tenth section of chapter fifty-seven of the Code of Vi irgimia,
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 preside nt aud countersigned
by the secretary of said company. The said certificates shall
be transterable only upon the books of the company by. the
said subscribers, their personal representatives, or duly author:
ized avent or attorney - and the said certificates, when so
transterred as aforesaid, may be returned to the s nid company
and cancelled, and new certificates of stock shall be issued in
lieu thereof to the person entitled thereto tor a like number
of shares.

9, It shall be lawful for said company to issue and sell its
bonds, from time to time, for such sum and on such terms as
its board of directors may deem expedient and proper in the
prosecution of any of its work; and may secure the payment
of said bonds by mortgages or deeds of trust upon all or avy
portion of its property : and tranchises, including its tranchises
to be a corporation, and the company may reserve the right
to the company or confer on the holder of any bond the right
to convert the principal thereof into the stock of the e company
at any time; and it shall be lawful for said company to sub-
scribe to and hold sbares in the capital stock of any railroad
company or other corporation whenever the board of directors
of the company sball 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 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 Jaw 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 Code of Virginia of eighteen hundred and
seventy-three, forthe space of tive years from the date of the
passave of this act; and all taxes and debts due or to become
due the State by the company, shall be paid in lawful money
of the United States. and not in Coupons.

13, This act shall be in force 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 hereafter.