Chap. 240.—An ACT to incorporate the Iron Company of Virginia.

Approved March 9, 1880.

1. Be it enacted by the general assembly of Virginia, That
Clarence H. Clark, W. L. Boyce, W. H. Travers, Alexander R.
Boteler, George F. Tyler, Stephen F. Caldwell, E. A. Rollins,
F. J. Trimble, or a majority of them, their associates, success-
ors or assigns, or such of them and such other persons as may
become stockholders, be and they are hereby incorporated
a body politic and corporate, in fact and in law, under the
name, style and title of The Iron Company of Virginia, and
by that name shall have perpetual succession, and be able and
capable in law to take, receive and hold in fee simple or other-
wise lands, tenements and estates therein in fee simple or for
less estates, personal and all other property, by deed of convey-
ance, lease or otherwise, or dispose of the same, or any part
thereof, as may be necessary and expedient for the purposes
thereof; may sue and be sued, plead and be impleaded, in all
courts of law and equity, may have a common seal, which they
shall have the power to alter and renew at pleasure; may re-
ceive, execute and deliver all such instruments of writing as
may be necessary, and to do such acts and things as may be
necessary or expedient to assist and promote the objects and
designs of the said company, and generally to possess and en-
joy all the privileges incident to a corporation. Whenever
twenty thousand dollars of stock shall have been subscribed,
the subscribers, their executors, administrators or assigns, shall
be permitted to organize the said corporation, and the said cor-
poration may then commence its operations.

2. That the capital stock of said company shall consist of
one thousand shares, of the par value of one hundred dollars
each, with the privilege of increasing the same from time to
time to an amount not exceeding ten thousand shares; and the
said company may receive subscriptions to their capital stock
or payments of such subscriptions in such property suited to the
business of the company, upon such terms, at such rate and
value as shall be agreed upon by a majority in value of the
stockholders of the company. At all meetings of the stock-
holders for the election of officers, or for any other purpose,
each share of stock shall entitle the holder thereof to one vote.

3. That the said company shall have the right, from time to
time, to purchase, lease, hold 4nd convey iron ore, mineral and
other lands, rights and interests in lands situate in the counties
of Clarke, Page, Rockingham, Warren and Augusta: provided,
such lands in fee simple in any county in the state of Virginia
shall not exceed twenty thousand acres; from time to time to
manufacture iron and steel and other metals and articles com-
posed wholly or partly of iron or steel, and to sell and dispose
of the same; to mine ore, coal, limestone, fire-clay and other
products of their lands; to cut and manufacture timber on their
lands, prepare the same for market, sell and transport the same,
and to store, deal and traffic in such commodities as shall be
deemed advantageous for the successful prosecution of their
business; to erect blast furnaces, rolling mills, forges, mills,
machinery, fixtures, buildings and the necessary appurtenances
required in the conduct of their business, and to make leases
or contracts for these or any of these purposes: provided, that
the company incorporated by this act shall, for the exercise of
any of the privileges conferred thereby, be subject to the same
taxation that is imposed by law upon individuals or firms for
exercising like privileges.

4. That all property, real and personal, held, owned, or ac-
quired by the said company, shall form a common stock, and
be divided into a convenient number of shares, and appor-
tioned by the said company among the subscribers according
to their respective interests, for which certificates of stock shalt
be issued, and be assignable and transferable in such way and
subject to such conditions as the said company may from time
to time prescribe; and the said shares of stock shall, for all
legal purposes whatsoever, be deemed and treated as personal
estate; and in like manner certificates of stock, preferred or
otherwise, may be issued for subscriptions to the capital, and
the said corporation may, whenever it is deemed necessary or
expedient, with the consent of the holders of a majority of the
shares of the said stock, levy and collect assessments for un-
paid subscriptions, and forfeit and sell delinquent shares for
such assignments in such manner as the by-laws may direct.

5. That the said company shall have the right to lay out,
construct, equip, operate, and maintain a railroad or railroads
in any of the counties above named, with one or more tracks
through their lands, or from any portion of their lands, for the
purpose of connecting their works or mineral lands, or to con-
nect the same with any railroad or other internal improvement
or highway, now or which may hereafter be constructed, at any
point they may select for such connection or connections, and
charge tolls thereon, with full power and authority to enter
upon, take, occupy, and use in the survey, construction, and
pperation of such roads such lands as may be deemed neces-
sary and expedient: provided, that the length of said railroads
so to be made by them shall not exceed twenty miles in length
each beyond the line of lands owned, controlled, or operated
by the said company: and also provided, that where such rail-
road is constructed beyond the line of such lands, the consent
of the owner of the land through which the road will pass
shall be first obtained.

