Chap. 221.—An ACT to incorporate the Piedmont mining and
manufacturing company.

Approved February 17, 1800.

1. Be it enacted by the general assembly of Virginia
That F. H. Fries, R. J. Reynolds, W. A. Lemly, J. W
Fries, C. H. Fogle, G. W. Hinshaw, F. J. Stone, P. P. Wat-
son, J. H. Spencer, C. B. Bryant, H. C. Lester, J. W. Coan,
H. S. Trout, or such of them, or such other persons as may
associate themselves together with the said persons, be,
and they are hereby; constituted a body politic and cor-
porate under the name of the Piedmont mining and man-
ufacturing company, and by that name shall have per-
petual succession, a common seal, with the right to alter
the same at pleasure; and shall have the right to sue and
be sued, plead and he impleaded in the courts, and shall
possess and enjoy all the rights and privileges and be
subject to all the rights extended or imposed on corpora-
tions of a similar nature by the general law.

2. The said company shall have the right to acquire and
hold, by gift, grant, devise, purchase, lease or otherwise,
coal, mineral, timber, and other lands in the counties of
‘Henry, Patrick, Botetourt, Franklin, Craig, Roanoke, and
Montgomery, in fee simple or for a less estate, and to im-
prove, sell, exchange, lease, mortgage, or otherwise dispose
of or encumber the same. It shall have the right to mine
coal, iron ore, fire clay, limestone, manganese, and other
minerals and ores, to own, open up, and operate quarries ;
to manufacture iron, steel, and other metals and articles
composed of metals; to buy and sell timber and to manu-
facture the same into marketable articles; to erect blast
furnaces, rolling mills, mills, forges, machinery, fixtures,
buildings, and necessary appurtenances required in the
conduct of the business of said company, and to deal in
all commodities incident thereto.

3. The said company shall have the right to construct
and operate a railroad or railroads to or from any of the
said company’s property in the counties aforesaid, and to
transport freight and passengers thereon, and to charge
and receive tolls therefor, and the right of condemnation
of Jand under the general law.

4. The said company shall not have the right to hold,
at any one time, more than ten thousand acres of land in
fee simple in any one county, nor shall any one line of
railroad constructed by it exceed thirty miles in length.

5. The capital stock of said company be not less shall! than
ten thousand dollars, to be divided into shares of the par
value of one hundred dollars each, but the board of direc-
tors may, at their discretion, from time to time, increase
the capital stock to such an amount not to exceed five
hundred thousand dollars, and dispose of the same at such
price and upon such terms as they may decide. When-
ever ten thousand dollars shall have been subscribed to the
capital stock of the said company, the subscribers thereof,
their executors, administrators, or assigns, shall be per-
mitted to organize the said corporation, and the same may
proceed or commence with its operations. The said company
may receive in payment of subscriptions to its capital
stock real or personal property, accordingly as may be
agreed upon between the directors or stockholders, and
such subscribers. At all meetings of the stockholders
each share of stock shall be entitled to one vote.

6. The stockholders of said company shall meet as soon
as practicable after the requisite amount of stock has been
subscribed, and shall proceed to elect not less than five
nor more than ten directors, to serve until the next regu-
lar annual meeting of the stockholders, and annually
thereafter, at the regular annual meeting of the stock-
holders of the said company, there shall be elected a sim-
ilar number of directors, who shall serve for one year and
until their successors are elected. The said directors shall
select from their number one who shall he the president of
said company, whose term of office shall be one year
and. until his successor is elected;.and the said directors
shall make a similar selection at some time in each year to.
be designated by the by-laws of said company. The said
directors shall have power to make and enact rules and
by-laws for the government of the company, and the pres-
ident or directors, as may be declared by such by-laws,
shall have power to appoint and remove such officers as
may be deemed necessary for the conduct of the business
of said company.

7. The said company may borrow money or create in-
debtedness for the purposes of its business in such man-
ner as may be prescribed by the board of directors, and
may issue bondsor negotiable paper, registered or coupon,
or other evidences of indebtedness, and secure the same
by mortgages on its property, privileges, and franchises
and dispose of the same as may be directed by the said
directors aforesaid.

8. The said company agrees to pay all taxes, dues, or de-
mands now or hereafter due to the state of Virginia in Jaw-
ful money and not in coupons.

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