Chap. 87.—An ACT incorporating the North fork of Holston Coal and
_ Tron Mining and Salt Manufacturing Company.

Passed January 21, 1867.

"1. Be it enacted by the general assembly of Virginia, That
John W. Legg, J. D. Clark and J. B. Schooler, and such
other person or persons as may be hereafter associated with
them, shall be and they are hereby incorporated and made a
body politic and corporate, by the name and style of The
North fork of Holston Coal and Iron Mining and Salt Manu-
facturing Company, for the purpose of mining for coal, iron,
copper, petroleum and other minerals and metals; boring for
salt water, and erecting furnaces and other machinery neces-
‘sary and proper for the manufacture of salt, smelting of iron
or such other metals as the company may, from time to time,
obtain from their mining operation or otherwise; and they
are hereby invested with all the rights, privileges and powers
conferred, and made subject to all the rules, restrictions and
r egulations imposed by the fifty-sixth and fifty-seventh chap-
ters of the Code of Virginia, (edition of eighteen hundred
and sixty), so far as the same are applicable to and not incon-
sistent with this act. ,

2. That the capital stock of said compapy shall not be less
than ten thousand dollars, nor more ompipy 5 hundred thou-
sand, to be divided into shares of fifty dollars each; and the
said company shall have the right to purchase, lease and hol&
lands in the counties of Washington, Smyth, “Russell and
Tazewell, not to exceed, at one time, ten thousand acres in
either of the aforesaid counties. .

3.’ For the purpose of obtaining subscriptions to the capi-
tal stock of said company, it shall be lawful for the said John
W. Legg, J. D. Clark and J. B. Schooler to open books of
subscription for that purpose, at such times and places as
they may appoint, and receive in payment for the same either
money, lands or personal property; the valuation of the
lands and personal property thus subscribed to be agreed
upon between the commissioners and subscribers at the time
the subscription is made. ,

4. That the said company shall have power and authority
to appoint one or more of their members, or other person or
persons, to arrange, control and direct the business of said
company according to the by-laws, rules and regulations
Which said company may, from time to time, adopt’ for its
government and the transaction of its business.

®. It shall be lawful for the said company, by bateaux,
boats or barges, to navigate the north fork of Holston river,
in conveying their productions and manufactures from their
works to any of the markets south or south-west, and to con-
struct a railroad or turnpike road from any point on their
own lands, to intersect the Virginia and Tennessee railroad at
Saltville, a distance of eight miles: provided the said com-
pany shall not have power to construct a railroad through
the land of any person or persons without his or their con-
sent.

6. It shall be lawful for the said company to issue bonds,
payable in not more than twenty years, bearing an. interest of
six per centum per annum, payable semi-annually, and to ne-
gotiate and dispose of the same in such manner as shall best
promote the interests of said company: provided, however,
that such loan shall not exceed the sum of ten thousand dol-
lars, and the said bonds shall be in sums of not less than fifty
dollars each.

7. This act shall be in force from its passage, and shall be
subject to amendment, alteration or repeal, at ‘the pleasure of
the general assembly.