CHAP. 347.—Au ACT to incorporate the New Market iron and im-
provement company.

Approved February 24, 1890.

1. Be it enacted by the general assembly of Virginia,
That G. R. Calvert, W. H. Cone, A. R. Rosenberger, J. J.
Newman, and 8S. W. Wiley, and such other persons as may
be associated with them, and their successors, are hereby
created and constituted a body politic and corporate under
the name and style of the New Market iron and improve-
ment company, and by such name shall have per-
petual succession, may contract and be contracted with,
sue and be sued, make and use a common seal and alter
the same at pleasure, and make and maintain such by-
laws, rules and regulations for the government of said cor-
poration and the conduct of its business as may be deemed
necessary, not to conflict with the constitution and laws of
Virginia or of the United States.
2. The capital stock of said company shall not be leas
than ten thousand dollars, to be divided into shares of one
hundred dollars each, and the same may from time to
time he increased by additional subscriptions, or the issue
and sale of shares, to such amount, not exceeding five 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 payment
for its shares so issued, in money, land, or other property,
upon such terms as may 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,
or 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 stock of
ten thousand dollara shall have been subscribed the said
subscribers 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 may deem fit and proper, as herein
above authorized. 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 busi-
ness of the company.

4. 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 Shenandoah, Page, Warren, and Rocking-
han, or either of them, and in such counties of this state
to which the said company 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 per-
sonal] estate deemed necessary to the proper prosecution of
its business (the said company not to hold, however, more
than one hundred thousand acres of land at any one time),
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, wool, hemp, cotton,
or other materials, and may operate, lease, sell, or
otherwise dispose of the same, and may on its own lands,
contiguous or adjacent to any 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 disposi-
tion or use, and may establish such lawful rules and regu-
lations 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 company may, in connection with the use or
improvement of any of its properties, make, build, and ope-
rate any canals or waterways, or tramways, or railways
operated by horse or steam power, not exceeding twenty
miles in length, and for this purpose, when necessary, may
acquire, by contract or condemnation, such land or other
property or rights of way as may be necessary therefor,
proceedings for such condemnation to be jn accordance
with chapter forty-six of the code of Virginia and laws
amendatory thereof.

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 corporation; and it shall be lawful for said com-
pany 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
shall be held individually liable for the debts or liabili-
ties 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 shall be no limit, except as
the by-laws of the company may prescribe, upon the num-
ber 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 ma-
jority of the stock may for more than six months be the
property of one person.

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 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 from its passage.