CHAP. 222.—An ACT to incorporate the Coal Mountain mining
company.

Approved February 17, 1890.

1. Be it enacted by the general assembly of Virginia,
That A. S. Buford, E. F. Acree, J. Wilcox Brown, C. G.’
Holland, W. N. Ruffin, J. H. Cunie, M. P. Jordan, J. F.
Rison, J. D. Pleasants, J. D. Blair, J. Turner Morehead, D.
W. C. Benbow, J. H. Cunie, J. P. Harrison, J. H. Young, B.
5. Crews, George W. Gillespie, W. E. Peery, Harman New-
berry, S. D. May, J. G. Friend, L. C. Berkley, A. J. May,
and such persons as may be associated with them, and their
successors, are hereby created and constituted a body poli-
tic and corporate by the name and style of the Coal Moun-
tain mining company, and by such name shal! have per-
petual succession; may contract and be contracted with,
sue and be sued, make and use @ common seal, and alter
the same at pleasure ; and make and maintain such by-laws,
rules and régulations for the government of said corpora-
tion and the conduct of its business as may be necessary,
not to conflict with the laws or constitution of this state or
of the United States.

2. The capital stock of said company shall not be less
than ten thousand dollars, to be divided into shares of fifty
dollars’ each, and the same may from time to time be in-
creased by additional subscriptions, or the issue and sale of
shares to such an amount not exceeding two million five
hundred thousand dollars, as the stockholders at any gen-
eral or special meeting may authorize or prescribe. The
said company may receive subscriptions to its capital stock
or payment for its shares so issued in money, land, or other
property, upon such terms as shall be agreed or authorized
by the board of directors, and said company may give a
preference to a portion of its capital stock over the residue
thereof as to dividends and the payment thereof. |

3. The corporation herein above named, or any three of
them, may receive subscriptions to the capital stock of
said company not exceeding the minimum capital; and
when the minimum capital of ten thousand dollars shall
have been subscribed, the persons named in this act, or a
majority of them, and the said subscribers may organize
said company by the election of six directors, of whom they
shall elect one as president, to remain in office one year
and until their successors are elected, unless sooner remov-
ed by the stockholders. The company shall be organized
at Lynchburg, Virginia, after ten days’ notice to each of
the persons named in this act and the subscribers, or,in the
event of the death of any of them to the survivors, and
thereafter any general meeting of the stockholders may be
held at such time and place as shal! be designated for that
purpose by the by-laws of the company or by resolutions
of the stockholders; and when any such general meeting
shall be held under the call of the president, or of the board
of directors, or of the stockholders holding together at least
one-tenth of the capital stock, such call shall designate the
time of such meeting, and at least two weeks’ notice there-
of shall be given by publication in some newspaper pub-
lished in this state. After organization as aforesaid, the
stockholders at any general meeting may change the num-
ber of ‘directors, and may provide for the proper govern-
ment of the corporation by such by-laws as they may deem
fit and proper as hereinbefore authorized. The board of
directors may appoint or authorize to be appointed such
subordinate agents and officers of the company as they
may deem necessary and proper for the proper dispatch of
the business of the company.

4. The said company is hereby authorized to carry on
the business of buying and selling goods, wares and mer-
chandise; developing, producing and dealing in iron, coal
and other ores, metal and minerals, salt, oil, natural gas,
marble, lumber, and other natural materials, and of min-
ing, working, quarrying, smelting, manufacturing, trans-
porting, and vending the same, and may conduct such busi-
ness at one or more points in the counties of Tazewell,
Russell, and Buchanan, or either of them, and in such
counties of this or any adjoining state in which the com-
pany may deem it proper to acquire property or establish
works for that purpose, and for these purposes the said
company shall have authority to buy, hold, sell, lease, or
otherwise dispose of any real or personal estate deemed
necessary to the proper prosecution of its business, and
may on any property so acquired erect and maintain build-
ings, machinery, and structures needful for smelting, man-
ufacturing and treating ores, metals and minerals of what-
ever kinds, or for the production of manufactured produets
from wood, stone, wool, cotton, hemp, or other materials,
and may operate, lease, sell or otherwise dispose of the
same; and may on its lands, contiguous or adjacent to
anv such manufactory or works erected or to be erected,
survey and lay out lots, squares or other divisions of such
lands, and improve the same by buildings or otherwise,
for sale, lease, or other disposition or use; and may estab-
lish 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 or works
there established or to be established; and the said com-
pany may, in connection with the use or improvement of
any of its properties, make, build and operate any canals
or waterways, or tramways, or railways, operated’ by horse
or steam power, any such railway not to exceed in length
fifty miles, and for this purpose, when necessary, may ac-
quire by contract or condemnation such lands or other
property, or rights of way, as may be necessary therefor,
proceeding for such condemnation to be in accordance
with chapters fifty-six and fifty-seven of the code of Vir-
ginia and the laws amendatory thereof: provided, that in
a case of the construction of any railway to be operated
by steam power, and the condemnation for land therefor,
as above provided, the said company, in that event, as to
such railway, shall be subject to all the duties, obligations,
and restrictions of common carriers as prescribed by law.

5. 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 secure
the payment of the principal and interest thereof by mort-
gages or deeds of trust upon all or any portion of its property,
rights and franchises, including its franchises to be a cor-
poration; but no mortgage or deed of trust, or other incum-
brances upon the company’s property shall be valid until
same is approved by the stockholders in general meeting;
and it shall be lawful for said company to subscribe to
and hold shares in the capital stock of said 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 shall be held individually
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 its stock subscription. There
shall 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 six months, be the property of one person.

6. 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 hereafter '
made from said company to the state of Virginia in cou-
pons of this state, and shall be taken as an agreement on
the part of said company to pay all of said taxes, dues and
assessments in lawful money of the United States.

7. This act shall be in force from its passage. |