CHAP. 28.—An ACT toincorporate the Glenwood furnace com-
pany.

Approved December 20, 1889.

1. Be it enacted by the general assembly of Virginia,
That Joseph Davis, of Massachusetts; William Cameron,
R. H. Catlett, M. M. Martin, L. H. Shields, A. S. Buford,
Alexander Cameron, J. K. Edmundson, and William A.
Anderson, of Virginia, and such persons as may be asso-
ciated with them, and their successors, are hereby created
and constituted a body politic and corporate by the name
and style of the Glenwood furnace company, and by such
name shall have perpetual succession, may contract and
be contracted with, sue and be sued, make and use a com-
mon seal and alter the same at pleasure, and make and
maintain such by-laws, rules and regulations for the gov-
ernment of said corporation, and the conduct of its busi-
ness as may be deemed necessary, not to conflict with the
laws or the constitution of this state or of the United
States.

2. The capital stock of said company shall not be less
than twenty 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
two million 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
payment for its shares so issued in money, land, or other
property, at such prices for its shares of stock and upon
such terms as shall be agreed upon or authorized by the
board of directors, and said company may give a, pref-
erence to a portion of its capital stock over the résidue
thereof as to dividends and the payment thereof.

3. The corporators herein above named, or any three of
them, may receive subscriptions to the capital stock of
said company, and when the minimum capital of twenty
thousand dollars shall have been subscribed, the said sub-
scribers may organize said company by the election of five
directors (of whom they shall elect one as president), to
remain in Office one year and until their successors are
elected, unless sooner removed by the stockholders. After
organization, as aforesaid, the stockholders at any general
meeting, may change the number of directors, and may
provide for the proper government of the corporation by
such by-laws as they deem fit and proper, as herein above
authorized. The board of directors may appoint such sub-
ordinate agents and officers of the company as they may
deem necessary for the proper dispatch of the business of
the company.

4. The said company is hereby authorized to carry on
the business of mining any of the ores of iron or manga-
nese, and of manufacturing any of the products or fab-
rics of iron or steel, and may conduct said business at
one or more points in the counties of Rockbridge, Am-
herst, Bedford, Botetourt, or any of them, and in any
other county of this and other states in which the said
company may deem it proper to acquire property or estab-
lish 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
buildings, machinery and structures needful for smelting,
manufacturing and treating ores, metals and minerals of
whatever kind, or for the production of manufactured
fabrics from wood, stone, metals, or other materials, and
may operate, lease, sell, or otherwise dispose of the same;
and the said company may, in connection with the use or
improvement of any of its properties, make, build, and
operate any canals or waterways, or tramways, or rail-
ways, operated by horse or steam power, not exceeding
twenty miles in length; and for this purpose, when neces-
sary, may acquire by contract or by condemnation, such
land or other property or rights of way as may be neces-
sary therefor, proceedings for such condemnation to be
in accordance with chapter forty-six of the code of Vir-
ginia, and any laws amendatory thereof. It shall be law-
ful for said company to lay out and establish a town upon
such portions of its lands as it may select or set apart for
that purpose, and to improve the same and to establish
ard construct water-works for supplying the inhabitants
at such town with water; and may acquire the land neces-
sary for such water-works by purchase, contract or
condemnation, proceedings for such condemnation to be
in accordance with the provisions of said chapter forty-six
of the code of Virginia.

5. It shall be lawful for said company from time to
time to sell its bonds and its shares of stock for such
sums or prices and on such terms as the 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 of its bonds by mortgages or
deeds of trust upon all or any portion of its property,
rights and franchises, including its franchises to be a
corporation; and it shall be lawful for said company to
subscribe to and hold shares in the capital stock of any
railroad company or other corporation, whenever the
board of directors shall deem it to be to 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 the shares of stock purchased or subscribed for by
him at the agreed price therefor.

6. The acceptance of this charter. and organization
thereunder, shall be deemed to be a waiver by said com-
pany of any right to pay any taxes or dues or assessments
hereafter made from said company to the state of Virginia
in coupons of this state, and shall be taken as an agree-
ment on the part of said company to pay all of said dues,
taxes, and assessments in lawful money of the United
States.

7. This act shall be in force frou its passage.