Chap. 178.—An ACT to incorporate the Guy's run company.

Approved May 10, 1887.

1. Be it enacted by the general assembly, That E. A.
Packer and John White, of New York; W. A. Page, of West
Virginia, and Thomas D. Ransom, A. T. Barclay, William A.
Anderson, R. H. Catlett, and Samuel J. Graham, of Virginia,
and such persons as may be associated with them, and their
successors, are hereby created and constituted a body politic
and corporate by the. name and style of the Guy’s run com-
pany, and by such name shall have perpetual succession; may
contract and be contracted with, sue and be sued, make and
use a common seal, and alter the same at pleasure, and make
and maintain such by-laws, rules, and regulations for the
government of said corporation and the conduct of its busi-
ness as may be deemed necessary, not to conflict with the
laws or the constitution of this State or of the United States.

2. The capital stock of said company shall not be less than
one hundred thousand dollars, to be divided into shares of
one hundred dollars each, and the same may from time to
time be increased by additional subscriptions or the issue and
sale of shares to such amount, not exceeding five million dol-
lars, as the stockholders at any general or special meeting
may authorize and prescribe. Thesaid company may receive
subscriptions to its capital stock, or payment for its shares
so issued, in money, land, or other property, upon such terms
as shall be agreed or authorized by the board of directors, and
said company may give a preference to a portion of its capital
stock over the residue thereof as to dividends and the pay-
ment thereof.

3. The corporators herein above named, or any three of
them, may receive subscriptions to the capital stock of said
company, and when the minimum capital of ten thousand
dollars shall have been subscribed, the said subscribers may
organize said company by the election of tive directors, of
whom they shall elect one as president, to remain in office
one year, and until their successors are elected, unless sooner
removed by the stockholders. After organization as afore-
said, the stockholders at any general meeting may change
the number of directors, and may provide tor the proper
gevernment of the corporation by such by-laws as they may
deem fit and proper, as herein above authorized. The board
of directors may appoint such subordinate agents and officers
of the company as they may deem necessary for the proper
dispatch of the business of the company.

4. The said company is hereby authorized to carry on the
business of mining and manufacturing any of the ores, min-
erals, metals, materials, or products of this State, and may
conduct such business at one or more points in the county of
Rockbridge, and in any other counties of this and other
States in which the said company may deem it proper to ac-
quire property or establish works for that purpose; and for
these purposes the said company shall have authority to buy,
hold, sell, lease, or otherwise dispose of any real or personal
estate deemed necessary to the proper prosecution of its
business, and may on any property so acquired, erect and
maintain buildings, machinery, and structures needful for
smelting, manufacturing, and treating ores, metals and min-
erals of whatever kind, for the production of manufactured
fabrics from wood, stone, metals, wool, cotton, hemp, or other
materials, and may operate, lease, sell, or otherwise dispose
of the same, and may own its lands contiguous or adjacent
to any such manufactory or works erected, or to be erected,
survey, and lay out lots, squares, or other divisions of such
lands, and improve the same by buildings, or otherwise, for
sale, lease, or other disposition or use, and may establish such
Jawful rales and regulations in the use thereof as the board
of directors of said company may decom best to secure the
comfort and welfare of the oceupants and others engaged or
interested in anv manufactory or works there established, or
to be established; and the said company may, in connection
with the use or improvement of any of its properties, make,
build and operate any canals, or waterways, or tramways, or
railways operated by horse or steam power, not. exceeding
twenty miles in length, and for this purpose, when necessary,
may acquire by contract or condemnation such land or other
property or rights of way as may be necessary therefor, pro-
ceedings for such condemnation to be in accordance with
chapter 's fifty-six and fifty-seven of the Code of Virginia, and
any laws amendatory thereof. It shall be lawful for said
company to lay out and establish a town upon such portion
of their lands as they may select or set apart for that pur-
pore, and to improve the same, and establish and construct
rater works for supplying the Innabitants of such town with
water; and may acquire the land ne cessary for such water-
works by purchase, contract, or condemnation, proceedings
for such condemnation to be in accordance with the provisions
of said chapters fifty-six and fifty-seven of the Code of Vir-
ginia.

9. It shall be lawful for said company to 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 or business, and may secure the payment
of the principal and interest thereof, by mortyages or deeds
of trust upon all or any portion of its property, rights 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 shall deem it to
be its interest to do so; each stockholder in said company
shall be entitled to one vote for cach share held by him, and
no stockholder shall be held individually liable for the debts
or liabilities of the company in any larger or further sum
than to such amount as may be due and unpaid severally
upon his stock subscription. Four-fitths of the capital stock
of said company may become the property of less than five
persons; and there shall be no limit upon the number of
shares of said stock, which may be held by any one person,
except such as is prescribed in this act, or may be prescribed
by the laws of the company.

6. The acceptance of this charter, and organization there-
under, shall be deemed to be a waiver by said company of
any right to pay any taxes or dues, or assessments hereafter
made trom said company to the State of Virginia in coupons
of this State, and shall be taken as an agreement on the part
of said company to pay all of said dues, taxes, and assess-
ments in lawful money of the United States.

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