CHAP. 351.—An ACT to incorporate the Eureka iron company.

Approved February 24, 1890.

1. Be it enacted by the general assembly of Virginia,
That Morris Watts, J. M. Thornhill, Corbin M. Reynolds,
John L. Circle, Davis M. Wood, Samuel D. Wood, W. E.
Circle, and their associates and successors, be, and they
hereby are, constituted and made a body corporate and
politic, by the name and style of the Eureka iron com-
pany, and by that name and style shall have perpetual
succession and all the rights, powers, and privileges appli-
cable to such a corporation under the laws of Virginia.
The capital stock of said company shall not bé less than
five thousand dollars, divided into shares of one hundred
dollars each, and may be increased to any amount, not
exceeding fifty thousand dollars, from time to time, under
such regulations as the hoard of directors of said company
shall from time to time prescribe; and the directors may
receive real or personal property suited to the business of
the company in payment of subscriptions to the capital
stock at such valuation as may he agreed upon between
the directors and subscribers.

2. The said company is empowered to mine Iron-ore,
limestone, coal, and other minerals, and prepare the same
for market, and transport and sell these or other products ;
to manufacture iron, steel, and other metals, and for these
purposes to purchase, hold, lease, and convey real estate,
lands, and mineral rights, not exceeding one hundred
acres, in this state; to erect and operate furnaces, mills,
coke ovens, appliances, buildings, and any works that may
be requisite therefor; and to locate, construct, and operate
any railroad, not exceeding five miles in length, from the
land or works of said company to any point on the Rich-
mond and Alleghany, Chesapeake and QOhio, or any other
railroad now, or that may be hereafter, constructed, and
by mutual consent make traffic arrangements and connec-
tion with such roads, and the right to be leased by such
connecting roads: provided, that no condemnation of land
shall be made for such road-bed.

3. The persons first named in this act, or such of them
as shall accept the provisions thereof, shall constitute the
first board of directors of said company, and shall continue
in office until the first meeting of the stockholders thereof.
At such first meeting, and at every annual meeting, 650
many directors shall be elected as may be prescribed by
the by-laws and regulations of said company, who may be
removed by the stockholders in general meeting; but un-
less so removed shall continue in office until their succes-
sors shall be elected and qualified. Each stockholder in
the company shall, at all meetings or elections thereafter,
be entitled to one vote for each share of stock registered
in his name. The board of directors shall be stockholders
in said company. They shal! appoint one of their num-
ber president, 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 the minimum amount of capital herein named 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
business. The board shall appoint, to hold during its
pleasure, the subordinate officers and agents of the said
company, prescribe their compensation, and take from
them such bonds, with security, as they may deem fit.
The board of directors may establish offices and agencies
at such places as they may’deem proper, but the principal
office of the company shall be located in the state of Vir-
ginia. The annual meetings of the stockholders of the said
company shall be held at the principal office of the com-
pany on the first Tuesday of March in each year, or as
soon thereafter as is practicable, and on such other day an-
nually as the stockholders may, by resolution, adopt in
any annual meeting to take effect at the next annual meet-
ing. The said company shall issue certificates of stock in
sard company to the subscribers thereof in shares of one
hundred dollars each, signed by the president, and also
countersigned by the secretary or the treasurer, as the board
of directors mayestablish. It shall be lawful for said com-
pany to issue and sell its bonds from time to time for such
sums and on such terms as the board of directors may
deem expedient and proper in the prosecution of its works,
and may secure the payment of said bonds by a mortgage
or deeds of trust. upon all or any portion of its property
and franchises, and it shall be lawful for said company to
subscribe to and hold shares in the capital stock of any
railroad or other corporation whenever the board of direc-
tors of the company shall deem it to its interest to do so.
No stockholder in said company shall be held liable or
made responsible for its debts and liabilities in a larger
or further sum than the amount of any unpaid balance
due to the said company for stock subscribed for by said
stockholder. |

4. All taxes, dues and demands due the commonwealth
shall be paid in lawful money of the United States and
not in coupons.

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