CHAP. 82.—An ACT to revive, amend, and re-enact an act enti-
tled an act to incorporate the Irish creek company, approved
May 18, 1887.

Approved January 22, 1892.

1. Be it enacted by the general assembly of Virginia,
That the act entitled “an act to incorporate the Irish
creek company,” passed by the genera] assembly, and ap-
proved May eighteenth, eighteen hundred and eighty-seven,
re revived, amended and re-enacted so as to read as fol-

ows:

§ 1. P. 8S. Ross, Z. H. Rawlings, W. B. Brooks, junior,
William A. Anderson, S. H. Letcher, A. T. Barclay, J. R.
A. Hobson, Stevens M. Taylor, and A. D. Grant, and such
persons as may be associated with them and their succes-
sors, are hereby created and constituted a body politic
and corporate, by the name and style of the Irish creek
company, and by such name shall have perpetual succes-
sion, may contract and be contracted with, sue and be

sued, make and use a2 common seal, and alter the same at
pleasure, and make and maintain such by-laws, rules and
regulations for the government of said corporation and the
conduct of its business as may be deemed necessary, not
to conflict with the laws or the constitution of this state
or of the United States.

§ 2. The capital stock of said company shall not be less
than ten thousand dollars, to be divided into shares of
one hundred dollars each, and the same may, from time to
time, be increased by additional subscriptions or the is-
sue and sale of shares, to such amount not exceeding two
million five hundred thousand dollars, as the stockholders
at any general or special meeting may authorize and pre-
scribe. The said company may receive subscriptions to
its capital stock or payment for its shares so issued, in
money, land, or other property, at such prices for its
shares of stock and upon such terms as shall be agreed
upon 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, as to dividend and the
payment thereof.

§ 3. The corporators herein above named, or any three
of them, may receive subscriptions to the capital stock
of saidcompany, and when the minimum capital of ten
thousand dollars shall have been subscribed, the said sub-
scribers 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 corpor-
ation, 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 as they may
deem necessary.

§ 4. The said company is hereby authorized to carry on
the business of mining any of the ores of tin or iron, or
any other metal, clays, sand, or other mineral which may
be found on any property leased or owned by the com-
pany; of manufacturing any of the products or fabrics of
manganese, iron, steel, kaolin, clay, sand, or other mineral
or metal; and said company may conduct such business in
the counties of Rockbridge, Botetourt, Amherst, or any of
them, and in any other county of this and other states in
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
ita business; and may, on any property so acquired, erect
and maintain buildings, machinery, and structures need-
ful for smelting, manufacturing and treating ores, metals,
and minerals of whatever kind, or for the production of
manufactured fabrics from wood, stone, metals, or other
minerals; and may operate, lease, sell, or otherwise dis-
pose of the same; and the said company may, in connec-
tion with the use or improvement of any of its properties,
make, build, and operate any canals or water-ways or
tramways or railways operated by horse or steam power,
not exceeding twenty miles in length, and for this pur-
pose, when necessary, may acquire, by contract or by con-
demnation, such land or other property or rights of way as
may be necessary therefor, proceedings for such condem-
nation to be in accordance with chapter forty-six of the
code of Virginia and any laws amendatory thereof. It
shall be lawful for said company to lay out and establish
a town upon such portions of its land as it may select or
set apart for that purpose in connection with any of said
company’s works or mills, and to improve the same, and to
establish and construct water-works for supplying the in-
habitants of such town with water; and may acquire the
land necessary for such water-works by purchase, contract
or condemnation; proceedings for such condemnation to
be in accordance with the provisions of said chapter forty-
six of the code of Virginia.

§ 5. It shall be lawful for said company from time to
time to sell its bonds and its. shares of stock for such
sums or prices and on such terms as the 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 of its bonds by mortgages or
deeds of trust upon all or any portion of its property,
rights and franchises, including its franchises to be a corpo-
ration; and it shall be lawful for said company to sub-
scribe to and hold shares in the capital stock of any rail-
road company or other corporation, whenever the board
of directors shall deem it to be to 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 liabilities of
the company in any larger or further sum than to such
amount as may be due and unpaid severally upon the
shares of stock purchased or subscribed for by him at the
agreed price therefor. And it shall be lawful for any
company or corporation, foreign or domestic, to subscribe
for and hold and vote the shares of stock of said Irish
creek company. .

§ 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 any 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.

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