CHAP. 295.—An ACT to incorporate the Alleghany Coal and Iron
Company.

Approved March 9, 1880.

1. Be it enacted by the general assembly of Virginia, That
R. L. Walker, H. C. Parsons, Ed. Dillon, Henry Doughat, Cor-
bin M. Reynolds, J. H. D. Ross, of Virginia; Henry M. Alex-
ander, Sheppard Homans, J. J. McCook, W. Butler Duncan,
Conrad N. Jordan, William B. Hatch, of New York; George
M. Bartholonew, of Connecticut ; Cyrus H. McCormick, Junior,
of Chicago; Henry M. Mathews, of West Virginia, and Ira
Sheafer, of Pennsylvania, or any five of them, their associates
and successors, are hereby constituted a body politic and cor-
porate by the name of The Alleghany Coal and Iron Company,
and as such may have all the privileges, franchises and immu-
nities applicable to such a corporation under the laws of Vir-
ginia.

2. The capital stock of said company shall not be less than
twenty-five thousand nor mure than five millions of dollars,
divided into 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.

. §. 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 its mines 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 tramroad, railroad or
works, the said company shall not be regarded as having any
richts 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 Chesa-
peake and Ohio railroad.

4. The capital stock of said company shall be personal pro-
perty, 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 organization the board of direc-
tors 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.

5. The said company may hold land not exceeding five thou-
sand acres in any one county, and its principal operations shall
be located in the counties of Augusta, Alleghany, Bath, Rock-
bridge, Botetourt, Bedford, Amherst, Campbell, Appomattox,
Nelson, Buckingham, Craig, Giles, and Tazewell.

6. This act shall be subject to the general laws of this com-
monwealth relating to mining and manufacturing companies.

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