Chap. 249.—An ACT to incorporate the Spotsylvania mining company.

Approved February 3, 1900.

1. Be it enacted by the general assembly of Virginia, That Alexan-
der Q. Holladay, Joseph R. Chamberlain, John M. Holladay, Charles H.
Belvin, Charles B. Holladay, or such of them as shall accept the pro-
visions of this act, and such other persons as may hereafter be asso-
ciated with them, their successors and assigns, be, and thev are hereby,
declared to be a body corporate and politic, by the name and style of
the Spotsylvania mining company, and by that name may sue and be
sued, plead and be impleaded, in all the courts of law and equity in this
state or elsewhere, and shall have perpetual succession, and have, make,
and use a common seal, and the same to break, alter, and renew at their
pleasure; to ordain and publish such by-laws, ordinances, and regula-
tions as they may think proper and wise, and generally to do every act
and thing necessary to carry this act into effect, or promote the design
of this corporation; and this corporation shall have all the rights, pow-
ers, and privileges conferred by and be subject to all the provisions of
the general laws of Virginia, in reference to corporations and chartered
companies, so far as the same am: W be applicable to, and not imeonssstent
with, the provisions of this act: and provided, however, that the corpo-
rate powers hereby granted shall not cease or be in any wav impaired
by reason of anvthing contained in section thirty-six or section thirtv-
eight of chapter fifty-seven of the code of Virginia of eighteen hundred
and seventy-cight, or section eleven hundred and forty-one of the Vir-
ginta code of eighteen hundred and ecighty-seven, approved May six-
teenth. eighteen hundred and ecighty-seven.

The capital stock of this company shall not be less than ten thou-
sand dollars nor more than twenty-five thousand dollars, divided into
shares of one hundred dollars each, and subscriptions to the stock of
said company may be paid in land or other property—real, personal or
mixed—leases, options, mines, minerals, and mineral rights; rights of
way, and other rights or easements: labor or services, machinery, ma-
temals, stocks, bonds. and other securities of individuals or other cor-
porations or industrial companies or manufactories, at such valuation
as may be agreed on in each ease by the owners and the board of direc-
tors of said company. It shall be Jawful for other corporations to sub-
serihe to the capital stoek of this company, or otherwise become holders
of said stock and of the bonds or other securities of this company, and
this company may in hke manner hold shares of stock in any other cor-
poration or company in all respects as a private individual.

3. A majority of the persons named as incorporators in the first sec-
tion of this act, who shall accept the provisions of this charter, may, at
anv time and place, without giving notice, receive private subscriptions
to the capital stock of this corporation, and they may also, in their
diseretion, open books for subscriptions to such eapital stock, at such
time or times, and at such place or places and after such notice as they
may deem proper (and it shall not be necessary for any money to be
paid upon subscriptions to the capital stock of this company at the time
of subscribing). And, as soon as said minimum amount of capital stock
shall have been subscribed for, the subseribers or those holding a ma-
jority of the capital stock of this company shall have full power ‘and au-
thority to hold a general stockholders’ meeting, without giving any
notice thereof, and such meeting shall constitute a law ful and valic
general stockholders’ meeting at which business of anv and every char.
acter may be transacted. The annual meeting of the stockholders of
this company shall be held thereafter at such time and place as the said
stockholders in general meeting may appoint, and a general meeting of
the stockholders of this company may be held at any time and plac
upon the call of the president, or of the board of directors, or of stock.
holders owning tovether at least one-tenth of the capital stock; and the
annual or any called stockholders’ meeting under this section may be
held after first giving five days’ notice of the time and place thereof,
by publication in some newspaper published in the city of Fredericks-
burg, Virginia, or the city of Richmond, Virginia. In all meetings of
the stockholders, each stockholder shall cast one vote for each share of
stock held by him. No stockholder shall be liable on account of his
stock further than for any unpaid subscriptions he may owe thereon.
The principal office of said company shall be in Richmond, Virginia, or
such other place in the state of Virginia as the said stockholders in gen-
eral meeting may designate.

5. The board of directors shall consist of five members, who shall
choose a president from their number and may appoint such agents or
officers as they may deem necessary or proper, but said stockholders in
general meeting may increase the number of directors.

6. The said company may prospect for, explore, work, develop, im-
prove and manage mineral properties and mines of iron, sulphur, or any
other substance; may acquire and hold by purchase, lease or otherwise,
real and personal property, and may also sell, encumber, lease or other-
wise dispose of the same; may engage in any mining, manufacturing,
commercial, agricultural or carrying business, and may borrow or lend
money on mortgage or other security; and the said company is hereby
authorized and empowered to build, maintain, and operate tram roads,
wagon roads and railroads within the counties of Spotsylvania, Louisa,
Stafford, Orange and Culpeper between the different works or properties
which it may own or acquire or hold stock in and to connect the said
roads with each other and also with the lines of other railroads now or
hereafter constructed in said counties, such connecting railroads to he
constructed, operated and maintained in all respects pursuant to the
laws of the state in reference to works of internal improvement. And
the said company shall have the right to run their main line of railroad
from some point on the Chesapeake and Ohio railroad, in Louisa county,
Virginia, by way of their mines to a point at or near the city of Freder-
icksburg, Virginia, and to connect there with any other railroads and
steamboats and other vessels and to have a depot and a pier or wharf
for loading and unloading freights on the river, and the said railroad
mav begin at the mines and run in either or both directions, Mineral
Citv and Fredericksburg being the objective points, and to connect with
and cross over or under any other roads in a safe and suitable manner
according to law.

7. And to provide for the probable enhancement of the value of the
properties of the said company, it shall be lawful for the circuit court
of Spotsylvania county or the judge thereof in vacation upon the re-
quest of the board of directors of the said company, accompanied by a
certificate of the treasurer of Virginia that the said company has paid
to him the proper proportionate sum as set forth in acts eighteen hun-
dred and ninety-seven and ninety-eight, page six hundred and seventy-
eight and so forth, to authorize an increase of said stock to correspond
with additional tax paid into the state treasury, and the board of direc-
tors of said company may thereupon issue such additional shares of
stock and sell or otherwise dispose of the same at such price below its
par value as may be fixed and agreed to by them, receiving payment as
set forth in section two of this act.
8. The said company may use steam, electricity, air, or other power
for their mines and other purposes, and shall have power to erect, oper-
ate, and maintain the necessary plants to generate and apply the same
wherever they may wish to use it.

9, And the said company may run branch roads into the counties of
Orange, Culpeper, and Stafford not to exceed twenty miles in any one
of these counties, and work upon the same shall begin in three years
after the completion of their lne to Fredericksburg or Mineral City.

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