Chap. 108.—An ACT to incorporate the Birmingham Coal and Iron
Company.

Approved March 10, 1876.

1. Be it enacted by the general assembly of Virginia, That
D. S. Cook and H. Coalter Cabell, of Virginia; Thomas Bond
and Oscar A. Burton, of New York; A. L. Williams, of
Michigan; Albert Campbell, E. M? Norton, Benjamin Bg-
gleston, Rutherford B. Hayes, Thomas Ewing, and R. R.
Hudson, of Ohio; N. J. Bigley and William N. Chamberlin,
of Pennsylvania; H.C. Parsons, John G. Breslin, Frank J.
Hearn, and Archie Campbell, of West Virginia; R. H. Bag-
ley, of Wisconsin; B. F. Avery, of Kentucky; Abner Ben-
nett, of England; and Thomas Lacey, of Wales, or any five
of them, their associates and successors, are hereby consti-
tuted a body politic and corporate, by the name of Birming-
ham coal and iron company, and as such may have all the
privileges, franchises, and immunities applicable to such a
corporation under the laws of Virginia.

2. The capital stock of said company shall not be less than
twenty-five thousand, nor more than five millions of dollars,
divided in shares of one hundred dollars each; and for the
purpose of obtaining subscriptions to said capital stock, any
three of the persons named in the first section, may open
books of subscription at any time and place, of which they
shall give thirty days’ notice in a newspaper published in the
city of Richmond. | |

3. The said company shall have power to purchase, hold,
lease, and sell real estate and personal property; to mine,
manufacture and transport all raw materials and their pro-
ducts; to give and receive credit; to secure loans by mort-
gage or deeds of trust; to lay out manufacturing sites and
town lots, and sell, donate, or lease the same; to build dams
and canals, mills and furnaces, and tramroads and railroads
connecting itsmines or works, and from any of its lands to
any work of internal improvement, and operate the same;
and for this purpose shall have all the rights, privileges, and
powers, and be subject to all the conditions prescribed by
the laws of Virginia: provided, that no such railroad shall
be more than twenty miles in length; and as to such tram-
road, railroad, or works, the said company shall not be re-
garded as having any rights other than or superior to those
of the owners of private property, should their location be
required for any work of internal improvement connecting
Buchanan with the Chesapeake and Ohio railroad.

4, The capital stock of said’ company shall be personal
property, and transferable on the books of the company ;
and lands or materials, or securities as well as money, may
be received on stock subscriptions: provided, that before
organization, all such subscriptions not payable in money,
shall be certified to be at or below actual value by at least
three of the persons named herein; and that after organiza-
tion, the board of directors shall not be authorized to receive
any subscriptions, except by resolution of the stockholders,
under a vote in which three-fourths of the stock paid for in
cash shall be in the affirmative.

9. The said company may.hold land not exceeding fifty
thousand acres in any one county; and its principal opera-
tions shall be located in the counties of Augusta, Alleghany,
Bath, Rockbridge, Botetourt, Bedford, Amherst, Campbell,
Appomattox, Nelson, Buckingham, Craig, Giles, and Taze-
well.

6. This act shall take effect from its passage.