Chap. 295.—An ACT to incorporate the Piedmont mining and manufacturing
company.

Approved February 12, 1896.

1. Be it enacted by the general assembly of Virginia, That F. H.
Fries, R. J. Reynolds, W. A. Lemley, J. W. Fries, C. H. Fogle, G. W.
Hinshaw, F. J. Stone, P. P. Watson, J. H. Spencer, C. B. Bryant, H.
C. Lester, J. W. Coon, H.S. Trout, or such of them, or such other
persons as may associate themselves together with the said persons,
be, and they are hereby, constituted a body politic and corporate
under the name of the Piedmont mining and manufacturing com-
pany, and by that name shall have perpetual succession, a common
seal, with the right to alter the same at pleasure, and shall have the
right to sue and be sued, plead and be impleaded in the courts, and
shall possess and enjoy all the rights and privileges and be subject
to all the rights extended or imposed on corporations of a similar
nature by the general law.

2. The said company shall have the right to acquire and hold by
gift, grant, devise, purchase, lease, or otherwise, coal, mineral], tim-
her, and other lands in the counties of Henry, Patrick, Botetourt,
Franklin, Craig, Roanoke, and Montgomery, in fee simple or fora
less estate, and to improve, sell, exchange, lease, mortgage, or other-
wise dispose of or encumber the same. It shall have the right to
mine coal, iron ore, fire clay, limestone, manganese, and other min-
erals and ores; to own, open up, and operate quarries, to manufac-
ture iron, steel, and other metals and articles composed of metals;
to buy and sell timber and to manufacture the same into marketable
articles; to erect blast furnaces, rolling mills, mills, forges, machin-
ery, fixtures, buildings, and necessary appurtenances required in the
conduct of the business of said company, and to deal in all com-
modities incident thereto.

3. The said company shall have the right to construct or operate
a railroad or railroads to or from any of the said company’s pro-
perty in the counties aforesaid, and to transport freight and passen-
gers thereon, and to charge and receive tolls therefor, and the right
of condemnation of land under the general law.

4. The said company shall not have the right to hold at any one
time more than ten thousand acres of land in fee simple in any one
county, nor shall any one line of railroad constructed by it exceed
thirty miles in length.

5. The capital stock of said company sball not be less than twenty-
five thousand dollars, to be divided into shares of the par value of
one hundred dollars each; but the board of directors may, at their
discretion, from time to time increase the capital stock to such an
amount not to exceed five hundred thousand dollars, and dispose of
the same at such price and upon such terms as they may decide.
Whenever twenty-five thousand dollars shall have been subscribed
to the capital stock of the said company, the subscribers thereof,
their executors, administrators, or assigns, shall be permitted to or-
ganize the said corporation, and the same may proceed or commence
with its operations. The said company may receive in payment of
subscriptions to its capital stock real or personal property. At all
meetings of the stockholders each share of stock shall be entitled to
one vote.

6. The stockholders of said company shall meet as soon as prac-
ticable after the requisite amount of stock has been subscribed, and
shall proceed to elect not less than five nor more than ten directors,
to serve until the next regular annual meeting of the stockholders;
and annually thereafter, at the regular annual meeting of the stock-
holders of the said company, there shall be elected a similar number
of directors, who shall serve for one year and until their successors
are elected. The said directors shall select from their number one
who shall be president of the said company, whose term of office
shall be one year and until his successor is elected; and the said
directors shall make a similar selection at some time each year, to
be designated by the by-laws of said company. The said directors
shall have power to make and enact rules and by-laws for the gov-
ernment of the company; and the president or directors, as may be
declared by such by-laws, shall have power to appoint and remove
such officers as may be deemed necessary for the conduct of the
business of said company.

7. The said company may borrow money or create indebtedness
for the purposes of its business in such manner as may be prescribed
by the board of directors, and may issue bonds or negotiable paper,
registered or coupon, or other evidences of indebtedness, and secure
the same by mortgages on its property, privileges, and franchises,
and dispose of the same as may be directed by the said directors
aforesaid.

8. The said company agrees to pay all taxes, dues, or demands
now or hereafter due to the state of Virginia in lawful money, and
not in coupons.

9. The general assembly reserves the right to alter or repeal this
charter at pleasure. ,

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