CHAP. 435.—An ACT to incorporate the Kentucky coal company.
Approved March 3, 188v.

1. Be it enacted by the general assembly of Virginia,
That R. T. W. Duke, James D. Jones, Frank Gilmer, and
George Perkins, and their associates and successors, be,
and they are hereby, incorporated and made a body politic
and corporate, under the name and style of the Kentucky
coal company, and by that name shall be known in law,
and shall have perpetual succession, power to sue and be
sued, plead and be impleaded, and shall have, enjoy, and
exercise all rights, power, privileges, and franchises per-
taining to corporate bodies, consistent with and conferred
by the general laws of the state of Virginia in reference
to such companies, so far as the same may be applicable
to, and not inconsistent with, the provisions of this act;
and provided, that the corporate powers herein granted
shall not be in any way impaired by reason of anything
contained in section eleven hundred and forty-one or
eleven hundred and forty-three of the Virginia code of
eighteen hundred and eighty-seven.

2. The capital stock of said company shall not: be less
than ten thousand dollars, and may be increased to any
amount not exceeding five million of dollars, and shall be
divided into shares, the par value of each of which shall
not be less than one hundred dollars; and the directors
of said company may receive real or personal property of
any kind in payment of subscription to the capital stock
at such valuation as may be agreed upon between the
directors and subscribers.

3. The said company is authorized and empowered to
mine coal, iron ore, or other minerals; to bore for gas or
salt water; to prepare the products of any or all of same
for market; tomake coke and transport and sell the same;
to manufacture iron and steel and other metals; to erect
coke ovens, furnaces, rolling-mills, and any and all neces-
sary machinery, fixtures, buildings, appliances, and ap-
purtenances required in the conduct of the company’s
business; to purchase, lease, hold, and control in any
manner—to grant, bargain, sell, and encumber by deed of
trust or mortgage—land, mineral rights, and interests in
lands in any county in this or adjoining states: provided,
however, that said company shall not hold at any one
time over twenty thousand acresof land in any one county
in this state; to lay out, develop, and improve said land,
mineral rights, or interests in land. And said company
may locate, construct, and operate a line of railroad or
railroads from any of its lands or works to any point on
any railroad now or hereafter constructed in any county
in which it may hold land: provided, that nothing herein
contained shall be considered as exempting the company
from the provision of chapter fifty-one of the code of
eighteen hundred and eighty-seven.

4. The first meeting of the corporators hereinbefore
named shall be held in Albemarle county or in the city of
Charlottesville, Virginia, as soon as a majority of corpo-
rators may convene; and upon the minimum amount of
the capital stock being taken or subscribed for, then such
meeting, if attended by a majority of said corporators,
shall constitute the first general annual meeting of the
stockholders, and the general annual meeting of such
stockholders shall be held annually thereafter in said
county or city, or at such other time and place as may be
appointed by said stockholders in general meeting; and
the principal office of said company shall be in such
county or city or at such other place as the stockholders
in general meeting may designate.

5. No stockholder shall be held liable on account of his
stock further than for any unpaid subscription he may
owe thereon.

6. The ooard of directors shall consist of five members,
who shall from their number choose a president, and said
board may appoint such officers or agents as they may
deem necessary or proper, and the stockholders may in
general meeting increase the number of such directors.

7. Any other corporation may hold shares of stock in
this company, and this company may in like manner hold
shares of stock in any other incorporated company or cor-
poration.

8. Organization under or acceptance of this charter
shall be deemed ‘to be an agreement on the part of the
company to pay all taxes due at any time to the state of
Virginia in lawful money of the United States and not in
coupons. "

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