CHAP. 162.—An ACT to incorporate the !.uther taal and iron
company.

Approved February 4, 1890.

1. Be it enacted by the general assembly of Virginia,
That R. G. H. Kean, J. Singleton Diggs, J. Clarke, John
H. Lewis, and John W. Daniel, their associates and suc-
cessors be, and they are hereby, constituted and made a
body politic and corporate by the name and style of the
Luther coal and iron company, and by that name and
style shall have all the privileges, rights, and powers con-
ferred by, and be subject to all the provisions of the gen-
eral law of this state in reference to corporations and
chartered companies, so far as the same may be applicable
to and not inconsistent with the provisions of this act.

2. The capital stock of this company shall not be less
than twenty thousand dollars, and shall be divided into
shares of one hundred dollars each, and the amount of
the same may be increased from time to time by the board
of directors, and such board may issue shares of stock
and sell the same at such price as may be fixed and agreed
to by them. Subscriptions to the capital stock of said
company may be paid for in money or any other property
at such prices as the board of directors may deem best,
and said board is authorized to issue shares of stock to
represent enhanced value of its property: provided, that
the maximum amount of the capita] stock of said com-
pany shall at no time exceed the amount of one million
dollars.

3. The first meeting of the corporators herein named
shall be held in the city of Lynchburg, Virginia, as soon
as a majority of the corporators may convene, and upon
the minimum amount of the capital stock being sub-
scribed for or taken, then such meeting, if attended by a
majority of said corporators, shall constitute the first
general meeting of such stockholders; and the general
annual meeting of such stockholders shall be held an-
nually thereafter in said city, or at such other time or
place as may be appointed by said stockholders in general
meeting; and the principal office of said company shall
be in said city or at such other place in Virginia as the
stockholders may, in general meeting, appoint.

4. No stockholder shall be held liable on account of his
stock further than for any unpaid subscription he may
owe thereon.

5. The board of directors shall] consist of five members,
who shall from their number choose a president, and said
board may also appoint such officers and agents as they
may deem necessary or proper, but the stockholders may
in general meeting increase the number of such directors.
6. The said company is authorized and empowered to
mine and quarry coal, iron, and other mineral substances,
and to prepare and manufacture the same for market, use,
and sale in any manner of forms it may adopt, and to
manufacture and prepare for market and sale all other
raw materials, mineral or vegetable, and for this purpose
may erect and operate all kinds of furnaces, mills, manu-
factories, coke ovens, machinery, and other works neces-
sary for the enjoyment of the privileges herein granted to
the fullest extent.

7. The said company is authorized and empowered to
purchase, hold, own, lease, and control, in any manner,
grant, bargain and sell, mortgage, convey, and otherwise
dispose of real and personal properties of any kind in this
state or elsewhere; the said company may. also build,
construct and operate railroads from the lands of said
company to connect with any other railroads or to any
manufacturing establishments, which, in the judgment of
the board of directors, may be necessary for the purpose
of the company.

8. Any other company may hold shares of stock in this
company, and this company may in like manner hold
shares of stock in any other incorporated company or cor-
poration iu all respects as if it were a natural person.

9. The acceptance of this charter shall be construed as
an agreement on its part to pay all taxes, dues, and assess-
ments to the state of Virginia in lawful money of the
United States, and a waiver of any right—if such right
exist—to pay the same in coupons.

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