6. That the stockholders shall meet as soon as practicable
after the passage of this acf, and shall then and there proceed
to elect not less than three nor more than seven directors, and
annually thereafter, to serve for the term of one year, or until
others are chosen in their places; and said election shall be
made by such of the stockholders of the said company as shall
attend for that purpose, either in person or by proxy, each
share of stock to entitle the holder thereof to one vote. The
directors so chosen shall elect one of their number to be presi-
dent of the board of directors of said company : provided, that
the number of directors of said company may at any time be
increased or diminished by said company, but the said number
of directors shall never be less than three nor more than
seven.

7. That the directors shall have full power to make by-laws
and to appoint such officers and agents as they shall deem ex-
yedient for the well-conducting and transacting of the business
of the company, provided such by-laws shall not be repugnant
to the constitution and laws of the state or of the United
States. The said company, in addition to the office for the
general transaction of business in the county where its chief
operations are conducted, may also have an office or offices for
the transaction of business in the cities of Philadelphia, New
York, Boston, Richmond and Baltimore, or in either of them.

8. That the said company may borrow money, create indebt-
edness for the purposes of its business in such way as the
board of directors may prescribe, may issue and negotiate
stock, bonds, orders, and other evidences of indebtedness as
they may deem proper, and may issue the same in purchase of,
payment or exchange for property, real or personal, materials,
labor or services, and in such form and manner, and payable
in such place or places as they may deem proper. The com-
pany may issue bonds and secure the same by mortgage or
mortgages on its mines, lands, roads, property, real and per-
sonal, and franchises at the time owned and held and there-
after to be acquired, or any part thereof, and shall have the
power to dispose of its bonds or evidences of indebtedness at
less than their par value, and such transactions shall not be
deemed usurious.
purpose of connecting their works or mineral lands, or to con-
nect the same with any railroad or other internal improvement
or highway, now or which may hereafter be constructed, at any
point they may select for such connection or connections, and
charge tolls thereon, with full power and authority to enter
upon, take, occupy, and use in the survey, construction, and
pperation of such roads such lands as may be deemed neces-
sary and expedient: provided, that the length of said railroads
so to be made by them shall not exceed twenty miles in length
each beyond the line of lands owned, controlled, or operated
by the said company: and also provided, that where such rail-
road is constructed beyond the line of such lands, the consent
of the owner of the land through which the road will pass
shall be first obtained.

6. That the stockholders shall meet as soon as practicable
after the passage of this acf, and shall then and there proceed
to elect not less than three nor more than seven directors, and
annually thereafter, to serve for the term of one year, or until
others are chosen in their places; and said election shall be
made by such of the stockholders of the said company as shall
attend for that purpose, either in person or by proxy, each
share of stock to entitle the holder thereof to one vote. The
directors so chosen shall elect one of their number to be presi-
dent of the board of directors of said company : provided, that
the number of directors of said company may at any time be
increased or diminished by said company, but the said number
of directors shall never be less than three nor more than
seven.

7. That the directors shall have full power to make by-laws
and to appoint such officers and agents as they shall deem ex-
yedient for the well-conducting and transacting of the business
of the company, provided such by-laws shall not be repugnant
to the constitution and laws of the state or of the United
States. The said company, in addition to the office for the
general transaction of business in the county where its chief
operations are conducted, may also have an office or offices for
the transaction of business in the cities of Philadelphia, New
York, Boston, Richmond and Baltimore, or in either of them.

8. That the said company may borrow money, create indebt-
edness for the purposes of its business in such way as the
board of directors may prescribe, may issue and negotiate
stock, bonds, orders, and other evidences of indebtedness as
they may deem proper, and may issue the same in purchase of,
payment or exchange for property, real or personal, materials,
labor or services, and in such form and manner, and payable
in such place or places as they may deem proper. The com-
pany may issue bonds and secure the same by mortgage or
mortgages on its mines, lands, roads, property, real and per-
sonal, and franchises at the time owned and held and there-
after to be acquired, or any part thereof, and shall have the
power to dispose of its bonds or evidences of indebtedness at
less than their par value, and such transactions shall not be
deemed usurious.
purpose of connecting their works or mineral lands, or to con-

nect the same with any railroad or other internal improvement .

or highway, now or which may hereafter be constructed, at any
point they may select for such connection or connections, and

(

charge tolls thereon, with full power and authority to enter
upon, take, occupy, and use in the survey, construction, and |

operation of such roads such lands as may be deemed neces-

sary and expedient: provided, that the length of said railroads -

so to be made by them shall not exceed twenty miles in length
each beyond the line of lands owned, controlled, or operated

by the said company: and also provided, that where such rail- .
road is constructed beyond the line of such lands, the consent

of the owner of the land through which the road will pass
shall be first obtained.

