Chap. 170.—An ACT to incorporate The Shenandoah Iron, Lumber, Mining,.
and Manufacturing Company.

In force June 30, 1870.

1. Be it enacted by the general assembly of Virginia, That
William Milnes, John Fields, Thomas Johns, and William
Milnes, Jr., and their associates, successors, and assigns, be
and they are hereby constituted a body politic and corporate,
under the name, style, and title of The Shenandoah Iron, Lum-
ber, Mining, and Manufacturing Company, with a capital stock
of one million dollars, with the privilege of increasing the-
same from time to time to any amount not excceding three
millions of dollars, to be divided into shares of one hundred
dollars each, and by that name shall have perpetual succession,
and be capable in law of receiving, holding, and conveying
such real and personal property as may be necessary for the
object of this corporation, and may sue and be sued, plead
and be impleaded in all courts of law and equity, and may
have a common seal, which they shall have power to alter and
renew at pleasure, and may receive, execute, and deliver all
such instrnments of writing, and do such acts and things ne-

cessary to promote the objects, interests, and designs of said
company as authorized by this act, namely: from time to time
to open and mine iron ore, and any other minerals in the lands
belonging to the said company, situated in the counties of
Page, Rockingham, and Warren, and to manufacture, sell, and
dispose of the same, and to cut and manufacture any timber
that may be on the lands of said company, and to sell and dis-
pose of the same, or to make lease or leases for mining, sell-
ing, and manufacturing the same. To make and construct
railroads, not exceeding twenty miles in length, with branches
not exceeding ten miles in length, for their purposes; and the
said company shall have the right to enter upon and pass over
adjacent or adjoining lands in the construction of said roads
and branches, the consent of the owners thereof having been
first obtained, or by condemnation of the same in the mode
prescribed by chapter fifty-six of the Code of Virginia (edi-
tion of eighteen hundred and sixty), and charge tolls thereon.

The said company shall have power generally to do and per-
form all things pertaining to the leasing, mining, manufactu-
ring, and preparing for market, and to selling and disposing of
the minerals, timber, and lumber, manufactured or otherwise,

on said lands; with full power also to sell or mortgage the
said lands with the improvements thereon, or any part thereof,
and to make purchases of any other tract or tracts of land in
the counties of Page, Rockingham, Warren, and elsewhere in
this state, not exceeding one hundred thousand acres.

2, That the lands to be conveyed to said company in fee
simple, by rental or by lease, by the parties owning the same,
shall form a common stock, and be divided into a convenient
number of shares, and apportioned by the said company among
the subscribers according to their respective interests, for
which certificates of stock shall be issued, and be assignable
and transferrable in such way and subject to such conditions
as the said company may from time to time prescribe; and the
said shares of stock shall, for all legal purposes whatsoever, be
deemed and treated as personal estate, and the said corpora-
tion may, whenever it is deemed necessary or expedient,
with the consent of the holders of a majority of the shares
of the said stock, levy and collect assessments, and forfeit
and sell delinquent shares in such manner as the by-laws may
direct.

3. That the stockholders shall meet as soon as practi-
cable after the passage of this act, notice of the time and place
of such meeting having been given by due and lawful notice,
and shall then and there proceed to elect not less than three
nor more than seven directors, and annually thereafter, to
serve for the term of one year, or until others are chosen in
their places; and said election shall be made by such of the
stockholders of the said company as shall attend for that pur-
pose, either in person or by proxy, each share of stock to en-
title the holder thereof to one vote. The directors so chosen
shall elect one of their number to be president of the board of
directors of said company.

4, That the directors shall have full power to make by-laws
and to appoint such officers and agents as they shall deem ex-
pedient for the well-conducting and transacting of the busi-
ness of the company: provided, such by-laws shall not be re-

ugnant to the constitution and laws of the state or of the

nited States. The said company, in addition to the office for
the general transaction of business in the county of Page, may
also have an oflice for the transaction of business, either in the
city of Philadelphia, New York, Boston, Richmond, or Balti-
more.

5. That the said company may borrow money and create in-
debtedness in such way and manner as the board of directors
shall prescribe, and may issue stock, coupon bonds, receipt cer-
titicates, and other evidences of indebtedness as they may
deem proper, in payment and exchange, and payment for evi-
dences of like values, properties, personal and real, materials,
labor, services and otherwise, as the board of directors may
deem necessary for the management of the business of the
same, and to issue the securities in such form and manner, and
payable in such place or places, as they may deem proper, and
at any rate of interest not exceeding twelve per centum per
annum, and by and with such stock, bonds, certificates, and
other evidences of indebtedness, may purchase and hold all
such personal and other property as may be necessary or con-
venient for the prosecution of their business, and to sell and
dispose of the property, both real and personal, of said com-
pany. The subscription to the capital stock may be made
payable in money or in real or personal property, appropriate
to the business contemplated by this act, at a fair valuation, to
be fixed upon by a majority in the interest of its stockholders
at the time of such purchase, and such purchase may include
the real and personal estate, leases, and contracts of said com-

any.
P 6. The said company may purchase, subscribe to, and ex-
change its stock and bonds for the stock and bonds of other
incorporations or associations; may endorse or guarantee, or
be endorsed or guaranteed in turn by others, upon such terms
and conditions as shall mutually be agreed upon by the parties
so contracting.

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