Chap. 162.—An ACT to incorporate the Wetumpka Iron, Mining, and Man-
ufacturing Company.

Approved June 27, 1870.

1. Be it enacted by the general assembly, That William
Firmstone of Easton, Pennsylvania; Areo Pardee of Hazel-
ton, Pennsylvania; J. G. Fell and F. A. Courly of Philadel-

hia, Pennsylvania; and Samuel C. Robinson of Richmond,
Vir inia, and such other persons as may be hereafter associ-
ated with them, shall be and are hereby incorporated, and
made a body politic and corporate, by the name and style of
The Wetumpka Iron Company, for the purpose of mining iron
and other ores, transporting and selling the same, and of work-
ing the same into pig, bar iron, and steel, or otherwise, and
also for the purpose of manufacturing iron or other ores in all
the various branches and uses for which iron and other ores
are used, and to transport and sell the same; and are hereby
invested with all the rights and privileges, and subject to all
the rules, regulations, and restrictions (consistent with this act)
contained in the Code of Virginia in relation to such corpora-
tions.

2. The capital stock of said company shall not be less than
two hundred thousand dollars, nor more than six millions, to
be divided into shares of one hundred dollars each.

3. And be it further enacted, That the said company shail
have the right to acquire, hold, use, possess, and enjoy, by pur-
chase, gift, demise, trust, or other legal means, estate, real, per-
sonal, and mixed, and the same may sell, alien, grant, lease,
and convey, so that the lands held by them in fee or otherwise
shall not exceed at any time two hundred thousand acres; and
the said company shall have power to make and use a common
seal, and the same to change at will, and to have all such other
powers, rights, and privileges, as are necessary and proper for
them to have and possess as an incorporated company, sub-
ject to the restrictions in the first section of this act; provided,
that the said company shall not acquire or hold land exceeding
eighty thousand acres in any one county.

4, And be it further enacted, That the said William Firm-
stone and ‘Areo Pardee may put into the capital stock of the
said company any lands purchased by them in the counties of
Alleghany and Rockbridge, and now owned by them, or either
of them, to be held in fee simple or otherwise by the said com-

any.
P 5. And be it further enacted, That William Firmstone, Areo
Pardee, and Samuel C. Robinson are hereby appointed and
made commissioners, and that they or any two of them may
act, at such times and places as they may deem expedient,
open books of subscription to the capital stock of said com-
pany, and may receive for subscription for stock, money, or
such mineral rights, or lands, buildings, fixtures, or other prop-
erty as they may deem wise, expedient, or necessary to acquire
for the purposes of the company, and the same shall become
part of the stock of the company; and when two hundred
thousand dollars shall have been subscribed, put in, or acquired
as aforesaid, the company may organize by appointing five
or more directors, one of whom shall be chosen as presi-
dent.

6. And be it further enacted, That the president and di-
rectors of the said company may enact such by-laws and regu-
lations for the management of the affairs of said company as
they may deem expedient, the same being consistent with
the constitution and laws of this state and of the United
States. |

7. And be it further enacted, That the shares of the said
company shall be deemed personal property, and assignable
on the books of the company under such rules and regulations
as may be prescribed by the directors, who shall have power
from time to time to increase the capital stock, so that it shall
not exceed six millions dollars as aforesaid.

8. The offices of said company shall be at or near Covington,
Virginia, and at such other points within or beyond the limits
of this state as its business may require.

9. This act shall be in force from its passage, and shall be
subject to any amendment, alteration, or modification at the
pleasure of the general assembly.