Chap. 140.—An ACT to incorporate the Powell’s Fort mining company.
Approved March 4, 1878.

1. Beit enacted by the general assembly of Virginia, That
Jobn S. Barbour, William H. Marbury, Peyton Randolph,
and L. Wilber Reid, of the city of Alexandria, state of Vir-
ginia; Alfred Earnshaw, of the city of Philadelphia, state of
Pennsylvania, and such other persons as may be hereafter
associated with them, shall be and are hereby incorporated
and made a body politic and corporate by the name and style
of The Powell’s Fort mining company, for the purpose of
mining manganese, iron, or other ores, transporting and sell-
ing the same, and of working the same into pig, bar iron, and
steel, or otherwise; and also for the purp2se of manufacturing
manganese, iron, or other ores, in all the various branches
and uses for which manganese, iron, and other ores are used,
and to transport and sell the same, and are hereby invested
with all the rights and privileges, and subject to all the rules,
regulations, and restrictions, (consistent with this act), con-
tained in the Code of Virginia in relation to such corpora-
tions.

2. The capital stock of said company shall not be less than
ten thousand dollars, nor more than two hundred thousand
dollars, to be divided into shares of twenty-five dollars each.
3. That said company shall have the right,to acquire, hold,
use, possess, and enjoy by purchase, giftf§ilevise, trust, or
other legal means, estate, real, personal, and mixed, gnd the
same may sell, alicn, grant, lease, and convey, so that the
lands held by them, in fee or otherwise, shall not exceed at
any one time ten thousand acres; and the company shall
have power to make and use a common seal, and the same
to change at will, and to bave all such other powers, rights,
and privileges as are necessary and proper for them to have
and possess as an incorporated company, subject to the
restrictions in the first section of this act.

4, That said company shall have power to operate and
work in the counties of Shenandoah, Warren, and Page, and
that any of the corporators may put into the capital stock
of said company any lands owned by them in any of said
counties, to be held in fee-simple by said company.

5. ‘The said company may, for the purpose of transporting
the productions of their mines and manufactures, contract,
maintain, and operate rail or tramways from their mines, or
any of them, in said counties of Shenandoah, Warren, and
Page, to the nearest line of railroad, by the nearest practica-
ble route, and to acquire the right of way by gift, purchase,
lease, or condemnation, as provided by law.

6. That William H. Marbury, Peyton Randolph, and Alfred
Earnshaw, are hereby appointed and made commissioners,
and that they or any two of them may act, at such times and
places as they deem expedient, open books of subscription to
the capital stock of said ¢éompany, and may receive for sub-
scription for stock, morey, or such mineral rights, or lands,
buildings, fixtures, or other property as they may deem wise,
expedient, or necessary to acquire for the purposes of said
company, and the same shall become part of the stock of said
company. And when ten thousand dollars shall have been
subscribed or put in, or acquired as aforesaid, the company
may organize under this charter by appointing five or more
directors, one of whom shall be chosen president.

7. That said company shall be authorized and empowered
to borrow a sum of money not exceeding one hundred thou-
sand do!lars; and, to secure the money so borrowed, the said
company is hereby authorized to issue coupon or registered
bonds, in such suma as the directors thereof may deem best,
and to secure the payment of the moneys so borrowed, the
president and directors of said company are hereby author-
ized and empowered to execute a lien on all the property,
rights and franchises of said company existing at the time
of the execution of such lien, and which may be thereafter
acquired by said company, and said company may sell said
bonds at less than par.

8. That the president and directors of said company may
enact such by-laws and regulations for the management of
the affairs of said company as they may deem expedient; the
same being consistent with the constitution and laws of the
state and of the United States.
9. That the shares of said company shall be deemed per-
sonal property, #@d assignable as such on the books of the
said company under such rules and regulations as may be
prescribed by the directors, who shall have power from time
to time to increase the capital stock of said company, so that
it shall not exceed two hundred thousand dollars as afore-
said.

10. The directors, when elected, shall have power to desig-
nate the place or places where the office or offices of said
company shall be located.

11. This act shall be in force from its passage, and shall
be subject to any amendment, alteration or modification, at
the pleasure of the general assembly.