CHAP. 361.—An ACT to incorporate the Virginia Princess coal,
iron, and steel company.

Approved February 25, 1890.

1. Be it enacted by the general assembly of Virginia,
That H. L. Norton, J. Greenough, M. Norton, E. T. Millard,
and George Edwin Swithinbank, of England; M. H. Far-
ley, of New York; H. C. Parsons, D. S. Cook, S. H. Letcher,
and George Crawford, of Virginia; G. Manheimer, of New
York; George 8. Couch and J. T. McCrery, of West Vir-
ginia, are hereby constituted a body politic and corporate,
under the name and style of the Virginia Princess coal,
iron, and steel company, and by that name shall have all
the powers, rights, and franchises necessary and proper to
the carrying on of a general mining and manufacturing
business, the development of mines, the erection and ope-
ration of furnaces, mills, and factories, and the construc-
tion of such railroads and tramways, or other means of
transfer, as may connect the properties or be required for
the uses of the company. The said corporators, or any
three -of them, may open books of subscription to the
capital stock of said company, and when at least one hun-
dred thousand dollars has been subscribed may call a
meeting of the subscribers by giving ten days’ notice to
each of the subscribers, and by ten days’ publication made
in one of the daily newspapers in the city of Richmond.
The said corporation shall organize in accordance with the
provisions of the code of Virginia, enact such by-laws as
shall not be inconsistent therewith, or with the provisions

77
of its charter, and elect such officers as may be therein
provided for.

2. The capital stock of said company shall not be less
than one hundred thousand dollars nor more than five
million of dollars; shall be divided into shares of one
hundred dollars each. Part of this stock may be com-
mon and part preferred, or part common and part deferred,
as the by-laws shall prescribe.

3. This company shall have the right to buy and sell
real estate for profit; to acquire and hold not exceeding
twenty thousand acres of Jand in the state of Virginia.
It shall also have the right to hold real estate in the state
of West Virginia to such extent as may be conferred
under the laws of the said state, and to this end it shall
have the right to acquire and hold stock of any mining
and manufacturing company which may be incorporated
under the general laws of the state of West Virginia.

4. The company may borrow money for the construction
of its works, or any other purpose included in the priyi-
leges of its charter, and to secure payment of the same it
may execute mortgages or deeds of trust, and pay a rate
of interest not exceeding eight per centum.

5. The principal operations of said company shall be
in the counties of Botetourt, Alleghany, and Chesterfield.
Its principal office shall be at Iron Gate, in the county of
Alleghany, or at Glen Wilton, in the county of Botetourt,
as the stockholders may elect.

6. This company shal! also have the right to lay out,
near its principal works, town sites, open streets and ave-
nues, locate parks, and sell or donate the same under such
terms and conditions as if may establish, not inconsistent
with the laws of Virginia.

7. All taxes and dues to the state of Virginia must be
paid in lawful money of the United States and not in
coupons.

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