Chap. 38.—An ACT to incorporate the Virginia Iron Mining, Chemical
and Manufacturing Company.

In forcez January 24, 1872.

1. Be it enacted by the general assembly of Virginia, That
P. B.. Borst, Wiliam Milnes, jr., B. F. Grayson, Isaac Long
and T. M. Almond, of Virginia, and such other persons as may
be hereafter associated with them, shall be and are hereby
incorporated and made a body politic and corporate, by the
name and style of the Virginia Iron Mining, Chemical and
Manufacturing Company, for the purpose of mining iron and
other ores, transporting and selling the same, and of working
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 also for the pur
pose of the carbonization of wood in close vessels or other-
wise, with a view to collect the condensible products, and to
transport and sell the same, and of working the same into
pyroligneous acid, acetate of hme, acetate of soda, acetic acid,
or otherwise ; and also for the purpose of manufacturing lum-
ber, charcoal, pyroligneous acid, acetate of lime, acetate of
soda, acetic acid, and other acids, in all the various branches
and uses for which the same may be used. And for the pur-
pose of making and constructing branch railroads to connect
with any already chartered railroads, which may be necessary
for the transportation of the company's productions. 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
corporations and all laws amendatory thereof.

2. The capital stock of said company shall not be less than
thirty thousand dollars, nor more than five millions, to be di.
vided into shares of one hundred dollars each. And be it
further enacted, that the said company shall have the night tc
acquire, hold, use, possess and enjoy, by purchase. cift. demise.
gift trust or other legal means, estate, real, personal 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, subject to the restrictions
in the first section in this act: provided that the said company
shall not acquire or hold land exceeding eighty thousand acres
in any one county.

3. And be it further enacted, That the said P. B. Borst,
William Milnes, jr., B. F. Grayson, Isaac Long and T. M. Al-
mond 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 company, and may receive for subscription
for stock money or such mineral rights or lands, buildings, fix-
tures, labor, or other property, as they may deem wise, expe-
dient or necessary, to acquire for purposes of the company,
and the same shall become part of the stock of the company ;
and when thirty thousand dollars shall have been subscribed,
paid in or acquired as aforesaid, the company may organize by
appointing five or more directors, one of whom shall be chosen
as president. That the said company may borrow money and
create indebtedness in such way and manner as the board of
directors shall prescribe, and may issue coupon bonds and
other evidences of indebtedness as they may deem proper, in
payment and exchange, and payment for evidences 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 ten per centum per annum, and by and
with such stock, bonds, certificates and other evidences of in-
debtedness, may purchase and hold all such personal and other
property as may be necessary or convenient for the prosecution
of their business, and to sell and dispose of the property, both
real and personal, of said company.

4. 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.

5. And be it further enacted, That the president and direc-
tors of the said company may enact such by-laws and regula-
tions 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.

6. 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 five millions dollars as aforesaid. The offices of said
company shall be at or near Luray, Virginia, and at such other
points within or beyond the limits of this state as its business
may require.
7. This act shall be in force from its passage.