6. That the stockholders shall meet as soon as practicable
after the passage of this acf, and shall then and there proceed

to elect not less than three nor more than seven directors, and
annually thereafter, to serve for the term of one year, or until
others are chosen in their places; and said election shall be
made by such of the stockholders of the said company as shall
attend for that purpose, either in person or by proxy, each

share of stock to entitle the holder thereof to one vote. The

directors so chosen shall elect one of their number to be presi-
dent of the board of directors of said company : provided, that
the number of directors of said company may at any time be
increased or diminished by said company, but the said number
of directors shall never be less than three nor more than
seven.

7. That the directors shall have full power to make by-laws

and to appoint such officers and agents as they shall deem ex-

yedient for the well-conducting and transacting of the business
of the company, provided such by-laws shall not be repugnant
to the constitution and laws of the state or of the United
States. The said company, in addition to the office for the
general transaction of business in the county where its chief
operations are conducted, may also have an office or offices for
the transaction of business in the cities of Philadelphia, New
York, Boston, Richmond and Baltimore, or in either of them.

8. That the said company may borrow money, create indebt-
edness for the purposes of its business in such way as the
board of directors may prescribe, may issue and negotiate
stock, bonds, orders, and other evidences of indebtedness as
they may deem proper, and may issue the same in purchase of,
payment or exchange for property, real or personal, materials,
labor or services, and in such form and manner, and payable
in such place or places as they may deem proper. The com-
pany may issue bonds and secure the same by mortgage or
mortgages on its mines, lands, roads, property, real and per-
sonal, and franchises at the time owned and held and there-
after to be acquired, or any part thereof, and shall have the
power to dispose of its bonds or evidences of indebtedness at
less than their par value, and such transactions shall not be
deemed usurious.
their successors. If a vacancy shall at any time occur in the Vac
office of visitor, the governor shall fill the same for the unex- 2°¥
pired term thereof subject to the ratification of the Senate at
the next session thereof. The superintendent of public instruc- sup
tion shall be ex-officio a member of the board of visitors of the ont.
Virginia Agricultural and Mechanical College. The persons offic
so appointed shall be distributed as nearly equally as practica- °°"
ble between the four grand divisions of the state.

2. The board shall be charged with the care and preservation Boa:
of the property of the college. They shall appoint as many pay
professors as they may deem proper, and with the assent of ADP
two-thirds of their members, may at any time remove any pro-
fessor or other officer of the college. It shall be the duty of Ren
said board, at a special meeting thereof to be held on the °™°
seventh day of June, eighteen hundred and eighty, or as soon
thereafter as practicable, to remove from office such of the
officers of the college as they may deem proper, said removals
to take effect on the twelfth day of August, eighteen hundred
and eighty, and said board shall proceed at once or as soon a8 Reo
practicable, to reorganize the Virginia Agricultural and Me- #1?
chanical College by filling the several and various vacancies so
made, or as many of them as they may deem proper; said ap-
pointments to take effect on the twelfth day of August, eigh-
teen hundred and eighty. They shall prescribe the duties of Pres
each professor, and the course and the mode of instruction ; Hes
they shall appoint a president of the college, and may employ App
such agents or servants as may be necessary; shall regulate dem
the government and discipline of the students, and generally, in men
respect to the government of the college, may make such regu- clph
lations as they may deem expedient, not contrary to law. Such Exp
reasonable expenses as the visitors may incur in the discharge V3!
of their duties shall be paid out of the funds of the college. It Gov
shall be the duty of the governor, as soon as practicable after m5
the passage of this act, to cause publication to be made in such pose
newspapers as he may select of the proposed reorganization of lege
the college, and showing the number and character of the ap-
pointnr€nts to be made at the time specified in this section.

8. All acts and parts of acts inconsistent with this joint res- Inec

olution are hereby 1epealed. acts