CHAP. 210.—An ACT to incorporate the Clifton Forge company.
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Approved February 17, 1890.

1. Be it enacted by the general assembly of Virginia,
That John D. Crowle, S. Brown Allen, P. H. Trout, Charles
Curry, E. M. Nettleton, B. F. EaklJe, J. A. Frazier, S. M.
Yost, J.C. Scheffer, J. L. Duncan, D. A. Williamson, and
such others as they may associate with them, and their
successors, are hereby created and constituted a body politic
and corporate by the name and style of the Clifton Forge
company, and by such name shall! have perpetual succes-
sion; may contract and be contracted with; sue and be
sued; make and use a common seal, and alter the same at
will and make and maintain such by-laws, rules and regu-
lations for the government of said corporation and the con-
duct of its business as may be deemed necessary, not to
conflict with the laws or the constitution of the state or
of the United States.
2. The capital stock of the said company shall not be
less than ten thousand dollars, to be divided into shares of
one hundred dollars each, and the same may from time to
time be increased by additional subscriptions, or the issue
and sale of shares to such amount not exceeding one mil-
lion dollars, as the stockholders at any general or special
meeting may authorize and prescribe. The said company
may receive subscriptions to its capital stock or in pay-
ment of its shares so issued, in money, land or other prop-
erty, upon such terms as shall be agreed or authorized by
the board of directors.

3. The persons first named in this act, or such of them
as shall accept the provisions thereof, shall have the pow-
ers and authority of a president and board of directors, for
the purposes of organization and for all other purposes.
They shall constitute the board of directors for the first
year and shall continue in office until their successors shall
be elected and qualified. Each stockholder in the company
shall, at all meetings*or elections, be entitled to one vote
for each share of stock registered in his name.

4. The board of directors shall be stockholders of said
company. They shall appoint one of their number presi-
dent, and may fill ‘any vacancy that may occur in said
board, unless by removal; in which case the same shall
be filled by the stockholders in general meeting. When-
ever ten per centum of the capital stock shall have been
subscribed, and the board of directors shall have elected
a president, said company shall be considered legally
organized, and may proceed to the transaction of busi-
ness.

5. The board of directors may appoint such subordinate
agents and officers of the company as they may deem
necessary for the proper dispatch of the business of the
company, and shall designate the time and place, and one
or more of their number to receive subscriptions to the
capital stock of said company.

6. After organization as aforesaid, the stockholders at
any general meeting, may change the number of directors
and alter the by-laws as they may deem fit and proper, as
as hereinabove authorized, to take effect at the next an-
nual meeting.

7. The said company is hereby authorized to carry on
the business of mining and manufacturing any of the
ores, minerals, metals, materials, or products of this state,
and’ may conduct such business at one or more points in
the counties of Rockbridge, Amherst, Nelson, Bedford,
Botetourt, Augusta or either of them, and in such counties
of this state in which the said company may deem it
proper to acquire property or establish works for that pur-
pose; and for these purposes the said company shall have
authority fo buy, hold, sell, lease, or otherwise dispose of
anv real or personal estate deemed necessary to the prope:
prosecution of its business, and may, on any property sc
acquired, erect and maintain huildings, machinery anc
structures needful for smelting, manufacturing and treat-
ing ores, metals and minerals of whatever kind, or for the
production of manufactured fabrics from wood, stone.
metals, wool, cotton, hemp or other materials, and may oper-
ate, lease, sell, or otherwise dispose of the same, and may.
on its own lands contiguous or adjacent to any such man-
ufactory or works erected or to be erected, survey and lay
out lots, syuares or other divisions of such lands, and im-
prove the same by buildings or otherwise, for sale, lease,
or other disposition or use, and may establish such lawful
rules and regulations in the use thereof as the board of
directors of said company may deem best. to secure the
comfort and welfare of the occupants and others engaged
or interested in any manufactory of works there established
or to be established, and the said company may, in con-
nection with the use or improvement of any of its proper-
ties, make, build and operate any canals or waterways or
tramways or railways operated by horse or steam power,
not exceeding twenty miles in length; and for this pur-
pose, when necessary, may acquire by contract or condemna-
tion such Iand or other property, or rights of way as may
be necessary therefor, proceedings for such condemnation
to be in accordance with chapters fifty-six and fifty-seven
of the code of Virginia, and any laws amendatory thereof.

8. It shall be lawful for said company to sell its bonds
from time to time for such sums and on such terms as its
board of directors may deem expedient and proper in the
prosecution of any of its works or business, and may se-
cure the payment of the principal and interest thereof by
mortgages or deeds of trust upon all or any portion of its
property, rights, and franchises, including its franchise to
be a corporation ; and it shall be lawful for said company to
subscribe to and to hold shares in the capital stock of any
railroad company or other corporation whenever the board
of directors shall deem it to be its interest to do so; each
stockholder in said company shall be entitled to one vote for
each share held by him, and no stockholder shal! be held in-
dividually liable for the debts or liabilities of the company
in any larger or further sum than to such amount as may
be due and unpaid severally upon each stock subscription.
There shal] be no limit except as the by-laws of the company
may prescribe upon the number of shares of stock which
any stockholder may hold, and four-fifths of the capital
stock of the company may become the property of less
than five persons, and a majority of the stock may for
more than 81x months be the property of one person.

9. The acceptance of this charter and organization there-
under shall be deemed to be a waiver by said company of
any right to pay taxes or dues or assessments hereafte.

made from said company to the state of Virginia in cou

pons of this state, and shall be taken as an agreement or

the part of said company to pay all of said dues, taxes

and assessments in lawful money of the United States.
10. This act shall be in force from its passage.