Chap. 89.—An ACT to incorporate the Tazewell coal and iron com-
pany.

Approved April 28, 1887.

1. Be it enacted by the general assembly of Virginia, That
D. H. Barger, S. D. May, J. V. Kelly, Thomas Graham, J. D.
Sergeant, A. J. May, J. G. Watts, Silus B. Hurt, Frank Huger,
Geor ve W. Gillespie and Joseph 5. Gillespie, or such of them
as may accept the provisions of this act, their associates and
successors, be and they are bereby incorporated and made a
body politic and corporate, under the name and style of the
Tazewell coal and iron 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 have a common scal, and alter or renew the same at
pleasure; and shall bave, enjoy, and exercise all the rights,
powers, and privileges pertaining to corporate bodies” and
necessary for the purposes of this act; and make by-laws,
and rules and regulations consistent with the existing laws
of the State, for the government of all under its authority,
the management of ifs 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 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 di-
rectors of said company shall from time to time prescribe;
and the directors may receive real or personal property,
suited to the business of the company, in payment of sub-
scriptions to the capital stock, at such valuations 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; to bore for salt, oil, and gas, and manufacture the
same, and to sell and dispose of the same; and to crect. blast
furnaces, rolling mills. forges, machinery, fixtures, buildings,
and the necessary appliances and appurtenances required in
the conduct of their business; and to make, lease, or contract
for these or any of these purposes. And the said company
Shall have the right from time to time to purchase, lease,
hold and control in any manner, grant, bargain, sell and con-
vey iron ore, mineral and limestone and other lands, and
rights and interest in lands, situate in the counties of Taze-
well, Wise, Dickenson, Buchanan and Russell, in the State of
Virginia, not exceeding, however, thirty thousand acres of
land in any one county.

4. The persons first named in this act, or such of them as
shall accept the provisions thereot, 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 tirst meeting, and at every anni ul meeting, so many
directors shall be elected as may ‘be prescribed by the by-laws
and regulations of said company, Who may be remov “od by
the stockholders in general meeting, but. unless so removed,
shall continue in office until their successors shall be elected
and qualified. Hach 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 in’ said
company. They shall appoint one of them number presi-
dent, 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 meeting. Whenever the mini-
mum amount of capital stock herein named shall have been
subscribed and the board of directors shall bave elected a
president, said company shall be considered legally organized,
and may proceed to the transaction of business. T le board
Shall appoint, to hold during its pleasure, the subordinate
officers and agents of the s: nid company, prescribe their com-
pensations, and take from them such bonds with such secu-
rity as they may decin fit.

6. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the princt-

al 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
company shall be held at Jeffersonville, Tazewell county, in
Virginia, on the first Wednesday of May of each year, or as
soon thereafter 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 mecting prescribe. A general meeting of the stock-
holders of the said company may be held at any time, as pro-
vided for by the tenth section of chapter fifty- seven ot the
Code of Virginia, edition of eighteen hundred and seventy-
three.

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

rates shall be (ransterable only upon the books of the com-
pany by the said subscribers, their personal representatives,
or duly authorized agent or attorney; and the said certificates
when so transterred as aforesaid, may be returned to the said
company and cancelled, and new certificates of stock shall be
issued in lieu thereot to the person entitled thereto for 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 pay-
ment of said bonds by mortgages or deeds of trust upon all
or any portion of its property or franchises, including its
franchises to be a corporation,

10. No stockholder in said company shall be held Hable 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 like corporations or
persons exercising like privileges. And all taxes or demands
due the State of Virginia, shall be paid in lawful money of
the United States and not in coupons.

12. This act shall be in force from its passage, but the
general assembly of the State of Virginia reserves to itself
the right to modity, alter, or repeal this act at uny time here-
after